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Tuesday, December 12, 2017

Experience of trading litecoin, bitcoin, and ethereum on coinbase.

Last week I posted link to open account with coinbase
Cryptocurrency like Bitcoin, Ethereum, and Litecoin can be purchased

After opening account, initially it took 2 days to login due to their 2 step verification system were down.  In order to buy/sell, it asked to verify bank in which they randomly deducted -2.00  (plus) to verify  bank. (I haven't received that amount back). The set up was tedious.  Buying Bitcoin, litecoin and ethereum was easy as they can be purchased with debit card.

I decided to buy litecoin paid $236 in two transaction, when litecoin was trading at $124 but ended up paying $1.00 each in fee and

First transaction statement +0.73575676 LTC
@ $131.28 per LTC

Fee  $1.00
Subtotal: $96.59
Total: $100

Second transaction statement +1.00104353 LTC
@ $131.57 per LTC
Fee  $1.00
Subtotal: $131.71
Total: $136

Now the issue is subtotal and fee don't match up.
Bank statement showed $136 and $100 charges plus $3.00 and $4.08 additional charges, which mean they are charging extra hidden fee.

Customer support is not there to give any answer unless account is hacked.

There is constant outage in their system and prices open lower or higher randomly.

I bought litecoin for $236 (-10 hidden fee) and sold for $600 still making $354 in 4 day.

Overall coinbase lack transparency, unable to get support and continuous system failure are major turnoff in trading cryptocurrency.  I wouldnt recommend to trade unless the price is really cheap and trade with the wave.

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