If you use Coinbase a lot, then you were probably happy when the cryptocurrency exchange started supporting PayPal transfers last year. With slow bank account transfers, withdrawing and depositing funds has always been frustrating on this site. But with PayPal, we could suddenly have USD in our bank accounts instantly – a service the payments solutions giant introduced last summer. But, for 12 days now, it hasn’t been available on Coinbase.
When did PayPal transfers go away?
According to the Coinbase Status page on their website, where the San Francisco-based company keeps its users updated, an “issue” has been identified:
Yes, that date is correct: January 19. That means that people haven’t been able to make instant transfers to or from their bank accounts in almost two weeks. For cryptocurrency traders, especially when you are jumping in and out of positions a lot, this is a crushing piece of news. It just slows down your whole trading game.
Understandably, Coinbase users are peeved
Since that very first announcement on the exchange’s status page, Coinbase has been silent about the whole debacle. Maybe they don’t realize that this was a feature that a lot of people really liked and used every day – and that not quickly resolving its removal would anger its users.
All this crypto trading platform’s team needs to do is peruse through social media, and they will understand the frustration:
For the largest cryptocurrency exchange around, I think that people are expecting a fix sooner than 12 days in.
This cryptocurrency exchange should step it up
On top of that, with the high fees that Coinbase charges, combined with the fact that other superior (and cheaper) exchanges like Robinhood and Ethos are launching soon, Coinbase should really be beefing up their efforts.
If they don’t they will have users jumping ship for a better exchange in a heartbeat. They already only serve as a platform to buy only four coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Would you keep your account at Coinbase, where they frequently have issues and even halt trading, when there is a new option that doesn’t charge any fees and supports more than 4 coins?
Maybe their newly-hired VP of Operations and Technology, Tina Bhatnagar, will save the day.
— Coinbase (@coinbase) January 22, 2018
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.