Coinbase Lied To Me About Trading Fees: Blockchain Analyst
Coinbase has been accused of telling fibs. According to a former customer, it is a nod to Coinbase One’s zero-fee trading product.
For $30 a month, blockchain technical analyst Matthew Hyland was allegedly promised unlimited free trading on Coinbase. He claims that the exchange secretly introduced a trading limit of $10,000. He discovered this when he re-registered for Coinbase One to change his payment method. Before that, Hyland claimed he could make unlimited trades for $30 a month. He also had access to $1 million in account protection and 24/7 support.
Coinbase customer service issues
Hyland conversations Coinbase is a liar for claiming through a support agent that the $10,000 cap had always existed on the Coinbase One product.
On its website, the exchange confirms a trading limit in the terms and conditions of its Coinbase One beta subscription. “There is a fee-free trading volume limit. When you trade above this limit, you are responsible for paying normal trading fees. You can find the limit in your account settings,” advises the product’s help page.
Coinbase customer service history
Coinbase has had a history of questionable levels of customer service. In August 2021, CNBC reported that they had interviewed thousands of customers who had had bad experiences. This was mostly in the form of account takeovers that failed to get a quick response from Coinbase support. At the time, users filed over 11,000 complaints about the exchange with various consumer protection agencies in the United States
Subsequently, the company said it would introduce telephone support and live chat help to reduce the time customers had to wait for a solution.
Fast forward to October 2021, many customers were still unhappy. Hackers drained their accounts and phone support couldn’t solve their problems. A couple who lost a large sum called the helpline, only to be told by the agent that they did not have access to the case file. The husband called the service “a joke”.
Be[In]Crypto reached out to Coinbase support for a response to Hyland’s claims. At press time, the company has not responded to inquiries.
In an interview with CNBC on August 24, 2022, Coinbase CEO Brian Armstrong said the company was looking to strengthen its balance sheet by offering subscription services. Coinbase is also reducing marketing costs and recently cut staff by 18%.
Armstrong said the company meets regularly with regulators as it seeks to become the most trusted exchange based on its compliance record.
Binance and Bybit could also use some improvements
While other companies have not been questioned publicly, they still have customer service issues that require improvement.
On July 8, 2022, Coinbase competitor Binance launched zero trading fees for thirteen BTC trading pairs and briefly outlined the reasons. “So, one thing to understand is that this is not a ‘promotion.’ Nor is it a promotion – we’ve simply made the decision to remove the fees for the time being,” a blog post said. “There is no wavering , ulterior motives here. We do not rebalance profits from elsewhere, increase spreads, or engage in other activities to profit from this change.”
In particular, the company states that the zero fee policy only applies to spot trades.
Despite this openness, Binance averages 2 out of 5 stars from over 2,000 TrustPilot reviews, according to Investopedia.
Bybit, another exchange that offers no-fee trading, also has only 2 out of 5 stars.
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