Hi Everyone! I recently purchased btc on Coinbase to make a purchase, but unfortunately for some reason they are keeping my funds on “hold” for over a week for “security reasons”. Support let me know that they are looking into my case, but I might need to wait 3-5 days or more for them to get back to me. It wasn’t a large amount, and I’m going to get it back whether it’s through them or my bank, so I’m not concerned. But, it all seems kind of fraudulent to me. Why keep someone’s funds on hold for that long? A friend of mine told me to use Cash App instead, so hopefully they don’t do the same thing. Has anyone else experienced something similar with Coinbase? I normally used them to do exchanges or transfers, but never purchased any coins with them until now.
As a person who used Coinbase previously this is true. For the first transaction whether you’re buying/receiving they put it on hold this is pretty customary in regards to Coinbase. You do also have to realize it’s their way of keeping things regulated and ensuring safe transactions along their network. They’ll definitely release it to you after that time period.
Thanks for confirming! The hold just seems a bit too long for me, but if that’s how it’s going to be every other time I need to make a purchase then I don’t think I’ll be using them again
No they don’t usually do that every time. It just happened to me the very first time and after that I was able to buy/sell with ease obviously we are very limited in the states when it comes to getting BTC and things of that nature. Also I’ve been for a simple exchange network with lower fees.