I know many will scream "f**k Coinbase" but t s still the easiest entry to the market for newbies and even for someone who has been involved for a couple of years, the quickest way to get funds from my bank into the market. ..until yesterday.
The path was simple:
- Bank to CB via bank transfer (avoids CC fees, takes about an hour)
- Move FIAT from CB to CBpro instantly with no fees.
- Buy BTC in CBpro (ooh, no fees again)
- Transfer to Binance or external wallet to HODL, trade or do as I wish
Total time from wanting to get into the market to having a BTC or ALT position ..about an hour or two.
From yesterday however, even though I have full verification on CB to a high level and have not had my account flagged, all incoming transfers are now HELD FOR 5 DAYS ..yes, GBP, EUR, USD. You can no longer move your funds instantly to CBpro.
You can deposit to CBpro but they use an international account (in Estonia) so it takes 1-3 days, and now have a £1000 minimum (not sure if that was already there as I always transferred to CB as they had a UK account and so it was within the hour).
Essentially what they have done is close the route to allow new consumer money to instantly use CBpro and instead forcing us all to use CB. I made a purchase on CB last night for approx 5% more than I would have done on CBpro (they were showing a 4% difference in price of BTC from CBpro + the ridiculous fee).
Shame on your CB ...kept that one quiet, is the current market not enough to see your profits increase that you need to change the rules to fill your vaults even fuller.
That will be the last purchase I make using CB. If anyone has any other route that allows a 1-2 hour total time for bank to BTC (for UK/EU users) ...let us know in the comments.