Frustrated Newbie

Discussion in 'Beginner Q&A' started by Frank Gibbs, Jan 10, 2018.

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  1. Frank Gibbs

    Frank Gibbs Contributor

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    Retired Engineer
    Georgia
    I have been using Coinbase as an exchange for about a month. Have only invested about $400. I have a couple of problems that I hope someone can help me with. Presently all that I am using is my bank account to buy Bitcoin. Have tried to get credit card verified, but have not been able to. I have taken picture of DL and did everything that I was required to do to get card verified. Have even received a couple of emails from CB stating that my card has been verified and that I can now use my card. When I go to use my card, I get the same message, "Something went wrong, try again". So, now my purchases are limited to $250 a week through the bank account. I want to buy more Ethereum, but have not been able to because I am limited to the $250 a week. Under the bank account Icon, it says that my limit can be raised if I purchase $1219 worth of cryptocurrency, but when I put in $1219, it reverts to $250. Can someone out there with more experience tell me how to get my limit raised? Or, and maybe even better, is there a good alternative to use other than Coinbase. I am 71, a disabled veteran, and do not plan to spend a lot of money on cryptocurrency, but thought I would try it just to see what I could do. The philosophy is great, but kind of frustrated with my limits right now. Can anyone out there in cyber land help me.
    Thank you in advance
     
  2. The CC Forums

    Staff Member

    It is likely that your credit card company is declining the purchase from Coinbase. First thing to do is call them to see if that’s the case, and have them change that if it is.

    Your daily or weekly limit is set at $250 right now. The $1219 you’re seeing is the amount you have to buy to get an increase, but you can’t buy that all at once. You can only buy $250 at this point.

    You will need to make several purchases under your $250 Limit adding up to $1219 before your Limit will be increased.

    Alternatives for buying with USD or credit cards are thin. Bank links can be used with Coinbase, GDAX, Gemini and Kraken but credit cards only on Coinbase.

    Hope this helps. Welcome to our forums and thank you for your service to the US.
     
  3. Frank Gibbs

    Frank Gibbs Contributor

    3
    0
    1
    Retired Engineer
    Georgia
     
  4. Frank Gibbs

    Frank Gibbs Contributor

    3
    0
    1
    Retired Engineer
    Georgia
    Sir: This helps me tremendously. I was not aware that the $1219 had to be made in $250 increments. Now I understand. No, I have not called my credit card company but will do so just as soon as I finish this note back to you. Of the exchanges that you mentioned, is there one that you would recommend over the other. I really do like Coinbase, but I have had my frustrations with their support. But, I would imagine that all of them have some problem that would be frustrating to me. Thanks again
     
  5. The CC Forums

    Staff Member

    I prefer to use GDAX to save on fees. The only issue is moving money from bank into the account. It can take 7-10 days to get money transferred and credited. GDAX is coinbase’s exchange.

    Poloniex and Bittrex are good for other coins. Binance is also good.
     
  6. CryptoTC

    CryptoTC Crypto Fat Cat
    Staff Member

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    Grooming myself between naps
    Sleeping on a couch, chair, bed, or under a table
    I can second GDAX and Binance. Bittrex still has locked new ETH address creation preventing me from selling a couple of ERC tokens. I’m not happy about it tho they say it’s due to ETH network congestion.
     
  7. The CC Forums

    Staff Member

    I was just checking in to see if you had any success getting your Coinbase account rolling? It’s been awhile since you asked for some assistance, and I was hoping you’d let us know how things went. If you have any other questions, feel free to post as often as you’d like. We solved a few tech glitches that kept member from being able to post. Those are fixed now.

    Good luck. It seems like exchanges are still having all sorts of problems and now bank and credit card companies are adding to the problems.

    When crypto finally gets an easy path to entry and mainstream adoption, look for big price rises to again top the news stories.
     
  8. The CC Forums

    Staff Member

    Well I had to remove credit card completely from Coinbase last week due to rejected charges. And Coinbase won’t let me add a different card that does allow crypto purchases. So no impulse buys for me anymore. Nothing wrong with dollar cost averaging and keeping cash in GDAX but sometimes those dips happen quick.

    I feel everyone’s pain but blame the credit card companies, not Coinbase I guess.

    Sigh...
     

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