I dont want to name names but man did that mess up my Crypto head! I have had trades reverse or totally disappear like they never happened or the sudden screen freeze in the middle of a major rally, but only on one exchange or maybe one is frozen and another is limiting sell amounts. Hell of a surprise after watching SHIBA creep its way into a Bear run for hours. Why not mention names? "ITS A CRYPTO THING" like with a JEEP WRANGLER. You look the other way. sometimes you can get cust service to un mangle a trade that went weird but mostly the accidental wins and losses even themselves out. Sometimes you just need to see into the future. So i had a really disturbing thing happen last month that has me looking for new ways to convert USD to Crypto, without using an exchange or maybe its a 100% decentralized exchange im looking for? Like if Pancake Swap took debit cards to pay in USD.
OK so at the beginning of the month, deposit everything into acount and pay all my bills with there debit. Why? Amazing Crypto rewards! Makes all the sense in the world. So 2 months of that and i got a little stash of some pretty impressive free Crypto. Except last month. I went to pay my electric bill and they said "SORRY, ALL FUNDS ON HOLD FOR 20 DAYS FOR SECURITY PURPOSES/MONEY LAUNDERING ETC... C------- has had my acount being funded by a global Bank for 5-6 years now, along with long trading history and extensive KYC. A surprize freeze on funds for 20 days is bad juju without a warning.
Lot of talk about Exchange filing bk and keeping all customer funds and positions to pay creditors. I took my beating and lived through it without threatening or yelling at anyone. "rarely helps anyway" but Coinbase, Pro and the weird wallet that charges massive fees to transfer from its namesake Broker.
So i need to find a way to buy Crypto using USD that wont get locked up by surprise. When you are financially desperate in a cut throat business that is not looking real healthy at the moment and you are looking at a giant pile of customer funds, that you have 100% control over, you gotta do what you gotta do. I totally get it but dont want to take an avoidable beating.
Example, I need some BNB for Metamask for fees to stake a particular Crypto. Coinbase doesnt offer BNB so i go to Binance.US and they dont tell you exactly how much BNB you need to grease the machine but im guessing 25.00 USD sounds fair.....So i start to buy some BNB, cautiously and on the edge of my seat and BAM! i get a popup that says "there is a mandatory hold period of 5 days before you can transfer. Ok , well thats fair enough and upfront as can be and something i can live with but there has to be a way to take USD AND BUY CRYPTO THAT YOU CAN INSTANTLY TRANSFER, BURN, SPEND OR DO WHATEVER WITH. I know Coinbase is having a hard time right now but they lied to me. I may have given them too much credit to begin with. Coinmarket cap shows exchanges acording to volume. Coinbase is never at the top so thats what i get for being lazy and not paying attention.
Im on a shoestring budget so, looking at things closely. There are fortunes being made due to this so called "Crash". I may just be frustrated in general.
I probably shouldnt even be in the game but its too tempting to miss out though, the fees per trade have fluctuated mid day or mid trade. 6.00 to buy and 6.00 to sell 1000 USD on Shiba is 12 bucks for one turn. Thats alot. However the fees went down to like 1.50 per side a few days later Then theres the mystery spread. Of course, when there is mad volume, you wont find me bitching this much. Doing my own extensive research is almost pointless if they " WHOEVER" Decides to put a BRICK on my little pile. My experiences can not be unique.
BOTTOM LINE, IF I HAD MORE MONEY, I WOULD HAVE PROBABLY NOT NOTICED AND IT WOULDNT HAVE COST ME MUCH BUT IM NOT GIVING COINBASE A CENT UNTIL THEY MAKE A PUBLIC STATEMENT, APOLOGIZING FOR DECIEVING PEOPLE OR AT LEAST LET FOLKS KNOW. WORSE THING IS, I RESPONDED TO A " YOUR DEBIT CARD IS RUNNING LOW" POP UP. WHEN YOU RELOAD YOUR DEBIT CARD, NO ONE WOULD EXPECT TO NOT BE ABLE TO USE IT FOR 20 DAYS WITHOUT WARNING.
ON THE OTHER HAND, YOU DONT BRING YOUR LIFE SAVINGS IN FOR DEPOSIT IN THE MIDDLE OF A MASSIVE RUN ON THE BANK. THIS IS SCARING AWAY NEW PEOPLE AT THE SAME TIME, IN A MAJOR WAY. HOPEFULLY AND MOST LIKELY, A BLIP ON THE RADAR OF CRYPTO GROWING PAINS. GOOD TIMES!!!!!