My Awful CoinVert Experience
Hello Steemians!!!
It's been a long time and I apologize for that! I must admit that my heavy Steemit use was partly due to a lot more screen time as a function of winter and a busted Achilles. I've been meaning to write my obligatory "100 followers" post for awhile now, but to be honest, the more time I spent away, the harder it made it to come back and post!
But, I just need to share this experience in the hopes of keeping anyone else from getting burned.
I'm in the midst of an awful experience with the exchange site Coinvert. I'm not sure where I read about them but they offered the best exchange rates and so I gave them a try. I did a couple small exchanges that went through fine. Then two mornings ago, I saw that Dash had spiked to $33 and thought I could move some to Bitcoin, wait for a drop in price, and then buy it back and make a hundred dollars or so.
Big mistake.
I realize that exchanges are not really the avenue for trading, but I am not a trader, and that's probably why I got myself into this dilemma. I sent 50 Dash to the CoinVert address and waited for the exchange to happen. But, it just stayed on the pending page ALL DAY, even though the 50 Dash was moved from my wallet. I checked the addresses many times and there is no doubt I sent it to the one supplied by CoinVert.
I sent an email to the support email address and got a pretty generic response.
And then this email is the last I've heard anything since supplying them with a return address at 5:11 PM EST in the US on Tuesday.
I just tried calling the customer support line in the UK using Google Hangout.
And I got a "number no longer in service" message and Google shows the number as belonging to a catering service.
Well, if this is a catering service, then I'm a piece of meat that just got BURNED!
So, while I'm holding out a sliver of hope that there is just some really crazy unforeseen circumstance happening and that I will get my money at some point, I would strongly advise anyone thinking about using CoinVert to think twice about it and stick with something tried and true like BlockTrades. It's simply not worth that slightly better exchange rate.
What frustrates me the most is that my financial decision was not a bad one. Dash dropped $2 after I submitted that and I could have bought it back and made $100. But my choice of exchange platform crushed me and now my 50 Dash is floating out there, currently valued at over $2500 with current market rates. Dash is freaking raging right now.
So, if you're a trader, use your trading software. If you're making an exchange, look somewhere other than CoinVert.
If anyone has had similar experiences with CoinVert or has any information to share or other advice on how to remedy this situation, please let me know. I will post in the comments section if, by some miracle, things work out in my favor.
Steem on!
Andy
I will give you upvote so people can stay aware. Also use blocktrades changelly or shapeshift this 3 are known and solid. Dont use some new names
Thanks @kingscrown. Just trying to spread some awareness. I had other trades with them go through fine, so really just hoping this is some glitch that can be fixed. But I will stick with blocktrades for sure.
OnFeb 28 I made a transfer from a cold storage wallet to Coinbase exchange wallet...for a small 0.002188 btc. Did everything correct but being a Newbie was extra careful...the transfer registered and was subtracted from my cold wallet but never showed in my hot wallet.. not even pending...I check block chain and saw that it did indeed confirm, but still no deposit was transferred. I found out there was an AWS alert (from Amazon system) at the time 2:50pm occurring causing major disruption for many companies (Coinbase being one of them) that use the same system. However not knowing this my Btcs...were stuck in limbo and I in BTC HELL. It took like 9hrs for CoinBase to get up on-line again to reflect the proper balance update. It seems to me that you might have encountered the same phenomena as your transaction was in the same time frame and day...2/28. If not I'm sorry for your loss and thanks for the heads up on CoinVert...it seems there are a lot of variables with crypto currencies to adjust to and learn. One for me is to check the exchange status for any alerts before any transaction and keep it small as it's better to lose small then big...and BTC is growing and increasing in price which brings a lot of rats to the table.
Hey @acthzhen, thanks for sharing that. But it sounds like you've gotten your BTC back? I had hoped that maybe it was some sort of technical issue that caused what I'm experiencing, but the responses that I've gotten to my post from other CoinVert users suggest otherwise.
@kingscrown Is there any course of action I could take that you are aware of? My sense is that the decentralized wild west of cryptocurrency leaves me pretty exposed, but I would love to hear if you have any insight.
First try to find out what company is behind this - if there is any.. Because if you suspect its a scam then probably they covered tracks. Site says: COINVERT LTD Trademarks belong to their respective owners. All rights reserved. Company Number: 10211392
Check this.
Then go to BitGo and write to them as they are partner it seems from logo.
Also i have no idea how you found them, theres hardly anything on google.
Use @blocktrades hes an user here and a decent exchange on the fly
I think they were listed in some article I was reading about crypto as having the lowest exchange fees, which they did, but boy, losing 1 Dash in transaction compared to being robbed of 50...no brainer now. Sorry to have taken a chance on someone other than @blocktrades.
You would loose like 0.4 DASH or so in fees.
and yes DASH right now is only going up, its not a bad sum of money gone :(
I got scammed too. So annoyed!
Aaargh! Sorry to hear you got scammed too @droplister. I'm gonna contact that Action Fraud place and file a report and hope we can stop others from getting scammed. Scumbags.
This is massively disappointing :(
Haven't been able to get #Gridcoin added to ShapeShift, we had hope that CoinVert could show them up. Well then..
Indeed...good luck and I hope my experience saves you some headaches
And now....the CoinVert website is gone....
That's pretty crazy!