APPS and websites sometimes suffer technical difficulties and go down, leaving customers unable to access them.
Coinbase users can check if there’s a widespread outage, or a minor hiccup just for them – here’s how.
Coinbase is one of the biggest cryptocurrency exchanges in the world, letting users buy and sell bitcoin and other popular tokens.
Users can also store their virtual currencies online with Coinbase like a digital wallet.
The Coinbase wallet can be downloaded onto an Apple or Android smartphone and there is even a Chrome extension that lets you connect to other crypto apps such as if you want to send virtual money.
One of the risks of investing in cryptocurrencies is that you may not be able to access your cash.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Technical issues have sent apps like Robinhood down leaving investors unable to get their cash or trade when they need to, leaving them out of pocket.
Investors should never put in more than they can afford to lose, and regulators say you could lose all your cash by investing in crypto.
Meanwhile cryptocurrencies can be highly volatile meaning they can lose a lot of their value and very quickly.
Is Coinbase down?
Coinbase is currently operating as normal, with no issues affecting users.
According to DownDetector, a website where users can report issues to see if it’s a widespread outage or not, there are no reported issues.
The last issue reported by users of Coinbase being down was on May 19, but this is now resolved.
How can I check if Coinbase is down or having issues?
You can use DownDetector to check if Coinbase is having issues where you are.
Coinbase has a page of it’s own with details of it’s current status.
At the moment it says that all systems are operational and the last incident was on July 11 when Solano deposits and withdrawals were delayed.
You can also see if there is any upcoming maintenance that could affect services.
You can also subscribe to updates if you want to get messages directly about issues on the platform in future.
You’ll also find updates and support on Coinbase’s Twitter account @CoinbaseSupport.
Can payments be suspended on Coinbase?
Whether Binance is down completely or not, the site sometimes suspends payments and withdrawals.
Trading disruptions do happen on the cryptocurrency markets, where there is scant regulation in comparison to stock exchanges.
In February, Etoro customers were locked out of their accounts just as the cryptocurrency markets crashed.
Meanwhile, Coinbase recently disabled Ethereum withdrawals temporarily.
The frequency can cause problems to customers, who’ll be unable to withdraw their investments during suspensions.
Due to the volatility of cryptocurrencies, you may find that the value of your investments plunge during suspensions – and you typically won’t be able to do anything to stop it.
If you’re worried about suspensions, keep an eye out on its website and social media channels.
Which cryptocurrency coins are available on Coinbase?
You can trade more than 50 different cryptocurrencies on Coinbase.
These range from the more popular and established coins like bitcoin and Ethereum, to newer and even riskier coins like Polygon.
Coinbase is not the only crypto exchange out there and Binance and Kraken are also well known.
Finance guru Suze Orman reveals she has invested in Bitcoin – but issues a cryptocurrency warning.
Binance has been banned in the UK by a regulator – find out why.
Bitcoin scammers have been using images of stars from the hit TV show Dragon’s Den to lure unsuspecting investors into parting with their money.