Frustrated Coinbase User?
Coinbase Isn't Performing
Hopefully this does not apply to you, but there is a large chance it does: Coinbase outages affecting your ability to buy/sell. There is a long term history of their platform failing to function during periods of high volatility and when vital action is often warranted. Looking in the short term.. Its happening way too often, and they still have not fixed it!
What Exactly is the Problem?
Specifically on June 1st when Bitcoin broke out above $10 000 USD, there was a massive increase in their trading volume. In four minutes their traffic spiked over 5x what it was previously. Their servers attempted to "autoscale" but ultimately failed and users were left hanging. In this situation, orders cannot be submitted, cancelled, and the user has near 0 ability to manage their investment. Here is a snapshot of their trading traffic on the day of the incident:
These errors were based in long response times with their API and affected users on mobile and their online platforms. Coinbase is one of the largest names in the Cryptocurrency space, and plays a pivitol role in the ecosystem as an easy onramp for crypto.
What is the Solution?
Good question! Having a reliable broker is one of the first steps to success in crypto, and Coinbase doesn't have a good track record. I think the platform is best fit for introductory/novice users. It has relatively high fees, limited pairs, and a history of incidents. However, the convenience to buy and store crypto on the guy cannot be match! There are pros/cons to every platform, and its important you're educated about the possible pitfalls of anything you trust.
Coinbase is working on solutions to support server uptime during periods of intense demand. The primary solution is "pre-scaling" which will increase the amount of available servers for customer requests and internal settlement. During the spikes of errors, the request error rate (request data, but no received by client) increased by 50% which is concerning, and shows room for improvement. Coinbase is rapidly attempting to correct the issue, but it goes to show that the increasing demand exerted on their platform has introduced high levels of stress on their back end.
Before we end..
Here is a historical snapshot of their history so you can make your own informed choice about the platform you use: