Following is a biased opinion.
Bitmex liquidation or bots trading frenzy or whatever it was that caused a flash crash yesterday in crypto taking prices from borderline $9900 to $8100. When we went in to capitalize this buying opportunity, this is what Coinbase welcomed us with.
This is not the first time Coinbase went offline when the crypto market presented a buying opportunity.
Look at some of the frustration from the Reddit community on today’s Coinbase.
User u/SlimSpaghetti posted a question “Whats a better exchange other than coinbase?”
Another user (u/KuramaKitsune) responded saying “coinbase does this EVERY TIME the price swings too quick.”
Yet another user (u/Cryptoguruboss) found humor in this predicament quoting “Cause they don’t have the coins lol.”
There are other reactions that are not appropriate for us to share here. But you can see them on Reddit discussions.
Quick alternative – we switched to Crypto.com (MCO)
The approval of ID was literally done in minutes. Impressed.
We got referral for using referral code during the registration of around $50 (If you are looking to open Crypto.com do not do it without a referral code as that would mean you leaving $50 on the table – you can use this code:qb3qpqepay).
We immediately moved some funds to test the app. The deposit arrived in minutes.
You can buy and sell in different ways
You can buy using your debit/credit card, or buy transferring crypto to your app and then exchanging them for CRO coins to trade, or you can initiate fund transfer from your bank account (takes 3-5 days).
We tried transferring crypto from another app to MCO to trade.
Interest rates and cash-back
Crypto.com offers amazing interest rates on stablecoins. The interest rates go up exponentially if you stake MCO coins.
As of this writing, here are the interest rates. If you stake 50 MCO coins you get:
If you stake 500 or more MCO, you can earn the following rates.
We found these rates much better than earning 1.25% on Coinbase on USDC. Obviously, Coinbase is much more reputable than MCO, however, we are taking our chances by diversifying a little bit into MCO so that next time Coinbase screws up during a flash crash – we have an alternative to rely on.
If you do decide to open MCO account, please consider (not an endorsement) using the referral code: qb3qpqepay
You can get $50 in MCO which can be unlocked when you reserve a Metal MCO Visa Card and stake at least 50 MCO.
Do what you want to with your money. We cannot tell you what to do. We are only telling you what we did.
Thank you for reading and sharing this article. Stay safe and healthy!
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.
We do not endorse or guarantee the accuracy of the information and claims made.
All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
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