Welcome to our CoinbasePro review, in which we investigate the website at CoinbasePro.com.
Did CoinbasePro.com scam you? Let us know by sharing your story in our forums and helping create a safer crypto community.
CoinbasePro.com was registered on August 22, 2020, through Tecnologia, Desarrollo Y Mercado S. de R.L. de C.V. It was last updated on August 23, 2023, and is currently set to expire on August 22, 2024. Advania Ísland is the hosting provider.
It has a 4% SEMrush Authority Score with 319 backlinks from 33 referring domains.
CoinbasePro.com Review
The website was first indexed by Google in September 2016, suggesting it may have had a previous owner since the current registrant has owned the domain since 2020, as we’ve seen.
A critical issue noted is the expired security certificate, which was not validated 57 days prior to February 5, 2024. This lapse in security certification is significant because it compromises the website’s security, exposing visitors to potential data theft (e.g., passwords, messages, credit cards). Such a warning is particularly concerning for a platform involved in cryptocurrency, where security should be paramount.
Since the website is no longer online, we had to rely on a Wayback Machine Capture. The archival content from August 6, 2018, suggests the site was providing information on how to trade cryptocurrencies, alongside referrals to various cryptocurrency exchanges (Binance, Kucoin, Bibox, Bitmex, Huobi) with the potential for the author to receive referral compensation. This content suggests that the website functioned at least in part as an informational and referral hub for cryptocurrency traders.
A phone number is provided ((302) 536-8530), which offers a method for direct contact.
Red Flags
- Expired Security Certificate: For a website dealing with financial transactions, especially in cryptocurrencies, maintaining an up-to-date security certificate is critical. An expired certificate not only puts users at risk but also significantly undermines the site’s credibility and suggests possible neglect or mismanagement.
- Lack of Detailed Information: The brief description available from the Wayback Machine does not offer in-depth insights into the operational structure, regulatory compliance, or security measures of coinbasepro.com. For a platform in the financial sector, especially one that involves cryptocurrency, detailed transparency is crucial for user trust and regulatory compliance.
- Potential for Misleading Referrals: The mention of referral compensation linked to sign-ups on other platforms raises questions about the objectivity of the information provided on the site. While affiliate marketing is a legitimate practice, in the context of financial investments, there is a risk that the recommendation is not in the best interest of the user but rather driven by potential referral earnings.
- No Mention of Licensing or Regulatory Compliance: The available content does not indicate any licensing information or compliance with financial regulatory standards, which are essential elements for legal operation in the cryptocurrency domain.
- Lack of Current Information: Given that the security certificate issue arises in the context of a lapse, and the most recent Wayback Machine capture is from a period before February 2024, there’s a lack of current operational information. This absence makes it difficult to ascertain the current status and legitimacy of the platform.
In conclusion, while the historical presence of coinbasepro.com suggests it has been a part of the cryptocurrency conversation for several years, the expired security certificate and absence of detailed, current operational information are significant concerns.
CoinbasePro.com Reviews
The information about CoinbasePro.com available online highlights numerous instances of phishing attempts linked to the website “coinbasepro.com,” posing significant security risks to users by mimicking the legitimate Coinbase platform. Various sources, including consumer complaints filed with the Consumer Financial Protection Bureau (CFPB) and discussions on Reddit, detail how individuals were directed to a fraudulent version of the website, which then led to unauthorized access to their cryptocurrency accounts and substantial financial losses. These accounts emphasize the sophisticated nature of the phishing scam, with the fake site closely resembling the official Coinbase login page, deceiving users into entering sensitive information.
Key takeaways include:
- Consumer Complaints: Individuals reported to the CFPB about being redirected to a phishing site after attempting to access coinbasepro.com, resulting in unauthorized transactions and significant financial losses, with one consumer reporting a loss of around $50,000.
- Reddit Discussions: Users on Reddit shared experiences of encountering the phishing website, highlighting how it closely imitates the legitimate login page of Coinbase, misleading users into providing their login credentials and, in some cases, personal phone numbers, which further exposed them to scam attempts.
- Phishing Tactics: The scammers used sophisticated methods, including providing a customer service number to deepen the deception, leading users through steps that ultimately transferred their cryptocurrencies to the scammer’s account.
- Community Alerts: Despite attempts to alert Coinbase and the broader community, victims expressed frustration over the lack of preventative actions taken against the phishing site and the difficulty in recovering lost funds.
These incidents underscore the importance of vigilance when accessing financial platforms online, the need for secure browsing practices (such as double-checking URLs and using bookmarks for frequently visited sites), and the challenges in combating sophisticated phishing operations that target cryptocurrency users.
Better Business Bureau Complaint
On September 1, 2023, the following complaint was filed with the BBB (Better Business Bureau) regarding a cryptocurrency scam at CoinbasePro.com by a person who reported being scammed for $166302:
Beginning on February 21, 2022, between 10:45 and 11:15 AM, I became the victim of a complex scam operation conducted by fake Coinbase support (“the Fraudsters” or “Scammer”). I inadvertently lost the equivalent of 6.4 BTC, which was transferred from my wallet through your services without my consent, and this occurred without disclosing my password or authentication number.
The scammer’s email was reported as CoinbasePro@support.com.
Conclusion
In our exploration of CoinbasePro.com, we’ve navigated through a complex landscape marked by historical online presence, security lapses, and distressing reports of phishing scams. The domain’s history, dating back to its registration in 2020 and its operation that traces back to Google’s first indexing in 2016, suggests an endeavor to establish itself within the cryptocurrency exchange space. However, the discovery of an expired security certificate significantly tarnishes this image, introducing substantial risk to users and casting doubt on the operational integrity of the platform.
The archival content retrieved from the Wayback Machine paints a picture of CoinbasePro.com as a potential hub for cryptocurrency trading information and affiliate marketing. While such endeavors are not uncommon in the digital realm, the lack of detailed operational and regulatory compliance information raises questions about the site’s legitimacy and the safety of its recommendations.
The red flags identified, including the expired security certificate, the potential for misleading referrals, the absence of licensing or regulatory compliance information, and the scarcity of current operational details, coalesce into a cautionary tale for prospective users. These concerns are compounded by firsthand accounts of phishing scams, as detailed in consumer complaints and Reddit discussions, where users recount experiences of deception that led to unauthorized account access and significant financial losses.
Bottom Line
Given these findings, the question of whether CoinbasePro.com is a scam is not easily dismissed. The evidence suggests a pattern of behavior and operational shortcomings that align with characteristics commonly associated with fraudulent activities. While the historical presence of the website in the cryptocurrency dialogue cannot be overlooked, the security vulnerabilities and the lack of transparency and accountability present serious risks that cannot be ignored.
For individuals navigating the complex and often treacherous terrain of cryptocurrency investments, the tale of CoinbasePro.com serves as a reminder of the paramount importance of due diligence, security awareness, and the need for critical evaluation of online platforms. In conclusion, while the ambition to contribute to the cryptocurrency ecosystem may have been genuine, the execution and oversight at CoinbasePro.com leave much to be desired, underscoring the critical need for users to proceed with caution and prioritize their digital safety above all.
Please share your experiences by replying below or head to our forums to engage in discussion with our community.