Buying, selling, transferring, and storing cryptocurrency and NFTs are facilitated by Coinbase’s user-friendly exchange platform. There has been a recent surge in demand for its wallet service.
When it comes to cryptocurrencies, the Coinbase app is a safe and reliable option for mobile management.
The app’s features can be accessed without creating an account. The majority of the cryptocurrency—more than 98%—is kept offline, while the remainder is secured online.
However, there are instances when customers have difficulties using this wallet. One of the most typical ones is the Coinbase Wallet failing to update the balance.
Coinbase may experience a delay in processing a transaction, which might result in a wallet balance that is different from what was intended.
Find out what’s causing your Coinbase Wallet’s balance to stop updating and get the answers to other frequently asked questions in this guide.
Why is my available balance different on Coinbase?
The blockchain network demands a small transaction fee to be paid in order to record your transaction, thus your available balance will be less than your total balance.
A user’s “available balance” is the remaining balance after deducting any applicable transaction fees.
The following factors may cause this sum to vary from your actual cash on hand:
1. Network costs are deducted from the available amount before a transaction can be sent.
2. A Pending label indicates that a transaction has not yet been verified.
Payments made with a deposit that is still pending verification, cannot be used.
3. When calculating your available amount, the asset’s network reserve requirements will be deducted.
Why is Coinbase Wallet balance not updating?
Short Answer: Your Coinbase Wallet balance is not updating because of a corrupted cache, an outdated app or device, an unstable internet connection, or a server outage. If Coinbase deems a transaction coming from your account to be suspicious, you may run into the same problem.
1. Corrupt cache
There might be a conflict between your browser’s cache and extensions and Coinbase’s service, preventing you from seeing your account balance.
If you want to start fresh, close your browser, disable any extensions, and clear your cookies and browsing history.
Log back into your account and try again. In case you’re still experiencing issues, try browsing the web in incognito mode.
It is recommended to delete the app’s cache if the Coinbase Wallet stops updating when used inside the app.
To do so, open the Settings menu on your smartphone, choose the relevant app, and then select Clear Cache.
2. Outdated app or browser
Coinbase Wallets may fail to update if the associated app or web browser is not up to date.
First, check to see if there is a newer version of the Coinbase app available for your specific mobile operating system.
Simply go to the Google Play Store, search for Coinbase and choose “Update.”
To prevent running into problems with your Coinbase Wallet not updating, it is essential to make sure that you are using the most current version of your web browser.
3. Unreliable internet connection
You will experience this problem if your internet connection is unreliable and the app or browser you are using fails to load in a timely manner or fails to update the Coinbase Wallet balance.
Compared to wired Ethernet connections, wireless networks have lesser speeds and fewer levels of security.
If you’re experiencing lag due to your broadband connection, switching to an ethernet cable may help.
It’s possible that the router’s inability to reconnect to the internet stems from the device itself not having been reset in some time.
If you’re having connectivity issues, trying restarting the router.
4. Issue with the server
There may be times when you can’t access your Coinbase account through the Coinbase mobile app or even online if the Coinbase server is experiencing technical difficulties.
The Coinbase server may be undergoing repairs or maintenance at this time. There’s also the chance that an unanticipated influx of traffic is to blame for the holdup.
Whatever the case may be, it seems that they are aware of the situation and attempting to address it.
Downdetector is another option for checking on the server’s condition.
5. Device not updated
Your mobile device or desktop computer may be out of date, preventing Coinbase Wallet from refreshing your balance and displaying the most recent transaction.
Coinbase, like most other apps, won’t function properly unless all devices are running the latest software.
6. Suspicious transaction
When Coinbase detects a questionable transaction, it will investigate it further. In such a scenario, you can face the Coinbase Wallet balance not updating problem.
How long does Coinbase Wallet take to update?
When using Coinbase, the wallet balance is often updated within 60 seconds. It might take a few seconds longer if that’s not the case. The time it takes Coinbase to update your balance after a transaction might vary widely depending on the specifics of the transaction.
Occasionally, the wallet can take an additional 10–15 minutes. It’s possible that traffic is an issue.
With an increase in users using a resource at the same time, the response time of the system will naturally increase.
The transaction timings might vary drastically based on the transaction’s complexity and kind.
To provide just one example, Bitcoin transactions typically take about 10 minutes to finalize.
If you have just paid for anything with Bitcoin, your Coinbase Wallet will be updated in around 10 minutes.
How do I clear cache on Coinbase Wallet?
If you encounter an issue while using an application, the first thing you should do is delete the app’s data and cache to rule out the possibility of cache corruption as the root cause.
It’s important to remember that the specific instructions you’ll need to follow may vary depending on the Android smartphone you’re using.
Step 1: Choose Settings.
Simply swipe up from the bottom of the screen to access the app drawer, and then hit the Settings button to make the necessary adjustments.
Step 2: Select Apps & Notifications from the menu.
Your app’s preferences may be adjusted here.
Step 3: Select See all apps.
All the programs currently loaded on your phone will be shown.
Step 4: Select Coinbase.
Selecting this will reveal the app’s storage and permissions window.
Step 5: Select Storage & Cache.
Doing so will reveal the app’s storage options and access controls.
Step 6: Select Clear Storage and Clear Cache.
Select Clear Storage and Clear Cache and then confirm your selections.
In doing so, the app’s temporary storage will be deleted.
Step 7: Now restart the device or the app.
Try resetting the app to its factory settings or restarting the device and seeing if the problem persists.
1. How long does it take for my Coinbase balance to become available?
Once payments are received and processed, Coinbase typically makes customer money accessible in their account.
Coinbase works with a number of different payment processors throughout the world, so processing times may vary depending on your location and chosen mode of payment.
2. Why is the money in my Coinbase Wallet stuck there?
Since transactions with a smaller miner fee are confirmed towards the end of the blockchain’s priority list, the lower the miner cost, the farther back it will be.
Your transaction might get “stuck” if more recent ones with larger miner fees are uploaded to the network pool before yours.
3. How secure is the Coinbase Wallet?
When it comes to the safety of cryptocurrency transactions, Coinbase is among the best of the crypto exchanges. The security of this system has never been compromised.
Despite the reality that Coinbase Wallet and the Coinbase exchange are independent products, the exchange’s high level of security is a good indication of Coinbase Wallet’s security.
4. Can the Coinbase Wallet be put on hold?
Coinbase may temporarily restrict access to, or “freeze” accounts in accordance with applicable legislation.
If a court or other body with jurisdiction over Coinbase issues an order mandating that they restrict Coinbase accounts, they will do so.
We have covered every angle that might explain why the balance in your Coinbase Wallet isn’t updating correctly.
In light of the above, you may proceed to investigate the problem as you see fit.
If you’ve exhausted all other options, you may always check out Coinbase’s official Support Twitter account.
To inform their audience of any problems they may be experiencing, the company maintains a social media presence.
The Coinbase subreddit is another great resource for help since it has active posts where users can voice their frustrations and get responses from the company’s staff.
We suggest getting in touch with Coinbase Support immediately and waiting patiently for help if, after trying all of these different methods, you are still unable to address the issue.
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Having earned a Bachelor’s degree in Commerce from Ravenshaw University, with a background in Accounting and Finance, Akshita Pattanayak contributes to UniTopTen by writing clear and concise articles based on Finance-Tech. With more than a hundred fin-tech related articles, she hopes to educate people about how banking and payment apps function.