Keep bitcoin in Coinbase or move to a private wallet?

[Jemzx00]

It's best to move on a private wallet where you have full control on it. First reason is safety, with a private wallet you'll have your own control to your safety such as private key. Next reason is fee, using a private wallet gives you control on whether you want your transaction be slow or fast depending on how high the fee you use. I've used coinbase as my first wallet when I introduce myself on bitcoin and the fee on it high and there was no option for retrieving your private key. ( not sure if it is still not available but at that time there's no option for accessing your private key).

It's best to use a private wallet, paper wallet, or a hardware wallet such as trezor for maximum security and full control on your wallet and funds.

[zasad@]

Take advice from Elon Musk.
https://twitter.com/elonmusk/status/1359400199521783809
"Any crypto wallet that won’t give you your private keys should be avoided at all costs"
Cryptocurrencies on the exchange can be stored in the event that you are engaged in trading.
Otherwise, I recommend using a hardware wallet.

[milani]

I have up to 9 days to think about it, since Coinbase won't let me withdraw until the payment settles, which they said up to 9 days.

Are there any advantages to keeping bitcoin in Coinbase? Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?

Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet.

No one exchange, even the most reputable one, can guarantee 100% safety to your assets. Everything may happen, starting from hack attack and finishing banal technical error. We know lots of examples of it about even the really trustworthy and famous exchanges. Of course owners of such exchanges value their high reputation and its users and compansate lost assets in most cases, but I do not think that such a risk is worth of it. For trading such amounts that you will not regret to loose are possible for keeping on exchanges why not, but not for a long periods of time. And huge amounts it is better to keep on a wallet with your private keys, seeds - it is a real guarantee for you and your assets. But not forget about important sinple rules of using it and be always vigilant.

[XZERO1]

It really depends on you and how long are you going to keep your Bitcoin, if you're not much of a trader and you're thinking long-term, then it's better to just send it to your own Bitcoin wallet which you have the private key to, any of the exchange wallets are not a good place to keep your funds/coins and it's always better to keep them in your own wallet since you don't know what happens to these exchanges for example one year from now, they could get hacked or go offline tomorrow and what happens to your money then would be unknown.

But if you're mostly trading it wouldn't be very cost effective(because of the transaction fees) to constantly switch between your wallet and Coinbase wallet so you have to keep them on one of the exchanges, preferably those with better/longer reputation.

[Shasha80]

Never store all the Bitcoin you have on Coinbase, because the possibility of you losing your Bitcoin is very likely. Since you do not have private keys,
it is very risky to store Bitcoin on an exchange. Only store Bitcoin on Coinbase which will be used for trading only. The rest you can store in
a hardware wallet, because always remember "Not your keys, Not your Bitcoin".

[GbitG]

Take advice from Elon Musk.
https://twitter.com/elonmusk/status/1359400199521783809
"Any crypto wallet that won’t give you your private keys should be avoided at all costs"
Cryptocurrencies on the exchange can be stored in the event that you are engaged in trading.
Otherwise, I recommend using a hardware wallet.

A very good lesson from this person but very late for me as well because I have done mistake and deposited few coins into Coinbase after depositing I never check few weeks few days back as, I try to withdraw they are doing some good number of tricks now feeling very depressed because look like. I am going to lose these coins, or it's going to take some long time mostly support never replying anything just some investigation is going one about my funds.

[lifeforcepools]

I would prefer a wallet. I keep all my funds in crypto wallets.

[irixo10]

I take it as you are new, however the best way you can account for your Bitcoin's security is through keeping it in your private wallet, not just anyhow private wallet, but a private wallet which will make it possible for you to control your Bitcoin, which as well will make it extremely possible for you to secure and keep track of your private keys. Any other wallet, which doesn't allow you to control your Bitcoin, or afford you the chance of having your private keys, be it exchanges or other online wallet, you should avoid it. Also, there is no advantage of keeping Bitcoin on Coinbase. In the case of fees, it is cheaper to send from personal wallet to exchanges but to withdraw from exchanges to personal wallet comes with fees, and the fees most times is also dependant on the nature of the blockchain network at that time.

[DapanasFruit]

You have some good choices in here. As stated by others here in this thread, in case you are looking at holding Bitcoin for a long time then having a hardware wallet can be the best option otherwise you may keep it on Coinbase. I understand that there are some concerns on Coinbase being a centralized platform and under the jurisdiction of USA laws but all of these things are risks we have to face when dealing with cryptocurrencies. For now, the most important thing is that you got the options in your hands.