Coinbase wallet.

[JamesDaniel90]

I use coinbase exchange but never the wallet and I am just wondering how it works?

There is a crypto I am interested in and have been told I need to buy some Eth on Coinbase or to then transfer over to the wallet to then swap for the crypto I want.

Is it safe? Easy to use? Fees?

[BIT-BENDER]

Well I don't know your plan or how long you have been in this forum but by now the alarm has been sounded about making use of the wallet you can find on the exchange by friend the risks are very much trying to do so.

Although generally I haven't use the coin base exchange regularly but I think from usage and popularity it's an exchange that's just ok, but the major problem you would have is trusting that you can actually make use of the Coinbase exchange and be sure to be safe, you just making yourself under the regulations of the exchange and you a n also get hacked.

[Charles-Tim]

Well I don't know your plan or how long you have been in this forum but by now the alarm has been sounded about making use of the wallet you can find on the exchange by friend the risks are very much trying to do so.

He meant Coinbase noncustodial wallet, like Trustwallet that has a swapping option to exchange from one token to another on the same blockchain.

Is it safe? Easy to use? Fees?

I have not tried swapping on ethereum network before, but I guess the fee could be pretty high as the fee for making transaction is much on ethereum blockchain. It can be be very easy to use, and safe if the dex used is safe.

Although, I can not recommend the wallet.

[coupable]

Coinbase is a centralized platform for trading cryptocurrencies and therefore all of its service products are necessarily centralized, including the Coinbase wallet. I used Coinbase before and I did not have any problems, but since it is a central wallet, I cannot trust it at all, so I only used it for small amounts.
Personally, I do not advise you to use central wallets, and the best solution for you to store all your cryptocurrencies in one wallet is to buy a hardware wallet, and you will be able to withdraw your money from the trading platforms on your own wallet safely. Of course, on your hardware wallet, the fees will be almost zero since you will only have to pay network fees while making the transfers.

[owlcatz]

Coinbase just sucks. Don't use it unless you absolutely have to. I even know people who've had to pay thousands of dollars in legal fees to get access to their own accounts/BTC back...

[Jawhead999]

It's easy to use, but it's not 100% safe. As for the fees, it's 0% if you send your crypto from your Coinbase exchange to your Coinbase wallet which is their marketing strategy to make people use their wallet.

Coinbase is a centralized platform for trading cryptocurrencies and therefore all of its service products are necessarily centralized, including the Coinbase wallet. I used Coinbase before and I did not have any problems, but since it is a central wallet, I cannot trust it at all, so I only used it for small amounts.

Actually Coinbase wallet is non custodial since they're give you the seed pharse which you're only the owner of the wallet, but they're closed source and there's few thing that make this wallet isn't good if you're really care with your privacy and security. It's a non custodial wallet, but still it doesn't a good wallet if you plan to hold your coins for long term.

[JamesDaniel90]

The crypto I want to buy is Allianceblock, don’t know too much about it but it is linked with Quant which is one of my top positions in my portfolio. I only plan on buying £200 worth to hold for a few years.

Do I just have to buy some Ethereum on Coinbase, transfer that to the coinbase wallet then swap the Ethereum for Allianceblock?

[vv181]

You can use any wallet that supports ETH and ERC-20 for that purpose, like Metamask, the popular one. What is the main wallet that you normally use? it's likely your main wallet is supported for buying and storing that token, the token is not specifically must be stored using Coinbase.

If you still haven't yet had a cryptocurrency wallet, I don't suggest you use Coinbase Wallet as your main one or even for any usage. Stick with the popular one, Metamask, it is widely used and will have a lot of community support.

[JamesDaniel90]

Sorry I am pretty new to all this.

Up until now I buy all my crypto on Coinbase & crypto.com and have transferred the majority of it to my Ledger.

I just want to buy some Allianceblock and then transfer that too my ledger also to hold for a few years.

[vv181]

Did you use the Ledger Live application?

If that so, that application has an in-built swap feature that supports decentralized exchange. See if you can directly swap the token you want to buy within that swap page. If it is available, you just need to send the ETH into your current wallet and then execute the swap directly on the application, or just swap the token if you already have ETH in your wallet. There is no need to use Coinbase Wallet.

For further detailed basic information, you can see https://www.ledger.com/academy/topics/ledgersolutions/ledger-swap-the-most-secure-way-to-exchange-your-crypto.

[JeromeTash]

Coinbase is a centralized platform for trading cryptocurrencies and therefore all of its service products are necessarily centralized, including the Coinbase wallet. I used Coinbase before and I did not have any problems, but since it is a central wallet, I cannot trust it at all, so I only used it for small amounts.
Personally, I do not advise you to use central wallets, and the best solution for you to store all your cryptocurrencies in one wallet is to buy a hardware wallet, and you will be able to withdraw your money from the trading platforms on your own wallet safely. Of course, on your hardware wallet, the fees will be almost zero since you will only have to pay network fees while making the transfers.

I think you are mixing up something a bit.
There is coinbase.com (Custodial exchange and wallet) and the also a mobile app called coinbase wallet which a noncustodial version though If you mind about privacy. I would notrecommend OP using it, including the noncustodial wallet.

[JamesDaniel90]

Did you use the Ledger Live application?

If that so, that application has an in-built swap feature that supports decentralized exchange. See if you can directly swap the token you want to buy within that swap page. If it is available, you just need to send the ETH into your current wallet and then execute the swap directly on the application, or just swap the token if you already have ETH in your wallet. There is no need to use Coinbase Wallet.

For further detailed basic information, you can see https://www.ledger.com/academy/topics/ledgersolutions/ledger-swap-the-most-secure-way-to-exchange-your-crypto.

I do use ledger live yes, i will give it a go and see if I can swap my Ethereum for Allianceblock on there, thanks

[blockman]

Sorry I am pretty new to all this.

Up until now I buy all my crypto on Coinbase & crypto.com and have transferred the majority of it to my Ledger.

I just want to buy some Allianceblock and then transfer that too my ledger also to hold for a few years.

It's safe if you're asking about the transaction and I guess you're already KYCed there so, that's no biggie issue there anymore. You can buy through Coinbase's wallet and then just as you did, you'll just have to transfer that to your Ledger wallet.
You're aware of everyone's concerns. There are some people that have a terrible experience using Coinbase so they won't really suggest buying there. But how about you? You seem to have good experience on them.

[JamesDaniel90]

Sorry I am pretty new to all this.

Up until now I buy all my crypto on Coinbase & crypto.com and have transferred the majority of it to my Ledger.

I just want to buy some Allianceblock and then transfer that too my ledger also to hold for a few years.

It's safe if you're asking about the transaction and I guess you're already KYCed there so, that's no biggie issue there anymore. You can buy through Coinbase's wallet and then just as you did, you'll just have to transfer that to your Ledger wallet.
You're aware of everyone's concerns. There are some people that have a terrible experience using Coinbase so they won't really suggest buying there. But how about you? You seem to have good experience on them.

Coinbase has been fine so far, other than the pretty high fees compared to elsewhere I find them pretty good having not had any problems yet myself.

[blockman]

Sorry I am pretty new to all this.

Up until now I buy all my crypto on Coinbase & crypto.com and have transferred the majority of it to my Ledger.

I just want to buy some Allianceblock and then transfer that too my ledger also to hold for a few years.

It's safe if you're asking about the transaction and I guess you're already KYCed there so, that's no biggie issue there anymore. You can buy through Coinbase's wallet and then just as you did, you'll just have to transfer that to your Ledger wallet.
You're aware of everyone's concerns. There are some people that have a terrible experience using Coinbase so they won't really suggest buying there. But how about you? You seem to have good experience on them.

Coinbase has been fine so far, other than the pretty high fees compared to elsewhere I find them pretty good having not had any problems yet myself.

Then that's good for you.
Many don't like them for those that you've mentioned, the fees and the kyc thing and mostly every stuff that they have. That's why if you're not experiencing problems with them, that's making you stay.
While for the others, if they're only experiencing bad stuff on them, they're unlikely to stay on them.