Is Coinbase a safe wallet ?

[Thanasis]

Warning! Coinbase is not a wallet it is an exchange so hackers can easily hack into coinbase wallets by knowing your email address.

Safe wallet are hardware wallets or the wallet which has the private key so no one can access your account without the private keys.The wallet like Electrum is best wallet to store our funds safely.

[leowonderful]

Warning! Coinbase is not a wallet it is an exchange so hackers can easily hack into coinbase wallets by knowing your email address.

Safe wallet are hardware wallets or the wallet which has the private key so no one can access your account without the private keys.The wallet like Electrum is best wallet to store our funds safely.

Unless you use Electrum on an airgapped computer with appropriate setup procedures, it's not going to be extremely secure. Even with a password on .dat files and such, treat Electrum on a live, network-connected computer like it's a mobile wallet.

If you use a hardware wallet like Trezor or Ledger, quadruple-check your seed to make sure it is written correctly. If you lose your wallet and come back to the wrong seed, you lose all your funds. After you've generated the seed and written it down, wipe the wallet and attempt to recover the empty wallet. If it's wrong you'll know and you'll be able to repeat the procedure. If it's right then you're set.

[felicita]

For me its a save walled like most other online walleds.
They have never been hacked since they are online .
And iam still using them to store my litecoins XD



regards

[Zocadas]

Coinbase offers a wallet and exchange, is handy and especially favored by crypto newcomers. It is good for quite small funds. But no third party wallet is safe. The reasons are already given by preposters. You don't own private keys, Coinbase could suddenly shut down with your funds and you can be easier hacked as on hardware/software/mind/paper wallets, where you own your private keys.
To learn a bit about several kinds of wallets, you could have a look on this helpful thread:
https://bitcointalk.org/index.php?topic=1631151.0
 

[goldade]

Coinbase is an exchange site and it's only when keeping small amount of bitcoins that is used for trading. Coinbase base is not safe when saving a lot of bitcoins in it as it prone to hacking.
I'd suggest you use blockchain wallet where only you have the access to your private keys. The individual access to the private keys is what makes blockchain wallet to be very safe.

[ChiBitCTy]

Trezor/Paperwallet the end.

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

[bhadz]

Trezor/Paperwallet the end.

Ledger nano s / desktop too are safe too use.

Never trust coins there. 

In any exchange, no one should trust their unless they are going to get it immediately and withdraw most of the funds there.

I used them as a newbie and used to go in to "frozen coins mode" all the time. 

I used them once but I didn't pursue using them and their customers and newly registered customers are increasing. Just don't store in any exchange if no plan of withdrawing.

[BitHodler]

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there.

I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.

I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well.

I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option.

[alyssa85]

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there.

I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.

I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well.

I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option.

The bit in bold is key.

Most of the people who have had problems with Coinbase have done huge trades or bought large amounts using credit cards and triggered Coinbase's safety algorithms.

I can't blame Coinbase for being careful - who on earth buys large amounts with a creditcard?

[St4yInTh3D4rk]

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there.

I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.

I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well.

I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option.

I am also never faced any problems with coinbase wallet and they have a good option that we can transfer our bitcoins without any transaction fee into the other coinbase wallets.But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

[bocyaj]

I had using this coin base more than a Six months.Upto now,I had not even face any such problem .May be some of account is hacked due to the security weak.I don't face such problem up to now.If I had face that issue,surely I will share in this forum.

[crairezx20]

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there.

I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.

I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well.

I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option.

I am also never faced any problems with coinbase wallet and they have a good option that we can transfer our bitcoins without any transaction fee into the other coinbase wallets.But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

Huge fee when sending is one of the reasons why I am not using coinbase anymore and you can't request to backup your private keys, unlike the other wallet. And it is non-segwit support.

That is why it's not safe for us to save a large amount of bitcoin in coinbase because if the site is down or gone forever we can't recover our wallet in the future in other wallets and if there are bitcoin fork again we can't redeem them unless if they support it, but it takes a month before they announce that they are supporting it.

So, I stay using electrum wallet instead and now with the Segwit support that reduces the transaction size and fee compare to Coinbase.

[vintages]

I hear news everyday that people are getting hacked their coinbase account and loss coins. Is it true? Is it safe to keep coins in Coinbase?

Don't know why this thread was bumped but you should consider changing the topic because; Coinbase is not a wallet but an online exchange like binance or Bittrex and can be hacked or phished even though it is highly secured. They can promise security but whatever security measure that should be carried out should be done by you to protect your account. And, never leave your coins in any exchange.

[ChiBitCTy]

Trezor/Paperwallet the end.

Ledger nano s / desktop too are safe too use.

Never trust coins there. 

In any exchange, no one should trust their unless they are going to get it immediately and withdraw most of the funds there.

I used them as a newbie and used to go in to "frozen coins mode" all the time. 

I used them once but I didn't pursue using them and their customers and newly registered customers are increasing. Just don't store in any exchange if no plan of withdrawing.

Ledger is utter garbage tech.  I can't speak for Blue (which one reliable source told me they were highly let down) but Nano is crap.  It's platform of apps and what not,  is just all very much lacking.  They are also connected to "man in the middle attack" and when Trezor is so much better than why buy one?  I'm not saying it's not safe when used properly but it's not a good piece of tech (it reminds me of my YakBak and TalkBoy).  Paper-wallets are best, but hard for most people to learn how to make the RIGHT way.

[covfefe_]

With email and sms verification on, I don't think it'll be easy for anyone to hack an individual coinbase account. As of the coinbase itself, they have quite a group of specialist and are handling every problem since the start. My first wallet was coinbase back in 2012 and chose no alternative.

[ChiBitCTy]

Coinbase is a very scummy company.  Never trust coins there.  I used them as a newbie and used to go in to "frozen coins mode" all the time.  Prob have gotten better, doubt their morality has though.

I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there.

I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.

I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well.

I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option.

I am also never faced any problems with coinbase wallet and they have a good option that we can transfer our bitcoins without any transaction fee into the other coinbase wallets.But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

Huge fee when sending is one of the reasons why I am not using coinbase anymore and you can't request to backup your private keys, unlike the other wallet. And it is non-segwit support.

That is why it's not safe for us to save a large amount of bitcoin in coinbase because if the site is down or gone forever we can't recover our wallet in the future in other wallets and if there are bitcoin fork again we can't redeem them unless if they support it, but it takes a month before they announce that they are supporting it.

So, I stay using electrum wallet instead and now with the Segwit support that reduces the transaction size and fee compare to Coinbase.

That is what I'm using mainly for hot wallets and agree it is VERY good compared to others..but not for long term storage.  Then Trezor. Lastly paper.  All 3 are the way to go. I was speaking in terms of mid-long term storage. 

[BitHodler]

But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

In what way is Coinbase's fee higher than the one from blockchain? If you're referring to external withdrawals, Coinbase shouldn't be higher at all, and I actually doubt it is higher. Coinbase only charges a vanilla network fee.

I however agree that holding coins on Coinbase (or any other service that doesn't grant you access to your private keys) isn't the right thing to do, although it does offer a certain form of convenience.

I am not really worried about hackers when it comes to exchanges, but more so about insider theft, or governments raiding an exchange, and from there seize people's crypto assets, just like what happened with BTC-E.

[bhadz]

Trezor/Paperwallet the end.

Ledger nano s / desktop too are safe too use.

Never trust coins there. 

In any exchange, no one should trust their unless they are going to get it immediately and withdraw most of the funds there.

I used them as a newbie and used to go in to "frozen coins mode" all the time. 

I used them once but I didn't pursue using them and their customers and newly registered customers are increasing. Just don't store in any exchange if no plan of withdrawing.

Ledger is utter garbage tech.  I can't speak for Blue (which one reliable source told me they were highly let down) but Nano is crap.  It's platform of apps and what not,  is just all very much lacking.  They are also connected to "man in the middle attack" and when Trezor is so much better than why buy one?  I'm not saying it's not safe when used properly but it's not a good piece of tech (it reminds me of my YakBak and TalkBoy).  Paper-wallets are best, but hard for most people to learn how to make the RIGHT way.

If that is your review to nano I won't argue with and regarding paper wallets that's right it's the best and everyone can avail to do that. I will try soon trezor wallet but for now I'll stick with my few desktop wallets along with nano ledger s.

But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

I am not really worried about hackers when it comes to exchanges, but more so about insider theft, or governments raiding an exchange, and from there seize people's crypto assets, just like what happened with BTC-E.

Now that you have mentioned this, there's another thing that newbies need to consider of avoiding too much funds in exchanges.

[Thanasis]

Warning! Coinbase is not a wallet it is an exchange so hackers can easily hack into coinbase wallets by knowing your email address.

Safe wallet are hardware wallets or the wallet which has the private key so no one can access your account without the private keys.The wallet like Electrum is best wallet to store our funds safely.

Unless you use Electrum on an airgapped computer with appropriate setup procedures, it's not going to be extremely secure. Even with a password on .dat files and such, treat Electrum on a live, network-connected computer like it's a mobile wallet.

If you use a hardware wallet like Trezor or Ledger, quadruple-check your seed to make sure it is written correctly. If you lose your wallet and come back to the wrong seed, you lose all your funds. After you've generated the seed and written it down, wipe the wallet and attempt to recover the empty wallet. If it's wrong you'll know and you'll be able to repeat the procedure. If it's right then you're set.

Yes I agree Electrum is not safe as hardware wallets because recently hackers vulnerability was found in the old version of electrum,but it is thousad times better than the coinbase wallet.People who knows email hacking can steal all our funds by reseting password through email itself but 2FA may help in such cases but electrum is better than coinbase but Ledger Nano S can give the ultimate protection to ur funs in long term.

[Hamphser]

But the fee is little bit high when compared to blockchain wallet.But it is not good to use coinbase as a wallet we may store little bit of bitcoin but for the people who are keeping coinbase as a wallet is in great danger on losing their funds to hackers.

In what way is Coinbase's fee higher than the one from blockchain? If you're referring to external withdrawals, Coinbase shouldn't be higher at all, and I actually doubt it is higher. Coinbase only charges a vanilla network fee.

I however agree that holding coins on Coinbase (or any other service that doesn't grant you access to your private keys) isn't the right thing to do, although it does offer a certain form of convenience.

I am not really worried about hackers when it comes to exchanges, but more so about insider theft, or governments raiding an exchange, and from there seize people's crypto assets, just like what happened with BTC-E.

In most cases i do believe that those were always an inside job and they are just really having an alibi that they are being hacked by someone.Truth or not then i dont still really believe on what they are trying to reason out.I dont have any trust to 3rd party wallets or any places which i dont really possess keys. The thing on using coinbase is the convenience that it gives.Its a good medium on buying or converting out your bitcoins thru local fiat but it wont really be ideal if you make it as a storage.