Is keeping your money on Coinbase really that bad?

[yoseph]

I use exchanges only for the sale or purchase of crypto currency. Also, I recommend storing all your money on hardware wallets such as Ledger and Trezor.

It's never a good idea to store you bitcoins in exchanges especially when they can be hacked, Most hackers target them because they can make a lot of money when their hacks are successful. So to be on the safe side just store your coins in your own personal wallet.

[Arrazi1507]

I think if you want hold your bitcoin you need a hardware wallet and need cost too thats way for a hardware wallet to secure your bitcoin
hold or store your bitcoin in market exchange it was have a big risk for your coin

[Akorharrison]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

not, I don't really support this because is very bad of  that.. exchange might be hacked some days sometime so I prefer keeping my money offline or I exchange it to my local currencies where I can fully have access to my money, whereas any exchange now is not what one can be trusted with 100% assurity so I don't mid convert it to btc and reserve it to my wallet which is more better.

[BigWinner87]

actually is really bad keep your money on any exchange...
imagine this exchange get hacked, you probably will lose all your funds!
so keep money on exchange only when you need to trade or open margin positions!
be careful.

[luckybit1]

NO,Coinbase offers its users a variety of features to secure their personal accounts. nothing  is 100% sure on earth.In coinbase you get notified if a new device or IP address attempts to access your account.

[maculeth]

if you are afraid to be hacked, do not keep too long. when wallet has done their job well and protect customer from hacker but you still afraid will be hacked, right answer is don't save your money there.

[dutchkay]

From my experience in this game the best place to keep bulk of your money is offline, in a hard ware wallet. Exchanges are centralized and are easy targets for hackers.  They always preach they have the best security but get hacked in the end. If you have millions why not get a hardware Wallet it'd better that way than be sorry.

[jcemos9bt]

Is never a good ideal to keep your money on coinbase or any exchange if they are hack sorry you will lost all your money and there is nothing you can do about it.
Just go and buy a  hardware wallet is the safest,  hardware wallet is secured and recommended way to keep all your money.

[MobyCrypt]

These centralizex exchanges are all boasting 100% security until they eventually get hacked. And then the close, they declare bancrupts and you lose everything. You can dare leaving yuor fund for a while there if you have no alternative, but the more you let them there, the more you are risking....

[Ryshelrayne]

For me i want my money/coin on an exchange so i can buy or sell whenever i want

[niktuneable]

I don't recommend using coinable because I had a problem with them and it took almost 8 months to recover my funds. Also it is too risky since you don't own your coins, I mean you don't have control over the private keys, a lot of things can happen. It is better to hold your coins in a wallet of yours where you can control your private keys. Also think that Bitcoin (and crypto in general) is created to have a decentralized method of payment, that you can control and where you can be your own bank. What coinbase does is the same as banks, they own your money. Be safe. thank you for reading me.

[libert19]

First rule of cryptocurrency, don't hold your crypto funds where you don't own the wallet's private keys.

[aleksej.rozhkov]

I believe that you need to store your money only in the place where only you alone have access to it! bitcoin wallet is the safest place to store! you can not keep your money on stock exchanges, they are constantly hacked!

[svetochka.yakovleva.93]

a lot of interesting opinions on this score! I'm not a trader, for this I need only the exchange, only to buy! I agree with the guys, I think it's better to keep your crypto coins in your wallets! so safer! and even if there is insurance, it's a waste of time - to someone to prove something!

[asmat21]

Any of the exchanges can be hacked. So, no, exchange is not a safe place to store your cryptoassets.

[Ava Duvall]

Besides hackers, theoretically Coinbase can lock up your account if they want to. Sure, they probably wont, but it's better to not take that risk instead. PayPal users had this very common problem of PayPal locking up their accounts for some reason with no chance of appeal. Will the same happen with Coinbase? Maybe, maybe not. But like I said, it's better not to take the risk.

That's a good point. As they hold your funds, if government put some pressure they can lock your funds or charge taxes, things like that.
One more reason to avoid exchanges. You only own the funds when they are in your wallet

thats probably the worst part - locking funds and being charged tax.  hopefully coinbase wont follow in the footsteps of coinbase. but you are right its better not to risk it

[idex100]

TDIL Coinbase insures money lost from physical security, cyber attacks, and employee theft. they keep 98% of their funds offline. So back to my original point, is it really that important to keep your money off exchanges if they offer insurance and you personally make sure that your account isnt vulnerable to phone attacks? https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

It is not just with coinbase but will every other exchange. Do not leave your tokens on exchange incase it gets hacked.Even if they are insured, it may take a long while before you get your claims- if you ever get them.

[kent47400]

If you want to save you safely, save it on hardware, such as Trezor and Ledger.
If you save your money in exchange it is dangerous, because hacking often occurs.

Please think back to everything you will want to do.

[Direwolve735]

Coinbase doesn`t respect the rules of anonymity. It stores private keys from wallets on its unprotected servers. It is in fact nothing like standard banks. Coinbase users are used to the fact that support doesn`t meet for months, so if you are being ignored, you get the problem on Reddit, where they notice it and try to solve. In my opinion, you shouldn`t keep savings in Coinbase.

[rosyantony]

I would recommend diversifying your BTC or money holdings as much as possible. What if something happens to your wallet? That wouldn't necessary be better than coinbase. You could keep some in a personal wallet, some on several exchanges. Ideally, by diversifying your capital, you can somewhat mitigate the commonality of the risk. This prevents the possibility of a single devastating loss.