Is Coinbase safe to store currency?

[nade0895]

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

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[OmegaStarScream]

It's a reputable service yes, you can use for buying and selling your bitcoins but never use an online platform for storing your bitcoins because you're not in full control of your funds.

If you have a decent amount, I suggest investing in a hardware wallet like Trezor or Ledger otherwise go with something like Electrum.

[muslol67]

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Obviously, all of the crypto money wallets can have a number of problems. But some are safer. Money in stock exchanges can be risky. In order to understand this, you can see the Mt. Gox example.

[kram31]

Coinbase is safe and most of cryptocurrency is looking to be listed on their wallet.
ZBX is pushing the way to get in and coinbase is on it. I've been using coinbase for a long time storing my BTC and ETH on it.

[dothebeats]

It is, though be warned that you don't have the control on your funds when it's already on Coinbase, so if a hack ensues and the said exchange is targeted, your funds might be a goner, nada. They are trusted on this community for a long time now and they haven't pulled the Gox on everyone so I think you can leave your funds there, provided that this is not your life savings that we're talking about.

[vv181]

Online web wallet is a bad practice for security purpose. As @OmegaStarScream said it's ok for a short-term purpose like buying and selling but with extra caution, set up a unique strong password and activate the 2-factor authentication. In another side for a purpose like storing and long-term investment, storing your cryptocurrency on a hardware wallet would be the safest option.

[Wafilian]

Coinbase is a popular and most trusted crypto exchanger. But if you want to hold your bitcoin and altcoin I recommend you use MyEtherWallet for Ethereum and other ERC20 tokens and https://www.blockchain.com for Bitcoin. I think it's safer then Coinbase.

[ralle14]

That's all you can do to make your account secure there's nothing more to it. Coinbase is kind of safe but that doesn't mean that they're hackproof. If you're not going to trade with Coinbase you should move your funds to a different wallet because they don't give out any backup. If Coinbase suddenly goes down you won't have access to your coins which makes your password and 2fa useless. This is one of the reason why a lot of us recommends you to use other wallets that are more secure and gives you the option to restore your wallet.

[Alone055]

And besides having a secure password and pin is there anything else I should be doing?

2FA (Two Factor Authentication), obviously. It adds an stronger layer of security to an account. Though it is never recommended to keep your funds in a wallet that is mainly used for exchange purposes, but even if you do, it is always good to have all the security features active for your account. I would suggest you what @OmegaStarScream have suggested already. Either buy a hardware wallet-- if you think you have a lot of funds to be stored securely, or just use a desktop wallet like Electrum, Bitcoin Core etc since they are more secure than any online wallet.

[mk4]

As a beginner, read these two articles/posts, then you should be able to answer your own question. Best of luck.

• https://bitcointalk.org/index.php?topic=1631151.0
• https://cryptosec.info/cryptocurrency-wallets/

Coinbase is a popular and most trusted crypto exchanger. But if you want to hold your bitcoin and altcoin I recommend you use MyEtherWallet for Ethereum and other ERC20 tokens and https://www.blockchain.com for Bitcoin. I think it's safer then Coinbase.

While using blockchain.com's wallet is better than using Coinbase's wallet, it still isn't the best option out there. Good software wallets are still miles preferable.

[Zillur8409]

Yes, you can store your fund here safely. In my first day of crypto currency, I was familiar with coinbase. After that, I use this service and really it is a great service. Easy to use and a strong support team. It is a reputation wallet. So you can store your currency safely.

[shamc]

Most people will tell you not to store crypto currencies on an exchange, but of all the exchanges coinbase is the most trusted. Overall i would say it is safe to store it there as a beginner, then move it to your own wallet later

[o_e_l_e_o]

Bear this in mind that coinbase or any other cryptocurrency wallet or exchange is hundred percent safe to store money.

Given the rest of your post, I assume you missed out a word here and meant to write "is not a hundred percent safe".

OP - no online wallet is safe. The only funds you should be storing at an exchange are funds that you are actively trading, and I would recommend against using online wallets for any other reason. There are too many things that can go wrong. Yes, a strong password and 2FA will protect your log-in, but they are not infallible, and hacks still happen. The exchange/service itself can be hacked and you lose your coins. They can exit scam and you lose your coins. They can become insolvent and you lose your coins. They can lock your account and you lose your coins. You get the idea.

A desktop wallet like Electrum is a step up and relatively easy to set up, but a hardware or paper wallet is what you should be aiming for for the bulk of your coins.

[Jet Cash]

I've started using CoinBase for Bitcoin purchases. My reason for this is that they accept fiat deposits in Sterling. I think it is best to move your crypto into a personal wallet that you control though. This is for reasons that have already been explained.

If you haven't already signed up, you should ask a member for a promo code, this earns both of you a $10 bonus when you deposit $100.

[KingScorpio]

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

no its a centralised exchange with funds on private server

[BlackPanda]

I've started using CoinBase for Bitcoin purchases. My reason for this is that they accept fiat deposits in Sterling. I think it is best to move your crypto into a personal wallet that you control though. This is for reasons that have already been explained.

If you haven't already signed up, you should ask a member for a promo code, this earns both of you a $10 bonus when you deposit $100.

Coinbase is one of the best exchange platforms. The quality of security and also services need not be doubted. When we want to get the best service, we will choose CoinBase. Yes, that one of the best services they have is that Coinbase can receive deposited FIAT very easily.

[gesdan]

until right now I think coinbase is the safe platform, many people use coinbase for saving them investment on coinbase. and as i know that it is save when you have your inevstment and your asset on coinbase

[smartbitcoininvestor]

Coinbase is an excellent platform and offers a Vault for those who want to partake in cold wallet security.

[Juggy777]

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

Hey I would answer yes and at the same time i would say no, it's an exchange and they often get hacked and people loose money. It doesn't matter how strong your pin is you do not have your seed or private key to move your coins, and that's something I'm personally not comfortable with. Also if coinbase decides to lock your account you loose access to your coins, I would suggest you to avoid exchanges and use a wallet which gives you your seed and private key.

[michellee]

This might sound like a basic question but bare with me I’m a beginner. I’ve been reading about some nightmares people have had losing their money. Is Coinbase safe? And besides having a secure password and pin is there anything else I should be doing? Would appreciate the help.

Cheers

I don't know since I don't use Coinbase, it's better to save at the offline wallet. I think you need to buy Ledger S Nano if you want to be safe to keep your coins, and you can keep various coins at that wallet because it supports multi coins. But if you insist on saving your coins in the Coinbase, you must activate 2FA for protection.