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

[1715010375]

1715010375

[1715010375]

1715010375

[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.

[cizatext]

Coinbase is a reputable exchange site and has been in business for a very long time now but despite that no site is 100% safe as hackers have Launce attacks on such sites but have not hard of that of coinbase being hacked into and the safety of tour crypto assets lays in tour own hand also you need to protect your password and all others details in other to be self protected.

[Pab]

 In a case of online wallets i prefer Blockchain.info  and .myetherwallet.com
I use both from long time and i feel secure
There is good to add security code to Blockchain.info

Blockchain.info  is now adding more coins ETH and Stellar until now
There is also possible to swap between currencies and participate  in giveaways
I don't trust Coinbase wallet because it is USA based service

[playboy654]

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

Yes coinbase is one of the best wallet to store our cryptocurrency more safer for all type of people class because there are lot of more security wallet are here to store our investment but this wallet is very easy and useful for all kind of people.

[TimtheYoutuber]

Their vault might be a good option if you don't have a trezor or ledger. I wouldn't store cryptocurrency where you don't own the private key though.

[adzino]

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

Why would you want to use coinbase to store your coins? If you do not have access to your own wallets private key, then it means that you do not actually own the coins stored at that wallet. They can lock down your account anytime and you make lose access to your funds for indefinite amount of time. No matter how much they secure they claim to be, they will always be vulnerable to hacks in one way or other.

[Dexion]

I can't make you believe that Coinbase is safe for storing crypto. even every soft wallet can be hacked. and storing crypto assets in an exchange wallet is not a good idea. but at least Coinbase's popularity is very good. You can save crypto assets offline. and the crypto stored in the coinbase server is protected by policy insurance.

[izanagi narukami]

Yes, it's safe.
I can share alternate wallet that I've been used about 4 years without any problem.

Online = blockchain
Offline = electrum
You can also store on your local exchange but not too much

It's easy to learn how to use it and it's not require long time, IMO

[Johnzky]

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.

Absolutely correct,although yes those exchangers has a high security system but we also know that hackers are more geniuses than anyone of us,and exchangers are very vulnerable in this issue of hacking as what had happen for so many cases in past,though sometimes it crosses my mind that theres a inside job but theres no proof regarding this

Better use them as a trading platform and material to gain profit, But not for storages

[Hannahanto]

Sure coinbase is one of the safest exchange to store currency. Many users use this exchange to store and sell their coins. The transaction fees is also normal in this exchange and it supports most of the coins in the coin market cap. Iam using this exchange for long time its very user friendly and easy to use. There are so many exchanges available but some of them are very safe to use among those coinbase is one of the good exchange to store the currency.

[coinnumber]

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 believed Coinbase is one of the best crypto exchange on blockchain but that does to guaranteed you to store your digital assets since you are not in full control of the keys, it will be advisable as a beginner to have a wallet either BTC or ETH for storing your digital currencies. But the best way to save crypto coins is to use external storage device like ledger 📒 if you have the funds go for it but if you don't have for now use online wallet BTC or ETH and save you keys with care good luck!

[BayAreaCoins]

You should store keys where only you know the secret and have reasonable control how the secret moves along when you die.

[tungaqhd]

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

Coinbase is an old and trusted online wallet for storing cryptocurrency, but the fee was so high so i left it. I prefer online wallet which let me control the private keys.

[sarul]

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

Coinbase is an old and trusted online wallet for storing cryptocurrency, but the fee was so high so i left it. I prefer online wallet which let me control the private keys.

Yeah, it's safe and it's already a lot of positive feedback is given by people. However, it is highly recommended to store it in your own personal wallet, such as paper, desktop and hardware wallets. Because I feel safer if I myself take care of my wallet.

[mk4]

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

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

personally, I really like coinbase over other services, they are good.

Guess what ladies and gentlemen? People in the past also thought that leaving their funds on the MtGox exchange in the past is safe enough. Guess what happened?

https://blockonomi.com/mt-gox-hack/

[gentlemand]

While Coinbase themselves have never been hacked, no shortage of their customers have and there'll be no protection from them if it happens.

If you have phone based 2FA a determined thief can hijack your sim card. If you have Authenticator based 2FA that's possible to bypass if you're on a phishing site or if you leave your 2FA key lying around.

And ultimately access to whatever you have on there is down to Coinbase's good will. If there's one thing life has taught me it's to never grant someone else power over you.

[o_e_l_e_o]

If there's one thing life has taught me it's to never grant someone else power over you.

The whole point of bitcoin in the first place is to be trustless and not rely on a third party. The second sentence in Satoshi's whitepaper includes the words "the main benefits are lost if a trusted third party is still required". Given that the entire point of bitcoin is to avoid using a "trusted third party" for transactions, why would anyone willingly use a "trusted third party" to store your coins on your behalf, especially given how easy it is to set up your own wallet.

Coins stored on an exchange do not belong to you. It's as simple as that.

[1Referee]

While I store some coins in them, I still have the majority in my desktop wallet which is Electrum.

What do you mean with 'store the majority in my desktop wallet'? It is always recommended to not have anything on your PC, regardless of what desktop client you are using. Your private keys/seeds should be stored offline, preferably in form of a paper wallet. I'm personally not keen on hardware wallets, but it might provide a decent form of security as well.

I don't think that these online wallets would provide you Segwit-address that could lessen fees as you send funds to other addresses which is a plus for you somehow.

Coinbase is using Segwit, which is cool, but most of them still use legacy format addresses which is a shame. Blockchain stated to roll out support for Segwit earlier this year, but it's clear they are ignoring every user regardless of what their input is. Not surprising at all with Roger and Jihan having a say in how they operate their business.

[Tahsin Kabir Kollol]

I also think so that Coinbase is safe to store currency. Many people use Coinbase to store their currency. The security system is very hard and the transaction fee is very suitable for store currency. So you can store your currency and investment in Coinbase.

[BitHodler]

I also think so that Coinbase is safe to store currency. Many people use Coinbase to store their currency. The security system is very hard and the transaction fee is very suitable for store currency. So you can store your currency and investment in Coinbase.

The very reason people think Coinbase is safe makes them a massive single point of failure for the ecosystem. They hold over 800k BTC in their reserves, which is beyond insane if you ask me.

People keep talking about what happens when institutions accumulate a lot of BTC through an ETF, but this is just as bad, maybe even worse. Their security is meaningless when governments step in and start sniffing around.

No way even 5% of these coins are being used for trading purposes. It's all there because people are too lazy and ignorant when it comes to self storage. People learn only when things go wrong it seems...