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Author Topic: How safe is Coinbase / Coinbase Pro?  (Read 265 times)
Bergkampsballs
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November 01, 2020, 09:24:59 PM
Merited by DdmrDdmr (1), Coyster (1)
 #1

Hi,

I have started investing in Coinbase and am using a Coinbase Pro wallet to store my bitcoins. My bank has serious concerns about my payments to them and has advised me that a lot of people have lost their money and been unable to claim it back. I appreciate that it's their job to be extra cautious but I want to make sure that I am making the right decisions. I have picked a secure password that I don't use for anything else and have 2 factor authentication enabled. I am planning on investing more in Bitcoin but am concerned about having it all in once place. Other than making sure that I don't give any of my information away, can I be safe in the knowledge that my bitcoin is safe enough with Coinbase? Or should I use 2 or 3 different types of wallets to store my coins?

Thanks
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November 01, 2020, 09:34:05 PM
Last edit: November 01, 2020, 09:47:24 PM by Bitcoin_Arena
Merited by DdmrDdmr (1)
 #2

As a company, Coinbase is legit, well known and has been operating for a number of years. But when you keep coins in their custodial wallet, there are chances they can easily block your funds citing suspicious activity (this is probably what your bank is basing on to warn you)

The Coinbase has 3 different products

1. Coinbase Pro (advanced exchange) -  https://pro.coinbase.com (You don't have full control of your private keys/bitcoins)
2. Coinbase (Simple exchange and custodial wallet) - https://www.coinbase.com (You don't have full control of your keys/bitcoins)
3. Coinbase wallet (Non-custodial wallet) - https://wallet.coinbase.com (You have full control of your keys/bitcoins)

I would suggest you use Coinbase pro or any other good exchange to buy your bitcoins and then transfer them to a wallet where you have full control of your private keys like the third option of Coinbase wallet or Electrum wallet(https://electrum.org) or better still a hardware wallet like Ledger or Trezor





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November 01, 2020, 10:00:28 PM
 #3

As a company, Coinbase is legit, well known and has been operating for a number of years. But when you keep coins in their custodial wallet, there are chances they can easily block your funds citing suspicious activity (this is probably what your bank is basing on to warn you)

The Coinbase has 3 different products

1. Coinbase Pro (advanced exchange) -  https://pro.coinbase.com (You don't have full control of your private keys/bitcoins)
2. Coinbase (Simple exchange and custodial wallet) - https://www.coinbase.com (You don't have full control of your keys/bitcoins)
3. Coinbase wallet (Non-custodial wallet) - https://wallet.coinbase.com (You have full control of your keys/bitcoins)

I would suggest you use Coinbase pro or any other good exchange to buy your bitcoins and then transfer them to a wallet where you have full control of your private keys like the third option of Coinbase wallet or Electrum wallet(https://electrum.org) or better still a hardware wallet like Ledger or Trezor

Thank you for the helpful advice. For one reason or another, I actually feel less comfortable about having a hard wallet in my house. I think I would actually be quite nervous about it somehow getting lost, stolen or something going wrong with it. With this being the case I assume that it would be cautious enough for me to set up an account at https://wallet.coinbase.com and store my coins here going forward?
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November 01, 2020, 10:20:25 PM
Merited by DdmrDdmr (2)
 #4

Thank you for the helpful advice. For one reason or another, I actually feel less comfortable about having a hard wallet in my house. I think I would actually be quite nervous about it somehow getting lost, stolen or something going wrong with it. With this being the case I assume that it would be cautious enough for me to set up an account at https://wallet.coinbase.com and store my coins here going forward?

I understand your concern. But in terms of "safety", it's highly recommended that you need to store the coins in your own hands. Yes, with your own private key. Those concerns that your hard wallet might be lost or stolen in your possession is just on your mind because it's new to your vocabulary. Eventually, as you progress. you will be used to that.

It's not totally wrong* though to store your bitcoin at Coinbase given they are legit and one of the well-established platforms in the world of crypto. But since we are talking about 100% safety here, at least, then it makes sense that we are the only ones who should have the total authority over our coins. As you also mentioned, you are planning to invest more but you are concerned about having it all in one place. In the future, you might experience having an account problem in Coinbase which we like to avoid (search for Coinbase problems). Just to be clear, I'm not saying it will happen but at least you have a reference.

If you aren't comfortable with the hardware wallet, you can try Desktop Wallet such as Electrum. That requires another research though.


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November 01, 2020, 10:23:00 PM
 #5

Thank you for the helpful advice. For one reason or another, I actually feel less comfortable about having a hard wallet in my house. I think I would actually be quite nervous about it somehow getting lost, stolen or something going wrong with it. With this being the case I assume that it would be cautious enough for me to set up an account at https://wallet.coinbase.com and store my coins here going forward?
I will not recommend you coinbase.com, they do not give users private key, not you key not your coin, which mean you are not the owner of the coin stored on coinbase.com on the blockchain, it also compromise your privacy, holding your bitcoin yourself by making use of noncustodial wallet will be fine. Hardware wallets are the safest, but you can consider electrum if the amount you want to hold is not much.

About you afraid of your hardware wallet not to be stolen, hardware wallet like ledger nano and trezor do have pin that you will need to create and always input before accessing it, it also support passphrase you can enable, it will request for the passphrase anytime you want to spend your coin, I think this two are enough to safely keep your hardware wallet. And if lost, you can make use of your seed phrase backup to retrieve your coin on many wallets that support BIP39.

If the amount you want to hold is huge, having hardware wallet for it is the best, and if you even get it for holding low amount, there is nothing bad, it is advisable and it is worth it.





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November 01, 2020, 10:24:49 PM
 #6

I wouldn't have huge concerns about coinbase, I actually have a coinbase visa card.

However storing assets you're not trading on an exchange isn't a good idea, they're a big target for hackers.

I suggest you learn about wallets, hardware wallets but also paper wallets, how safe they are, how you can minimize risks. For example you can have a backup of your private key in a bank vault.
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November 01, 2020, 10:40:28 PM
 #7

<...>it also support passphrase you can enable, it will request for the passphrase anytime you want to spend your coin, I think this two are enough to safely keep your hardware wallet. And if lost, you can make use of your seed phrase backup to retrieve your coin on many wallets that support BIP39.
+1 to all you said, but mind you that op is somewhat of a newbie to the Bitcoin network, so we should be careful how quickly we introduce him to some features on the network, and even if we do, the risks should also be made known to the user, the passphrase is good for extra security, but op should know that if it's lost or forgotten, then the seed becomes useless. Some newbies can have the misconception that even without the passphrase, they could still access their funds with their seed phrase, it's better they know how delicate the passphrase is and once set, without it, the funds are gone.

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November 01, 2020, 10:50:50 PM
Merited by DdmrDdmr (1)
 #8

Thank you for the helpful advice. For one reason or another, I actually feel less comfortable about having a hard wallet in my house. I think I would actually be quite nervous about it somehow getting lost, stolen or something going wrong with it. With this being the case I assume that it would be cautious enough for me to set up an account at https://wallet.coinbase.com and store my coins here going forward?
Even with Coinbase's software wallet I suggested, You will still have to back up your private keys/12- word recovery phrase and keep it somewhere safe so it's almost the same as keeping your hardware wallet except that you have to enter a passphrase to access your funds for the case of the hardware wallet Wink

The most important thing is the safety of your private keys or the 12- word recovery phrase. Even if your hardware wallet got lost and the thief can't guess the password. You can still recover your money using your private keys or the 12- word recovery phrase on any compatible and trustworthy software wallet

But If you read much about;
1. Securing your funds and how best you can keep your private keys/ 12-word recovery phrase
2. Avoid phishing attacks(some of this fake wallets keep appearing on google play)
Then you can still use a software wallet. But I highly recommend, if the BTC you are planning to buy a lot of BTC, a hardware wallet better. They don't cost that much.



I will not recommend you coinbase.com, they do not give users private key, not you key not your coin, which mean you are not the owner of the coin stored on coinbase.com on the blockchain, it also compromise your privacy, holding your bitcoin yourself by making use of noncustodial wallet will be fine. Hardware wallets are the safest, but you can consider electrum if the amount you want to hold is not much.
He quoted option 3 which was https://wallet.coinbase.com which is noncustodial. Check it out on Google Playstore/ Appstore





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Bergkampsballs
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November 01, 2020, 11:02:40 PM
Merited by Bitcoin_Arena (1)
 #9

Thank you guys. I really appreciate how helpful you all are. For now, I don't even have half a bitcoin to my name so it's not like I'm dealing with a huge amount of money but I am hoping to increase that investment. I may take this in stages, starting with moving my Bitcoin to a non-custodial Coinbase wallet temporarily so that my Bitcoins are at least not held on an exchange. From there I can take the time to look into more secure storage options for the future. Thank you!
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November 02, 2020, 12:17:02 AM
 #10

Safety is a relative term. Problems may occur sooner or later, and hacking will prove whether they are able to compensate users or not.
Coinbase is a popular platform, so the possibility of losing your money is small, but this does not mean that you will not lose it.
Use this platform for trading for the purpose of buying or selling and transfer any money in excess of the need for trading to portfolios you use so that you own your private key.





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socks435
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November 02, 2020, 12:51:10 AM
 #11

Why would you trust online wallet like Coinbase or Coinbase pro if you can be able to own your own bank and protect it to any online hacking?

Coinbase doesn't help you if they lose control of their database and you don't have full control of your own wallet incase in the future recovery except for Coinbase commerce it seems you can be able to backup your seed with Coinbase commerce.

It's only safe if you are going to buy or sell a bitcoin but you shouldn't hold or store your bitcoin from coinbase for too long.

Always be your own bank by using non-custodial wallets if you want to store big amount of bitcoins or use it for everyday's life.

Block halving is done.,,  And bear market is coming...
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November 02, 2020, 02:09:26 AM
 #12

From there I can take the time to look into more secure storage options for the future. Thank you!
If you really want to have an in-depth comparison to know which wallet you are going to use then there is a good wallet comparison and discussion that can help you decide for storing your coins. This table will help you sort out what are your needs and which wallet you are comfortable storing your stash. Also please note that you must complement the table while carefully reading this thread [1] FOR NEWBIES, wallets to choose from and analysis by Veriphi for you to be able to distinguish what are the recommendations and error stated in the spreadsheet.

[2] https://veriphi.io/en/blog/software-wallet-analysis

Much of the wallet tips and reminders regarding the security of your wallet has been discussed by other members, so all you need to do is to apply and  make it as a habit of precautionary measures.




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November 02, 2020, 04:06:34 AM
 #13

If you just want to store your assets just use hardware wallet like ledger/trezor/etc.

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November 02, 2020, 04:18:13 AM
 #14

Coinbase wallet is non-custodial wallet but you have to do KYC on Coinbase due to their KYC/ AML protocol. If you don't want to give up your Identity, you can use Bitcoin Core or Electrum wallet.

https://electrum.org/#home
https://bitcoin.org/en/bitcoin-core/

Quote
How do I protect against losing access to my funds?
Coinbase Wallet is a user-controlled, non-custodial product. The app generates a 12 word recovery phrase which is what gives you, and only you, access to your account to move received funds. Coinbase will never have access to this seed, meaning that we cannot move funds on your behalf even if you lose access to your recovery phrase.

We built an encrypted Google Drive and iCloud recovery phrase backup feature to help protect against seed loss. We encourage you to back up your recovery phrase using both the cloud backup feature as well as writing down your recovery phrase and storing it in a secure location. To access the backup features, tap Settings, and then Recovery Phrase.

Quote
What is Identity Verification?
Coinbase uses Identity Verification in order to comply with KYC (Know Your Customer) regulations. KYC is a way of identifying and confirming that a customer is who they say they are. It’s a multi-step process that helps to prevent the creation and use of fraudulent accounts.

You can read more details with links to their Help center and FAQ.

https://wallet.coinbase.com/faq/
https://help.coinbase.com/en/coinbase/managing-my-account/account-information/identity-verification-faq?

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November 02, 2020, 05:23:24 AM
 #15


You just have to find a way to be comfortable been in charge of your own finance because that's exactly what investing in bitcoin is all about especially when you don't hand over the responsibility to a third party service providers like you're doing using coinbase. Just like others have highlighted coinbase as an exchange is quite ok especially since t you'll be comfortable giving our some sensitive/private information but they're not to be used when storing funds is concerned, irrespective of the service they offer, their wallet would still be centralized.

Electrum wallet is the most obvious choice (based on my opinion) if you're not into the idea of holding a flash drive that contains your assets. You can download the mobile version or desktop version quite easily from their website (https://electrum.org)





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November 02, 2020, 05:53:11 AM
 #16

How to Safely Download and Verify Electrum

Warning: https://electrum.org/#home
Quote
Warning: Electrum versions older than 3.3.4 are susceptible to phishing. Do not download Electrum from another source than electrum.org, and learn to verify GPG signatures.

Download: https://electrum.org/#download

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November 02, 2020, 07:58:24 AM
 #17

As other have mentioned ad nauseam Coinbase is pretty safe to use  - just like buying a money order at Walmart. Would you trust Walmart to hold your money safely? They're a big multi-billion dollar company and if something happens you'll probably be unable to go after them for loses. Coinbase is in the same boat. If your own circumstances and security are more precarious then perhaps it is wiser to just leave the coins there, but otherwise it's usually better to have them in your possession.

Move slowly and carefully though when moving funds. Once crypto is moved it is for all intents and purposes unrecoverable, so ask questions if you unsure about any wallets or security.

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November 02, 2020, 08:30:43 AM
 #18

Using Coinbase / Coinbase Pro is a very safe Crypto exchange and wallet to trust your coins with.
The company has been in business since 2012 and is available for use in more then 100 countries- https://www.coinbase.com/places
Remember that you have to abide with KYC rules so if this is issue for you then you should not use them.


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bakasabo
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November 02, 2020, 10:11:02 AM
 #19

Please explain what exactly do you understand under the word "safe". Safe to keep your funds there or safe to trade?

If you are a trader, I think you need an alternative exchange to have for trading. There are cases, when during Bitcoin price drop, coinbase exchange went down. . That is something no one wish to face.

Safety of your funds - every exchange and wallet are safe, as long as you follow all the precautionary measures.
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November 02, 2020, 10:28:48 AM
 #20

Thank you for the helpful advice. For one reason or another, I actually feel less comfortable about having a hard wallet in my house. I think I would actually be quite nervous about it somehow getting lost, stolen or something going wrong with it. With this being the case I assume that it would be cautious enough for me to set up an account at https://wallet.coinbase.com and store my coins here going forward?

It's really up to you which risk profile you prefer:

1. With custodial exchanges such as Coinbase, yes, you will be able to access your funds if it's the case that you lost your phone or any of your devices, as long as you have access to your login credentials. The downside though, is that exchanges do get hacked A LOT[1]. Which is definitely not a good option if you're planning on holding your funds for years and years.

2. With a hardware wallet, as long as you don't do anything stupid like save your 24 word backup on an app on your phone or computer(or anywhere in general), the chances of your funds getting stolen are virtually almost zero. Of course, the risk is if you lose access to your hardware wallet and your 24 word backup, you pretty much lost access to your funds. You're going to be fine as long as you protect your backups though.

3. With a reputable software wallet like Electrum[2] and BlueWallet[3], there's a chance that your funds might get stolen if it just so happens that your computer/phone gets compromised by a malware. Also, you lose access to your funds if you lose both your computer/phone and your 12-24 word backup.

Completely up to you.


[1] https://cryptosec.info/exchange-hacks/
[2] https://electrum.org/
[3] https://bluewallet.io/

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