How secure is coinbase with a bank account?by jaden Smith Marketer
Cryptocurrencies have become a huge business, a big BRAND! Though it is volatile and unpredictable, the hype doesn’t seem to end. Thanks to its high value in investments or purchases, cryptocurrencies have become a center of attraction.
What makes cryptocurrencies unique? They are not issued by any central authority and are not vulnerable to government interference. Besides, the transaction made are anonymous. Today, cryptocurrencies have ushered a new era for themselves in the online sphere.
Bitcoin and other cryptocurrencies have been constantly increasing in value, that is why it is significant to own a cryptocurrency wallet to store and manage your digital assets. Coinbase is the best cryptocurrency wallet hands-down!
In this article, we have discussed what is Coinbase and what are its advantages. We have also discussed how secure is Coinbase with the bank account and tips on how to secure Coinbase account.
What is Coinbase?
Coinbase is a global crypto trading platform where you can buy and sell cryptocurrencies as well as send information to the blockchain network to verify the transactions. It is termed as one of the user-friendliest digital asset exchanges in the crypto sphere. It offers numerous advantages to its users, especially for amateurs. Some of its advantages are:
High liquidity and buying limits.
Online and mobile wallet services.
Strict KYC policies that monitor the transactions and prevent anonymity.
Two-factor authentication support and multi-signature security option.
Quick transfers between Coinbase users.
A friendly and intuitive user interface.
Offers online and mobile wallet services.
Instant digital assets transfer between Coinbase users.
Variety of fiat deposit and withdrawal options (credit card, debit card, bank transfers, and bank wires).
Users can purchase up to $1,000 worth of BTC/week.
Coinbase offers relatively higher liquidity.
An ideal option for beginners.
Friendly and intuitive user interface.
Is Coinbase a Safe Wallet?
This is the most common question bombarded in the first place by the users. The main thing Coinbase boasts about is its security. The platform has never been hacked (Yes, you heard that right. Never!). The wallet is web-based but you can also access your wallet through the company’s mobile apps. The wallet controls the private keys issued, and it’s not the decentralized option.
Coinbase is one of the most popular exchanges that takes in numerous measures to ensure the security of its platform such as two-factor authentication and using vaults and whitelisting. That is why it has been successful enough to drive millions of customers (30 million+) to its service.
Moreover, for better security measures, Coinbase stores 98% of customer funds offline and disconnected from the internet in cold storage. Later, the funds are dispersed around the world in safe deposit boxes and vaults.
How to secure Coinbase account?
Given below are some of the effective tips to make sure that your Coinbase account is secure enough:
Use authentic & up-to-date personal details.
Keep your device Malware & Virus Free.
A secure and unique password goes a long way.
Make sure your phone is secure.
Login to Coinbase using your mobile phone instead of a computer/desktop.
Do not leave the majority of your funds on Coinbase.
How secure is Coinbase with bank account and is it safe to link both?
Absolutely! Coinbase doesn’t compromise at all when it comes to protecting the user’s details. They make use of banking level encryption i.e. No fund/money/coins will be pulled out without the user’s permission. Even the banking credentials are never sent to Coinbase but to a trusted third-party at the time of account verification.
Hence, linking a bank account to Coinbase is safe.
On the whole, Coinbase is a safe platform. It will never seek your password, two-factor authentication (2FA) code or remote access to your computer. Now, you must be convinced that it is secure to give the account information to Coinbase. They follow extreme measures to secure your digital assets. Buy, sell and trade cryptocurrency on Coinbase carefree.
Created on Jan 20th 2020 07:44. Viewed 179 times.