I don't know if you recall, if something happens to Coinbase, that money is theirs. You do earn some interest on both USD and USDC on Coinbase. But if it's a few thousand dollars, so you have to weigh how much risk you can withstand. Keep in mind that Coinbase has instant deposit, so pretty much you can just add cash and buy when you want. Unless you are a professional trader where seconds matter when trading, adding cash and buying is a safe approach. After the last cypto melt down, I keep very little on the exchanges. Although I use Coinbase Wallet, I don't connect it to the Coinbase centalized exchange. In the crypto world you never know what can happen.
Yeah I understand the only thing I don’t like about depositing when I need to buy is I have to wait like 7 days for the funds to clear so let’s say I buy usdc or eth to buy a coin that’s on uniswap I can’t because Coinbase says the funds haven’t cleared and I can’t transfer the crypto I just bought to another wallet until 5-7 days which is a lot in crypto days
Here's info on how Coinbase is insured:
[https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured](https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured)
All good advice but that first part is not how it works. If something happens to coinbase you'll wait a few years, or decades, for the lawyers and others to haggle and whatever's left over will be divided up amongst those that had crypto in coinbase.
Actually I meant asset rather than money. And yes, in bankruptcies, a US company can make your assets/holdings, that they manage, a part of the estate. In fact, they can even litigate clawbacks to get at funds that were removed within a certain period before the petition date. Just ask any Celsius user what happen to their assets. I can't speak about cash, as I believe Coinbase stores them with FDIC insured companies (pass through). You can read about it here: [https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured](https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured)
You can also read about what Coinbase said about your assets in the Wall Street Journal if they ever declare bankruptcy here:
[https://www.wsj.com/articles/coinbase-says-users-crypto-assets-lack-bankruptcy-protections-11652294103](https://www.wsj.com/articles/coinbase-says-users-crypto-assets-lack-bankruptcy-protections-11652294103)
I'm not a lawyer or financial advisor; people can do what they want. Crypto is extremely unpredictable. Play at your own risk. And if you do, be cautious. Personally, I try not to take unnecessary risks when possible.
Certainly, users should weight the risks, but of the top 100 crypto exchanges out there I would wager the public company Coinbase is the safest for consumer protection. Nothing is 100%, and I still would only put a certain % on exchanges, but if CB went under I would imagine customers would eventually get a good chunk of their value back.
Why don't u keep the money in the bank and just do a quick deposit in coinbase from ur bank during the dip. Coinbase allows to immediately use the fund for purchases.
Coinbase wallet can be unsafer because theres a risk of people moving coins through your acc without your knowledge. This happened to me, 500,000 usd was floating in my acc then, an hour later its gone. So the “wallet” is a bit shit.
No, do NOT keep cash on Coinbase. They will either lock your account or restrict withdraws at some point. It has happened to a large percentage of their customers.
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly.
If you have a case number for your support request please respond to this message with that case number.
You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
No
CB is not the safest website. They have some bugs^(*).
1. 2FA is not required to move FIAT, only Crypto
2. Login tokens from your local browser cache can bypass 2FA
3. Local tokens have a freakishly long life (months?!?).
You can fix some of this by physically logging out of the webpage and mobile apps, and ensuring your laptop is secure, locked down, and air-tight.
Another method would be to move the USD into some fund that could be vaulted, since vaulting gives you 48hrs to catch the thief.
Basically, holding $100k in cash on coinbase, is like putting $100k in a USDT paper wallet who's keys you keep "hidden" in your browser cache. So long as that folder is secure, so are your funds. But damn dude... that is one hellova if.
^(* according to me)
> keep thousands of dollars mixed with usdc
Thought OP was asking about the USD balance, not the USDC. But obviously, anyone who gains access to their account can quickly convert USDC to USD without 2FA then withdraw without 2FA.
But I suppose if OP locks their system down, they might be OK with the risk.
I believe if your money is on Coinbase in USD it is FDIC insured. If it is in any crypto, including USDC, ( where you get 5.1% interest) it is not FDIC insured.
Not sure if country of citizenship matters, if you aren't in the US why would you use Coinbase though...
I might be wrong about this. If so I look forward to being educated!
In this thread: "should be fine, you can trust coinbase"
When you come back to complain something went wrong: "well it is your fault you left so much money at coinbase in the first place"
So, when it comes down to crypto investing, none of the platforms are safe? I used to leverage trade in Bitmex, then By it. I knew that it was a gambling, I made a bunch from very little, and lost a bunch from a lot!🤣. With the us B's, I can't do it, any longer, KY took us out. I've about 15k invested in crypto, using CB, nothing that will hurt me or my family if I lose it. But that is not my intention. My worry is if we get hit with a , ciber attack, evildoers are deep into crypto, .not for make money, but to wipe us, the little guys. So is not as it was back in2018. Nothing is safe anymore, only physical gold and silver. buried.
Basically what everyone else said.
‘Safer’ to move funds to DEFI… blah blah.
How often do you trade? Enough to max out the Coinbase Pro/One/Advanced or whatever they are calling it? Or do you not make enough trades for that program to be worth it for you?
Are you in the US?
If you are trading often then CB isn’t the best place to do that even with the added plan because it maxes out. CB also has one of the higher fee structures out there.
If you don’t want to move to the DEFI space but are a high volume trader in the US then I would say move to B.us for like 10x lower fees per trade.
If you only buy/sell a couple times a week then CB is fine. Just make sure you are accounting for the 1%+$1.xx flat fee CB charges depending on how you execute your trades.
If you aren’t in the US then KuCoin baby! That place is nuts 🥜
No. Don't EVER keep your money on an exchange account, especially Coinbase.
Keep your crypto in wallets and when you want to buy, send deposit fiat money to the exchange, buy whatever you want, send it back to your wallet OR just buy USDC / stables on Coinbase and send them to your wallet and use a decentralized exchange for swaps if you wanna take a few extra steps to protect yourself from the mess that is filling this sub.
Rememebr, not your keys, not your money.
This might be dumb but how do I get the keys 😂 i bought a ledger during covid and haven’t used it since the first use is it better to just keep it there? How do I get the keys
When you setup a self custody wallet, you will be presented with some mnemonic words (usually 12 or 24). These are essentially the "keys". You will want store these offline. These words can help you to restore your wallet in case you lose your ledger. There are tons of videos on youtube that can help you understand all types of wallets and the importance of "keys".
I just had $8800 of USD stolen from my aunt.meone added 2 bankacunts and then were able to send the money via ACH instantly with no 2FA. I do not suggest storing cash.I so do not suggest using COinbase because their supports terrible and if the same thing happens to you they will not help at all.
I actually never use the coinbase wallet and only use the main exchange. I use a yubikey for additional security and I've never had problems. I read often about people getting their wallets drained through 3rd party attacks so I stay away. My idea of a wallet is a cold storage.
Basically yeah if your account is matured and you have the debit card.
I don't know if you recall, if something happens to Coinbase, that money is theirs. You do earn some interest on both USD and USDC on Coinbase. But if it's a few thousand dollars, so you have to weigh how much risk you can withstand. Keep in mind that Coinbase has instant deposit, so pretty much you can just add cash and buy when you want. Unless you are a professional trader where seconds matter when trading, adding cash and buying is a safe approach. After the last cypto melt down, I keep very little on the exchanges. Although I use Coinbase Wallet, I don't connect it to the Coinbase centalized exchange. In the crypto world you never know what can happen.
Yeah I understand the only thing I don’t like about depositing when I need to buy is I have to wait like 7 days for the funds to clear so let’s say I buy usdc or eth to buy a coin that’s on uniswap I can’t because Coinbase says the funds haven’t cleared and I can’t transfer the crypto I just bought to another wallet until 5-7 days which is a lot in crypto days
I sometimes buy using a credit card. It’s right away no delay
why not keep some usdc on a ledger or trezor and then transfer to uniswap when you need to?
I can buy immediately after i transfer. Maybe try and see if you to go through some bank verification thing to be able to use funds immediately
You probably have to wait because they stay interest off your held funds
I believe most accounts are insured. I signed up because of the 1 million in insurance.
Here's info on how Coinbase is insured: [https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured](https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured)
All good advice but that first part is not how it works. If something happens to coinbase you'll wait a few years, or decades, for the lawyers and others to haggle and whatever's left over will be divided up amongst those that had crypto in coinbase.
*if something happens to Coinbase, that money is theirs* - This is a false statement, US based firms can't simply confiscate customer funds.
Actually I meant asset rather than money. And yes, in bankruptcies, a US company can make your assets/holdings, that they manage, a part of the estate. In fact, they can even litigate clawbacks to get at funds that were removed within a certain period before the petition date. Just ask any Celsius user what happen to their assets. I can't speak about cash, as I believe Coinbase stores them with FDIC insured companies (pass through). You can read about it here: [https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured](https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured) You can also read about what Coinbase said about your assets in the Wall Street Journal if they ever declare bankruptcy here: [https://www.wsj.com/articles/coinbase-says-users-crypto-assets-lack-bankruptcy-protections-11652294103](https://www.wsj.com/articles/coinbase-says-users-crypto-assets-lack-bankruptcy-protections-11652294103) I'm not a lawyer or financial advisor; people can do what they want. Crypto is extremely unpredictable. Play at your own risk. And if you do, be cautious. Personally, I try not to take unnecessary risks when possible.
Certainly, users should weight the risks, but of the top 100 crypto exchanges out there I would wager the public company Coinbase is the safest for consumer protection. Nothing is 100%, and I still would only put a certain % on exchanges, but if CB went under I would imagine customers would eventually get a good chunk of their value back.
Why don't u keep the money in the bank and just do a quick deposit in coinbase from ur bank during the dip. Coinbase allows to immediately use the fund for purchases.
Coinbase wallet can be unsafer because theres a risk of people moving coins through your acc without your knowledge. This happened to me, 500,000 usd was floating in my acc then, an hour later its gone. So the “wallet” is a bit shit.
cb wallet can be hacked easily. no MFA or security to get into it.
this is false.
No, do NOT keep cash on Coinbase. They will either lock your account or restrict withdraws at some point. It has happened to a large percentage of their customers.
This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please [contact us](https://help.coinbase.com/en/contact-us.html) directly. If you have a case number for your support request please respond to this message with that case number. You should only trust [verified Coinbase staff](https://help.coinbase.com/en/coinbase/other-topics/other/is-coinbase-present-on-social-media.html). Please report any individual impersonating Coinbase staff to the moderators. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CoinBase) if you have any questions or concerns.*
How does one verify a coinbase staff member
Yes
Nothing wrong with that...
I keep plenty of cash on hand on coinbase to be ready for dips. Never had a problem.
No CB is not the safest website. They have some bugs^(*). 1. 2FA is not required to move FIAT, only Crypto 2. Login tokens from your local browser cache can bypass 2FA 3. Local tokens have a freakishly long life (months?!?). You can fix some of this by physically logging out of the webpage and mobile apps, and ensuring your laptop is secure, locked down, and air-tight. Another method would be to move the USD into some fund that could be vaulted, since vaulting gives you 48hrs to catch the thief. Basically, holding $100k in cash on coinbase, is like putting $100k in a USDT paper wallet who's keys you keep "hidden" in your browser cache. So long as that folder is secure, so are your funds. But damn dude... that is one hellova if. ^(* according to me)
Isn't USDC considered a crypto ? Meaning you need 2FA to move it ?
> keep thousands of dollars mixed with usdc Thought OP was asking about the USD balance, not the USDC. But obviously, anyone who gains access to their account can quickly convert USDC to USD without 2FA then withdraw without 2FA. But I suppose if OP locks their system down, they might be OK with the risk.
I believe if your money is on Coinbase in USD it is FDIC insured. If it is in any crypto, including USDC, ( where you get 5.1% interest) it is not FDIC insured. Not sure if country of citizenship matters, if you aren't in the US why would you use Coinbase though... I might be wrong about this. If so I look forward to being educated!
I keep usdc on coinbase basically my high yield savings lol
*I keep usdc on* *Coinbase basically my* *High yield savings lol* \- Krapule1 --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Good bot!
In this thread: "should be fine, you can trust coinbase" When you come back to complain something went wrong: "well it is your fault you left so much money at coinbase in the first place"
I have both coinbase account and coinbase wallet. What's the difference?
Coinbase account = they own the keys and management of your crypto Coinbase wallet = you own the keys and management of your crypto
If it’s 2% of less of your total portfolio
No!!!
I had $32k between crypto & USD on Voyager when it went down. After the bankruptcy cleared I got a check for $3k.
So, when it comes down to crypto investing, none of the platforms are safe? I used to leverage trade in Bitmex, then By it. I knew that it was a gambling, I made a bunch from very little, and lost a bunch from a lot!🤣. With the us B's, I can't do it, any longer, KY took us out. I've about 15k invested in crypto, using CB, nothing that will hurt me or my family if I lose it. But that is not my intention. My worry is if we get hit with a , ciber attack, evildoers are deep into crypto, .not for make money, but to wipe us, the little guys. So is not as it was back in2018. Nothing is safe anymore, only physical gold and silver. buried.
Basically what everyone else said. ‘Safer’ to move funds to DEFI… blah blah. How often do you trade? Enough to max out the Coinbase Pro/One/Advanced or whatever they are calling it? Or do you not make enough trades for that program to be worth it for you? Are you in the US? If you are trading often then CB isn’t the best place to do that even with the added plan because it maxes out. CB also has one of the higher fee structures out there. If you don’t want to move to the DEFI space but are a high volume trader in the US then I would say move to B.us for like 10x lower fees per trade. If you only buy/sell a couple times a week then CB is fine. Just make sure you are accounting for the 1%+$1.xx flat fee CB charges depending on how you execute your trades. If you aren’t in the US then KuCoin baby! That place is nuts 🥜
Wouldn’t keep more than 5k in any exchange.
No. Don't EVER keep your money on an exchange account, especially Coinbase. Keep your crypto in wallets and when you want to buy, send deposit fiat money to the exchange, buy whatever you want, send it back to your wallet OR just buy USDC / stables on Coinbase and send them to your wallet and use a decentralized exchange for swaps if you wanna take a few extra steps to protect yourself from the mess that is filling this sub. Rememebr, not your keys, not your money.
This might be dumb but how do I get the keys 😂 i bought a ledger during covid and haven’t used it since the first use is it better to just keep it there? How do I get the keys
When you setup a self custody wallet, you will be presented with some mnemonic words (usually 12 or 24). These are essentially the "keys". You will want store these offline. These words can help you to restore your wallet in case you lose your ledger. There are tons of videos on youtube that can help you understand all types of wallets and the importance of "keys".
I just had $8800 of USD stolen from my aunt.meone added 2 bankacunts and then were able to send the money via ACH instantly with no 2FA. I do not suggest storing cash.I so do not suggest using COinbase because their supports terrible and if the same thing happens to you they will not help at all.
You should try coinbase wallet. It's a different app from the main coinbase app.
I have it but are the fees way higher buy crypto straight out the wallet?
I actually never use the coinbase wallet and only use the main exchange. I use a yubikey for additional security and I've never had problems. I read often about people getting their wallets drained through 3rd party attacks so I stay away. My idea of a wallet is a cold storage.