No way! There’s one strict rule if you want to register for an account on Coinbase and that’s to provide personal information and verify your identity. While Coinbase isn’t our recommended exchange to buy Bitcoin, it is still a highly reputable and trusted exchange across the globe. Moreover, for any kind of request, the platform needs two-factor authentication. Coinbase isn’t allowed to pull out money from your bank account without getting your request and permission first. The wallets and their private keys are encrypted with AES-256 and then stored. For example, the team performs a hash on all passwords stored in their database using bcrypt. Yes! Coinbase protects all private information shared by its clients in much the same way as banks do. Is It Safe to Link My Bank Account to It? Around 98% of user funds are stored in this type of cold storage and kept separately from company funds. Most importantly, the majority of data stored on Coinbase isn’t kept on online servers but in “air-gapped” vaults disconnected from the Internet and distributed in different corners of the world. To become a Coinbase employee you would have to pass a criminal background check and would be asked to encrypt your hard drive later on. Their website traffic runs entirely over encrypted SSL (https). Yes! The company is insured by the Federal Deposit Insurance Corporation (FDIC) and covers losses up to $250,000 for US residents. Complies with KYC and AML policies which means you can’t transact anonymously.It doesn’t support a variety of cryptocurrencies.Payment methods may vary based on the traders’ location.
You can purchase cryptocurrencies with a credit or debit card.For any queries, you’ll be happy to know that the Coinbase’s support team is known for its responsiveness. Depending on your place of residence, you can use different deposit methods such as bank transfer, wire transfer, credit or debit card, etc. It’s the leading crypto brokerage around the globe that supports only the best cryptocurrencies on the market. That’s why, in our guide will give you some details about the exchange itself and try to answer these questions.Ĭoinbase is an American-based platform launched back in 2012. In this regard, Coinbase is one of the leaders in the industry with millions of traders using the platform worldwide.Ī lot of traders wonder whether Coinbase is safe enough for them to link their bank account with the platform or store their money in Coinbase’s wallet. Today, there are many reliable crypto exchanges that took great pains to provide a seamless user experience. It took them some time before they realized that to win more clients and bring back the lost faith in online platforms they would have to improve their security measures. These exchanges have suffered not only from outsiders but have oftentimes been defrauded by their own employees as well. Anyone who’s interested in crypto trading and has done a little research on crypto exchanges must have come across past scenarios including frauds and hacking attacks, with customers losing a lot of money as a result.