Regarding the storage of cryptocurrency, of course, everyone recommends storing their coins in cold wallets, here, of course, it depends on what amounts are in question.
Regarding the security of exchanges from hacking, there are already cases that two-factor authentication is hacked on exchanges, although I do not even understand how burglars do it.
Topic: I have a few beginner questions regarding crypto trading (Read 756 times)
I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?
Storing coins/assets outside of exchanges is not a new thing. People do it to avoid the problems that comes with storing your coins in an exchange , such as the exchange being hacked and issues like that. So, they stay clear from it and can go as far as buying the Trezor ledger to be store their coins in a safe place.Although the Coinbase you say that you’re making use of has been really good at securing their website or platform, and they have not had issues like most of the exchange there is.
In general, you are right about Windows. However, if you follow all the precautions, then you will be safe. After all, as a rule, Windows users themselves perform those actions that allow hackers to steal their money.
I advise everyone to use hardware wallets, a very convenient thing that minimizes the human factor that so often plays a role in hacking.
I'm a windows user and as well as a hardware wallet user. This is what I'm scared of but as someone who uses a hardware wallet, I'm keeping myself secure as much as I can and in the best knowledge that I can. I make sure that I don't download things on the main computer that I use that I'm not sure of so that there's no malware that will be with it. I'm also aware about the updates of windows which happens from time to time and as part of it, we windows users also has to be careful in the best way that we can. I advise everyone to use hardware wallets, a very convenient thing that minimizes the human factor that so often plays a role in hacking.
You have received quite a few answers already, I just want to give my opinion on security. As you already understood, one of the safest methods is a cold wallet, but if you do not have money for the ledger, then you can use either a paper wallet or an encrypted storage. I like this option much more than a paper wallet that you can lose under completely different circumstances. A possibly safer method would be to use a paper wallet in combination with an encrypted container in which you will store your data. To encrypt the container, you can use the Vera Crypt program.
Hardware wallets are loved due to their practicality, since not only your coins are very secure but you can make transactions easily with them, but there are many ways to keep your coins secure for a relatively low price and as you say encrypting a device is a good way to go about this, I will also recommend for people to stop using Windows, Windows is full of backdoors and it is closed source so you can lose your coins easily in the blink of an eye, so if you care about the security of your coins then use one of the many variants of Linux.In general, you are right about Windows. However, if you follow all the precautions, then you will be safe. After all, as a rule, Windows users themselves perform those actions that allow hackers to steal their money.
I advise everyone to use hardware wallets, a very convenient thing that minimizes the human factor that so often plays a role in hacking.
I haven't used Coinbase in a while since I got to know Binance, but I always read news about Coinbase, so it's enough to know about Coinbase's.
Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
I only use Binance and Coinbase ever I use when join investment project, but now have been scam that project and never use again with coinbase, looks many good coin listing on binance become my way have to use Binance for trading and saving assets. I think coinbase is good and very safe place for saving your assets. Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
I haven't used Coinbase in a while since I got to know Binance, but I always read news about Coinbase, so it's enough to know about Coinbase's.
Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
indeed good advice for storing crypto assets in a personal hardware wallet repository. We have full access to our crypto assets. The possibility to be hacked is very small, but if we are careless hacking will also be done.Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
I own several assets on a third party exchange like Binance and have some in my personal wallet.
Always monitoring the assets owned is of course very important. Even though Binance is not 100 secure it provides the best security compared to other exchanges.
You have received quite a few answers already, I just want to give my opinion on security. As you already understood, one of the safest methods is a cold wallet, but if you do not have money for the ledger, then you can use either a paper wallet or an encrypted storage. I like this option much more than a paper wallet that you can lose under completely different circumstances. A possibly safer method would be to use a paper wallet in combination with an encrypted container in which you will store your data. To encrypt the container, you can use the Vera Crypt program.
Hardware wallets are loved due to their practicality, since not only your coins are very secure but you can make transactions easily with them, but there are many ways to keep your coins secure for a relatively low price and as you say encrypting a device is a good way to go about this, I will also recommend for people to stop using Windows, Windows is full of backdoors and it is closed source so you can lose your coins easily in the blink of an eye, so if you care about the security of your coins then use one of the many variants of Linux.
I haven't used Coinbase in a while since I got to know Binance, but I always read news about Coinbase, so it's enough to know about Coinbase's.
Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
Since Coinbase is indeed a popular exchange, there should be no problem if you want to use Coinbase. And of course it is very safe to use Coinbase
for crypto trading, because it has been regulated by the American government. But still with a sophisticated security system it is very vulnerable
if you want to store large amounts of Coins on Coinbase. Because based on the articles I read, the number of exchanges that were successfully
hacked was very large, even Binance as the best Exchange has ever been hacked. So it would be wise not to make exchanges a place to store coins,
better to store our coins in a hardware wallet.
After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.
So as an attempt to better comprehend and explore the world of cryptocurrency(which I've only been aware of for a few years), I decided to invest in a few types of crypto.
I have just a few beginner questions regarding crypto trade:
1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?
2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?
3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?
For trading problems many people turn to Binance, it is proven that Binance is now the favorite exchange of many investors or traders.So as an attempt to better comprehend and explore the world of cryptocurrency(which I've only been aware of for a few years), I decided to invest in a few types of crypto.
I have just a few beginner questions regarding crypto trade:
1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?
2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?
3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?
For storage problems, I recommend that you are in a hardware wallet such as nano ledger because it is safe to avoid hackers and you can control your assets.
1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?
Actually, if you are willing to store your coins, maybe it will be safer in your hardware wallet. But of course it happens if we are going to HODL.But if you are willing to save w9th certain trading, you can use some trusted and reputable exchanges. Coinbase may be one fo the most popular ones, but I personally prefer to use Binance exchange. This is also a top and recommended exchange to have with smaller transaction fees ...
Maybe you can see the review right here:
https://www.investopedia.com/binance-vs-coinbase-5120852
Is it normal to make several purchases on coinbase.....
It is normal if we are going to trade several coins in COinbase. However, ensure that you choose the top coins or good coins that have promising and also reputable fundamentals. Of course, it will really depend on the coins or tokens to be traded. 
1. I would advice you to stay away from coinbase it's still unclear the main reason they lock up people's accounts and decide not to give them access back to their account or the funds in the account, to avoid being in such drama just use your personal wallet for storing your crypto.
3. Exchanges are often targeted by hackers and leaving your funds on exchanges will only add to whatever the hackers stand to gain if they eventually hack into the exchange's account, it's best you stored your coins in your probate wallet rather than leaving them on the exchange, personal wallets are much safer than exchanges.
3. Exchanges are often targeted by hackers and leaving your funds on exchanges will only add to whatever the hackers stand to gain if they eventually hack into the exchange's account, it's best you stored your coins in your probate wallet rather than leaving them on the exchange, personal wallets are much safer than exchanges.
1. Anyone can still make use of Coinbase since it is your personal preference that is why you make choose of having Coinbase as your exchange rather than any other existing exchanges. Maybe for some or let us just say for many people out there, Binance is now the new trend when it comes to exchange all due to the popularity and demand people are showing interest with Binance compared to Coinbase. But still it is a matter of your personal choice.
3. Better be keeping your cryptocurrencies in a hard ware wallet if you are not aiming to use them for an instant because exchanges and storage have different usage so better make use of storing your crypto on storage crypto wallets rather than keeping them in exchange. Despite of the high security exchanges assure, there might still come times that any intruder can infiltrate the system so for better security purposes, better choose storing it outside the exchange.
3. Better be keeping your cryptocurrencies in a hard ware wallet if you are not aiming to use them for an instant because exchanges and storage have different usage so better make use of storing your crypto on storage crypto wallets rather than keeping them in exchange. Despite of the high security exchanges assure, there might still come times that any intruder can infiltrate the system so for better security purposes, better choose storing it outside the exchange.
1. why do you still use Coinbase if there is a bigger exchange like Binance. you should try something new to binance
3. For storage it is better for hardware wallets because it avoids hacking actions that can attack at any time. it is not recommended to save on an exchange because of the risk
3. For storage it is better for hardware wallets because it avoids hacking actions that can attack at any time. it is not recommended to save on an exchange because of the risk
You have received quite a few answers already, I just want to give my opinion on security. As you already understood, one of the safest methods is a cold wallet, but if you do not have money for the ledger, then you can use either a paper wallet or an encrypted storage. I like this option much more than a paper wallet that you can lose under completely different circumstances. A possibly safer method would be to use a paper wallet in combination with an encrypted container in which you will store your data. To encrypt the container, you can use the Vera Crypt program.
Hardware wallets are loved due to their practicality, since not only your coins are very secure but you can make transactions easily with them, but there are many ways to keep your coins secure for a relatively low price and as you say encrypting a device is a good way to go about this, I will also recommend for people to stop using Windows, Windows is full of backdoors and it is closed source so you can lose your coins easily in the blink of an eye, so if you care about the security of your coins then use one of the many variants of Linux.Now if you are not good in making your computer secure or keeping valuable information from being hacked or stolen from a vault, as many says here, then you go to save your coins to a reputable exchange.
If someone is unable to take care of his computer secured for storing cryptocurrency and for other information then definitely they will be unfit to be existing in this crypto space. You may find me too rude here but I am sorry when you are not good in securing yourself then there will be no point of getting into this crypto space.Because, we are into a open source era and everything is all about making sure about security by cryptography. If you are not good in securing yourself then there will be no point of earning/trading/storing your cryptocurrencies.
I never agree with leaving off your capital in trading exchange itself. You may leave some money in exchange for trading purposes but do not leave your good profits in exchange itself.
You have received quite a few answers already, I just want to give my opinion on security. As you already understood, one of the safest methods is a cold wallet, but if you do not have money for the ledger, then you can use either a paper wallet or an encrypted storage. I like this option much more than a paper wallet that you can lose under completely different circumstances. A possibly safer method would be to use a paper wallet in combination with an encrypted container in which you will store your data. To encrypt the container, you can use the Vera Crypt program.
Hardware wallets are loved due to their practicality, since not only your coins are very secure but you can make transactions easily with them, but there are many ways to keep your coins secure for a relatively low price and as you say encrypting a device is a good way to go about this, I will also recommend for people to stop using Windows, Windows is full of backdoors and it is closed source so you can lose your coins easily in the blink of an eye, so if you care about the security of your coins then use one of the many variants of Linux. 
After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.
Mining isn't for everyone honestly, the cost to buy and set up those mining rigs are really something else, also the electricity charges needed to run the mining rig is quite expensive, I guess that's why only big corporate organisations do all the mining nowadays. Quote
1. Also what exchange is the most popular to use right now? Is it still Coinbase?
The most popular centralized exchange should be Binance exchange, honestly I don't know why coinbase Pro is the most hyped cex,, maybe its because of the reputation coinbase has been able to build over the years.Quote
2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?
Honestly I don't have an idea about this because I don't make use of coinbase for any crypto purchases. Quote
3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?
It's something that most people experience, coinbase simply block your account for no reason and could end up not opening it up again, then down the drain all your crypto goes, remember not your keys not your coins, avoid storing your crypto on exchange wallets, use your private wallet for that. 
3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?
I would prefer storing my coins outside of an exchange. But of course, like many of them say here, you need to know very well how to make your account secure. You will be storing passwords and phrase keys so much that if you lose that information then it will be end of the coins and you won't be able to get them back. Now if you are not good in making your computer secure or keeping valuable information from being hacked or stolen from a vault, as many says here, then you go to save your coins to a reputable exchange.
I'm not using coinbase and don't have any account over this platform. Because honestly, I don't trust it. I would rather
to choose other exchange that are on top in the market. Because, I had been doing this for a couple of years now already
actually. And so far so good for doing this thing anyway. Just try to go out with your comfort zone in one platform there are
a lot exchange that are better and safe rather than coinbase.
to choose other exchange that are on top in the market. Because, I had been doing this for a couple of years now already
actually. And so far so good for doing this thing anyway. Just try to go out with your comfort zone in one platform there are
a lot exchange that are better and safe rather than coinbase.
You can use Coinbase, Binance or Bittrex. These three places seem safe to me. But remember to use 2fa in all gulata.But my suggestion will be to keep the coin you buy in your wallet.The exchange can be hacked at any time.
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