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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?
That is because for them coinbase is not safe anymore based on what they've encountered or they might have a bad experienced using coinbase before. Then second, in terms of storing your cryptocuurency at coinbase it is really better to keep it into a paper wallet or ledger or hardware wallet than coinbase. And third , the best exchange platform that are safe to use for my own opinion for now are binance, kucoin, and houbi.
Currently, a lot of traders prefer Binance over Coinbase. This is why you will see that Binance is at the top right now among crypto exchanges.
At some point, some Coinbase's users before encountered problems, so they moved to another exchanges, and most of them go to Binance, Kucoin.
Am a Binance user myself. And I am finding it comfortable using this trading platform. Also, your funds are safe with their insurance.
I haven't used Coinbase ever since, so I can't be of much help regarding question 2.
And with respect to no. 3 - it is always better to store your coins in your own wallet even if you are using top exchange in your trading.
Because anytime, they are vulnerable to hacks or attacks that may derail their operations.