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?
You do not have to store your coins in a paper wallet, people are just storing their coins in a wallet only they control, you need to understand the risk of storing your coins in exchanges, the whole concept of bitcoin is predicated on being your own bank and exchanges are de facto banks so you are relinquishing control over your coins by storing your coins long term in exchanges and as such your coins are at a higher risk of disappearing by doing so, so if you are not going to trade every single day then it is better to just send your coins when you will make a trade and then get your coins out of it as soon as possible. 
Topic: I have a few beginner questions regarding crypto trading - page 3. (Read 784 times)
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 is usually the first dream of all cryptocurrency enthusiasts when they understand how Bitcoin works but when they dig deep about what it takes to be a Bitcoin miner what they do is move to trading or another aspect of making money through Bitcoin 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?
Coinbase exchange have loose the trust of the people in crypto community or forum due to their inactive customers support, unnecessarily KYC and their centralization rules. Besides, i have never read something good about them on this forum. 
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?
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?
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.
Binance is staye of the art for crypto trading at the moment.
About saving coins on exchanges, its not a smart move form what I've heard people say following the fact that, most of the hacks being done are mainly on exchanges. Wallets comes with private keys and seed phrases which are far more difficult to hack because, its completely randomized.
Having your coins 8n a wallet means your completely incharge of your crypto while, having it on an exchange don't put you so much in control of your coin. You could be locked out or the amount of coin you could trade or transfer be limited at any point and you can do almost nothing about it. So, its not always wise to stock up cryptos on an exchange.
About saving coins on exchanges, its not a smart move form what I've heard people say following the fact that, most of the hacks being done are mainly on exchanges. Wallets comes with private keys and seed phrases which are far more difficult to hack because, its completely randomized.
Having your coins 8n a wallet means your completely incharge of your crypto while, having it on an exchange don't put you so much in control of your coin. You could be locked out or the amount of coin you could trade or transfer be limited at any point and you can do almost nothing about it. So, its not always wise to stock up cryptos on an exchange.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Coinbase is still one of the top choice for traders, but I will advise you use the coinbase pro version that way you will have stronger security, which is one of the reason people are leaving coinbase to binance.
I always suggest new people use Binance than the other exchange because you do not have to do KYC. Besides that, Binance is a good place to learn and practice trading so I think they will experience trading. With the easiness of Binance, I think that will fit what the new people in trading to familiarize themselves in trading. If they can learn more about trading, I am sure they will profit daily or weekly.
Coinbase is a popular exchange but seriously I can't really compare coinbase to binance, binance is one of the best exchange which you can buy and sell cryptocurrency easily without stress and low transaction fee your funds are very save there and you can easily withdraw your money to your local bank account without stress, there are lot's of unique futures there, you can easily set your buy order and sell order even when you are not online you can easily buy and sell your coin.
I am a user of Binance also but not coinbase. So I can't compare the two. I am already happy with what binance is offering. Never had any problem with them. Also, your funds are pretty secure as they have insurance in place. They have various financial offerings also so for me, binance is already my digital bank. Easy to transact with and the liquidity is really great. When it comes to storing your coins long term, better to store it in your wallet. Even using electrum wallet to store btc is also a better choice rather than storing your coins in a third party online wallets.
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?
Not your keys; not your coins.You must save your coins in your personal wallet and not into any web wallet nor in exchange accounts. Because, they may get hacked at any time then you cannot blame anyone else for losing your coins. If you store your coins locally on your computer or on your mobile then you can easily transact with them without any restrictions.
Paper wallet is something which is prescribed for year long holding but I suggest you to get a hardware wallet or use any desktop wallet and make use of them with strong password and keep your seeds super secured.
Coinbase is a popular exchange but seriously I can't really compare coinbase to binance, binance is one of the best exchange which you can buy and sell cryptocurrency easily without stress and low transaction fee your funds are very save there and you can easily withdraw your money to your local bank account without stress, there are lot's of unique futures there, you can easily set your buy order and sell order even when you are not online you can easily buy and sell your coin.
Binance, coinbase pro
Coinbase is a popular exchange but seriously I can't really compare coinbase to binance, binance is one of the best exchange which you can buy and sell cryptocurrency easily without stress and low transaction fee your funds are very save there and you can easily withdraw your money to your local bank account without stress, there are lot's of unique futures there, you can easily set your buy order and sell order even when you are not online you can easily buy and sell your coin.
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.
People who are not storing their cryptocurrencies on exchanges are being careful, they don’t want problems that has to do with exchanges, so they feel its best that they store it in a private wallet. Sometimes exchanges can get hacked and you will lose your money if the exchange is not able to recover what was lost, that’s part of the reason a lot of people don’t want to be storing on exchanges.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.
Although some exchanges are doing really well in security these days. Another reason why some people will avoid exchanges like Coinbase is because they don’t want to make use of centralized exchanges that are going to be collecting their information, they want to keep it private. Then another thing is that these centralized exchanges do have bad customer support sometimes, there are problems you can run into and wouldn’t be able to get it solved. Some prefer to make use of peer to peer exchanges.
Has anyone else had this issue with Binance? Keep in mind I'm in the United States so I had to go to the US version of Binance.
*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
That's good that you were able to be verified. Any reason on to why it was delayed or you were just exploring all the possibilities with Binance US?*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
Anyway, good luck with your trading journey. Keep on posting here, you would learn a lot in this forum.
That is a beginning when you use just one exchange... 
The more you learn about crypto, the more you know you will never learn or catch everything that crypto offers! Simply like that! Old and good exchanges, new and great exchanges... you can pick what you want! From various bonuses, promotions, staking, landing... and I don't know which options, some exchanges offer a lot of things!
I guess that goes with time spent in crypto! You learn about centralized exchanges, you are trying to get the best price and to catch some promotions... then you learn about decentralized exchanges and better security, and if you have bigger capital that can sound good for you...
And for all issues, the first thing you should do is to contact support... sometimes it's almost nothing, so check with them first, and if there is a bigger problem ask others for help! Good luck in trading and learning about all the things that crypto has to offer!
The more you learn about crypto, the more you know you will never learn or catch everything that crypto offers! Simply like that! Old and good exchanges, new and great exchanges... you can pick what you want! From various bonuses, promotions, staking, landing... and I don't know which options, some exchanges offer a lot of things!
I guess that goes with time spent in crypto! You learn about centralized exchanges, you are trying to get the best price and to catch some promotions... then you learn about decentralized exchanges and better security, and if you have bigger capital that can sound good for you...
Has anyone else had this issue with Binance? Keep in mind I'm in the United States so I had to go to the US version of Binance.
*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
And for all issues, the first thing you should do is to contact support... sometimes it's almost nothing, so check with them first, and if there is a bigger problem ask others for help! Good luck in trading and learning about all the things that crypto has to offer!
You're hearing everything right.
I won't advise as well to keep your coins in an exchange.
You should just keep your coins there if you were actively trading so that's that, OP.
You never know when another hacks in an exchange might happen, and it will be too late if you already found out it happened and you'll be lucky if you still manage to get your coins out of there.
I won't advise as well to keep your coins in an exchange.
You should just keep your coins there if you were actively trading so that's that, OP.
You never know when another hacks in an exchange might happen, and it will be too late if you already found out it happened and you'll be lucky if you still manage to get your coins out of there.
I got a quick question about Binance.
I created an account on Binance, jumped through all the hoops of verification, and my next step is to add a payment method. But when I click on add payment method, I'm brought to a blank screen.
Has anyone else had this issue with Binance? Keep in mind I'm in the United States so I had to go to the US version of Binance.
*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
I created an account on Binance, jumped through all the hoops of verification, and my next step is to add a payment method. But when I click on add payment method, I'm brought to a blank screen.
Has anyone else had this issue with Binance? Keep in mind I'm in the United States so I had to go to the US version of Binance.
*EDIT* nevermind about that question. Turns out one of the ID verification steps was still pending. Issue is now resolved.
Coinbase is still one of the top choice for traders, but I will advise you use the coinbase pro version that way you will have stronger security, which is one of the reason people are leaving coinbase to binance.
By the word strong security, I believe you mean naive security measures and worse customer support. If you have an issue with your coinbase account you'll also be among the individual that leaves the exchange because it doesn't make any sense for a long-existing exchange like coinbase not to have a 24/7 customer representative responding to customers situations not to even talk about their KYC which is a pain in the butt.I will never recommend coinbase to my enemy not to even talk about my friend.
OP, skip coinbase.
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?
Because of them being a legalized and centralized exchanges there are concerns from users about anonymity, which is the only reason I can think of. Otherwise, coinbase is one of the best exchange out there along with Binance.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?
NO keys, no coins! This is a simple rule in crypto we all follow. I have mad respect for coinbase but I would suggest that after you have traded you must withdraw your coins into a wallet that gives you private keys. Coinbase might store your coins in the safest possible way but that does not secure you from them getting hacked.Hackers are more prone to hacking them with millions and billions rather than a single user, right? Also, the exchange can anytime turn scam, I don't think coinbase will, but why risk your coins when you have a better option.
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?
The reason is that coinbase is much of a centralized exchange and they make US SEC rules their top priority. They can freeze your coins, ask you to go through KYC anytime without a genuine reason and coinbase is also not good for trading cryptocurrency. Also what exchange is the most popular to use right now? Is it still Coinbase?
No, it depends on your geographic location but coinbase is the popular exchange in the US but Binance.us and Kraken is a better alternative.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?
Generally in 2-3 business days but it hard to tell now how long the transaction will take since coinbase is currently experiencing an increase in traffic and it will take more time than usual before the transaction reflect. Read this link for more insigght.
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?
Yes, people are advised not to keep huge coins on exchange because of some previous hack issues that have happened to some exchange like Bittrex, Bithumb, etc and it may also be from their end just to steal users funds that why people are advised to keep only the coin they can afford to lose on exchange. But in your case, I will advise you to get a hardware wallet from ledger recommended retailers because there some certain steps required to get a secure paper wallet.With that been said, you can use an exchange like Binance or coinbase to hold some certain coin but getting a hard wallet that you can save in a safe deposit box is good for holding your long-term investment than keeping it on an exchange, the exchange owner understands this that why they introduced Roi (% interest) for the user that keeps his holding on their exchange.
If I'm right, why would I spend the money for a hardware wallet?
This thread might help you: (it will feed your mind)
[SECURITY | GUIDE] How to protect your wallets and private keys
Secure Element in Hardware Wallets
Since you already decided that you might hold your coins for now, it's a must to gather knowledge about wallet security.
Awesome, thanks! Just bookmarked those two links so I can read them.
Also, to everyone else, thank you for the useful info! Yeah, when it comes to the 6 cryptos I have, I just invested extremely small amounts like 5 bucks or something because I'm not going to invest in large amounts until I know what I'm doing. The actions I'm taking right now with crypto are just for learning purposes.
1. I admit Coinbase is still a popular exchange until now, but ever since I got to know Binance, I started moving to use Binance. It is evident today
that Binance is the best exchange in the world, with high trading volumes. That's the reason why I don't use Coinbase for trading anymore.
Another reason may be that there is a rumor that Coinbase is selling its users' personal data.
2. Usually pending transactions on Coinbase are not too long, especially Coinbase is very safe to use in America. Because it has received permission
from the US government, so if a pending transaction occurs, please be patient.
3. Although Coinbase has a good reputation, it also has a good security system. I don't recommend saving your coins on Coinbase, because all
exchanges are very vulnerable to being hacked. So leave coins on exchanges for trading purposes only, main storage I still recommend storing it
in a hardware wallet which is much more secure.
that Binance is the best exchange in the world, with high trading volumes. That's the reason why I don't use Coinbase for trading anymore.
Another reason may be that there is a rumor that Coinbase is selling its users' personal data.
2. Usually pending transactions on Coinbase are not too long, especially Coinbase is very safe to use in America. Because it has received permission
from the US government, so if a pending transaction occurs, please be patient.
3. Although Coinbase has a good reputation, it also has a good security system. I don't recommend saving your coins on Coinbase, because all
exchanges are very vulnerable to being hacked. So leave coins on exchanges for trading purposes only, main storage I still recommend storing it
in a hardware wallet which is much more secure.
There are several realities related to Coinbase
1. A lot of people started to leave Coinbase and switch to Binance for security reasons and lost to Binance in any way.
3. The storage used is nano ledger or trezor, they use this storage because their assets can be more secure from hackers.
those are some points that are very clear and acceptable at this time.
1. A lot of people started to leave Coinbase and switch to Binance for security reasons and lost to Binance in any way.
3. The storage used is nano ledger or trezor, they use this storage because their assets can be more secure from hackers.
those are some points that are very clear and acceptable at this time.
Jump to: