Topic: I have a few beginner questions regarding crypto trading (Read 784 times)

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.

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.

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.

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 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.

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.

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.

This is true for almost any device not only hardware wallets, if you want to be able to use them as fast as possible then you need to keep your hardware wallet up to date, however if you are a long term holder even if you lose a few hours before you can sell your coins I do not see this as a big problem as selling a few hours later it is not going to have such a huge impact over the performance of your coins and at most you will just lose a little bit of money.

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.

For trading problems many people turn to Binance, it is proven that Binance is now the favorite exchange of many investors or traders.
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.

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

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.

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.

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

Hard wallet is good place for saving altcoin or bitcoin assets but you should remember with long time not sign in to your wallet need syncron with long time, maybe if any coin have pump and dump moment faster like doge coin you will miss opportunity to sell on good or higher price, during how long never active log in maybe take longer time to access in your hard wallet.

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.

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.

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.
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.
Honestly I don't have an idea about this because I don't make use of coinbase for any crypto purchases.
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.

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.

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.

Coinbase security is as good as Binance, Coinbase is the counterpart of Binance in the US. Binance is not hack proof same as other Centralized Exchange out there. Coinbase is a compliant exchange to US SEC so there's no way that this exchange is a low security exchange just like what you quoted post above. I do not particularly use coinbase due to its restrictions but I'm sure that they are not a low level exchange at all.

Yes, I prefer Binance over any other cryptocurerncy exchange sites. It keeps improving and the trading cost is very less when you own and hold BNB tokens which is a great help for those who do trading. I used Tradingview for the creating my trading signals, when is the right entry and exit and it's good that they always update the price where I can set my entry which is in Binance. Because of this bad opinons, I think Coinbase needs to step up and must hear the feedback of its users.

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.

But I have been watching coinbase is existing without any such hacking attempts but most other exchanges are facing hacking attempts time to time. Still, that is your opinion on coinbase and I respect it. I have also used binance exchange and I am very much comfortable with their trading environment. But I am not good in identifying security features hence this may be the reason why I am looking into coinbase and binance in same manner.

Yes, different exchanges are providing different features and facilities to keep attracting their traders. I have been making use of binance and I am very much comfortable with them. In the past I have been trading into many exchanges and compared to most of them, binance must be having rich level of features which are in help of making us to trade accurately and conveniently.

Still, loading faster and getting us price levels without any lagging kind of basic features is something we are all always expecting. When some exchanges are failing to bring these basics, we definitely need to switch over to the better one.

So many people have their own interests in the exchange they want to use, I have seen several traders that uses bitmex because of the features they carries, Binance do not have every features that people finds it interesting, it might be security, financial savings policy, airdrops and many more.

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At op, you have understood what you have learnt, or what you have read from the internet, for sure, funds are not to be saved on an exchange, even the more trusted and recommended exchange Binance had been hacked, so why storing coin on an exchange, that's risky. Be sure to be keeping your profit generated from trading in a custodial wallet where you have your 12 mnemonic seed phrase kept save.

trading on many exchanges is not a problem, but with a note that these exchanges are trustworthy and have pretty good security. If the exchange that is being used does not provide good security guarantees as well as bad service, then stay away from it.

Currently the most popular cryptocurrency trading exchange used by people around the world is Binance. Binance is a good exchange with good security and several helpful features to make trades. a P2P marketplace is also provided which will be useful for making direct withdrawals to both sellers and buyers.

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

Practice is best way how to learn from our mistake but we should understand about bitcoin news day by day, if you want hold and buy some altcoin you need to read what their update few days later, never buy altcoin without check and see what best news few days later like hardfork, update new exchange lusting until they make new upgrade mainnet system.

This is something that many newbies never get, most of the time improvements in terms of profits have to do with making less mistakes, you do not have to be the best trader around the world if you want to make profits in the market of cryptocurrencies, what you need to do is to reduce your mistakes to zero, now I'm not going to say that is easy because it's not but if you are capable of doing this then you will have a very significant edge over almost every single trader around the market.

I Think binance is the most popular trading exchange platform.

You can use binance beacuse high trading volume and it’s looking me great trading platform.       

Honestly I never look at fees when I'm choosing exchanges. Because, I am just looking at availability of the trading-pair I am going to trade with. Basically I'm not an active trader who is constantly making 5 to 10 trades everyday; this may be the reason that I am just looking for the availability of one specific altcoin to start with a new exchange.

Yeah, I am always trading on more than one exchange at a time so that when there will be a problem in one exchange then I could cope up my life by trading in another one. I'm living of the cryptocurrencies hence I need to cash out fiats from cryptocurrencies time to time so I need uninterpreted services all the times.

One of the most important factors to consider in choosing an exchange is the fees. Exchanges charge fees for trading and withdrawing. A good exchange charges low which means you have more money to withdraw when you make trades and withdrawals. Personally, I think Binance is the best exchange right now.
I don't use coinbase so I can't answer your second question but on Binance, you can place multiple trades.
Thirdly, it is usually recommended to keep funds in external wallets and not the exchange wallet. This is because these exchanges are not as secured as the wallets and are usually prone to attacks such as phishing

Coinbase is a good one, but if you’re going to be using it for trading it is best that you make use of the Coinbase trading platform which is CoinbasePro because with that you’re going to be saving up from fees than when you’re making use of the wallet in trading.Apart from the fees that might be high for you, Coinbase is a good and secure platform to mask use of.

In terms of popularity, there are other exchanges that are very popular too such Kraken, Binance, Huobi, Poloniex and so many of them. Binance is the choice for most people and it is the most popular and is even bigger than Coinbase when you check their daily volume, and they have less fees than when you’re making use of Coinbase. You should try them two out and compare to know which is best for you.

Every professional trader in the industry today, at some point started as a newbie that had no or little knowledge about the market but what made them professionals today is the deal and determination to continue in the oath they have chosen for themselves and perfect all the skills involves in trading.

The good news is you can do that as well if you stay determined and develop interest that turns into passion for trading. The act of trading is no rocket science, basically what you're doing is buying and selling but to be more accurate in your prediction, you have to understand how the market has previously reacted to get an idea what's likely in stored for the market

Everybodies storyline can't be the same, some make it from the get go, they don't feel failures form the very beginning although at some point that part of your journey begins to discourage you from continues but you have to fight it becomes afteytgat stages your chances of succeeding increase massively.

The two however had more traders playing because its mostly what they know and recommended by users for a reason that they are saying its safer. And its true too.
I actually prefer the Binance because I got use to it already because from the beginning its the one introduced to me. If OP had been using coinbase pro from the start, he may got use to it and will not ever try some other else unless he had invested to a project that isn;t listed on coinbase.

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.

Absolutely, right! But of course, you can still use your Coinbase account, however, if you are thinking about the security of your fund, never let your funds stay there for long or we have to say that you will consider this a fund keeper and just withdraw it when you need money. Because if you are aware of hacking, you are closer to that, who knows exactly if Coinbase will be the target of the hackers. Or there might have an inside job hacking incident.
 

I have done the same thing as well, when I first learned about crypto I wasn't really interested in trading, I was more interested about the potential how it is better to send and receive money, at the time bitcoin was very cheap and you could send and receive bitcoin for under 20 cents, and that is why it was a great method, obviously that changed when bitcoin went up, I have seen as much as 70 dollars once and that was a weird period but it worked for me because that is when I decided maybe if this many people liked trading bitcoin, that could be great for trading for myself as well and that is when I started, this was around 2017, way after I got into crypto.

Ever since that I made a lot of mistakes but the great side of my mistakes was the fact that I rarely ever make the same mistake twice, that is why I made some profit recently because I eliminated most mistakes I do.

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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?

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!

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 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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

starting your trading on coinbase and looking for your main exchange is not wrong, coinbase is a big exchange. However Coinbase is not the most popular exchange. It's better to use Binance as the main exchange for your trading, because the features provided are more comprehensive and what you need is all on Binance. Binance also provides easy deposit and withdrawal services using P2P or other services.

For storing your main crypto assets, it is safer to use a personal wallet and don't store all your assets on an exchange, because the exchange can be compromised by its security.

1.Coinbase is a relatively safe bet for newbie traders.AFAIK they will have an IPO,which means that,as a public company,Coinbase will do anything to make their investors and shareholders happy.This means that they might increase their fees in the future,in order to increase their revenue,which is bad for the users.
2.There's no problem having a pending balance.You will get your coins,sooner or later.
3.There's no need to store your coins in a hardware wallet,if you are going to trade using small amounts.

Its been a years now that I've heard a negative feedback about coinbase, there are a lot of users of this platform
were in the end they regret, and some faced a lot of issue problems, just like example is that they all of a sudden freeze their account,
stealing their KYC something like, in which in the end the majority of them withdraw their asset in coinbase then transfer or store in a safest wallet. Therefore, your understanding was certainly right. Good day

Probably because Coinbase has higher fees compared to other exchange platforms.  They had charged about 0.5% for the crypto buy and sale on their site.
You might read this for the update of the Coinbase rate trade, https://www.nerdwallet.com/reviews/investing/brokers/coinbase.

I heard there's no pending transaction upon purchase in Coinbase and they are also regulated by the US government.  As long as you pay a tax you're always fine.

That's right, never leave your money on an exchange you don't have full control but as of now, Coinbase has a good reputation, but what if someday they will be scammed and probably will shut down.  That is very risky on our part, it's better to purchase a good hardware wallet for safe storage on our Bitcoin, and cold storage is the best and secure place.

The addresses you create in your coinbase account are mostly for receiving crypto from any external source like another exchange, online casino or external wallet. It doesn't really matter if you create the addresses before purchasing or not.

You still have you ALGO assigned to your account. Once you try to withdraw, it will be sent to from your account via coinbase's hot wallet. So you have nothing to be worried about.

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Most of the popular hardware wallets are multicurrency. So all you have to do is generate receiving addresses for each coin you want to sent to the hardware wallet.

There are various exchanges available and they wanted to know more about others but they couldn't due to the quarrel that went through between everyone.


A pending balance usually doesn't take too much time as there are always matching orders available on your desired prices. There's no issue if you use a checking account in USA to buy crypto here.


Your wallet should be held by you to say this that you are the governor of your own money, so that's an advantage here and having it outside an exchange makes you the king of your money.

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.

It isn't overly complicated, but ensure you observe safety precautions as some users lose their funds due to carelessness;
• Check that the hardware wallet had not been set up prior to when you purchased it.
• Double check alphanumerics in addresses before clicking send as transactions are not reversible once confirmed.
• Store your hardware in a secure location and keep back ups.
• You could use a mixer or coinjoining services to improve your privacy (it would make it impossible to link your profile on coinbase to your new address).

Once you purchased certain crypto that supported of course by Coinbase, there's really a wallet for it so no need to actually make it manually.


Yes, most hardware wallets stored multiple coins.

For supported coins, you can check their respective website.


Considering of using a hardware wallet was for an advanced level of security.

It's still up to us how we would like to secure our funds either by any means. I don't own a hardware wallet but I have my own way of securing my funds.

^ Just find the withdrawal option on Coinbase and transfer your BTC to your hardware wallet and find the receiving address of your hardware wallet.
If that is not a huge amount and you are not planning to store it for a long period of time, I suggest you use Electrum wallet because it is ready to use.
Nevertheless, you are right, never store BTC on exchange because that could be not yours, people here believed that not your keys, not your BTC, so storing in exchange for a long time will probably high risk that could will lost.

Wow that's a lot less complicated than I thought. Thanks!

When you purchase and set up a hardware wallet, you'll get your address which is used to receive funds into the wallet, from your coinbase account you enter the option to send bitcoins and enter your new address as the destination. Exchanges would charge an extra fee besides the transaction fee, but after the process, you'll fully own your coins and can safely store them.

Remember to back up your seed phrase in a secure location.

Ok, I was able to do enough research to figure out how to come up with a way to safely store my crypto, whether or not I want to use a paper wallet, or hardware wallet, etc., and I'm going to be getting a Cobo Vault Pro.

Now that I've learned that all my crypto is being stored in my coinbase account, and not the wallets that I have in my coinbase account, how does the process work when it comes to transferring my crypto to my new Cobo Vault Pro FROM my coinbase account, once I get that hardware wallet and set it up? I'm asking because I've done all my trading on coinbase and not my iphone. I'll eventually figure it out, but thought it would be a good idea to ask here, while waiting for my Cobo Vault Pro to show up in the mail.

Coinbase would be the most popular exchange for you and the right choice if you are living in USA and want to buy bitcoins. You could wire money to them and get your bitcoins and that's it, and vice versa when you want to sell your bitcoins and want money on your bank account, this is what they do and only thing they are good at and I have to say thats for only USA citizens as well. If you want regular trading go with Binance, they are huge and everyone uses them.

I have never used Coinbase because I am not american so I can't really respond to what that second question asks. Do not use coinbase in any way or shape for storing money, use hardware wallets, use few USB with your wallet and data in it, all of that would be fine, pick anything else than coinbase to store your money, in fact it's not about coinbase, do not use any exchange to store your money.

1. Coinbase.pro or Binance - that should be enough.

2. If you do live in US then most likely you would really be eyeing out on using Coinbase but if not then Binance all the way.

3. Never store you coins on an exchange, you wouldnt know on when they would get hacked. Third party wallets shouldnt really be considered
    when it comes to long term holds.

Coinbase already had a lot of issues and still having some from time to time, mainly with their transactions and system failures. Also, it is centralized, hence once the company behind Coinbase had been hacked or had an issue, all of your funds are prone to risks of losing. You can check popular exchanges in coinmarketcap and look for what UI/UX fits your trading preferences as most might suggest platforms that wouldn't suit your liking.



No one really is fond now in using coinbase as there are many wallets and exchanges that are preferrable than it. If you would still push the use of it, you might encounter the same issue as the others had.



As mentioned above, Coinbase is centralized and prone to dozens of risks. Most users use Hardware wallets or decentralized wallets such as Trustwallet.

Please spend time studying wallets and its differences, before you go to exchanges and trading. Knowing less in just wallets alone can even add a risk of making you lose your funds as many wallets doesn't support other network systems.

Ok, here are some more beginner questions:



1. on coinbase, if you go to settings and then click on crypto addresses, you'll see a list of addresses that you have on your coinbase account. I own small portions of six different types of crypto. I created a wallet for each type of crypto before purchasing a small amount of that crypto because I was under the impression that I need a wallet to put crypto in, in order to purchase crypto. As an experiment, I tested that train of thought by purchasing 1 whole ALGO for 1.41USD without making a wallet for that currency first. And I was able to purchase it anyway. ...and now I'm confused lol because if my six different forms of crypto that I own (including ALGO) are not being stored in the coinbase wallets I made for them, where are they being stored? What is it that I'm not understanding?

2. When it comes to those hardware wallets that are like 100 dollars USD, can they hold multiple types of currency, or would I have to purchase one hardware wallet per crypto? (Example, if I have some bitcoin, and some ethereum, can I store both on a hardware wallet, or do I need one hardware wallet for each of those two currencies?)

3. Thank you guys for answering my questions so far. I'm done trading, and purchasing the desired amounts of six different types of currencies that I wanted to invest in. I now know that since I have no intention of selling any of my currencies and I just want to sit on them, that I need to transfer all my crypto to either a set of paper wallets or a set of hardware wallets.

Please correct me if I'm wrong, but I'm under the impression that a "paper wallet" is is a wallet address that I create, write down that wallet address on a piece of paper, and then store in a physical safe in my house. And that cannot be hacked because it's paper. I'm under the impression that creating a paper wallet and using it in that manner (assuming that I'm comprehending what a paper wallet really is) that it'll serve the same purpose as a hardware wallet, except that it's FREE. If I'm right, why would I spend the money for a hardware wallet?

Coinbase has 2 different exchange platforms

Coinbase - https://www.coinbase.com (A simplified platform for buying and selling your assets. But you will only be able to buy and sell at the market price and the fees are much higher)

Coinbase pro - https://pro.coinbase.com (A much more advance trading platforms where you have options such as order types and the prices you want to place bids or asks. The fee is also lower compared to coinbase). You are probably going to use coinbase pro if you are planning to trade frequently

Given that you are from the US, coinbase pro isn't a bad choice.
There are also alternatives such as Binance.us, Kraken.com, Gemini.com

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I think it's Ok so long as your account has enough funds. Read this article for more details

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The risk is that;
- If they ever get hacked, you could lose your money.
- If they decide to shut down their website, you will have no access to your money

If it's a great deal of money, is suggest you buy a hardware wallet like Ledger nano or Trezor to keep your funds offline. Most of them are in the range of $100 or less.

Why people are not recommending coinbase is due to their high fee structure and poor customer care support so if you are anywhere other than US you have lot of cheaper trading options so you can save fee which means more profits.

Exchanges can be hacked any time so even if you are holding your funds in coinbase account doesn't mean you actually holds the funds, coinbase does it for you so if you want to take control of your funds then it should be on non custodial wallet.

There is nothing bad to make use of coinbase, but it should only be for trading, while done with trading, you can move your coin to a noncustodial wallet, and preferably offline wallets. About mining, hardware wallet will be good for that also, exchanges are just for trading, while wallet to save. Remember you do not have the private key while using exchanges, you do not have full control while using an exchange account, the exchanges have the private key, and have the full control.

In United States, Coinbase is the most popular crypto exchange  while in the world, Binance is the most popular exchange. 

Exchanges have your information. Which can either be shared to the governments. Or be revealed to hackers during data breach. Also, anything that third party knows is not as secure as if only you know it.

Exchanges can be hacked, hackers are attracted my millions of dollars worth of cryptocurrencies managed by exchanges

You do not have the full control. Not you key, it is the exchange key.

Wallet will make you enjoy low fee for transactions

Inconveniences ranging from freezed or blocked accounts to exchange maintainance.

I'd recommend using coinbase Pro (Pro.coinbase.com) as I'm pretty sure it's still got lower fees and allows you to set limit orders (orders where you can pick a price you want to buy at so you're not suffering slippage).

1. I stopped using coinbase because they were selling verification information, so...

3. If you store your funds on an exchange you're at risk to security methods you can't control. If you're good at security, I'd store them yourself. If you're bad at security (eg fell for a phishing scam, downloaded and ran an execution from a random source or are very easy to manipulate - at least over the past 6 years) I'd recommend storing it with an exchange like coinbase.

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?