Is Coinbase a safe exchange to work with? - page 2.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

If your concern is about an exchange working with the government by insisting on KYC/AML rules, then I suggest you consider what it would be like to work with criminals. Any exchange that does not follow the law is a criminal operation and you will be sending your bitcoin to criminals. Maybe they are good, honest criminals with a heart of gold. Roll Eyes

More likely they are going to just keep your money and leave you with absolutely no legal recourse. The police are not going to help you, the courts are not going to help you, you are done.
And for what? You could have made out with your free and clear profits.

brobbel

sr. member

Activity: 966

Merit: 342

I don't think Coinbase willingly stop their site while there is high volatility, I think they have problems handling the enormous growth. The same with Poloniex, they grew too fast.

Pro for coinbase: they are insured in case of a hack.

For other exchanges you can look at:
Kraken.com -> I don't like to work with their site - Coinbase/GDAX works easier
Bitstamp.net (Europe based, also in $) -> this one I have no experience with
Bl3p.eu (Europe based, so not in $ but in Euro) -> works fine, only very small

And for every exchange: only hold the coins which you need to trade with. It's not safe to use it as a wallet.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: scottmazzy on June 28, 2017, 08:13:50 AM

Wow...makes sense. What exchange do you recommend as for the type of trading I want to do? I would want one that has a secure USD Wallet system.

By the way...I had been trading using Poloniex exchange and, over a 3 week period, increased my Bitcoin holdings from 1 Bitcoin to 1.08 Bitcoins. I learned a lot.

The reason I'm transferring out of Poloniex is they don't have a Fiat Wallet system that is not tied into Bitcoin. I want an exchange wallet system that is a safe haven and my fiat won't fluctuate with the roller coaster Bitcoin value.

Thanks,
Mazzy

Actually there isn't much to recommend right now. Every exchange has its positives/negatives. There are people who are satisfied/not satisfied/ got scammed with every exchange there is.

Polo has many withdrawal problems lately. They withhold funds of many people without a valid reason.

Btc-e locks inactive people's accounts (if it is more than a year inactive) and ask them to confirm their identity.

Bitfinex got hacked and banks stopped working with them long ago.

Yobit is buggy/laggy as hell and not reliable.

see? I really can't recommend any of them.

I personally use btc-e but as soon as i make my trade, i always withdraw my coins. Never ever hold them in any exchange for a long time.

scottmazzy

newbie

Activity: 30

Merit: 0

Wow...makes sense. What exchange do you recommend as for the type of trading I want to do? I would want one that has a secure USD Wallet system.

By the way...I had been trading using Poloniex exchange and, over a 3 week period, increased my Bitcoin holdings from 1 Bitcoin to 1.08 Bitcoins. I learned a lot.

The reason I'm transferring out of Poloniex is they don't have a Fiat Wallet system that is not tied into Bitcoin. I want an exchange wallet system that is a safe haven and my fiat won't fluctuate with the roller coaster Bitcoin value.

Thanks,
Mazzy

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: scottmazzy on June 28, 2017, 07:58:53 AM

I think Bitcoin is going to be a roller coaster ride for a while. I am mid process transferring my Bitcoin from Poloniex to Coinbase (it is taking me 2 days because of the $2000 per day limit). Once there I plan on waiting until Bitcoin pumps back up in value and then sell it and put the $ into my Coinbase USD Wallet. And then ride out the roller coaster for a while until Bitcoin stabilizes.

I was also thinking about using Coinbase to sell high and buy low, back and forth, back and forth, storing my fiat in my USD Wallet after selling.

Is this a good idea? Is Coinbase a good exchange to do it in?

Mazzy

I don't recommend coinbase a bit. Coinbase shuts down their services when the prices become volatile. They are also heavily being regulated by the paranoiac US government and you may find yourself in the middle of a federal investigation.

Avoid.

scottmazzy

newbie

Activity: 30

Merit: 0

I think Bitcoin is going to be a roller coaster ride for a while. I am mid process transferring my Bitcoin from Poloniex to Coinbase (it is taking me 2 days because of the $2000 per day limit). Once there I plan on waiting until Bitcoin pumps back up in value and then sell it and put the $ into my Coinbase USD Wallet. And then ride out the roller coaster for a while until Bitcoin stabilizes.

I was also thinking about using Coinbase to sell high and buy low, back and forth, back and forth, storing my fiat in my USD Wallet after selling.

Is this a good idea? Is Coinbase a good exchange to do it in?

Mazzy

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