is Coinbase insured? | Bitcointalksearch.org

BitBustah

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Quote from: bitman1990 on July 28, 2018, 04:25:48 PM

hi dear , last february my friend was fraud through phishing ,
and the exchange said that ther is no insurance cover about it.
He was very sad.

I think with Coinbase is the same thing.

Its easy to fake a fraudulent hack though, their insurance only covers losses if it is coinbase's fault. Its best to never keep funds on an exchange but I do think coinbase is the safest choice if that is your only option.

mithrim

sr. member

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If Coinbase gets hacked, it doesn't matter whether they are insured or not, the dip will be so hard that there really is no difference since BTC and all Alts will suffer so hard that you'd been better off burning the money in the first place Cheesy

withanias

copper member

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There may be insurance for cash portion (i.e. uninvested fiat) like any bank would. But, non-cash portion is not insured. I cannot be. However, the will carry business liability insurance to cover legal liability, costs etc in case of litigation.

Velkro

legendary

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Quote from: nostrings on July 08, 2018, 04:22:02 PM

If I have my money on coinbase and they get hacked, does their insurance policy cover my loss?

Never

, dont believe in some miracolous force that will return your money.
You are responsible for keeping it safe, not coinbase.

Its like that in whole world, not only in this case.

bitman1990

newbie

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hi dear , last february my friend was fraud through phishing ,
and the exchange said that ther is no insurance cover about it.
He was very sad.

I think with Coinbase is the same thing.

boulderchain

jr. member

Activity: 59

Merit: 5

When your account is hacked, it's more probably that it is your fault (weak password or something like that) and the insurance will not cover your loss. Like many others already said, you are responsbile for your coins, so use your own wallets.

koki123

newbie

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Currently, Coinbase is having an insurance policy for members who have KYC. If your account is hacked due to Coinbase error, the insurance number can be up to $ 250,000

greengirl

newbie

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Quote from: nostrings on July 08, 2018, 04:22:02 PM

If I have my money on coinbase and they get hacked, does their insurance policy cover my loss?

Code:

U.S. Customers
Coinbase stores all customer fiat currency (government-issued currency) in, custodial bank accounts, or in U.S. Treasuries.

Non-U.S. Customers
Coinbase stores all customer fiat currency (government-issued currency) in segregated, custodial bank accounts.

Cash balances held in your Coinbase accounts belong to you - not Coinbase.

If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.

But you have to learn more about Coinbase. Because, as far as I know, your compensation rate is almost none if you do not keep your account secure. Unless of Coinbase's fault

husnanparebok

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Just Post Junk Posts

Quote from: www.crypago.com on July 20, 2018, 12:13:59 AM

Yes BUT if your individual account gets hacked, you're on your own. So if you don't have 2fa then you are stupid. Sorry but better you hear it now than lose it all.

LOL.
Thanks for let me hear that...
Maybe for beginner like me is important to do 2FA to make my meney safe.

Quote from: mr.creampie on July 20, 2018, 01:23:46 AM

coinbase is the most trusted exchange here in the U.S. so far theres no major issues that i have encountered and i have been using it for 2years.I couldnt imagine if coinbase will be compromised im sure the whole market and the u.s government will track those people who will try to.Insurance?nope theres no insured exchange as of the moment thats why you shouldnt put big amount of bitcoins on any exchange,keep it to your hardwallet just to be sure.

Thanks Mr. CREAMPIE
But for now, I do not need hardwallet, cause I not have big amounts of btc.
My Ether Wallet for my Etherium (+Token) and Eletrum is enough.

crairezx20

legendary

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Quote from: nostrings on July 08, 2018, 07:54:35 PM

I'm kind of scared holding the coins myself, I'm not very good with computers and security. I think a billion dollar company with expensive security will be a lot safer.

You can try use electrum wallet and put a strong password and always put updated antivirus like kaspersky my wallet never hack by putting a strongly encrypted password with strong antivirus for cryptocurrencies.

Its not recommended to use Coinbase wallet if you are planning to save and hold your bitcoin for a long time because there is no assurance or guarantee if you are safe holding your bitcoins for a long time.

mr.creampie

jr. member

Activity: 44

Merit: 10

coinbase is the most trusted exchange here in the U.S. so far theres no major issues that i have encountered and i have been using it for 2years.I couldnt imagine if coinbase will be compromised im sure the whole market and the u.s government will track those people who will try to.Insurance?nope theres no insured exchange as of the moment thats why you shouldnt put big amount of bitcoins on any exchange,keep it to your hardwallet just to be sure.

justin86

full member

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Market Integration Platform

I am not sure but there is probably 100 or 250k insurance but that is probably paid when the problem is with coinbase (not sure)

www.crypago.com

jr. member

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Yes BUT if your individual account gets hacked, you're on your own. So if you don't have 2fa then you are stupid. Sorry but better you hear it now than lose it all.

husnanparebok

member

Activity: 182

Merit: 43

Just Post Junk Posts

Quote from: nostrings on July 08, 2018, 07:54:35 PM

I'm kind of scared holding the coins myself, I'm not very good with computers and security. I think a billion dollar company with expensive security will be a lot safer.

No, It's Not. Hacker was more interesting on billion dollar company than user dekstop wallets.
One they hack a company, they can take a billion dollar.
Except, you do personal mistake like enter your private key to phising web.

Quote from: alejandrosn1998 on July 09, 2018, 12:20:54 AM

Quote from: malihung on July 08, 2018, 11:23:10 PM

Is it the best way for me to store my crypto into Hard Wallet everytime after my trading?

Maybe a hardware wallet or a desktop wallet. Start by getting familiar with applications like Jaxx maybe, then after you get the hang of it download core wallets, then hardware wallets Cheesy

Yes, I think this is the best solution. I'll add link below to make you easier to do the solution :

Jaxx Website :https://jaxx.io/
Jaxx Tutorial : https://www.youtube.com/watch?v=c6cC7HHNMmM

Best Hardware Wallets
1. Legder Nano S ($60)
2. Trezor ($99)
3. Keep Key ($99)

Check review : https://coinsutra.com/best-hardware-wallet-bitcoin/

Be Carefull, Keep your money safe!

goldivanti

newbie

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One of major strong points in crypto-currencies that holder can keep it in a wallet that is safely stored on media, and that is not connected to any third party and not managed by third party.

Now, companies, just like always, they try to bind the user to their services, so they offer to them wallets, and services of management of wallets.

That is wrong. So don't.

There are here many people in knowledge, find somebody in your country and let him help you ensure the security of your wallet. In general, it requires you to know how to save public and private keys and where to store such keys.

I recommend always to encrypt the data that you are storing. You can store public and private keys even on smallest size USB flash disk, you can store it on hard disks, even in pictures.

In general, you can also print it on paper, and store it in a bank safe.

You can put it under the carpet.

But don't keep it with third parties.

Just ask yourself, who do you really know there?

Who can you catch on the collar if something happens?

Do your basics, and learn what is crypto-currency and never store bitcoin on remote wallets, unless that is amount that you can afford to loose without any consequences.

Harlot

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Coinbase's Insurance Policy does not specifically say that all losses will be covered by their insurance. From what I know just like banks they have some kind of insurance policy limit in case of bankruptcy happens in the bank, I won't be surprised if this were to happen in Coinbase's case in case of a big hack. Let us just say that hack wipes out 95% of the BTC being held in their wallet, I doubt that they or their insurance policy can pay all that 95% stolen back. But if I were you I won't be so paranoid about the idea of losing money in a well respected wallet.

boyptc

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★Bitvest.io★ Play Plinko or Invest!

Quote from: malihung on July 08, 2018, 11:23:10 PM

Is it the best way for me to store my crypto into Hard Wallet everytime after my trading?

Yes that place is much better than choosing coinbase or any exchange. Although they have an insurance policy but as said by odovlobo it's better to be think outside of the box and be secure with your funds.

What others don't like of transferring their funds from exchange to hardware wallets is they are avoiding too much fees but I'd love to pay those fees and become secured instead of feeling sorry for my funds when something wrong happens.

demibear

newbie

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Quote from: neo444 on July 09, 2018, 07:27:37 AM

No you can't comeback your money from coinbase if you are hacked but if you secure your account by your phone number and by 2FA authentificator you can't hacked

Well that is not entirely true, it just takes way more effort than it is worth. Got to get access to the victim's phone.

celtic99

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Even though coinbase is a huge company with top notch security you are better off holding your own crypto. You will likely not be targeted, hackers will target huge companies that hold millions of dollars worth of bitcoin.

TienDat9517

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Coinbase maintains commercial criminal insurance in an aggregate amount that is greater than the value of digital currency we maintain in online storage. Our insurance policy is made available through a combination of third-party insurance underwriters and Coinbase, who is a co-insurer under the policy

Topic: is Coinbase insured? (Read 285 times)