One of the perceptions of cryptocurrencies among newcomers to the platform is that it is always risky to invest in. And although it is true that there were problems with the cryptocurrency trade in the past. But the worries are evading on daily bases. To me Coinbase is my First Choice when it comes to secured exchange. My friends and I have been using coinbase for over a year now and issue has ever erupted.
NOTE: Trading on coinbase is not allowed in Nigeria, you can only store cryptocurrency on coinbase
Coinbase is considered one of the safest platforms available today. First, Coinbase is based in the United States and, therefore, must comply with the laws of the United States. This is similar to some competitors that operate in countries where regulations in this area can be relaxed. Coinbase has actively participated in discussions with regulators to ensure that they provide an open and innovative financial system. The regulation of Coinbase is considered by some as the confidence recovered in the cryptocurrencies after the collapse (although other commentators have complained about its operation) is more like a bank that operates within the community, challenging the basic nature of a decentralized cryptocurrency). In addition, Coinbase has received investments from several leading lenders, including the Bank of Tokyo and BBVA, which reinforce their legitimacy.
Coinbase is transparent about its methods of storing funds. Coinbase separates customer funds from company resources. Very cool. Coinbase declares on its website that money saved on behalf of customers is stored in bank accounts and that, in case of bankruptcy, neither Coinbase nor its creditors have any rights over these accounts. The resources of clients. Coinbase reports that 98% of customer funds are stored off-line in the form of a cryptocurrency, through physical wallets and paper portfolios that are stored in safes around the world. Can you see that Coinbase deserves some accolades. In addition, Coinbase notes that the rest of the cryptocurrency stored online is insured and, in the case of piracy, customers are entitled to the loss of funds as a result of this insurance policy.
Personal account security
Coinbase offers its customers a two-factor authentication method that allows you to send text messages to your phone or third-party applications, such as Google Authenticator or Duo. In addition, Coinbase informs users when a new device or IP address tries to access your account. However, if the claims are in danger, Coinbase assumes no responsibility for the loss of funds. For this reason, it is generally recommended that you store this cryptocurrency offline in a wallet that you control once you have purchased a cryptocurrency on the Exchange. You can also track your account activity and be notified when a new device or IP address tries to access your account.
Coinbase Vault Wallet
The Vault has a collection time of 48 hours when Coinbase attempts to communicate with the account holder through several channels. In addition, you may need several approvals, such as asking three out of five people to approve a transaction. Coinbase uses the same “cold storage” approach as its regular portfolios. They store about 97% of their bitcoins completely offline in a series of domes and vaults that are geographically dispersed.
Coinbase customer support
Coinbase offers customer support via email, as well as a knowledge base and a frequently asked questions page for clients. The latency of customer service may vary since the huge increase in the demand for services has caused delays in recent months. However, the usual response times are usually between 24 and 72 hours. Some users expressed their frustration at receiving “pre-recorded responses” that did not completely solve the problem.
Transaction limits vary from country to country, as well as payment methods and verification status. You can view your limits through a link on the Account Limits page. Coinbase also allows users to request higher limits, although these applications generally do not apply to credit card transactions. To request higher limits, you must confirm your identity. Residents of the United States can transact up to $ 50,000 per week. Authenticated European customers can always have up to $ 30,000 in their account.
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