The United States-based cryptocurrency exchange Coinbase was established in 2012 and is safe and secure. The company’s shares get traded on the stock market under the ticker COIN. With more than 56 million users in more than 100 countries worldwide, Coinbase is a reliable cryptocurrency exchange for trading. Although some traders have reported issues with customer support, this is true for novice and experienced traders. We are urging the Coinbase Sec to begin a procedure that will allow members of the general public and significant crypto players to the agency’s work. The cryptocurrency exchange has transacted more than $150 billion in digital assets, attesting to its security and user trust. It is now a stock exchange company that is open to the public. This article will cover how to open a Coinbase account and its security.
How to create an account on Coinbase?
You’ll need information from a government-issued photo ID, including your phone number and the last four digits of your Social Security number, to create a Coinbase account. The process is straightforward. When questioned about your platform usage strategy, be ready to respond. To prevent hackers from accessing your account, practice good cyber hygiene when choosing a password, such as a unique one that hasn’t used before and multi-factor authentication. You must first link your Coinbase account to a payment method before you can begin trading. In the US, digital currency can be bought and sold using a bank account, debit card, wire transfer, PayPal account, or other methods mentioned above. You can start trading as soon as your digital wallet gets configured. On Coinbase, not all cryptocurrencies can exchange, but new coins get frequently added.
How safe is Coinbase?
It is reasonable to have concerns about Coinbase’s security, especially if you want to make significant investments. The platform is also still fresh. Coinbase is a large secure platform because of two-factor authentication and other security measures, and it is not impervious to attacks. A simple internet search may turn up accusations that Coinbase users had their accounts drained overnight. Experts claim that SIM swapping is one cause of these instances. It’s nothing major; Coinbase issued a petition asking the coinbase sec to create guidelines for securities backed by digital currency.
Despite how concerning this may appear, you don’t necessarily need to stay away from Coinbase. Making it even more difficult for potential hackers is something you may do by using a so-called non-custodial wallet or another option, such as a hardware wallet.
These many wallets get designed to enable you to store your money independently of Coinbase. You can use hardware, software, or an app to store your cryptocurrency. Even if someone gains access to your Coinbase account, they won’t be able to access the wallet where your cryptocurrency is stored.
This method has the drawback that you must remember your password, also known as a private key. If you’ve heard tales of people losing millions after being locked out of their cryptocurrency wallets, they probably have a non-custodial wallet. You must ensure you have access to your wallet even though this method is safer.