Is Coinbase Safe? A Comprehensive Guide to Its Security Features

Is Coinbase Safe? A Comprehensive Guide to Its Security Features

Cryptocurrency has taken over the world as there are millions and millions of people interested in investing and trading in cryptocurrency. This increased need has resulted in numerous exchange and trading platforms which allow people to trade different cryptocurrencies. Out of the different platforms available on the internet, not all are safe and secure for the exchange of cryptocurrency. 

One of the most famous platforms available on the internet for cryptocurrency trading is Coinbase and there are many people who want to know about this platform more and whether it is a safe platform for trading or not. If you are wondering ‘Is Coinbase Safe then, this article is going to tell you all about this platform and whether you can use this platform for crypto exchange or not. 

Introduction to Coinbase

Launched in 2012, Coinbase is one of the most popular platforms which allows people to buy and trade cryptocurrency. The platform was originally based in San Francisco but at the moment, it is operating without any headquarters. There are more than 240 different cryptocurrencies available on the platform including currencies like ETH and BTC. 

One of the best things about the platform is that there are two versions - Coinbase Simple and Coinbase Advanced. Coinbase Simple is the simpler version of the platform which provides people with an easy way to start trading; however, you need to pay a higher fee on the platform. On the other hand, Coinbase Advanced is the experienced version of the platform with a lower fee and more advanced tools which allow them to track the market better. 

Exploring the main features and characteristics of Coinbase

In order to use this platform, you need to know about the main features of this application. These features allow people to learn more about the platform and how to use it in a better way. 

One of the most important aspects of the platform is its Security. Coinbase has put a lot of emphasis on security as it is equipped with features like cold storage, two-factor authentication and insurance. 

Coinbase also has a very unique program called ‘Earn’ where people can learn more about cryptocurrency and the different types of coins available on the platform. 

Can Coinbase be considered a safe platform?

Now the bigger question is regarding the safety of the platform. If you want to know Is Coinbase Legit then, you need to know that Coinbase has created a very strong reputation in the crypto market. 

The platform focuses highly on the safety of its users and along with it, the platform also follows the regulatory guidelines of different governments. Take a look at the different security measures available on the website. 

  1. Two-Factor Authentication (2FA)

Security begins at the login stage with Coinbase. Users are mandated to establish two-factor authentication (2FA) to incorporate an additional verification step during each sign-in. This verification can be conducted through SMS, email confirmation, or security keys.

  1. Cold Storage 

To keep all your funds secure, the platform also has offline storage where more than 90 per cent of the user assets are stored. This ensures that hackers and scammers cannot access your currency as well as other assets as they are not available online. 

  1. Biometric and Device Verification

The platform has also added another layer of security by enabling biometric verification. You need to use your fingerprint or Face ID to access the application as well as your account on your device. You are also required to complete the verification system if you log into your account on a new device. 

These security features make the platform highly secure, but it is also important for users to be attentive when they are buying, selling or trading cryptocurrency on Coinbase. you can also visit Radarro.com for such as information.

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