Is Coinbase A Scam ? How does Coinbase protect your account? -A Beginner Guide

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Metaglobal

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I. What is Coinbase?

Started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader crypto economy.

Coinbase is a cryptocurrency trading and investing platform that offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Coinbase is a large company with over 98 million users and $256 billion in assets on the platform.

Coinbase executive team.

Beginners will likely prefer the original Coinbase platform for simple buy and sell orders. More advanced users can access additional features and order types through Coinbase Pro, available to any Coinbase user.

Coinbase supports trading of over 100 cryptocurrencies and regularly puts new coins on the list. There are too many to list here, so here’s a glance at some of the most popular currencies on Coinbase:
  • Bitcoin (BTC)​
  • Ethereum (ETH)​
  • Cardano (ADA)​
  • Solana (SOL)​
  • Polkadot (DOT)​
  • USD Coin (USDC)​
  • Dogecoin (DOGE)​
  • Uniswap (UNI)​
  • Litecoin (LTC)​
  • Shiba Inu (SHIB)​
  • Algorand (ALGO)​
  • Stellar Lumens (XLM)​
  • Polygon (MATIC)​
  • DAI (DAI)​
  • SushiSwap (SUSHI)​

II. Coinbase and its advantages​

  • Extensive Crypto Support: Trade in over 150 cryptocurrencies, with more being added all the time.​
  • Ease-of-Use: Begin investing with as little as $2 with Coinbase's simple trading interface.​
  • High-Volume Trading Discounts: There are lower fees for high-volume traders using Coinbase Pro.​
  • Crypto Wallet: Store your digital assets in a Coinbase wallet or use your own digital wallet.​
  • Spend Your Crypto: The Coinbase debit card lets you spend your cryptocurrency holdings the same way you would with the money you have sitting in the bank.​
  • Free Rewards: Earn free crypto with Coinbase Earn and its sign-up bonus.​

III. How do Coinbase protect your account?

Coinbase uses industry-leading security practices to keep customer deposits and assets safe. That said, there are always some risks when using cryptocurrency, so it’s essential to follow online best practices to keep your account information secure.

Notably, 98% of customer assets are stored offline using cold storage in a network of safe deposit boxes around the world, supported by digital and paper backups. It uses bank-standard encryption and security for its website.

Even with these strong security methods, thousands of users have fallen victim to hackers and schemes that have drained their accounts. It’s essential to use unique, random passwords on financial websites such as Coinbase to prevent this type of loss.

If someone has access to your email or phone, they may be able to access your account, so always keep those private.

IV. How do Coinbase protect your account?

In addition, all accounts must use two-factor authentication, a measure to help prevent others from logging into your account unless they have physical access to your phone.

Here are some other examples of the best protections available to all Coinbase’s users:​
  • Password Management​
  • Enhanced Account Protections​
  • Lock My Account​
  • Coinbase Vault​
  • Proactive Security Notifications​
  • Behind the Scenes​
  • Security Prompt​

V. Why can you trust Coinbase?

Here’s why you can trust Coinbase:


Coinbase is the largest public crypto company in the world

In April 2021, Coinbase became the largest publicly traded crypto company in the world. That means they operate with more financial transparency, and make their financial statements available each quarter.

Your assets are protected

Your crypto is your crypto. It’s that simple. Coinbase doesn't use, or lend, your assets without your permission. Also, they offer the most secure and multifaceted risk management programs designed to protect their customers' assets.

They respect your rights over your personal information

We only collect the necessary personal data in order to provide you with the best protection and services they can – and are transparent in how they use it and why they share it.

Coinbase uses state-of-the-art encryption and security

The technology that powers its platform was developed with industry-leading security and encryption at its core. The security team is constantly working to make sure you and your assets are protected from emerging threats.

Coinbase offers the finest tools to protect your account

From auto-enrolled 2 factor-authentication (with security key support), password protection, to multi-approval withdrawals in Coinbase Vault, it provides powerful security features to all users.

Get the help you need, when you need it

You can always contact the support team by phone or messaging to speak with their virtual assistant, or depending on the hours, with a real live support agent. You can also check out our Help Center for quick solutions to common problems.

VI. Is Coinbase a Scam?

Coinbase is certainly not a scam, but there are a few things they can do that could make it very hard to use. Since they are regulated and want to maintain the integrity of their network, they might suspend you if you seem to be engaging in illegal activity.

They can freeze accounts, perhaps too quickly, which has led to several complaints that were later resolved. All that being said, if you are completely above board, all your funds will be recovered.

The good news is that Coinbase is one of the most trusted exchanges in the world. If you have a Coinbase account, you can rest assured that your money will be safe. Coinbase is also highly regulated and has a reputation for being a highly secure platform.

Unfortunately, many scammers have created sites with similar domains or names that are confusingly similar to Coinbase to steal people’s money. For example, coinbase.com was previously registered by someone else before the real Coinbase took it over.

In conclusion, Coinbase is a legitimate cryptocurrency exchange and a broker. That is because of its high-profile investors and highly regulated location in San Francisco. Coinbase is the world’s most popular way to buy, sell, and store cryptocurrencies.​
 

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