Just a few things about using Coinbase.
Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...
1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.
2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.
4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.
So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys.
Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...
1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.
2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.
4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.
So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys.