With the increasing number of crypto exchanges online as well as offline, it is common for people to question whether the crypto platform that they are using is safe or not. There are numerous platforms which are appearing on the internet and one of the most common platforms that people are interested in knowing about is Coinbase.
Many crypto enthusiasts want to know about the platform and wonder ‘Is Coinbase Safe?’. Well, we are here to provide you with enough information about this popular crypto exchange platform and whether it can be used by you or not. Let’s take a deep dive into the world of Coinbase and what it offers to its users.
Introduction to Coinbase
Launched in 2012, Coinbase has turned into one of the most popular platforms which facilitates crypto exchange. The platform can be easily used by people to buy, sell, and trade cryptocurrency. The website was initially developed in San Francisco; however, it now operates without any headquarters and provides more than 240 currencies from which people can choose including popular ones like BTC and ETH.
Coinbase has a very simple structure that makes sure that anyone interested in using this platform can easily use it to trade any form of currency they want. One of the best things about the platform is that there are two versions of the website - Coinbase Simple and Coinbase Advanced for people who are starting their crypto journey and professional traders respectively.
Is Coinbase a Safe and Secure Platform?
Now the main question that revolves around any new crypto platform is whether it is safe and legitimate. There are many users who question ‘Is Coinbase Legit?’.
Fortunately, Coinbase has created a very spectacular reputation for itself in the world of crypto exchange and has implemented robust security features to ensure that users have several layers of protection while trading. The platform has also extensively focused on regulatory compliance. There are different security measures used on the application including:
Two-Factor Authentication (2FA)
Two-Factor Authentication (2FA) is one of the most important security features on Coinbase as the platform requires users to log in. With the use of this feature, users can be assured that their accounts are protected and no one can access them.
Data Encryption
All data and transactions conducted through Coinbase are safeguarded with industry-standard AES-256 encryption, complemented by TLS to ensure the protection of your web traffic.
Cold Storage for Most Funds
Coinbase has also introduced cold storage to keep your funds secure for a long time. The platform stores more than 90% of user assets in offline storages as this reduces the risk of hackers accessing these assets.
Biometric and Device Verification
The Coinbase application allows you to enhance your security by activating biometric access features, such as fingerprint recognition or Face ID, on your device.
These security features make sure that users can use this platform without any issues in numerous countries like the United States, the United Kingdom, Canada, and Australia as the platform follows the rules and regulations that are required.
Source: Radarro.com
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