Learn How To Secure Your Coinbase Account
Cryptocurrencies have been around us for more than a decade now. The crypto sphere has grown immensely over the years turning most of the fortunate ones into millionaires.
Today, there are several cryptocurrency exchanges and it could be difficult to decide which one to trust for your hard-earned money. The level of security is the topmost concern. Coinbase takes care of your security concerns.
In this blog, we are going to discuss the essential details about Coinbase and how you can make your Coinbase account more secure.
A brief of Coinbase
In simple and precise words, if you want to trade in digital currencies, you need a platform on which to trade them, and one that acts as an intermediary to communicate with the network.
Coinbase is a global digital asset exchange company that provides a platform to buy and sell digital currencies.
Coinbase also serves as a wallet to store digital currencies. You can exchange multiple digital assets such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for fiat currencies. It is presently one of the best cryptos to fiat and vice versa exchanges.
Why Coinbase?
The top priority of Coinbase is the security of customer funds. Next, Coinbase offers trusted cryptos, easy to use interface, protected by insurance, accepts fiat, offers an instant exchange, and the best part, it keeps your money secure.
A quick recap on creating a Coinbase account
Before we jump on to the security measures offered by Coinbase, we are going to quickly list down the steps to create a Coinbase account.
Follow the steps below to create a Coinbase account (ignore if you already have one)-
- Go to https://www.coinbase.com/ and click on ‘Get started’.
- Fill up the required details: ‘First Name’, ‘Last Name’, ‘Email Address’, and ‘Password’. Tick the checkbox and accept the terms and conditions before you proceed.
- Click on ‘Create Account’.
- Click on ‘Next’ and accept the privacy policy by clicking ‘I acknowledge’.
- Next, log in to your email you had given in step 2 and click the confirmation message from Coinbase to activate your account.
- Select your country and enter your phone number.
- Click on ‘Send Code’.
- Enter the seven-digit code and click on ‘Submit’.
- Verify your identity and documents by filling up the fields.
(The asked documents may vary according to the countries.) - Your Coinbase account is all set.
Easy-peasy no! Now you can store your cryptocurrencies on Coinbase’s built-in wallets to buy, sell and store different cryptocurrencies.
How security is prioritized by Coinbase?
Coinbase is the largest Bitcoin broker that also offers an exchange, wallet, and developer API. Given the popularity and ease of use, Brian Armstrong and Fred Ehrsam made sure that the platform carves a unique place for itself in the digital world. Thus, Coinbase offers additional security measures and protections that other exchanges do not. Some of the security measures Coinbase have in store are –
- Coinbase stores about 98% of customer funds offline. This prevents loss or theft of these funds. Besides, Coinbase distributes the Bitcoins around the world in vaults and safe.
- Coinbase doesn’t store the sensitive data on servers and disconnects it from the Internet. Hence, it is not easy to hack.
- The platform makes it mandatory for all the user accounts have two-step verification.
- Coinbase includes running of the website traffic over https encrypted SSL. Moreover, all of the private keys and wallets have AES-256 encryption.
The Coinbase Bug Bounty Program is another platform that keeps customers safe. It rewards the developers who locate bugs related to software security. This encourages the developers further to test the software regularly and ensure security is up-to-date.
There is no doubt in saying that Coinbase is quite safe. But according to online reviews, the exchange has its users frequently targeted by hackers. This leaves Coinbase security at stake. Therefore, it’s recommended for all the users to ensure that their Coinbase account is secured enough.
But how do I make my Coinbase account more secure?
The cryptocurrency exchanges have forever been the ardent target for the hackers. They get away with billions/millions if hacked successfully. Though Coinbase takes substantial security measures to keep your account as secure as possible. Below, we have listed some of the extra measures to help you build an additional layer of security around your wallet.
- 2-Factor Authentication (2FA)
2FA is the most secured security measure that generates unique codes as per your authenticator secret code. In order to use it, download a 2FA app such as Google Authenticator or another offline authenticator app such as Duo or 1Password from the play/app store. Enabling two-factor authentication codes acts as an extra security measure. Consider adding 2FA to the email address, you use to log in to your Coinbase account. If you set up a 2FA, your account will be much more secure.
- Passwords
You would know but still, NEVER EVER disclose your password to anyone. Even to the Coinbase’s staff. Use a long, strong, random yet unique password for each account. Make use of password manager such as 1Password or LastPass for easy managing.
Moreover, it is recommended to change your password periodically and use a new password each time.
- Stay clear of phishing
Be aware of the emails pretending to be from Coinbase. Avoid clicking unnecessary links or opening uncalled attachments in emails. Visit only authenticated websites and every time you are looking for information, visit the same sites only.
Remember: Coinbase will never ask for the password, 2FA or remote access to your computer.
Customer Support
Coinbase will never ask for your password, 2FA or login credentials. In case you want to contact Coinbase support, go to coinbase official website You can disable your Coinbase account any time using the disable links in password reset, device confirmation emails and transaction confirmation if you are troubled with the thought of any unauthorized log-in/hack/access to your trading wallet.
Antivirus
Guard your computer by installing reliable antivirus software. Make sure your system is up to date and do not install software from unknown sources.
Last but not least, do not leave the majority of your funds on Coinbase. To be on the safer side, you can store your funds in your personal wallet if you frequently don’t buy and sell your cryptocurrencies.
Coinbase is an exchange and exchanges are most likely to be the frequent targets for hackers. It is advisable to withdraw funds on a hardware wallet and secure your recovery seed for full-proof defense.
Follow these handy tips to protect and secure your Coinbase account.
To Conclude-
All in all, Coinbase is quite the safest and most secure exchanges available at the moment. Just follow the mentioned tips and you are good to step into the digital trading market. Also, we would tell you to do some research beforehand on your own into how safe Coinbase is before using the platform.
Besides, if you want to dive more into the details but don’t want to get bogged down by the underlying technology, dial Coinbase support. The experts are available with the most viable information for your assistance.
