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Is coinbase safe to link bank account?

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  • Leader
    February 25

    Coinbase is the largest user-friendly digital currency exchange in the market. It offers many advantages for newcomers as well as for the experienced. Day by day the reputation and popularity of Coinbase is growing. Because you can easily sell, buy or store BTC, Ethereum or other altcoins with your debit card, credit card, or bank transfer. They offer the simplest way to trade or store currency with a desktop app or mobile app. You can transact money as much as you want with Coinbase. But in order to transact large amount you have to link your bank account or debit card or credit card. Recently, a question is burning in whole cryptocurrency world, is Coinbase safe to link bank account?


    Well in this article I will try to show you, is Coinbase safe to link bank account or not?


     


    Security


    As we are talking about the link up bank account is safe or not. So let’s see how their security system is. They claim on their website that 98% of customer funds are kept offline in cold storage. And the rests of the 2% are kept online with high security. Sensitive information provided by the customers are also kept offline and disconnected from any kind of network. And then the data is divided with superfluity, AES-256 encrypted, and then copied to FIPS-140 USB drives and paper backups and.  After that, they distribute the drives and the paper backups in safe vaults and boxes around the globe.


    They also have 2FA security system and according to vkool.com, they also have SSL certificate. The wallets (and private keys) are stocked using AES-256 encryption.


     


    What about fiat currency?


    Coinbase keeps all the fiat currency in separated, custodial bank accounts. And you are the owner of those accounts, nit the coinbase or any other. And if you are a citizen of USA then your account (maximum 250,000$) is covered by FDIC insurance.


     


    Legitimacy


    Coinbase is one of the largest, reputed, oldest and popular cryptocurrency exchanges in the world. They always abide by USA governments’ laws and regulation. Since different countries have different rules and regulations. Moreover, Coinbase has complied with a lot of governments’ regulations, for example, the Bank Secrecy Act, and along with countries money transfer regulation.


    Also, they have almost 10 million customers around the world and they have spread their business in 31 countries with over 50$ billion exchanges.


    Recently they have started an online customer service for 24/7.


     


    Overall, we can say, coinbase is the simplest, popular, oldest and reputed company anyone can trust. And their security system is world-class. But unfortunately, many people start complaining about them recently. So before link up your bank account think twice and do your research.

  • March 9

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