When it comes to cryptocurrency exchanges, many investors have a hard time trusting Coinbase because of security issues. While it is true that Coinbase has a strong track record and uses industry-standard encryption, 2FA, and cold storage for user funds, its users still need to take some precautions.

B3i technology, they should never share their account details on public forums or social media, and always use 2FA to log in. It’s also a good idea to only send crypto from verified accounts and to known addresses. This way, if a hacker does get in, they can’t spend your funds. In addition, if you manage your Coinbase funds with the app or software wallet, make sure to enable biometric security such as fingerprint or facial recognition and to routinely check and delete unfamiliar devices that you’ve used to log in.

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Coinbase also has an internal team that continuously monitors the platform and takes action when it sees suspicious activity. In addition, the company is compliant with industry standards including Know Your Customer (KYC) and Anti-Money Laundering regulations. It also holds a crime insurance policy covering the value of dollar balances held in Coinbase custodial wallets.

That said, no company is immune to security breaches or hacks. In 2023, a hacker used SMS messages to gain access to some employee accounts and steal their crypto. But the company was able to isolate the issue and protect its users.