• Coinbase Login || Is Coinbase Safe?

     

    Coinbase has three core products:

    • Coinbase crypto brokerage services for retail customers;
    • Coinbase Pro a professional trading platform;
    • Coinbase Prime for institutions.

    Renowned for its consumer-facing products, Coinbase’s easy-to-use consumer platform interface enables users to buy and sell crypto on the brokerage.

    Coinbase Pro provides tools only reserved to traders, including charting software with trading indicators, a real-time updated order book, and margin trading with up to 3x leverage.

    Since institutions have different needs to retail investors, Coinbase has launched the beta version to accommodate the ever-growing demand from clientele as more people enter the crypto space. The U.S. company designed Coinbase Prime with fund managers, hedge funds, endowments, and sovereign wealth funds in mind as they require access to deep liquidity pools.

    Since Coinbase has various products available to offer, such as wallets, e-commerce solutions, custody, cryptocurrency staking, and vault, to mention a few, be sure to read our in-depth Coinbase review 2021 to learn more about the platform. Also, check our in-depth Coinbase fees guide to consider the fees charged when using Coinbase’s most popular products.

    Trustability 

    Nowadays, various exchanges are available in the cryptocurrency market, which can differ in fee structure, security, and ease of use. However, Coinbase stands out as one of the most high-profile, trusted platforms on the market when accounting for all of these factors.

    And while Coinbase may be well-known, especially in the United States, its brand awareness has grown further afield. Coinbase has over 40 licenses to operate in just the U.S. alone and is licensed to work in another 31 countries that make its list legally.

    Coinbase is a highly credible, well-insured, and straightforward-to-use interface. Under the pilot BitLicense program, Coinbase is one of only four exchanges to have a license in the state of New York. Thus, it adheres to strict KYC (Know Your Customer) rules and stays compliant with regulations and statutes.

    Hack History

    In 2019 Coinbase rolled out Coinbase Custody, which stores cryptocurrency assets completely offline in cold storage wallets. Moreover, Coinbase keeps its assets insured, so technically you cannot lose any of your money through hacking or theft.

    Due to the security strength of the digital asset broker, attackers have opted to get around the system by attempting to steal cryptocurrency through elaborate phishing attempts using social media and other methods.

    For instance, Coinbase was able to halt $280,000 in Bitcoin transactions when hackers overtook several high-profile Twitter accounts and solicited funds from unsuspecting followers. Outside of these attempts, Coinbase has been a secure exchange.

    Multi-factor authentication hack [October 2021]

    However, on October 1, 2021, hackers were able to access and steal cryptocurrency from approximately 6,000 Coinbase users by using a multi-factor authentication vulnerability, according to a breach notification letter sent by the cryptocurrency exchange to affected customers. A large-scale phishing effort targeted customers of Coinbase between March and May 20, 2021.

    Some individuals may have opened the fraudulent emails, revealing their usernames and passwords. Additionally, a vulnerability in the exchange’s system compromised users with multi-factor authentication even when enabled.

    Coinbase claimed the malicious actors used a flaw in its SMS Account Recovery procedure [PDF] to exploit the vulnerability. Meanwhile, the hackers could get the two-factor token meant to be sent to the account owner’s phone.