Is Coinbase Safe? in The AnswerBank: Spam & Scams

Is Coinbase Safe?

DAEMONBEAR666 | 22:58 Wed 19th Feb 2025 | Spam & Scams

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Is Coinbase safe?

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No, 'tis very dangerous and should be avoided at all costs.

C B Payments Ltd (trading as 'Coinbase') is registered with the Financial Conduct Authority but, as with all firms trading in cryptocurrencies, customers' assets aren't protected under the Financial Services Compensation Scheme.
https://register.fca.org.uk/s/firm?id=001b000003O1uMmAAJ

The firm is one of the most-trusted cryptocurrency trading platforms in the world, partly because (even though cryptocurrency transactions are theoretically anonymous) it routinely reports all trades to the relevant tax authorities.

If I planned to invest (gamble?) in cryptocurencies, it's probably the platform that I'd choose to go with. However it has to be remembered that such firms are prime targets for hackers, so there's always a small risk that their security could be compromised, leading to the loss of clients' assets.

Question Author

Hi curlyfries81 & Hi Buenchico many thanks for your helpful replies. I am at the stage where I basically do not trust anyone!!

Except for those two. ^

^^Whatever you do, don't trust him.

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