Disadvantages of using Coinbase

[niche]

In the thread listing wallets, the forum admin has mentioned that Coinbase is not recommended. Can anyone specify what are main disadvantages of using Coinbase, what is best alternative to Coinbase, especially if you wish to withdraw money to your bank account?

 

[Monster Masterpiece]

The Coinbase fees are high compared to other platforms, this is reason behind saying this, alternativelly no exchange between assets for unverified accounts, plus they generate new address for each deposit means send to old address means pay network fee twice.

 

[oldbuddy]

In the thread listing wallets, the forum admin has mentioned that Coinbase is not recommended. Can anyone specify what are main disadvantages of using Coinbase, what is best alternative to Coinbase, especially if you wish to withdraw money to your bank account?

I have used CoinBase for many years, but I seldom withdraw money to my bank account. I use it to further invest in my own compound interest accounts so it will grow. What I do like about them is I can transfer money to my associates who also use CoinBase with no fees on either end and they have provided me with free crypto for taking tutorial lessons followed by short quizzes that have paid me over $150 worth of crypto as rewards. Anyone who knows me, realizes I love getting free money.

 

[Nomad]

Coinbase is a centralized exchange and wallet. The problem with centralized exchange and wallet is you don't have control over your assets.

 

[oldbuddy]

Coinbase is a centralized exchange and wallet. The problem with centralized exchange and wallet is you don't have control over your assets.

I don't understand what you mean. I Deposit and Withdraw, Buy and Sell, so isn't that control?

 

[Nomad]

I don't understand what you mean. I Deposit and Withdraw, Buy and Sell, so isn't that control?

Centralized exchanges can implement changes that can stop you from withdrawing or transferring. For instance, on November 10, FTX blocked withdrawal.

 

[oldbuddy]

Centralized exchanges can implement changes that can stop you from withdrawing or transferring. For instance, on November 10, FTX blocked withdrawal.

And from what I understand that move was just like shooting themselves in the foot. No one in their right mind will ever trust them or their officers again.

 

[Nomad]

And from what I understand that move was just like shooting themselves in the foot. No one in their right mind will ever trust them or their officers again.

Yes, users will never trust these platforms again, however, when they implement these changes, a lot of common users will be already losing a lot of money.

 

[Skysaint]

Centralized exchanges can implement changes that can stop you from withdrawing or transferring. For instance, on November 10, FTX blocked withdrawal.

I think most exchanges do that too and I think it's somehow to protect their platform from immense loss. When the Luna coin crashed, binance also activated a similar feature to limit it's transaction.

 

[Nomad]

I think most exchanges do that too and I think it's somehow to protect their platform from immense loss. When the Luna coin crashed, binance also activated a similar feature to limit it's transaction.

That's true. That's why there is a danger in using centralized exchanges. If you want to keep your cryptos safe, you should be using cold wallets.

 

[Bisolami]

In the thread listing wallets, the forum admin has mentioned that Coinbase is not recommended. Can anyone specify what are main disadvantages of using Coinbase, what is best alternative to Coinbase, especially if you wish to withdraw money to your bank account?

I would not like to sabotage it but I feel Binance is better than Coinbase
I use Binance

 

[Salt]

When I joined coinbase for the first time I was not any aware of crypto currency and managed to add small funds as at that time I was working on a faucet but the major drawback of coinbase is its fee

 

[Bisolami]

When I joined coinbase for the first time I was not any aware of crypto currency and managed to add small funds as at that time I was working on a faucet but the major drawback of coinbase is its fee

You can now begin to earn cryptocurrency and you can sell it to someone like me. I'm always available

 

[Salt]

It was long ago and I don't have very good memory so don't even remember from where I earned that money but I will certainly contact you

 

[Nomad]

Coinbase has now limited its functionality in our country. It cannot be accessed without using a VPN. I no longer have funds on Coinbase Exchange, but I use Coinbase wallet, through a VPN, because it is a decentralized wallet. I kind of have emotional attachment with coinbase as it was my first wallet and I can see all transactions since 2016.

 

[Monster Masterpiece]

Coinbase has now limited its functionality in our country. It cannot be accessed without using a VPN. I no longer have funds on Coinbase Exchange, but I use Coinbase wallet, through a VPN, because it is a decentralized wallet. I kind of have emotional attachment with coinbase as it was my first wallet and I can see all transactions since 2016.

You could use your coinbase wallet and import seed phrases in exodus or Trust Wallet as Metamask is more for BSC and ETH transactions mode so you no longer need for Coinbase wallet except if you are more familiar with this one. Do not take my post as financial advise.

 

[Nomad]

You could use your coinbase wallet and import seed phrases in exodus or Trust Wallet as Metamask is more for BSC and ETH transactions mode so you no longer need for Coinbase wallet except if you are more familiar with this one. Do not take my post as financial advise.

Yeah, I have a lot of options, I also use metamask, trust, exodus as well. I also use multiple exchanges as well. I have continued to use coinbase even though it has limited functionality because a lot of services I have subscribed uses coinbase pay.

 

[Riberet19]

Some of the disadvantages may be that it does not have as many cryptocurrencies to buy as other exchanges like kucoin or binance, but there is one thing that I really like about Coinbase, which is their commissions and that they frequently give away cryptocurrencies.