The Best and Most Secure Cryptocurrency Exchange For Beginners
Despite recent dips in the market, interest in cryptocurrency is just revving up. The massive influx of online investments in the cryptocurrency market necessitates the need for a strong, impenetrable storage system to avoid potential investment losses– because once cryptocurrency is lost, it is gone for good.
A cryptocurrency wallet in simple terms is a means to store and protect your digital assets. In this case, it’s a software program that stores the investors private and public keys. Wallets also interact with the blockchain, enabling the possessor to make and receive transactions. This ultimately makes the wallet the single most important factor in cryptocurrency online investing.
Coinbase is one of the best and most secure online crypto wallet having the ability to support transactions involving Bitcoin, Bitcoin Cash, Ethereum, and Litecoin– with more currencies to come soon. Several factors make Coinbase the go-to wallet and exchange for beginners:
With a site for web browsers and apps for both Android and IOS platforms, the Coinbase wallet is easily accessible. Secure investments can be made on the go. And connections can be made to your bank account so you can transfer to friends and merchants who accept cryptocurrency. Details of all transactions and vaults can also be easily reviewed straight from the Coinbase app.
98 percent of coins stored on Coinbase are not online but rather kept in secure offline safe deposit boxes and security vaults in strategic geographical locations. All sensitive data which would normally be stored on servers are kept strictly offline, AES-256 encrypted and stored in FIPS-140 USB drives and paper backups.
Two-factor authentication is also employed as an extra layer of security. While it’s optional, it’s highly recommended– especially with investors with larger portfolios.
Coinbase is insured if a breach of data were to occur the insurance policy covers all payments to be made to customers. This insurance policy though covers the only breach of customer accounts from the Coinbase end either physically, digitally or via employee theft. It remains the firm duty of the client to adequately protect and guard their private keys by using strong passwords and having absolute control over their login details.
EASY RECURRING BUY AND SELL
Coinbase users can now easily create recurring buy and sell of Bitcoin. This is an option that is wonderful for people who want to sell Bitcoin in the form of paychecks or who want to slowly buy Bitcoin to avoid timing risk.
All Coinbase employees undergo thorough background checks before being hired as staff. Potential employees with criminal records are screened out. Employees also adhere to strict rules and regulations as they must use strong passwords, encrypt their hard drives and enable screen locking.
POST, PUT, DELETE requests undergo strict verification processes before being sent to avoid CSRF attacks. Coinbase also employs SQL injection filters. There is also a limit to the number of activities that can occur at a time, e.g., login attempts. Separate storage modes are employed for database, codebase and application credentials.
Ultimately, the cryptocurrency exchange you use depends on your needs and goals. For most, Coinbase is at least a great beginner exchange to experiment with the market in a safe and easy to understand platform. But for those interested in investing in alt coins will need to also sign up for additional exchanges to buy, sell and trade.
The comments, views, opinions and any forecasts of future events reflect the opinion of the quoted author or speaker do not necessarily reflect the views of Frontier Desk or any partner of Frontier Desk. This post is not a guarantee of future events, returns or results and are not intended to provide financial planning or investment advice.
Kickstart your digital currency portfolio with $10 worth of free Bitcoin
Interested in joining the digital currency community and creating a well-rounded investment portfolio? It’s not too late. By following the referral link below, you can open your first highly-secure cryptocurrency account with the most trusted and accepted cryptocurrency exchange available. Click here to join CoinBase and get $10 worth of FREE Bitcoin when you make your first $100 investment.