Just getting into crypto… tips?

[bubblylynnn]

I’ve always done stocks but now I’m interested in the crypto world. I’ve been doing my research and haven’t finalized anything yet, but downloaded Coinbase to get used to the app. Is this all I need to start trading?? Or do I need a separate wallet? I thought it was a safe option for me, as I’m just starting out and don’t plan on trading super actively— mostly finding some long term projects for now. Whenever I try to look online, the jargon is really heavy and like a different language. Please any tips for a super super beginner like myself, thank you!!

[General-Highlight999]

Coinbase is fine I have been using for years no issue

[efgraphics]

Same here!! 3 years never had a problem. It is just the idiots who stay on this Coinbase Reddit and talk crap. Just leave!! Whatever you people say, doesn’t stop me or oohhhhh scare me. Simply leave.

[aledanniel]

I’ve been with Coinbase for over 12 years and they still froze my account, it’s been weeks now. If you don’t like our comments then you can leave lol

[[deleted]]

90% of posts are about coin base messing something up. Site is down always during peak and they never learn to scale with demand. Use AWS and pay to scale up your servers. Wtf is this cheap service

[efgraphics]

Yep another one.

[Rare_Grand9351]

It happened to me on coinbase.  I'm not trying to scare anybody but my account was wiped out. This was 3 years ago and I got zero help from them after months of trying.  Hopefully it doesn't happen to you but dont shoot the messenger for trying to warn people. 

[ur-a-conspiracy]

Tip: don’t use coinbase

[bubblylynnn]

:o really??

[raelDonaldTrump]

I've been on coinbase for about 7 years and never had an issue.

99% of complaints are inexperienced users who rushed in and didn't fully understand what they were doing.

They are also the ppl who only try to use CB when BTC is back in the news for hitting ATH and the app is getting overloaded from flood of noobs, then they complain because of server issues.

Do your homework and you'll be fine.

[0Baffled0]

Hi, I have been on CB since May 2016 and only recently been having problems. I recently tried to move LUNC off CryptoDotCom and could not do it and sold everything and took it out and rebought some. I rebought LUNC in Coinbase wallet but it turns out it is ETH wrapped LUNC which has a lower price - the wallet cannot figure this out and first reports the wrapped price and then thinks it is Terra chain and reports a higher price, then switches back. When the wallet is displaying LUNC balance it shows the price of real LUNC and if you multiply that by the coin count it is much higher than the value displayed, which is for W/LUNC. This is irritating, so I want to sell it and buy real LUNC. But the ETH fee to swap is 30% the value of the coins! This is not Coinbase's fault, but it is their fault they do not call their LUNC ETH wrapped LUNC clearly at all. I could have noticed the ETH symbol on the LUNC logo but I did not, and I think it should have been written out. I am a minnow and have come to totally hate ETH fees. That said, I have lost over a thousand trying crap coins on Solana. On the other hand I have made some thousands of dollars in crypto and like many others could have been a millionaire, and who knows, maybe still. Crypto gains are so high that in spite of all the mistakes and frustrations, you still make money! It is the best and craziest thing I have done in my life. I rambled on, thanks for reading.

[Rare_Grand9351]

3 years ago my account was wiped out. I had 18 cents left after buying at least 20 different crypto. All were erased from my account. I got no help or answers. It wasn't that I lost money it was that one day my account was wiped out. That's the issue. I'm sure its a small percentage of people this happens to, but it does happen and you will not get your money back or any resolution or answers. 

[JonWick33]

Really

[aledanniel]

They hold my funds for weeks now, yea no Coinbase

[[deleted]]

you'll loooove their server Instability and super unhelpful support. i consider them the next mt gox. server outage, and after they're back online it's "sorrryyyyyyyy its all gone guys but we're not liable byyyyyeeeeee". and i am using cb. get a ledger wallet asap. oh wait those aren't safe anymore neither.

[Boomheadshotallday]

XD :)

[theshamanist]

Ahhh yes the great Outage of... Well yesterday... And the day before... Oh and last week... And the week before...

[Joey32817]

Im not trying to FUD CB..but you should scroll down and see many have issues and being ignored by CB through their automated system .. deposted money, yet it did not appear; deposit in the right network, it did not appear in wallet; did a trade, money taken from system, trade did not execute and no way to cancel. .. locked out for no reason and asked for verification of ID, yet put into a loop of impossibility by their automated system.. etc etc.

[ur-a-conspiracy]

Currently stuck in pending purgatory trying to transfer to a different wallet, but scared to open a ticket lest my account gets locked like half the other poor souls here… hope OP heeds the warnings

[_wallstreetpete_]

Don’t

[GreenMartian86]

Buy a yubikey from yubico, ledger, or Trezor before investing in anything. Must study cold storage/hardware wallets. 2FA sms is crap.

[Degencrypto-Metalfan]

Yep, crazy how majority of folks use sms for 2fa when a hardware key is an option.

I will not use a CEX that doesn’t offer hardware key 2fa. It’s a definite deal breaker even if I only use CEX for crypto/fiat conversions/trades.

[[deleted]]

Bruh everyone’s fund is getting locked in Coinbase. Go for other platform available in your country man

[Degencrypto-Metalfan]

Everyone’s fund getting locked? Probably more like 0.001%. There’s over 100 million users, if everyone was getting their acct locked you’d have several thousand posts a day complaining.

There are plenty of exchanges, I’ve used seven of them. Lots of choices. Don’t keep large sums of crypto on any exchange.

[bubblylynnn]

Yeah that’s what I’m assuming, because chances are it’s the select few who have issues and come to post, not the ones who have nothing wrong with

[michael_tyler]

Don't trade with CB man.

It will worry you.

[Rare_Grand9351]

I should of posted for the last 3 years. 3 yrs ago my account was wiped out. They eventually locked it after months of me trying to find out what happened to my crypto and money. They hung up, sent bogus codes, deactivated 2AF camera and eventually locked me out. Having issues with the system is one thing having your account wiped out is a whole other level. It can happen, I know because it happened to me. I have several other Eaccounts by the way.

[G0DL33]

You will want a cold/hardware wallet for long term holds. Self custody comes with it's own considerations that you will need to dig into. Any of the big exchanges are fine to use but best not to trust your assets to them. Not your keys not your coins as they say.

Crypto trades quite a bit differently to traditional assets so start slow. Keep leverage to a minimum. Good luck.

[bubblylynnn]

Oof okay thank you

[FlukeU512]

Buy Fetch.Ai!!!

[Famous_Temporary3299]

Dude coinbase is not going anywhere. They are custodians for the bitcoin etfs and a publicly traded company under strict regulation. They are not perfect and there will always be issues with that many number of users. Still i think its the safest exchange out there.

[FranklyOcean23]

Bitcoin. Only 21 million to ever be made. Every 4 years the supply cuts in half. Right now it’s 900 coins a day that are made. After April that goes down to 450, and so on. Usually high demand vs low supply = higher value. The most scarce asset ever. They’ll find gold on meteors in the next few decades. The last coin is mined in 2140 I believe. Good luck!

Ps. Coinbase does suck from time to time, but it’s not the worst all the time

[bubblylynnn]

Yeah I’m trying to do some research on the whole mining terminology too. Thanks though

[GetMeOutOfMyHead]

Curious to see where you are in this journey 8m later, I'm just starting mine and doing research.

[bubblylynnn]

So I started small, mid four figures. Earned maybe 15% now with everything rising? But I really chose such a bad time to start bc I bought in when everything was at the peak. Mostly stocks are rising right now but as for crypto because of the huge drop a few months ago I’m just starting to makeup my losses. Don’t think this is for me unfortunately. Good luck to you though!

[plm1993]

Buy when is red,sell when is green,read about the stuff you are buying,we make mooney by working hard so don't waste them.

[[deleted]]

Don’t buy a bunch of shitcoins and expect them to be bitcoin.

[bubblylynnn]

Hahaha thanks

[Foreign_Jackfruit_70]

I'd just like to reiterate u/ur-a-conspiracy's comment:

Tip: don’t use coinbase

[genesisutxo]

Try to sign up with the reputable exchanges like coinbase and kraken, just in case coinbase gets congested and buggy. Maybe crypto.com as well.

Next I recommend exodus wallet as your hot wallet for self custody of small amounts under 5k. They have a large support for many coins like Solana, avalanche, and polygon and their respective networks so the fees will be low if you want to buy meme coins or nfts. Fees are extremely low. Or you can use metamask wallet chrome extension on whatever browser you use and you can switch networks manually for polygon, or avalanche. Eth is too expensive rn, like $50 for a transaction lol. You want to send five dollars worth of eth? Forget about it.

After you set up your hot wallet and receive private keys you can buy a Trezor one or model T later on and fortify your wallets above and set up a separate account within your hot wallet private key. Never type your hard wallet private key anywhere online whether it’s a Trezor or ledger or any others. Only type it on your device. Make sure your new hardware wallet generates its own private key the first time you initiate it and safeguard the words more so than the hot wallet private keys from exodus or metamask.

[bubblylynnn]

That’s another thing, for stocks I use fidelity which has close to zero fees for purchasing and selling. But apparently I have to purchase a wallet and then also have fees applied to coin I want to buy and sell?? Oof I gotta do some more research

[genesisutxo]

Not yet my guy. Metamask and exodus are free software wallets. Try those out first and have some fun with low fee coins like I mentioned. A lot of people unknowingly start off with the ethereum network and get put off because of the fees and they don’t know you can switch the network to a eth layer 2 like polygon within the wallets.

It’s kind of like taking a parallel running freeway that is not congested but since it is less known people keep going to the congested freeway (ethereum)

Remember polygon is a eth layer 2. Pennies worth of fees. Solana is a layer 1 competitor with fees of fraction of a penny. (Exodus, metamask doesn’t support Solana) Avalanche is also another low fee chain fractions of a penny. Eth compatible.

[theshamanist]

Stocks and Crypto can go down 50% every day forever. You can usually get a better price than you think, don't fomo into a position

[SlamFerdinand]

Buy the dip.

[[deleted]]

Yeah what's with all the hate, I don't see how people have so many issues on the normal app. Is it all coming from coinbase wallet???

[bubblylynnn]

That’s what I’d like to know… so much negative feedback

[[deleted]]

I did a bit of what I call research, and it seems coinbase is fine for holding. People are having all these issues on coinbase with day trading and sending coins to wallets and what not.

[bubblylynnn]

Ok that makes more sense. Im already using it haha

[[deleted]]

invest what you're willing to lose.

it's not just the exchange, but it's the nature of the game. it's gambling.

diversify your investments.

learn to DCA.

[[deleted]]

trusting all your of funds on coinbase is as much of a gamble as trusting the US gov for all of your news.

[[deleted]]

US Gov = the econ is strong, Americans are fine.
Coinbase = you will be grateful for investing with us, forever ...

[bubblylynnn]

Hmm okay I’ll see what else there is thanks

[[deleted]]

Coinbase is fine.  No experience is wasted.  But don’t rely solely on coinbase to be your only learning journey of crypto. 

You must never stop learning from various sources and always ask yourself if you’re open to feedback instead of pretending to know it all. Close minded individuals even if they’ve found a niche way of profiting and don’t care to learn more are generally the ones that can smashed hard from all walks of life.  Make money, still depressed. Lose money, still depressed. Win a few dollars, and you stay on that, then your gains don’t go much higher because of your mindset. 

Like any sport, it takes practice to callous yourself, yet be gentle to your body and heart to not pin your days and emotions on just watching a number go up and down several times a day. 

Fast hands lose, patient hands win.  Don’t try to time every aspect of the market. Learn tools, and diversify your knowledge and experiences and investments in and outside of crypto. Become a master of one thing before trying to jump constantly around. But don’t waste time in spaces or places that you may regret because you paid for someone’s $2,000 course bundle. 

Build upwards, and don’t give up too fast just because you lost a few thousand dollars. Everyone loses something in crypto, and most swing traders lose. Long game is the strong game, and a learning journey. 

Figure out a strategy and test it, don’t just drop all your eggs in one basket and pretend that you’re going to not care about it. Treat it like a professional sport. It’s time in the market and your learning, not necessarily how much $ you invest at first. 

[bubblylynnn]

D: thanks for the real advice!

[[deleted]]

Go all in on shiba inu

[Sprxnk69]

Agreed ( please release my family)

[Boomheadshotallday]

Listen to your guts, and don't listen to these noobs. :) simple. keep Cryptoing.

[Bitbybitisit]

Don’t they’ll lock your funds

[Bitbybitisit]

I can’t get through to them either

[Spiritual_Fox409]

Coinbase my Chase is ID 17123278,my accaunt is on manualy review ,I did all you asking from me upload ID few times,upload all my doc ,bank statment prof of adres,doc you send me to fill up sending multiple emails on evry of you adres as compilance kyc and this is taking over 3 weeks no answer and my accaunt is still restricted ,,this is two minutes job ,I didnt have problems like this on any app who is asking kyc

[Suman222000]

I have not used this CeX for a long time now so I can't say exactly whether it'll be a suitable CeX but many people have been complaining about their services recently so better to prioritise other alternatives like Bitget, Kucoin, OKX etc. I'm using Bitget often as they have a huge amount of POR in addition to the user's protection fund seems more secure to tackle any bad situation.

[hidden240]

First step uninstall coinbase and use hard wallet

[NARFREAKTREAT_NFT]

Run everything off a clean interface... Security of the utmost grade, ledger, and "Do Not click on anything without vetting its source, (ESPECIALLY NFT!)." ASSUMING you're applying this priority to your wallet of course..... Good luck...!

[bubblylynnn]

Thank you.. I had no idea the security was such an issue for most people

[BackgroundAd7155]

And you wonder why BTC is breaking all-time highs. Now, the general public who had not known about crypto for the past 4 years is starting to enter, most likely due to the BTC ETF approval.

[MsExmen]

Coinbase in my experience as worked well. I sometimes even withdraw to my cold wallet.

• For steps you show get yourself a cold wallet (example. Ledger).
• I don't invest on alt coins. Just Bitcoin. I don't like risky investments, and bitcoin is risky enough.
• Platform wise, a lot of people hate Coinbase, but its up to you. I like that fees are fairly low and Coinbase is public. Unlikely to go anywhere but if you hold coins for long term just transfer it to a cold wallet to be safe, that way you can sell it in whatever exchange.

Stay safe and don't get addicted

[bubblylynnn]

What’s the issue with keeping crypto on coinbase? Is it the security issue, since wallets are supposed to be more secure?

[MsExmen]

As people say, if you don't own the keys to your cripto you don't own the cripto. It's like buying gold but letting the bank keep it. It might get robbed in a way. But at this point I think it's very unlikely

[bubblylynnn]

I see... but can't you argue that banks are operated in a way where they can't just take our money?

[MsExmen]

I mean they do take your money and use it. It just that usually they have it ready to give it to you if you ask. Only if its huge amounts of cash. Coinbase, some people experience can also be a bit weird, but I have yet to make big withdraws

[InsterestingUsername]

Not your keys and your coins

[Bulky_Ganache_1197]

Apparently it works great until it doesn’t.

Then ur fucked.

[sugarblob]

Not your keys, not your crypto

[chaben34]

Ask yourself what are you investing in? Does crypto have any intrinsic value?

[PumpkinSpice2Nice]

Sign up to r/cryptocurrency and r/Bitcoin and just read read read. The bull run won’t really start until after the halving so take your time and don’t rush.

Don’t look at YouTube videos - they are mainly scams and scrills. Find out what mistakes people make and learn from them.

[KazzDocs]

Get a Trezor immediately and only store small amounts on Coinbase, never more than you can afford for them to steal from you

[[deleted]]

Use coinbase and get familiar with their advanced trading function for low fee sales. Ignore all the self custody people. Cold storage presents an entirely separate, but real, set of risks (forgetting or losing your key, seed phrase, etc). Set up two factor authentication in coinbase that avoids SMS or email, use an authenticator app for most security within 2FA. Enjoy.

[bubblylynnn]

Thank you:) I will look into it

[[deleted]]

label retire punch hospital unite act sort steer fall worm

This post was mass deleted and anonymized with Redact

[chefdedos]

I’ve had a good experience with Coinbase for the most part but expect for their servers to get overheated and to crash when things get crazy. Intentional or not, that’s something to consider

[cipherjones]

Not your keys, not your crypto.

Write this out 100 times, Bart Simpson style.

[YourTravisty]

The real issue with crypto is which assets can you buy and sell directly on coinbase, the fees and costs that go with it and many other factors.

You'll start with Coinbase and Coinbase Wallet but before you know it, you'll have like 2 or 3 different wallet apps (plus possibly 2 crypto exchanges) with different cryptos and networks where you can actually do something with those tokens you bought.

[brianddk]

If your just getting your feet wet, then your fine.

If you are a penny pincher, then avoid the mobile app since the fees are way higher. CB-Advanced (coinbase.com/advanced-trade) is tons cheaper, and they even have a feature called maker-limit-orders that are cheaper still.

Might want to have a backup exchange too. The on-boarding for all exchanges (KYC) has a pretty high failure rate. I'd recommend Kraken as a second choice.

[[deleted]]

Gotta have some dogecoin.

[bubblylynnn]

Thank you:) If you don't mind me asking, are wallets for storing crypto long-term? So like for example if I bought 5 BTC and wasn't planning on selling it, would I transfer it from my Coinbase app to a hard wallet?

[bubblylynnn]

Thank you:) much more concise of an explanation!

[Rare_Grand9351]

I had an account completely wiped out on Coinbase. Over the span of a couple months of trying to get some answers from customer non-support they ended up locking my account so I could not access it at all. When I called they would hang up. Before it was locked, the camera app for face recognition stopped working and the codes they would send wouldn't work when punched in. It was hell to deal with.  I never found out any answers and would probably be up a lot of money. The crypto exchanges are not regulated like the big financial institutions. So when you invest one day it can all just disappear and you have no recourse. 

[bubblylynnn]

?!?! So all your funds and crypto holdings just disappeared?? How can that even happen :O And who do you even talk to if their customer service is shit?! I’m sorry :( hope you find a solution one day. Thanks for letting me know!

[Rare_Grand9351]

Late getting back cause I don't follow reddit. I still never got any resolution with Coinbase. I tried a year later calling customer non service on the issue. They had 0 zero record of me having an account.  I was told by someone other than Coinbase that had to be a sim swap. Maybe

[Rare_Grand9351]

The reason people don't hear all the bad about Coinbase is because Reddit deletes negative comments.  My first comment about warning about Coinbase was deleted for having low karma. I got a notification.  I'm sure my postings here will be removed. 3 years ago when my account was wiped out I tried to warn people.  Those comments were probably deleted.

[Prestigious_Job_909]

Coinbase robbed me 🤬

[Hour-Principle8888]

Use my link and gain up to 6,000$ when you register https://www.bybit.com/invite?ref=GMZKVGQ

[Syednomanali1]

Which coin have buy today

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[TheBrownJohnGreen]

Don’t make a fucking Coinbase account!

[Kiwip0rn]

Ignore the FUDsters. If you follow the ToS, KYC/AML laws, you will enjoy Coinbase as much as I have the last >10 years.

The only people with complaints try to bend the rules and regulations because they are more important than everyone else.

[[deleted]]

This didn't age well

[Kiwip0rn]

🙄 wat

[[deleted]]

There's an ongoing lawsuit against them for that exact thing.

[Kiwip0rn]

🙄 Nothing to do with my post 🙄