Kraken vs Coinbase vs Hard Wallet

Bitcoin Questions and AnswersCategory: General questionsKraken vs Coinbase vs Hard Wallet

STEVEN KING asked 1 year ago

I’ve bought Bitcoin, Eth, ETC & EOS using both Coinbase and Kraken.
I have read bad reviews in regards to withdrawing funds. I am looking to invest more money into cryptocurrencies, but I worried about investing my money and not being able to withdraw it (a concern many readers will have).
Are these safe exchanges or should I export my currencies to a wallet?

1 Answers
Steven Hay answered 1 year ago

Hey Steven,
Kraken and Coinbase are about as reliable as Bitcoin exchanges get, I’d say. However, that’s not to say you should trust either with the storage of your funds – after all, Bitcoin allows you to “be your own bank.” Trusting third parties to store your funds is an unecessary risk in almost all cases, particularly if you know what you’re doing in terms of computer security. All it takes is one rogue employee or brilliant hacker and even the biggest exchange can be drained of all its funds.
What I suggest is that you get a hardware wallet. These make the secure storage of multiple cryptocurrencies fairly simple, even for beginners. By following the hardware wallet’s recommended practices, you can achieve far better security than trusting an exchange, without much learning required.
I’m not sure about EOS but I think the other coins you own are supported by both major hardware wallets. Check out our hardware wallet reviews for more detailed info:

Here are the Winners for 2018’s Best Bitcoin Hardware Wallet

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