Ok so does coinbase allow self custody at all? This makes it look like it doesn’t (from the App Store)
Discussion
They don’t offer self custody. They keep the btc.
That’s scary 😱
Very.
cant you just send it to a different wallet?
Oof. Maybe the normie appeal is “someone else is taking care of it and I don’t need to learn wallets.”
Yes, you can send it out, but they don’t advertise that they say, “just keep it with us, it’s safer” and that’s BS.
If you do need to go through an exchange to buy BTC. At least use one that promotes getting it off the exchanges and one that doesn’t push Shitcoins on its customers.
I don't think they do. I haven't really searched for it.
My strategy is and what I tell noobs to do is buy a little bit on Coinbase or ShakePay every month, learn and understand how an exchange works. Once you have about 1000k USD worth of Bitcoin. I will teach them to download a self custody app and transfer their Bitcoin to the app.
The problem is if they buy like 20 USD of Bitcoin and transfer it right away to a self custody app they fees are ridiculous because you can't control the mining fee or other fees on Coinbase. Exchanges have the highest fees because they don't want customers waiting days for their Bitcoin or arrive.
Maybe there is exchanges now that you can self custody right away on their website? If you know any, tell us.
I don't even know many other exchanges because my Coinbase strategy is good enough for me and the Coinbase fees aren't that high comparing to new exchanges.