Buying and selling crypto on Coinbase is an easy process. It also provides various facilities like balance checking, transferring money to your family or friends, and accepting crypto in the form of payments. But have you ever thought about what would happen if you do your Coinbase Login one day and then learned that there has been some scam? Will Coinbase take responsibility and refund you? Or will you be out of luck?
Risks Covered by Coinbase
Coinbase takes full responsibility only if the cause is something that is under its control. For instance, if your login credentials get stolen and have been misused because there was a breach of security in the system of Coinbase, then Coinbase is accountable for paying the losses that you suffer.
The maximum amount of refund offered by Coinbase is $1,000,000 and the amount of refund will be calculated by Coinbase when your request for a refund is approved by it.
The following prerequisites should be fulfilled before you apply for reimbursement:
- Before the date of loss, you should have been active on the platform for at least 30 days.
- Have an active subscription to Coinbase One.
- You have turned on your 2-factor Authentication for Coinbase Login.
- An account having good condition means it should not be empty.
Refund in case of Scam
If you know that you are taking part in a fraudulent activity which means that there is a high chance that you can be scammed and still participate in it anyway then Coinbase is not bound to pay for any damages in form of a refund. Before sending your money to anyone you should do a complete checkup on the person before initiating any transaction after Coinbase login.
The policy that is made available to you at the time of creating the account was not an Insurance Policy. It was just a Coinbase Account Protection Policy and it does not cover all the types of losses that could incur. The list of losses that are not covered are:
- If someone scammed you using a fake email id named Coinbase then it is not their duty to pay you the refund because you are the one who should be more careful when making any transaction.
- If you have stored loan funds outside the main Coinbase account, you are not liable for a refund.
- You have accidentally transferred the digital assets to the wrong account.
- Voluntarily sending digital assets to a third party even after knowing that it could be a potential scam.
Getting involved in a scam is of the biggest fears of all the investors. Presently this fear is constantly increasing because of rapid threats to the cyber security system. Coinbase however can not refund all the scams that could have been incurred but it does try its best to support its users. In the end after Coinbase login, it is advised to check your transactions thoroughly to prevent any scams.