Coinbase, Exchanges

Is It Safe to Connect Koinly to Coinbase?

When it comes to financial matters, safety is always the top priority. So is it safe to connect Koinly to Coinbase?

Koinly is a cryptocurrency tax software that helps users calculate their capital gains and losses from their cryptocurrency investments. In order to do this, Koinly connects to your cryptocurrency exchange accounts and wallets so that it can fetch your transaction data.

This means that Koinly has access to your account information and private keys.

While Koinly is a well-respected and popular tax software, there have been some instances of users’ accounts being hacked after connecting them to Koinly. In most cases, these hacks have occurred because the user’s computer was infected with malware.

NOTE: It is important to note that connecting Koinly to Coinbase carries certain risks. You should always ensure that you use a secure connection when connecting Koinly and Coinbase and only connect your account with trusted users. Additionally, you should be aware that Coinbase may suspend or terminate access to your account if it detects any suspicious activity associated with Koinly. If you have any questions or concerns about the safety of connecting Koinly and Coinbase, please contact customer support for further guidance.

Once the hacker had access to the user’s account information, they were able to transfer funds out of the account.

There are a few steps you can take to protect yourself when using Koinly or any other financial software. First, make sure that you are using a secure connection when accessing your account.

Second, never download any software from an untrustworthy source. Finally, always use a strong password for your account and enable two-factor authentication if possible.

By taking these precautions, you can help ensure that your account remains safe when using Koinly or any other financial software.

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