Most people who became familiar with cryptocurrency were introduced to digital wallets used for storing crypto coins. As the crypto industry gained more ground in the financial landscape, investors and traders started exploring these cryptocurrency wallets in detail. Among these, the Coinbase wallet emerged as one of the most popular crypto wallets in the world. A significant reason behind the popularity of Coinbase wallet is the widespread use of Coinbase Consumer, a decentralized cryptocurrency exchange. In 2021, Coinbase is becoming one of the largest cryptocurrency exchanges in the world. And, the majority of traders invest in Bitcoin through Coinbase Consumer exchange. People are more familiar with this online platform than any other crypto exchange service.
Coinbase Wallet Summary
|Wallet name||Coinbase Wallet|
|Type of Wallet||Decentralized Wallet|
|Coins Accepted||BTC, BCH, LTC, ETH, ETC, XRP, XLM, DOGE, and all ERC-20 tokens|
|Supported Hardware Wallet||No|
|Charges||Network Fee & Variable Fee in range (1.49 – 3.99%)|
|Customer Support||via Phone, Email, and Twitter with Submit Form Support|
For being in the top three crypto exchanges in the world, Coinbase also offers wallet services with the Coinbase wallet. In this Coinbase wallet review, several aspects of the digital wallet have been explored. From its security and wallet features to its crypto services and customer support, this Coinbase wallet review covers all ground to evaluate this crypto wallet. Let’s get started.
What is a Coinbase Wallet?
To begin with, one must understand the difference between Coinbase and Coinbase wallet. Coinbase or Coinbase Consumer is a web-based cryptocurrency exchange platform. Users can buy, sell, and trade cryptocurrencies on this platform. Coinbase wallet, on the other hand, is a cryptocurrency wallet. The primary function of the Coinbase wallet is to store the crypto wealth of users securely.
Coinbase wallet is considered one of the safest cryptocurrency wallets in the world. Due to its incorporation with the Coinbase exchange platform, investors and crypto-enthusiasts feel safe storing their digital assets on this wallet. Coinbase wallet is a digital wallet, which uses hot storage for cryptocurrencies. This means the Coinbase wallet is a hot crypto wallet.
Coinbase Wallet Review – Platform Interface
Based on the features of hot wallets in the crypto space, Coinbase wallet stores the majority of the crypto coins online. It does not use cold storage services such as hardware wallets and an encrypted data device. However, being a hot wallet, it is also prone to cyber threats and online crypto hacking.
People actively use the wallet to interact with decentralized applications (dApps) on the Bitcoin and Ethereum ecosystems. The wallet can be easily integrated into dApp browsers, allowing users to create Coinbase accounts on all devices, including Android and iOS mobile platforms.
Coinbase, as a company, was launched in 2012 to create a crypto-friendly trading environment. Today, the Coinbase platform handles billions of dollars worth of cryptocurrencies with its exchange services and wallet utilities. Advanced innovations have made Coinbase a reliable and well-funded company in the cryptocurrency market. Therefore, using the Coinbase wallet has become a sought-after choice for crypto adopters worldwide.
Features of Coinbase Wallet
- Based on online Coinbase wallet reviews, this wallet has had some high-performance features. The wallet is packed with robust security and makes sure that its “hot wallet” status does not lead to hacking incidents.
- The primary feature of Coinbase wallet is managing private keys and storing cryptocurrency wealth of users directly into their devices. It is used as a hot wallet that is compatible with a hardware wallet, such as KeepKey, Ledger, and Trezor. The wallet is not used as a centralized brokerage or exchange; however, it is used for sending and receiving these exchanges.
- Coinbase Wallet can be connected to crypto-friendly bank accounts. The wallet also has various features that help users in buying or selling cryptocurrencies at profitable margins. The wallet is also compatible with major fiat currencies such as the US Dollars (USD).
- The wallet has high compliance features, where certain KYC rules are implemented at the company’s policies. For individuals with uncomfortable credit history, this wallet may not be ideal. Regardless, everyone would like the wallet’s cool features and support services.
Coinbase Wallet Review – Features of Coinbase Wallet
- A key feature of the wallet is helping users store digital collectibles. Non-fungible tokens (NFTs) are becoming rapidly popular in the digital consumer marketplace. Crypto Punks and Kitties are becoming digitalized as collectibles. These NFTs can be properly stored in the Coinbase wallet. Furthermore, the wallet also helps in buying and selling these NFTs across the internet.
- The wallet offers secure storage services. Private keys and public keys are tightly protected on the wallet. The Secure Enclave feature is perhaps the strongest security measure developed by Coinbase. In addition to this, cryptocurrencies are protected on the wallet with biometric authentication. This curbs access to crypto money and enables a restricted user-only entry. The optional cloud backups of the wallet are also quite useful for recovering lost private keys and crypto assets.
Is Coinbase Wallet Trustworthy?
Secure Enclave is the biggest reason why people trust this hot wallet. Coinbase is protected by Secure Enclave technology. This technology safely stores the private keys of the user. It uses authentication options such as 2FA to control the access. SMS authentication via verified phone numbers can help in accessing the wallet. The wallet also uses Google Authenticator for exceptional cases. Furthermore, there is a Coinbase wallet app that grants access only via a four-digit security PIN. This PIN can unlock the wallet on the mobile app and also help in authorizing transactions.
Coinbase Wallet Reviews – Is Coinbase Wallet Safe?
The hacking history of Coinbase has been interesting. Considering every measure of security adopted by the wallet, hackers have not been able to take any major chunk of crypto loot from these wallets. They are secure and hold a zero hacking record.
This should answer the main concern “Is Coinbase wallet safe?” Yes, the wallet is safe and follows best practices on safeguarding digital money. Despite being a hot wallet, Coinbase is a leader in securing payment services in the crypto industry. It ensures that security is enforced at multiple levels.
For example, the wallet processes all its traffic over web-based https-encrypted multi-layered SSL. Users can safely store their sensitive user data and should not worry about splitting with redundancy. The wallet encrypts the data with AES-256. It also creates a backup in FIPS-140 USB drives. After that, the drives are safely stored in physical deposit boxes and safety vaults at different locations across the globe.
Services Offered by Coinbase Wallet
- Coinbase also offers some unique wallet utilities. Being a software product, the wallet provides authorized access to decentralized finance (DeFi) innovations. Users can buy and store their Ethereum ERC-20 tokens on the wallet and link them to DeFi projects. They can participate in online airdrops, which helps them gain crypto coins for free.
Coinbase Wallet Reviews – Services
- The wallet also supports ICOs. It helps Coinbase users invest in new altcoins and stablecoins at the lowest market prices. Collecting rare digital arts as NFTs and digital collectibles is also an additional service supported by the wallet.
Coinbase Wallet Reviews – Benefits of Using Coinbase Wallet
- Browsing dApps and shopping at crypto-friendly stores becomes easy with this wallet. Most stores accept Coinbase for its wallet services in sending crypto. People looking to simply invest in digital financial assets can use this wallet. By far, the Coinbase wallet remains the easiest and safest digital wallet to manage, buy, and sell digital currencies.
Coinbase Wallet Review – Pros and Cons
Here’s an overview of the advantages and disadvantages of the digital crypto wallet by Coinbase.
|The company is well-funded to recoup lost or stolen digital assets.||The wallet may act as a hosted wallet by storing the private keys elsewhere.|
|It protects user control with two-factor authentication.||The wallet is currently not supporting Bitcoin storage.|
|The wallet implements multi-signature access for all users.|
|The wallet is completely backed by Coinbase that is a reputable exchange in the crypto world.|
|The wallet has advanced capabilities for providing access as well as restricting access to the digital financial instruments such as NFTs, altcoins, and stablecoins.|
Getting Started with Coinbase Wallet
The user interface of this wallet is simple and easy to follow. Developers at Coinbase have made this wallet very user-friendly. It is designed for beginners in the crypto world. First-timers would not find any difficulties while using this wallet.
To get started with Coinbase wallet, follow the three quick steps below:-
#1 Sign Up
Users must provide details, such as first and last names, active email addresses, and phone numbers. This step involves creating a secure password for the coinbase account.
#2 Select Your Account Type
Coinbase users can select the individual account or the business account. These options are designed to suit the needs of crypto users. For high-volume crypto storage, a business account is suitable. Otherwise, the individual user account would be best for the rest of the purposes.
#3 Verify Your Phone Number
After confirming the email address, users are required to verify their phone number with the 2FA method. This phone-based verification is the strongest point of access to the wallet.
After these steps, the Coinbase wallet users can set up a payment method. This helps them decide on a suitable crypto asset for storage, sending, and receiving. People residing in the European Union countries and the United States can select various payment methods. Credit card payments are the top choice for Coinbase users. Some choose bank transfers for adding funds to the wallet. By verifying these payment methods, the users can easily transfer fiat money in and out of the wallet.
To send or receive digital assets, the wallet users need to select crypto payment methods. These methods are based on the respective crypto ecosystems. However, if the country of residence does not allow crypto transfers, then the users would have to choose payment methods such as digital platforms that can hold coins in off-shore crypto-friendly bank accounts.
Moreover, the Coinbase wallet helps in sending to or receiving from other crypto wallets. Although for further queries related to Coinbase wallet, you can also check this link.
Coinbase Wallet Review – Pricing and Fees
For Android and iOS users, the Coinbase wallet is available as a free download. People can use it without any charges. The wallet is available as a digital mobile application on Google Playstore and Apple App Store.
Transaction fees, however, are applicable to the wallet and exchange services by Coinbase. There are no fees charged for Bitcoin Cash transactions in between Coinbase wallets. Similarly, the users may only pay network fees for transactions with other crypto wallets.
To trade on the Coinbase platform, the wallet users may get charged with a variable fee. This variable fee depends on the payment method. It also depends on the location of the user and the trade order mode, whether standard or instant. Such variable fees come in the range of 1.49 – 3.99% of the transaction amount.
Users are eligible for Coinbase crypto debit cards at an issuance fee of £4.95. These debit cards enable free domestic usage for monthly cash withdrawals of up to £200. Withdrawals above this limit are charged at 1% transaction fee.
dApp Browser by Coinbase Wallet
The dApp browser by Coinbase is created by a third party. It is not owned by the Coinbase platform. Users have to contact the dApp developer to solve wallet issues with dApps. Similar to Trust wallet, Coinbase wallet has a dApp browser that enables simple API for integrating wallet services into dApps. With this browser, dApp developers can create multi-chain Coinbase applications. Currently, the Coinbase API is used for enabling a Coinbase wallet account and signing crypto transactions on iOS and Android mobile devices.
Coinbase Wallet Supported Coins
Like the Coinbase platform, the wallet supports a limited number of digital assets. The list of cryptocurrencies supported by Coinbase wallet includes:-
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- Ethereum 0x Protocol token (ZRX)
- US-dollar Ethereum (USDC)
- Basic Attention Token (BAT)
- Chainlink (LINK)
- Zcash (ZEC)
- Augur (REP)
- Ripple (XRP)
- Lumen (XLM)
- Electro-Optical System token (EOS)
- Dai (DAI)
The wallet also supports the fiat currencies of several countries. People from different parts of the world can add funds to their wallets by using more than 50 fiat currencies, such as US Dollar (USD), Canadian Dollar (CAD), Australian Dollar (AUD), and Euro (EUR), among others.
Coinbase Wallets Vs Other Wallets – Complete Analysis
Coinbase wallets are majorly compared to other hot crypto wallets such as Exodus wallet and Trust wallet. These comparisons are popularly found in online reviews, mostly because Coinbase has one of the largest user bases in the crypto world.
Coinbase Wallet Vs Trust Wallet
Coinbase Wallet Vs Trust Wallet
Reviewers feel Trust wallet is more business-friendly while the wallet by Coinbase is more user-friendly. The quality of ongoing Trust wallet products, however, is not at par with that of Coinbase. The support features of the Trust wallet are decent. Coinbase wins in terms of wallet features and firmware updates. It also has easy roadmaps for all kinds of crypto users.
Coinbase Wallet Vs Exodus Wallet
Coinbase Wallet Vs Exodus Wallet
When scored on value for the money, Coinbase offers more cost-effective wallet services than the Exodus wallet. It also emerges as the crypto wallet with the best quality and price ratio between the two. The Coinbase brand adds more value to the wallet users. When it comes to hot crypto wallets, Coinbase holds a higher value over Exodus.
Coinbase Wallet Customer Support
Coinbase customers can connect with the customer service representatives via phone, email, and Twitter. By logging into the Coinbase website, the user can get access to an email support form. This request form has the phone number for making inquiries. Submitting the online form is also helpful to get the best customer support for the wallet.
Coinbase Wallet Reviews – Customer Support
Coinbase Wallet Review – Final Thoughts
All things considered, the Coinbase wallet is an excellent option for a cryptocurrency wallet. It is likely to evolve to next-level security and crypto-transactional efficiency in the near future. Despite the limited support for digital currencies, the wallet supports other wallets and fiat currencies. It is easy to use and has the safest utility compared to any other wallet that makes it one of the top online crypto wallet. The wallet is well-tested and serves as a great companion for users of the Coinbase exchange platform. It can be used by digital currency experts as well as beginners. The rigorous security measures, zero-hack history, and its overall solid reputation make Coinbase wallet an easy pick for cryptocurrency buffs around the world.
Here are some answers to common questions on Coinbase wallet:-
Is It Free to Use Coinbase Wallet?
Yes, the wallet is free to use. However, it charges 1-4% fees on transactions.
How Do I Get My Money Out of a Coinbase Wallet?
To get money out of this wallet, the user must link it to a crypto-friendly bank account and select Bank Transfer as the withdrawal option.
Is Coinbase Wallet Safe to Use?
Yes, the wallet is safe to use and holds a zero-hack history, unlike any other wallet.
Is Coinbase a Good Cryptocurrency Wallet?
The wallet is good for beginners as well as crypto trade experts. However, it holds limited support for digital currencies.