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Coinbase Wallet Review

By Jinia08/16/2023

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The world of digital currencies can be overwhelming, especially if you’re just starting. That is why the Coinbase Wallet is built with a simple design that is not only user-friendly but also secure and reliable. 

With so many options available in the market, it’s crucial to have a platform that prioritizes the safety of your digital assets. Coinbase Wallet offers top-notch security features, such as two-factor authentication and biometric login options, protecting your funds from potential threats.

Moreover, the user-friendly interface of Coinbase Wallet makes it easy for beginners to navigate the complex world of digital currencies. It provides a seamless onboarding experience, guiding users to set up their wallets, buy, sell, and manage their cryptocurrencies. The intuitive design eliminates the steep learning curve that often comes with entering the crypto space, making it accessible to a wider audience.

Here is a detailed review of what the Coinbase wallet has to offer. 

Pros

  • It's free to use

  • Easily integrates with the Coinbase

  • Supports most cryptocurrencies

  • Highly secure

  • Support team available

  • Staking tools and NFT marketplace included

Cons

  • It’s a hot wallet

  • Support could be better

  • Not completely open source

History of Coinbase Wallet

Coinbase Wallet was founded in August 2017 by Coinbase, one of the world’s largest and most well-known cryptocurrency exchanges. The wallet was initially released as a decentralized app (dApp) browser and wallet for Ethereum-based tokens. The wallet was primarily designed for mobile devices and is available for both iOS and Android platforms. Its user-friendly interface makes it easy for beginners to navigate and manage their digital assets.

This wallet is non-custodial, meaning it gives users full control over their private keys. Private keys are stored locally on the user’s device, enhancing security and ensuring that only the user can access their funds.

Moreover, Coinbase Wallet includes an integrated dApp browser, allowing users to access and interact with decentralized applications directly from the wallet. This feature lets users explore various blockchain-based services, such as decentralized exchanges, games, and finance apps.

Coinbase Wallet Set-Up 

To download and set up the Coinbase wallet, follow these simple steps. 

1. First, go to the official Coinbase website and click on the “Sign Up” button. 

2. Fill in your personal details, including your name, email address, and password. Make sure to choose a strong password to protect your account. 

3. After providing your information, click on the “Create Account” button. You will then receive an email from Coinbase with a verification link. 

4. Open the email and click on the link to verify your account. Once your account is verified, you can proceed to download the Coinbase wallet app on your mobile device.

5. Once the app is downloaded and installed, open it and sign in using the email and password you used to create your Coinbase account.

6. After signing in, you will be prompted to set up your wallet. Click on the “Get Started” button to proceed. The app will then guide you through the process of setting up your wallet. 

7. You will be asked to choose a secure PIN code for accessing your wallet. Make sure to choose a unique PIN code that is not easily guessable. Once you set up your PIN code, you will be asked to write a recovery phrase. This recovery phrase is crucial for recovering your wallet in case you lose access to your device or forget your PIN code. Write down the recovery phrase and keep it in a safe place.

8. After setting up your wallet, you can now start using it to store and manage your cryptocurrencies. You can buy, sell, and trade cryptocurrencies directly from the app. You can also send and receive cryptocurrencies by scanning QR codes or entering the recipient’s wallet address. 

Supported Cryptocurrencies

The wallet supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and various ERC-20 tokens. This allows users to securely store and manage multiple digital assets within a single wallet.

In addition to supporting multiple cryptocurrencies, Coinbase Wallet is Web3 compatible, meaning it can interact with Web3-enabled websites and services. This compatibility enables users to sign transactions, interact with smart contracts, and participate in decentralized finance (DeFi) applications.

Is Coinbase Wallet Safe?

Coinbase Wallet incorporates various security measures, including biometric authentication (fingerprint or face ID), secure enclave storage, and encrypted backups. Additionally, users have the option to enable a password-protected vault to provide an extra layer of security.

Can I Make Coinbase Wallet More Secure?

Yes. Coinbase is compatible with hardware wallets made by Ledger like the Nano S Plus and the Nano X.

Hardware wallets, which are sometimes referred to as cold wallets, add an extra layer of security by storing your private keys offline.

They easily connect to wallets like Coinbase Wallet to make it ultra secure. The only downside is they do cost money and there is a slight learning curve to using them.

Fees

Coinbase wallet is free to download and there are no fees for sending or receiving crypto.

If you elect to buy crypto through Coinbase Wallet’s connect with Coinbase Exchange you’ll pay the regular fees associated with the exchange.

These fees vary depending on the type of transaction and the payment method used. For example, if you are purchasing cryptocurrencies using a debit or credit card, Coinbase charges a fee of 3.99% per transaction. On the other hand, if you use your bank account to buy cryptocurrencies, the fee is significantly lower at 1.49%. It is important to note that these fees can change based on your location and the specific cryptocurrency you are trading.

Keep in mind there will also be regular network fees depending on the blockchain you use. For instance Ethereum is one of the more expensive cryptocurrencies for fees while alternatives like Polygon and Solana charge extremely low network fees.

Coinbase wallet calculates and displays the network fee before confirming the transfer, ensuring transparency for users. The fee amount depends on the blockchain network’s current congestion and the transaction size in bytes. Generally, network fees are dynamic and can fluctuate depending on the demand and supply of transactions on the network.

Advanced Trading Options

Apart from robust security features, Coinbase Wallet also features the Coinbase Advanced Trade API (formerly Coinbase Pro) that lets expert traders safely and easily buy, sell and trade digital assets online.

The features are powered by Trading View and come with advanced order types that give crypto traders access to DeFi (Decentralized Finance) capabilities such as staking, accessing credit with a card and even using dApp wallets.

Conclusion: One of the Best All-Around Wallets

So there you have it, the Coinbase wallet offers a secure and user-friendly platform for individuals to store, manage, and trade their cryptocurrencies. It’s a non-custodial wallet with advanced security measures, including biometric authentication and offline storage, to ensure that your digital assets are kept safe from potential threats.

The wallet’s intuitive interface and seamless integration with the Coinbase exchange make it a convenient choice for both beginners and experienced traders. Additionally, the wallet’s support for a wide range of cryptocurrencies and its ability to connect with decentralized applications further enhance its functionality.

Article tags

Wallets
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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