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By reading this Coinbase Wallet review you will learn about the various benefits of this popular cryptocurrency storage solution. In addition, you will also understand whether this software wallet fits into your requirements.
The Coinbase Wallet is considered to be one of the safest mobile wallets in operation. Originally designed to accommodate Ethereum and ERC20 tokens, it has today expanded to support a variety of cryptocurrencies, including Bitcoin. As you will see in this Coinbase Wallet review, this app lets you send, receive, and store coins with ease, even if you’ve only just started trading cryptocurrencies.
A common misconception is that you need an account with the Coinbase Exchange in order to operate the wallet. Allow us to clarify this at the very start of the Coinbase Wallet review in order to avoid confusion. In fact, you can use all the functionalities of the wallet without opening an account with the exchange.
The Coinbase Wallet provides numerous benefits beyond cryptocurrency transactions. With it, you can participate in airdrops and ICOs, access Decentralised Apps (DApps), shop online with cryptocurrencies, and even collect rare digital art. Furthermore, the wallet’s user-friendly interface lets you chat and carry out transactions with your friends without needing their wallet addresses.
How does Coinbase compare to other crypto wallets?
It is noteworthy to point out that this crypto wallet is different from the exchange wallet available on Coinbase.com. The main difference between the two is that the exchange wallet will store private keys Coinbase’s servers, whereas the Coinbase Wallet will store the keys on the user’s own device. Additionally, the latter wallet allows users to move assets from their existing wallet apps like Metamask, MyEthereWallet to it with ease.
It displays the current price of the digital assets in your local currency. It supports more than 100 different currencies including EUR, GBP, USD, AUD, and CAD. Moreover, it allows users to buy and sell tokens from leading decentralized exchanges. The Coinbase Wallet app is available for free download on both Google Play Store and iOS App Store.
Currently, the Coinbase Wallet allows you to store Bitcoin, Ethereum, ERC20 tokens and ERC 721 collectables. The wallet can also be used to receive tokens bought from the ICO token sale event. Support for Bitcoin Cash and Litecoin will be added very soon.
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The Coinbase Wallet can be installed on iPhone, iPad and iPod Touch, provided that the device runs iOS 11.0 or later versions. To install on Android phones and tablets, it requires at least the Android 6.0 version.
Coinbase Wallet is available to users around the world and does not require residency information. This means that you can use the wallet wherever you are located, as long as cryptocurrencies are legal. As a result, users from the UK, USA, EU, Australia, Canada, Japan, and many more can all enjoy the benefits of this free wallet.
It won’t take much of your time to set up your Coinbase Wallet. Simply follow the steps below to get started.
Depending on your phone, you can download and install the Android/iOS app of the Coinbase Wallet, if your device operates on Android, click on this link. As for iOS devices, you can check out this link.
You can follow the procedure below to create a wallet account on iOS or Android platforms. Coinbase Wallet doesn’t ask for your email address or phone number to create the account. Instead, you only have to provide a unique username, which is not already used by someone else.
A popular feature of the Coinbase Wallet is that it provides anonymity to users who send, receive, and store cryptocurrencies. However, should you wish to buy or sell cryptocurrencies using fiat currencies, or if you need to effect withdrawals, then you will need to open a verified Coinbase account. Coinbase is a regulated exchange which requires that all users provide personal details in order to open and operate an account. You can find more information about verification requirements on our Coinbase Exchange review.
Congratulations! You have successfully created an account on the Coinbase Wallet and finished the initial configuration.
You can send Ethereum and other ERC20 tokens from Coinbase Wallet to other exchange wallets, hardware wallets or other users.
Congratulations! You have successfully sent the digital currency from your Coinbase Wallet.
To receive Ethereum, BTC, ERC20 tokens or other collectibles, you must provide your Coinbase Wallet address to the sender.
That’s it! You will receive the digital currency or ERC20 tokens from the sender once the transaction gets completed.
The wallet app lists 10 different addresses to receive the tokens. By default, the Wallet 1 address is selected. If needed, users can select any other address in the list as the default address by navigating to Settings > Advanced > Active wallet.
While the Coinbase Wallet is free to download and set up, users are charged fees based on certain usage and transactions. Receiving and depositing funds is also free, however, sending funds will incur charges. Fees are also applicable when you convert coins, such as exchanging Bitcoin for Ethereum. Generally, fees range between 1.49% and 3.99%, but they can also exceed these values in certain situations.
As we carried out research to write this Coinbase Wallet review we did not find any details regarding transaction limits. It is likely that no significant limits are in place when sending and receiving coins and tokens. However, keep in mind that Coinbase Exchange limits apply if you want to buy or sell coins through the online broker.
As we’ve mentioned earlier in this Coinbase Wallet review, the wallet itself does not directly support buying and selling coins. Instead, you can connect it to your Coinbase account in order to convert fiat currency into cryptocurrencies. With this integration, you will be able to use your Visa card or any other supported method to exchange currencies.
The same applies for effecting withdrawals back to your bank account. If you have Bitcoin, Ethereum or any other coin stored in your Coinbase Wallet you will first need to transfer it to your Coinbase account. From there, you can sell it and give instructions for the funds to be deposited into your bank account in the appropriate currency. This means that if you live in the UK, for example, you would be able to instruct Coinbase to deposit your funds in GBP.
Coinbase Wallet is considered to be highly liquid and there are no signs that users have experienced significant delays to trade their funds. The wallet forms part of the greater Coinbase organisation and can, therefore, rely on the muscle of a major corporation to ensure its liquidity if this ever became an issue.
Should you wish to permanently close your Coinbase Wallet you should get in touch with customer service directly from the Android or iOS app. Before your account is closed, ensure that you do not have any funds in your wallet. You can sign out of your app anytime, but it is important that you have stored your recovery phrase as you will need it to log in.
Since the Coinbase Wallet is a standalone product, the private keys will be stored only on the user’s device using Secure Element Technology and not on the server of coinbase.com. If your wallet account is protected with a Touch ID (biometric authentication), as to get an identical fingerprint-like yours is almost impossible for funds hackers to steal funds. Also, it is possible to configure an auto-lock timeout from 1 minute to an hour. If this feature is enabled, the app will get locked automatically after the specific timeout and it can be reopened only after authentication using Touch ID.
Coinbase Wallet is not an HD (Hierarchical Deterministic) wallet and the recovery phases follow the BIP39 standard.
It’s good to keep in mind that when it comes to trading CFDs on a CFD trading platform, there is no need to make use of crypto wallets – and this makes safeguarding your profits easier. CFD trading platforms also offer compensation schemes. Check out our recommended CFD trading platforms here:
If your mobile phone gets lost, broken or stolen, there’s no need to panic, as you can easily recover your account if you have the 12-word recovery passphrase. This is shown at the initial setup of your wallet account. If you forget or wouldn’t have taken note of the recovery passphrase, it wouldn’t be possible to recover your Coinbase Wallet account. The best option would be to contact the Coinbase Wallet team by sending a detailed email to [email protected].
To conclude this Coinbase Wallet Review, we will take a look at how it is viewed by the online community. The majority of crypto traders are able to quickly add the new ERC20 tokens on their Coinbase Wallet. Even though seasoned and professional investors are more interested in hardware wallets, the Coinbase Wallet is still a great choice among beginner traders. A lot of Redditors find this wallet extremely good to store the digital collectables like the crypto kitty. As the wallet has an integrated DApp browser, investors can easily find and participate in the latest ICO token sale events to buy the ERC20 tokens.
An important benefit of the Coinbase Wallet is reliability, especially during peak usage times. As confirmed by hundreds of online users, the wallet provides a seamless and hassle-free way to send and receive cryptocurrencies.
Trezor Wallet supports more than 700 digital currencies and tokens whereas the Coinbase Wallet supports only ERC20 tokens, BTC, Ethereum and Collectibles. Coinbase Wallet stores the recovery passphrase on your device whereas Trezor never stores the BIP39 passphrases. Trezor is considered more secure than Coinbase Wallet due to its advanced security features. Unlike the Coinbase Wallet, Trezor cannot be used to store digital collectables.
KeepKey is a hardware wallet whereas the Coinbase Wallet is a standalone software. While KeepKey allows the users to store BTC, BCH, LTC, DASH, DOGE, BTG, ETH, ERC20 tokens and so on, Coinbase wallet can only hold Bitcoin, Ethereum and ERC20 tokens. Both the wallets provide a recovery option in case the device is lost, broken or stolen. KeepKey is compatible with PC, Mac, Android and Linux whereas Coinbase Wallet supports only Android and iOS devices. As KeepKey is a cold storage wallet, it is considered more secure than Coinbase Wallet.
Portability – 3.5
Security – 3.5
Ease of use – 4.5
Cryptocurrency Support – 3.8
In our Coinbase Wallet review we provide you with step by step instructions of how to transfer Bitcoin to and from your wallet.
Coinbase is amongst the safest hot wallets in the world, implementing a variety of security measures including Touch ID and Secure Element Technology.
On your Primary Account page you will find a list of supported cryptocurrencies. Click on any one of them to open your address.
Yes, you can backup an encrypted version of your private keys to any of the supported cloud storage options.
Trusted by both novice and professional traders to secure their digital assets, Ledger Nano S is the most popular and secure hardware wallet.
Exodus is a desktop client or software wallet that gives users accessibility to not only to store but even exchange blockchain-based assets.