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| Type of wallet | Mobile, Chrome Extension |
|---|---|
| Price | Free |
| Fees | Customizable transaction fees |
| Number of cryptocurrencies supported | 44,000+ |
| Bitcoin and Ethereum supported? | Yes |
| Earn (staking/rewards) | Yes |
| Customer Service | Help Center, Support Tickets, Live Chat, Phone Support |
| In-App Features | Buy, Swap, Earn |
| Hardware Compatible | Yes |
| SPV or Full Node | Simplified Payment Verification (SPV) |
| Mobile App | Yes. Android, iOS |
Features
Coinbase Wallet is a non-custodial crypto wallet that enables users to securely store 44,000+ digital assets, interact with decentralized applications, and manage their Ethereum-based NFTs.
Currently, Coinbase Wallet supports the Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple network, as well as numerous Ethereum Layer-2 solutions, such as Arbitrum and Optimism.
Users can swap Ethereum- and Polygon-based assets directly within the app’s decentralized exchange feature. Non-Ethereum and Polygon assets can be purchased using the in-app crypto buying option.
Additionally, Coinbase Wallet allows users to seamlessly earn interest on their crypto assets within the user-friendly mobile wallet.
Arguably one of the most exciting features of Coinbase Wallet is that it allows users to manage their Ethereum-based NFTs. NFTs enable artists, creators, and brands to sell digital art, collectibles, music, and more that are verifiably unique thanks to the tokens’ underlying technology, called the blockchain.
Finally, the decentralized wallet does not charge any wallet fees – only blockchain network fees – making it one of the best low-cost crypto wallets on the market.
Security
Coinbase Wallet puts a strong emphasis on security.
First and foremost, the wallet is a non-custodial (or decentralized) wallet, which means only the user has access to their wallet’s private keys. So even if Coinbase’s servers are compromised, attackers would not be able to access Coinbase Wallet users’ funds.
The wallet also enables users to set a PIN or password (depending on whether it is the mobile or browser extension version) and provides biometric verification for mobile app users.
While Coinbase.com users have fallen victim to fraud and hacks, Coinbase Wallet’s code has not reportedly been compromised or posed any security risks to its users. Coinbase.com is Coinbase’s centralized digital asset management and exchange platform that operates separately from Coinbase Wallet.
While all leading cryptocurrency wallets provide a high level of security for your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Never share your wallet’s login details, recovery phrase, or private keys with anyone.
Privacy and Anonymity
Coinbase Wallet is a non-custodial wallet, which means only the user has control over the wallet’s private keys. There is no need to provide a name, email address, or any other personal information to use Coinbase Wallet, resulting in a high level of user privacy and anonymity.
Setup
You can use Coinbase Wallet on mobile (Android and iOS) or as a browser extension. Let’s take a look at how to set each one up.
Browser Extension
If you prefer to access decentralized applications (dApps) on your computer, you will probably prefer to use the Coinbase Wallet browser extension. The extension has a clean and simple user interface and is primarily for active dApp users.
Setting up Coinbase Wallet as a browser extension is easy. All you need to do is access coinbase.com/wallet, click on “Download Coinbase Wallet,” and add the extension to your internet browser.
Once you can view the Coinbase Wallet icon in your list of browser extensions, click on it to start the wallet creation process. Click “Create new wallet” and securely store the 12-word recovery phrase to back up your wallet. Once you have confirmed that you have noted down your recovery phrase, you can start using the wallet in your browser.
Mobile App
The mobile version of Coinbase Wallet is more user-friendly for beginners as it clearly outlines all of the wallet’s features. For example, once you have transferred funds to your Coinbase Wallet or bought crypto within the app, you can start earning interest on your crypto assets with a few clicks in the app.
Setting up Coinbase Wallet on your smartphone is also a fairly straightforward process. Download the app from the App or Play Store, depending on your device’s operating system, and then click on the app icon.
You will be asked whether you want to create a new wallet or restore an existing wallet. If you have already set up Coinbase Wallet as a browser extension, you can use the recovery phrase to access the same wallet on mobile as well. If you want to create a new wallet, you click on “Create new wallet,” and securely store (and then confirm) your new wallet’s recovery phrase.
Once that’s done, you can start using Coinbase Wallet on your smartphone.
Customer Service
While Coinbase has always put user-friendliness at the center of its products, customer service has historically been an issue.
There is a long list of customer complaints on Trustpilot, with poor customer service, seemingly nefarious account closures, and frozen accounts being the main complaints.
Cost & Fees
Coinbase Wallet is free and does not charge any wallet fees. However, users are required to pay blockchain transaction fees when they send funds or interact with a smart contract. Smart contracts are autonomous programs based on what/if-based scenarios that automatically execute when predetermined conditions are met. They enable developed to build decentralized blockchain applications.
What’s more, transaction fees are customizable, so users can decide how much they want to spend on blockchain fees. The more users pay in fees, the faster the transaction will settle.
Final Verdict
Coinbase Wallet is a leading crypto wallet that enables users to store a wide range of digital assets (including NFTs) and access web3 applications on mobile and via a browser extension. As a non-custodial wallet, Coinbase Wallet users have complete control over their digital assets and how they choose to use them.
Existing Coinbase users will enjoy the integration between Coinbase.com and Coinbase Wallet for seamless crypto purchases, while all users benefit from Coinbase Wallet’s low fees.
Methodology
Before you transact in and store cryptocurrencies, you should have a suitable crypto wallet in place. We conducted a comprehensive review process of the top cryptocurrency software wallets to help you determine the wallet that fits your needs.
Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.
Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.
