Review of Coinbase Wallet 2022: What are the Pros and Cons? How Does It Compare

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  Easy transfers from Coinbase, America’s largest exchange.
  

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  Wide range of supported cryptocurrency.
  

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  Access to a decentralized application or dapp includes staking tools as well as NFT marketplaces.
  

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  No desktop application.
  

Selection: The Coinbase Wallet is capable of storing a large number of digital assets. According to its website, the wallet can store hundreds of thousands of coins. This includes all ERC-20 tokens that are built on Ethereum technology.

HTML3 functionality: The Coinbase Wallet lets users buy, trade, and earn rewards on cryptocurrency or NFTs without leaving their assets in the care of a central exchange.

Conversion from cold storage: Coinbase Wallet partners with hardware wallet Ledger in order to make it easy to transfer assets to offline storage.

Open source but not fully open source. Coinbase Wallet offers an open-source protocol for developers to create applications that work with the wallet, but the software itself is not open-source. Some users prefer that wallet software be completely open-source so they can verify the security of the code and not have to trust the developers.

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  Mobile, or browser-based hot stock with easy access to exchanges.
  

Coinbase Wallet can be used as a self-custody wallet. This is because you can’t lose crypto if the exchange goes down or gets hacked. But, if your security information, such as your password or recovery phrase, is lost, your crypto could be lost. The wallet cannot help you retrieve it like an exchange.

Coinbase wallet has an open-source protocol developers can use to create applications to work with it. However, the entire software isn’t open source so you have to trust the code.

Coinbase claims that its wallet supports all ERC-20 tokens. These tokens number in the hundreds and thousands. It also supports Bitcoin, Dogecoin, and Litecoin. Coinbase Wallet will no longer support Ripple, Stellar, Ethereum Classic, Stellar, and Bitcoin Cash in January 2023.

Coinbase Wallet allows you to trade and make purchases directly from your wallet. Coinbase claims that the wallet supports thousands of cryptocurrencies including tokens from the Ethereum blockchain and NFTs.

Coinbase Wallet, also known as software or hot wallet, stores keys to crypto assets via software on an internet-connected device.

A cold wallet is a way to add security to your crypto. It stores your coins on a physical device and keeps your keys offline. Coinbase Wallet allows you to convert cryptocurrency into cold storage devices made by wallet maker Ledger.

Coinbase can be accessed via a browser extension or mobile app, but there is no desktop application.

Coinbase offers a variety of education content on cryptocurrency to help you manage your digital assets. The Coinbase Wallet mobile app and browser extension offer basic tools to track the performance of your cryptocurrency portfolio.

Pricing: While Coinbase Wallet is completely free to use, it’s important that you understand the network transaction fees for cryptocurrency and how they work before using any digital wallet.

Coinbase Wallet is a great option if you want to store a variety of cryptocurrencies and have easy access to the decentralized finance ecosystem.

NerdWallet’s thorough review evaluates and ranks products that enable U.S. customers store, send, and receive cryptocurrency. We aim to give you information that will help you make informed decisions about which providers are best for your needs. We follow strict guidelines regarding editorial integrity.