The bottom line is that Coinbase’s cryptocurrency wallet allows you to move your funds from a custodial exchange into your own hands. Coinbase Wallet is a mobile app and browser extension which supports hundreds of thousands of cryptocurrencies. It also provides built-in access and control to decentralized applications such as yield farming, staking, and non-fungible tokens.
Pros & Cons
Easy transfers from Coinbase, America’s largest exchange.
Wide range of supported cryptocurrency.
Access to a decentralized application or dapp includes staking tools as well as NFT marketplaces.
No desktop application.
Table Of Contents
Where Coinbase Wallet shines
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.
Where Coinbase wallet falls short
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.
Which Coinbase Wallet is the best for?
Mobile, or browser-based hot stock with easy access to exchanges.
Coinbase wallet at a glance
More information about Coinbase Wallet’s ratings
Security: 2 stars
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.
Selection: 5 of 5 stars
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.
Integration 5 out of 5 stars
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.
Storage 5 out of 5 stars
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.
Functionality: 3 stars
Coinbase can be accessed via a browser extension or mobile app, but there is no desktop application.
Tools: 5 out of 5 stars
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.
Additional details about Coinbase Wallet
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 it right for me?
Coinbase Wallet is a great option if you want to store a variety of cryptocurrencies and have easy access to the decentralized finance ecosystem.
How do we review cryptocurrency wallets?
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