Based in the US, Coinbase is a worldwide popular cryptocurrency exchange, founded in 2012 and later developing to be the number one go-to in the crypto market.
This secure platform offers a range of products to new and experienced crypto investors, from its own stablecoin currency (USD Coin) to custodial accounts, an advanced trading platform for buyers and sellers, as well as a wallet that can be used to store crypto assets and access the decentralized internet.
With Coinbase, users are given an opportunity to purchase or sell digital money in exchange for fiat money (government-issued currency). Coinbase is going public soon and Marc Andreessen joined its board before IPO.
In this Coinbase Wallet review, all essential information about the cryptocurrency wallet is covered in detail, but worry not — this article has it all categorized into understandable portions for you!
What Is Coinbase Wallet?
A product of the Coinbase financial system, Coinbase Wallet is a cryptocurrency storage wallet and dApp (decentralized application) browser available for both Android and iOS devices.
This easy and secure wallet grants users the eligibility to hold their own private key (ownership of a cryptocurrency). Apart from the official Coinbase app, Coinbase Wallet is an independent app that users can utilize to access decentralized apps and store or own digital money, which is held directly on their devices.
Similar to a real-life wallet, users have complete control over their funds/assets while managing their own private keys. Additionally, a user is not necessarily required to have a Coinbase account if they are interested in using the Coinbase Wallet.
Coinbase Wallet Investors
According to Crunchbase (the trusted source for company insights), the number of Coinbase Wallet investors is a good 57, with six of the capitalists being the lead investors.
Some of the notable venture capitalists include Y Combinator, Polychain and Tiger Global Management, the last one being one of the lead funders. In total, the company has raised over $547 million USD.
Is Coinbase Wallet Good?
With the cryptocurrency market being extremely vulnerable to volatility, anyone would be stressed over which wallet to choose — and while this is understandable, Coinbase Wallet has proven to be a trustworthy solution.
This quality wallet is not only secure, but also fairly easy to use and is highly recommended by crypto users across the world.
Dubbed as the “best digital wallet”, Coinbase Wallet allows users to buy and store ERC20 tokens and additional digital assets (collectibles), as well as offers the opportunity to easily explore decentralized apps.
It is preferred by most users as the safest currency storage, with tight and advanced security features, and has been in use since its launch in 2018. An in-depth analysis of the positives and drawbacks will be covered later in this Coinbase Wallet review.
What Is The Difference Between Coinbase And Coinbase Wallet?
It is easy to often confuse Coinbase with Coinbase Wallet, but in essence, the two are entirely separate products of the same company (Coinbase Global, Inc.).
Coinbase is the main platform, also referred to as ‘Coinbase Consumer’, and Coinbase Wallet is exclusively a mobile app.
The centralized exchange Coinbase, which offers a native wallet within itself for users, works as a broker in the trade of cryptocurrencies, whereas Coinbase Wallet is exactly as its name explains — just an external wallet.
Moreover, there are two distinct apps by the names “Coinbase”, and “Coinbase Wallet”, and users frequently misunderstand that the two apps are related.
However, aside from being products of the same company, they aren’t related; the Coinbase app exists to allow crypto buyers and sellers to interact, just like they would on the Coinbase.com website. Coinbase Wallet can be used by anyone – even those without the general Coinbase app, or a Coinbase account.
To further differentiate the two, users do not have complete control of their custodial wallets in Coinbase, where they are not eligible to hold their private keys. But as mentioned earlier, Coinbase Wallet is non-custodial, and enables users to have ownership over their cryptocurrencies.
How Does Coinbase Wallet Work?
This easy access wallet and dApp browser does not require excessive technological knowledge, and is as simple to use as the following steps:
- Download the official Coinbase Wallet app (available for iOS and Android).
- Upon opening the app, you are given two options: create a new wallet, or recover an existing wallet.
- After agreeing to the rules and regulations put forth by Coinbase, you will be required to enter a username. This username is what will be used for transactions within the wallet.
- Users can choose to have a public profile (which can be looked up by others), or a private profile.
- After selecting a privacy preference, click next to enter a password or biometric lock for your wallet.
- At the next stage, Coinbase Wallet will inquire if you need a backup. This is done by acquiring a 12-word recovery phrase (or ‘seed’), which is very important to later recover or transfer your wallet.
- You will also be given an auto generated address that can be used to store digital assets (such as Ethereum based tokens or collectibles)..
- Once setup is completed, the app is comfortable and easy to get through.
- If required, you can link the wallet to your Coinbase account, and transfer funds to and from your wallet.
- With the auto generated address, you can transfer funds like ETH from your main Coinbase account to the wallet, which can be used to access dApps and buy tokens. The purchased tokens will be stored in the Coinbase Wallet.
What Makes Coinbase Wallet Unique?
With a clean, uncomplicated interface, Coinbase Wallet provides the potential to receive or send crypto money to simple usernames (known as ‘public keys’). This key feature promotes a different variety of uniqueness; anyone can invest in cryptocurrencies, and the process is nothing convoluted.
What’s more, this unique mobile software has a built-in dApp browser, making it possible for new as well as experienced members to explore the DeFi world. This browser can be used just like any other web browsers, and allows users to interact with websites through their wallets.
How Do I Get A Coinbase Wallet?
As covered in the previous segment in this Coinbase Wallet review, getting this non-custodial wallet can be done in an easy and understandable way.
For mobile users, the official Coinbase Wallet app is available for download. Once downloaded, you must simply set up a username and passcode to open a new wallet.
Pros And Cons Of Coinbase Wallet
So far in this Coinbase Wallet review, we’ve seen that the aforementioned platform is a trusted and safe option for cryptocurrency dealings, be it storing or purchasing coins. But, as with every other online software, Coinbase Wallet is packed with both costs and benefits, all of which are summarized below.
Pros of Coinbase Wallet
- Being user-friendly and easy to access, Coinbase Wallet offers a great alternative to complicated web wallets, helping new users to readily familiarize with the crypto world.
- Completely free to use, Coinbase Wallet provides free wallet service and charges no fee during or after the registration process (However, charges are applicable for exchanges).
- Exchange transaction fees are decent.
- High security wallet that ensures users’ digital assets are well-protected.
- Mainstream cryptocurrencies are supported.
Cons of Coinbase Wallet
- Only a few coins are supported. Although this may change in future, Coinbase Wallet currently only supports very limited cryptocoins, in addition to ERC20 tokens. For beginners, this isn’t necessarily a setback, as the popular currencies are more than enough to start out with. But for users that are interested in investing in lesser known currencies, this may become an issue.
- Coinbase Wallet requires a constant internet connection.
- Another drawback that users often encounter is that Coinbase has a much slower support system in comparison to other cryptocurrency platforms, so when a user has issues with their Coinbase Wallet, it may take a while to get professional assistance. (Fortunately though, it is rare to face issues with the wallet as it’s extremely simple to use.)
Is Coinbase Wallet Safe?
Protected with biometric authentication and user-controlled private keys, the safety of assets held in this wallet is significantly the user’s responsibility.
A user must keep their private key secured as a secret, and never share it publicly; this is the first and foremost important step to maintain a safe wallet online. To tighten security, Coinbase Wallet claims to have protected private keys with Secure Enclave.
However, being a hot wallet where crypto is located online, Coinbase Wallet is still vulnerable to hacking. To further enhance security against hackers, the wallet uses two-factor authentication and multi-signature schemes (multiple private keys).
This improves the wallet’s security level above average. What makes users trust this wallet all the more, is the known fact that Coinbase is regulated and licensed.
Is Coinbase Wallet Free?
With all the wonderful features detailed in this Coinbase Wallet review, one may wonder — is this app really free? Yes, Coinbase Wallet is completely free to download and access.
There are charges that can be applied for advanced transfer transactions and exchanges, but the wallet itself is free of charge. Users can store as much money as they are willing to, at no cost.
The dApp browser can also be accessed without incurring costs, further making Coinbase Wallet an ideal choice.
Can Coinbase Wallet Be Hacked?
As of 2021, Coinbase Wallet retains its history of having never been hacked or breached. Besides granting users permission to fully control and protect their private keys, Coinbase wallet takes extra measures to offer top-tier security by using two step verification codes, confirmation requests, and multi-signature methods.
Moreover, Coinbase Wallet has attained trust from users in the crypto community thanks to years of successful protection against hackers.
In contrast though, cybersecurity specialists have stated that the weak link will always be passwords set by the users; people simply do not create unique passwords for individual services that are sufficiently strong. This is what allows hackers to formulate attacks, no matter how strong the encryption is.
But unlike with a custodial wallet where a third party is in charge of handling crypto assets, Coinbase Wallet does not store private keys or digital assets in one same area for hackers to target. As such, hackers may just not concern themselves with hacking separate individual accounts.
How Do I Use Coinbase Wallet?
Once the previous steps in the Coinbase Wallet review are followed to open a new account, users can navigate through the app with little to no difficulty. Users can participate in airdrops and ICOs with the app. By clicking on the dApp portal, users can browse through either recommended dApps or any specific app of their choice.
Additionally, it is possible to transfer funds and assets to Coinbase from Coinbase Wallet, and vice versa. This can be done by simply connecting a registered Coinbase.com account to the wallet app.
Coinbase Wallet Review
Even with a few drawbacks, Coinbase Wallet doesn’t cease to be one of the best choices of crypto money wallets. And this isn’t unreasonable. That said, the top features of this wallet are reviewed below.
Ease Of Use
With just a username, Coinbase Wallet enables users to receive or send payments to anyone across the world, without any fee. What’s more – you do not necessarily need to have a Coinbase.com account to use all functionalities of this app. The simple interface design provides a quality user experience.
In addition to allowing users to completely own their crypto assets, Coinbase Wallet ensures maximum protection with security features like biometric authentication and an option to store recovery seeds in an encrypted form which cannot be accessed by outsiders. With users being in full control of their own private keys however, they are responsible for ensuring the keys are inaccessible by outsiders.
Coinbase Wallet Supported Coins
Although it is a highly preferred mobile app in the crypto market, Coinbase Wallet unfortunately does not support an extensive list of coins yet. As of today, some of the supported currencies include the following:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- Ripple (XRP)
- Stellar Lumens (XLM)
- All ERC-20 tokens (such as Dai or USDC)
Coinbase Wallet Fees
Another reason this Coinbase Wallet review emphasises on the good side of the wallet is because it is entirely free to use.
The app is free to download, the registration process charges no fee, and there is no associated fee with transferring or storing crypto.
The only time charges do apply is when transacting exchanges or advanced transfers. Still, compared to other wallets, Coinbase Wallet prices its fees fairly, and is affordable by most people.
Currently, Coinbase Wallet claims to charge 0.50% on all conversions.
Coinbase Wallet Chrome Extension
As Coinbase Wallet readily supports the use of DeFi platforms, there is a Chrome browser extension available to make easy payments and receive funds.
The official “Send/Receive” extension offered by Coinbase allows users to receive or send payments online, directly from their web browsers.
Payments to users within the Coinbase ecosystem can be done free of charge, but payments to addresses outside the platform will be charged a fee. This extension can be used with the Coinbase Wallet app.
The Coinbase Wallet app also uses a connection protocol known as WalletLink, which allows users to access dApps in the wallet on any desktop browser.
How Does Coinbase Wallet Compare To Other Digital Wallets?
Now that this Coinbase Wallet review has covered the primary features, let’s take a look at how this non-custodial wallet application compares to other popular digital wallets.
Coinbase Wallet Vs Trust Wallet
What is Trust Wallet? A hot mobile wallet mainly used for Ethereum and Binance Chain and Binance Smart Chain crypto coins.
|Coinbase Wallet||Trust Wallet|
|Wallet Type||Desktop and Mobile Wallet||Mobile Wallet|
|Interface||User Friendly, Easy to Use||User Friendly, Easy to USe|
|User Rating||4.4 out of 5||3.8 out of 5|
|Supported Coins||BTC, ETH, ERC20 tokens, XRP, BCH, ETC, LTC||BTC, BNB, ETH,ERC20 tokens, ETC, POA, GO, TRX, Cosmos, WAN…|
|Private Key Access||Yes||Yes|
Coinbase Wallet Vs Metamask
What is Metamask? A browser extension online wallet exclusively used for the Ethereum blockchain.
|Wallet Type||Desktop and Mobile Wallet||Web Wallet – Browser Extension (Chrome, Firefox, Opera)|
|Storage Type||Hot Storage||Hot Storage|
|Interface||User Friendly, Easy to Use||User Friendly, Easy to Use|
|User Rating||4.4 out of 5||4 out of 5|
|Supported Coins||BTC, ETH, ERC20 tokens, XRP, BCH, ETC, LTC||ETH,ERC20 tokens|
|Private Key Access||Yes||Yes|
Coinbase Wallet Vs Exodus
What is Exodus? A multi-currency wallet available for desktop and mobile.
|Wallet Type||Desktop and Mobile Wallet||Desktop and Mobile Wallet|
|Storage Type||Hot Storage||Hot Storage|
|Interface||User Friendly, Easy to Use||User Friendly, Easy to Use|
|User Rating||4.4 out of 5||4.5 out of 5|
|Supported Coins||BTC, ETH, ERC20 tokens, XRP, BCH, ETC, LTC||BTC, ETH, BCH, XRP, XLM, NEO, USDT, TRX, DASH…|
|Private Key Access||Yes||Yes|
Is Coinbase Wallet A Cold Wallet?
The main platform Coinbase (Consumer) utilizes cold storage; where over 90% of users’ currencies are stored offline and protected from potential hackers.
Cold storage defines the method of storing access keys (private keys) offline, more specifically in a ‘vault’, inaccessible by anyone surfing the internet.
But the real question is — is Coinbase Wallet also a cold storage wallet? Unfortunately, the answer is a solid ‘no’; Coinbase Wallet is a ‘hot’ wallet, meaning it is only accessible online and cannot function without an uninterrupted internet connection.
Hot storage is undeniably vulnerable to hacking attacks, but can be maintained safely if extra security precautions are taken.
Can I Withdraw From Coinbase Wallet?
Unfortunately, Coinbase Wallet cannot be connected to a user’s bank account to enable withdrawals of funds directly from the wallet.
Withdrawals are possible if a user has linked their verified Coinbase account to the mobile wallet, where they will be able to transfer funds from the wallet to Coinbase.com, then proceed to withdraw an amount of their choice.
To transfer funds from your Coinbase Wallet to your associated Coinbase account
- First link your wallet and Coinbase.com account
- Go to settings on the Coinbase Wallet app and select “Connect to Coinbase”
- After completing the process, you can transfer funds by selecting “Send” on the wallet app.
- Enter an amount, select the supported coin and click “Next”.
- You can then choose your Coinbase account on the screen that asks for an address.
- After transferring the amount needed, you can withdraw cash from your Coinbase.com account.
Can I Buy Bitcoin From Coinbase Wallet?
Initially, the wallet only allowed users to store and manage crypto assets on their mobile devices. Now, an added feature, available for Android only, allows users to buy supported cryptocoins (which includes Bitcoin) directly from their Coinbase Wallet.
This step requires a Coinbase.com account, so if you do not have an existing account, create a new account. This can be done in the Coinbase Wallet app itself.
Once your Coinbase account is connected, it is easy to purchase crypto. Simply select “Transfer” in the settings menu. Choose “Bitcoin” as your selected crypto and enter the amount you’d like to purchase. Confirm your order and complete payment. Your Bitcoin will then be stored right on your mobile, in the Coinbase Wallet app!
iOS users on the other hand, should purchase Bitcoin on their main Coinbase account, and then transfer it to their Coinbase Wallet (this will incur a fee).
Should I Keep My Bitcoin In Coinbase Or Coinbase Wallet?
Widely known as one of the most valuable currencies, one Bitcoin is now equal to over $60k USD. Storing this highly-valued Bitcoin on an exchange like Coinbase means it will be centralized.
Crypto will be vulnerable to hacking attempts when stored with a third party. Although Coinbase keeps digital assets in an offline cold storage, it is riskier when the user is not in charge of their own private keys.
Therefore, it can be argued that a non-custodial wallet like Coinbase Wallet, where users are given their own private keys, is a preferable option to store Bitcoin.
But again, the issue of Coinbase Wallet being a ‘hot wallet’ resurfaces – meaning Bitcoin will be stored online, and this exposes the asset to getting stolen.
Eventually, it comes down to user preference. While Coinbase offers hosted, custodial wallets where you cannot have ownership over your cryptocurrencies, the storage type is cold and offline, which tremendously raises security levels by providing protection against online breaches.
Meanwhile on the Coinbase Wallet app, users are given the responsibility of ensuring their money is kept safe.
How Do I Sell My Coinbase Wallet?
You cannot directly sell you Coinbase wallet but you can move all your Crypto from Coinbase wallet to Coinbase or any other exchange to sell your Crypto. You can discard your wallet after moving all your Crypto.
How Do I Transfer Crypto In Coinbase Wallet?
As explained earlier in this Coinbase Wallet review, it is possible for users to transfer crypto assets between their mobile wallets and their Coinbase.com accounts.
To transfer crypto from Coinbase Wallet to your Coinbase.com account:
- Launch the Coinbase Wallet app on your device.
- Select “Send” and enter the amount you’re willing to transfer.
- Choose the supported coin.
- After clicking “Next”, you will be asked to enter the recipient’s address. Choose “Coinbase” instead.
- Confirm your transaction.
To transfer crypto from your Coinbase account to Coinbase Wallet:
- Launch the mobile wallet app and go to settings.
- Select “transfer” and choose the supported coin.
- Enter an amount, then click “Continue”.
- Confirm your transaction.
If you do not want to link your Coinbase account to the Coinbase Wallet, you can use your Coinbase Wallet address. Enter your Coinbase Wallet address in the address field when sending crypto from Coinbase.com. Similarly, enter your Coinbase account address when sending crypto from your wallet.
It is also possible to switch from an existing digital wallet (such as MetaMask) to Coinbase Wallet by simply using the private key of the existing wallet. This allows users to transfer crypto from a different wallet, as every wallet uses a private key.
To transfer ERC20 tokens like Dai or USDC, you will have to have Ether in your wallet to pay the miner’s fee.
Is It Safe To Buy Ethereum From Coinbase Wallet?
Firstly, it is important to note that the crypto purchasing function in the Coinbase Wallet app is currently available only for Android.
As emphasized previously in this Coinbase Wallet review, the app is highly secure and allows users to control their private keys. As such, it is completely safe to buy Ethereum from the wallet, which can be done following the steps outlined earlier.
How Do You Secure A Coinbase Wallet?
The most frequently encountered problem with all crypto wallets is in some way related to security, and this is no different with Coinbase wallet.
Although the wallet already provides a pretty good level of security, it is important that users ensure the wallet is secured by extra means:
- Set a strong, random passcode; It is ideal to select a long passcode that is difficult to guess or break into, and preferable must be different from passwords used for other services.
- Protect your Cloud storage accounts; Because Coinbase Wallet offers to store an encrypted form of the recovery seed in iCloud/ Google Drive, users must make sure their storage accounts are protected with 2-step verification and strong passwords.
- Ensure the device is fully protected from viruses and hackers; The security of Coinbase Wallet is heavily dependent on the security of the device it is installed on.
- Remember or write down your account recovery phrase, as it is the only way that allows you to regain access to your wallet if something were to happen to your device. But, it is necessary to keep this phrase well-protected and safe, as anyone with your recovery seed will be able to access your funds on a different device.
- At the registration configuration step, enable 2-Factor Authentication in order to add another layer of security.
- If your Coinbase.com account is linked to your Coinbase Wallet, make sure your email account is secured.
- Keep your device clean and updated, and free of threats such as trojans and malware. Use antivirus and anti-malware protection for this.
Does Coinbase Wallet Support BEP20?
What is BEP20? Similar to ERC20, BEP20 is a token standard available on the Binance Smart Chain platform. It is like an extended version of Ethereum’s ERC20 standard, and offers BEP20 tokens that are capable of smart contracts on Binance Smart Chain.
Sadly, Coinbase Wallet doesn’t support the Binance Smart Chain as of today so BEP20 tokens cannot be interacted with in the wallet,, but we may see a change in future.
How Do I Get A Private Key For My Coinbase Wallet?
A private key – otherwise referred to as a ‘secret’ key – is a sophisticated text of alphabets and digits that grants a user access and ownership of their cryptocurrencies. On Coinbase Wallet, private keys are automatically generated and stored, easily accessible by users.
Users are typically provided with private keys upon purchasing cryptocurrency. This recovery key must be kept safe and for extra security, it is recommended that users choose the option to store a backup in their Drive or iCloud as well as write it down on a sheet of paper in real life.
Coinbase Wallet Staking
What does staking refer to? It is the active participation in the validation of transactions on blockchain platforms, similar to mining.
That being said, it is a way of earning rewards for simply holding cryptocurrencies for the Proof of Stake (PoS) network. To participate in staking using the Coinbase Wallet app, follow the steps laid out below.
- After opening the Coinbase Wallet app, connect your Coinbase.com account. Log in and verify your identity to authorize the app.
- From your Coinbase account, transfer a selected amount of funds along with some ETH for gas cost.
- Using the in-app browser, access staking portals.
- To get started, connect your Coinbase Wallet to the portal and initiate staking for a selected amount.
- Confirm and pay the gas fees.
Alternatively, you can stake using WalletLink, the open protocol that links wallets to dApps.
Trust dApp Browser
Trust dApp browser is a web 3 browser available for use with the Trust Wallet app, and enables users to access any decentralized application on both the Binance Smart Chain and the Ethereum platform.
Once integrated with the Trust Wallet app on a user’s mobile device, the wallet can be used to explore dApps just like the built-in dApp browser in Coinbase Wallet.
The key difference, however, is that Coinbase Wallet comes equipped with an in-app browser, but the Trust dApp browser must be manually enabled.
Coinbase Wallet Earn Crypto
To receive crypto from a sender, you can either provide a unique address (QR code) generated from your wallet or your username.
Open the Coinbase Wallet app on your device and select “Receive”. You can choose “Share address” to share your QR code with the sender, or select “Username” to receive funds to your username instead.
Coinbase Wallet Login
Coinbase Wallet requires only a username and password to log in. In the case of forgetting your password, it is suggested to recover your account using the provided recovery phrase.
Coinbase Wallet Alternatives
While countless crypto users are content with Coinbase Wallet, some may prefer to use a different wallet of their choice. As such, there are few good substitutes for Coinbase Wallet.
- MyEtherWallet – MyEtherWallet is a free, open-source wallet exclusively used for Ethereum-based currencies.
- Etoro Wallet
Also a free to use mobile wallet, Etoro Wallet offers medium security and is user-friendly, just like Coinbase Wallet, but supports some extra coins that Coinbase Wallet does not.
Available as a hardware wallet and mobile wallet, Ledger Nano X has a user rating of 5/5 and provides high security. This wallet supports numerous cryptocurrencies, but costs around $119 USD (free shipping worldwide).
- Electrum Wallet
WIth a high user rating, Electrum Wallet offers security equivalent to cold wallets combined with the easy usage of hot wallets.
In addition to the above mentioned examples, any one of the previously compared wallets in this Coinbase Wallet review can also be chosen. As an alternative to this hot wallet software, users can choose the web wallet available on Coinbase, where 98% of digital assets are stored securely in cold storage.
Read our other Wallet reviews which are all alternatives to Coinbase wallet
- Samourai Wallet
- Gatehub Wallet
- Coinomi Wallet
- Portis Wallet
- MyCrypto Wallet
- Atomic Wallet
- Dharma Wallet
- Argent Wallet
- Bitfi Wallet
How To Delete Wallet In Coinbase Wallet?
Before deleting a wallet, it is necessary to make sure that all funs have been withdrawn successfully. Since Coinbase Wallet is one single wallet, you must delete your wallet account in order to delete the wallet itself.
To do this, send an account deletion request to [email protected] and request that your wallet must be deleted.
How To Restore Coinbase Wallet?
Coinbase Wallet provides each individual user with a 12 word recovery seed (or phrase), which Coinbase cannot access or intervene with. This recovery phrase can be stored securely on Google Drive and iCloud, as an encrypted form.
To recover you Coinbase Wallet in the case of forgetting your passcode or losing access to your wallet,
- Open the Coinbase Wallet app (Or log out if you’re logged in but do not remember the passcode).
- Instead of creating a new wallet, select “I already have a wallet”.
- Select the option to restore account using recovery phrase.
Common Coinbase Wallet Issues
- Balance update issues – Users may face problems with viewing their updated balance after completing transactions. In this case, it is recommended to sign out of the wallet, then sign in again to fix the issue.
- Wrong wallet address – In some cases, users input the wrong sending or receiving address when making a transaction. Since Coinbase Wallet is not custodial, the company cannot recover funds lost by these errors. It is best to recheck the address before confirming your transaction.
- Issues with dApps – Since Coinbase only offers a dApp browser, dApps are not otherwise owned by Coinbase. The third party (developers) of a particular dApp must be contacted if any issue is faced in this area.
- Lost recovery phrase – As users are given complete custodian control over their wallet, Coinbase is unable to intervene if something were to happen to the recovery seed. Once a user loses their recovery phrase, they will lose access to their wallet as well.
- Locked out of wallet – When a biometric authentication such as fingerprint lock is updated on your device, the Coinbase Wallet app may become invalidated and inaccessible. If this happens, uninstall then reinstall the app and recover your account using the recovery seed.
Coinbase Wallet Social Media Handles
|Coinbase Wallet Twitter||https://twitter.com/CoinbaseWallet|
|Coinbase Support Twitter||https://twitter.com/CoinbaseSupport|
|Coinbase Wallet Website||https://wallet.coinbase.com/|
|Coinbase Wallet GitHub||https://www.instagram.com/coinbase/|
|Official Coinbase Youtube Channel||https://www.youtube.com/channel/UCofTOFX4QuhT8OY-3-fFRFw|
[email protected] (for security issues)
Key Takeaways – Coinbase Wallet Review
Now that this Coinbase Wallet review has reached an end, let’s go over the important details covered. What can we conclude regarding this mobile wallet application?
- Perfect choice for easy transactions.
- Secure and efficient.
- Major leading coins such as Ether and Bitcoin are supported.
- User friendly interface with easy registration procedure and simple navigation.
- Provides a built-in Web 3 dApp browser which allows users to explore the world of decentralized finance.
- Additionally, digital artifacts and collectibles can be stored.
- Users are in complete control of their Coinbase Wallet.
- Private keys can be backed up into cloud storage in encrypted forms.
- Multi-currency storage wallet that allows different currencies to be stored in the same place.
- High security wallet with 2FA and biometric authentications.
- Coinbase account can be connected to enable advanced crypto transfers.
To summarize, Coinbase Wallet is a perfect option for those willing to just get started with cryptocurrencies, and has proven to be one of the easiest, user-friendly digital wallets ever to be launched. But if one is looking to invest in lesser known cryptocurrencies, this may not be the right choice. Hope you enjoyed our Coinbase wallet review.