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Even if you are new to the crypto world, you are most likely already familiar with the name Coinbase. With over 73 million active users, it is indeed one of the most widely used crypto platforms in the world. Coinbase Wallet, therefore, benefits from the reputation of its “parent company”, and is ideal for beginners.
With more than 500,000 users and despite some flaws, Coinbase Wallet is a reference for anyone starting to move sums in crypto and wants to do it safely.
A perfect pairing with the Coinbase exchange.
If you are already a fan of Coinbase, it is recommended to link this wallet to the exchange platform. The two products work in perfect symbiosis and are a delight for beginners looking for simple options. On the other hand, if you are looking for a wallet with more options and openness to decentralized applications, Coinbase Wallet may seem a little too basic.
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The app supports over 30 blockchains, as well as most ERC-20 tokens. The Coinbase Wallet site indicates that this wallet supports more than 4,000 digital currencies including bitcoin, ether, and the most popular altcoins. Here, only a few options are available: receive coins, send coins, and trade. Please note that you will not be able to buy cryptos from this application without going through the Coinbase platform. You will therefore need to create a dedicated account on the exchange.
A very appreciable ease of use.
Coinbase Wallet is very easy to use. We appreciate its interface which is straight to the point and without frills. Registration takes a few seconds and security is required with 2-factor authentication and the recovery phrase, usual processes on crypto applications. Be careful to keep the 12-word phrase securely: if you lose your phone, it’s the only way to recover your account.
As mentioned, it is impossible to buy coins on Coinbase Wallet without going through the Coinbase “mother” application. This is the strength and weakness of this product. Coinbase is a safe and reliable exchange, but this “imposed” choice may not appeal to those who use another platform or even those who do not wish to disclose their personal information – something required to register. However, you can transfer your coins from another wallet by sharing your address using a QR Code.
Coinbase Wallet: the Chrome extension.
There is also a Coinbase Wallet Chrome extension, but it does not deliver the full functionality of the app. It is quite useful for quickly performing some common operations. For the sake of security, however, we do not particularly recommend its use, because it remains summary. It is better to give preference to the application.
The rest of the interface is centered on DApps and offers a large number of decentralized applications like Uniswap, OpenSea, or even games like My Crypto Heroes (You can use my referral code NqiJ, which will give you extra heroes when registering). You can easily select a project you like within the Coinbase browser.
Coinbase Wallet: price and security, nothing to report.
Coinbase Wallet is downloadable from the App Store and Google Play Store. You will be asked to choose a nickname, which makes it easy for other users to find you. Easy to learn, the app concentrates on very basic tasks such as sending, receiving and exchanging currencies.
A price in the market average.
Like most software wallets on the market, Coinbase Wallet is completely free, whether you use the app or the extension on Chrome. Of course, when a financial product is free, it is important to know if the company is catching up on the fees. In general, transaction fees are aligned with those of Coinbase, which are in the average of international exchanges. The Ethereum blockchain, supported by the wallet, however, has notoriously high operating costs, even if they are quite variable depending on the state of the market.
Security: no major hacks to report.
Coinbase Wallet is a fairly safe product with no major security flaws. Like all “hot” wallets, your coins are stored on the Internet, and therefore they are more exposed to theft. Moreover, several thousand Coinbase users (the platform, not the wallet) saw their accounts emptied last October. It is therefore advisable to always be very careful, and not to hesitate to set the security parameters to the maximum. On this side, Coinbase Wallet offers a password, a 12-word phrase, and a biometric scan.
Another problem, and not the least: Coinbase Wallet (like Coinbase) does not have really worthy customer service. In the event of theft or compromise of your account, your only recourse will be to eschew you on automated support which will probably be of no help to you. Too bad.
Where to get Coinbase Wallet?
Coinbase Wallet is free. The crypto wallet is available on iOS and Android via the App Store or Google Play Store respectively. There is no desktop version, but a Chrome extension has been developed. However, it remains summary, and it remains preferable to stick to apps.
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