Coinbase Wallet is a free digital wallet that supports many cryptocurrencies and includes a decentralized app browser. If you have a Coinbase account, you may also link it to this wallet, making it an easy place to keep your cryptocurrency. To learn more, read our full Coinbase Wallet review.
What is a Coinbase Wallet?
Understand the distinction between Coinbase and Coinbase wallet. Coinbase is a web-based cryptocurrency exchange marketplace. Users may buy, sell, and exchange cryptocurrencies. However, the Coinbase wallet is a cryptocurrency wallet.
The Coinbase wallet is one of the most secure bitcoin wallets. Investors and crypto-enthusiasts feel safe putting their digital assets in this wallet because of its Coinbase trading platform integration. Coinbase wallet is a cryptocurrency digital wallet that employs hot storage. This indicates that the Coinbase wallet is popular.
Coinbase wallet keeps most of the cryptocurrency online, based on the features of hot wallets in the crypto industry. It does not use cold storage services like hardware wallets or an encrypted data device. However, because it is a hot wallet, it is vulnerable to cyber-attacks and online cryptocurrency hacking.
People actively interact with decentralized apps (dApps) on the Bitcoin (BTC) and Ethereum (ETH) ecosystems via the wallet. The wallet is readily incorporated into dApp browsers, allowing users to create Coinbase accounts on all devices, including mobile platforms such as Android and iOS.
Coinbase was founded in 2012 to create a crypto-friendly trading environment. With its exchange services and wallet utilities, the Coinbase platform processes cryptocurrencies worth billions of dollars. Coinbase is a dependable and well-funded corporation in the bitcoin sector because of advanced advancements. As a result, utilizing the Coinbase wallet has become a popular option for crypto enthusiasts worldwide.
Features of Coinbase Wallet
Coinbase Wallet is a non-custodial digital wallet with hot storage, which permanently links to the internet. A Coinbase cryptocurrency exchange provides it, which is famous for its rigorous security standards. You don’t have to be a Coinbase user to use this wallet; it’s free for everyone.
1. User-Friendly
The user-friendly Coinbase Wallet allows anybody to store bitcoin safely. This hot wallet, like the Coinbase exchange, features an easy-to-use UI. Setting up your wallet and transferring your holdings doesn’t take long.
2. Free Cryptocurrency Wallet
You may download and use this bitcoin wallet for free. There are no costs for digital asset storage. Transaction costs are associated with sending and receiving bitcoin.
3. Connects to Coinbase
In your wallet settings, you may link your Coinbase account to Coinbase Wallet. If you do, you can easily use Coinbase to move crypto assets to your Coinbase Wallet. As a result, Coinbase Wallet is the most convenient wallet solution for exchange customers.
4. Supports Hundreds of Thousands of Cryptocurrencies
It’s convenient to have everything in one location for individuals with a broad crypto portfolio. Coinbase Wallet accepts many cryptocurrencies, including all ERC-20 tokens and tokens on EVM-compatible blockchains.
5. NFT Storage
Coinbase Wallet accepts non-fungible tokens in addition to cryptocurrency (NFTs). If you want to establish your NFT collection, you may also purchase them from NFT markets and save them in your Coinbase Wallet.
6. DApps Browser
Coinbase Wallet has a browser for decentralized applications (dApps). It may investigate various dApps, such as decentralized crypto exchanges, crypto lending systems, games, and digital collectibles.
7. No Cold Storage
Coinbase Wallet employs hot storage because it is a digital wallet. This is crypto storage that links to the internet. Cold crypto storage is the most secure storage method since you can do it offline, typically in a hardware wallet. To be fair, Coinbase Wallet is still a solid security option, and hot wallets are typically easier to use than cold wallets.
8. Limited Browser Compatibility
Coinbase Wallet is accessible as an app and as a Chrome browser plugin. Some users like to have their cryptocurrency wallets available in many browsers. Therefore, it would be beneficial if Coinbase Wallet was available in more than one.
Also read: Anonymous Bitcoin Wallet: How To Get Bitcoins Anonymously
Is Coinbase Wallet Reliable?
The Secure Enclave is the most crucial reason consumers trust this hot wallet. It protects Coinbase. This system secures private keys. To manage access, it employs authentication methods such as 2FA. SMS authentication through confirmed phone numbers can aid access. In unusual circumstances, the wallet also employs Google Authenticator. The Coinbase wallet app allows entry with a four-digit security PIN. This PIN may unlock the wallet on the mobile app and authorize transactions.
Coinbase’s hacking history has been fascinating. Despite every security step the wallet uses, hackers have not been able to steal a significant amount of cryptocurrency from these wallets. They are safe, and no one has ever hacked them. This should address the primary worry, “Is Coinbase wallet secure?” Yes, the wallet is secure and adheres to the best standards for protecting digital money. Coinbase is a market leader in crypto payment security despite being a popular wallet. It guarantees that it implements security elements at various levels.
For example, the wallet routes all traffic over a web-based https-encrypted multi-layered SSL connection. Users can keep sensitive user data safely and need not be concerned about splitting with redundancy. The data is encrypted using AES-256 by the wallet. It also backs up to FIPS-140 USB drives. Following that, the drives are securely housed in physical deposit boxes and safety vaults at various sites worldwide.
Services Provided by Coinbase Wallet
- Coinbase also provides several specific wallet services. The wallet grants approved access to decentralized finance (DeFi) developments as a software product. Users may attach their Ethereum ERC-20 tokens or digital cash to DeFi projects by purchasing and storing them in their wallets. They can take part in online airdrops, which allow them to obtain cryptocurrencies for free.
- The wallet also supports ICOs. Coinbase customers invest in emerging altcoins and stablecoins at market-low prices. The wallet also collects rare digital artworks such as NFTs and digital collectibles.
- This wallet makes it simple to browse dApps and purchase at crypto-friendly shops. Most stores accept Coinbase’s wallet services for transferring cryptocurrency. People can use this wallet to invest in digital financial assets simply. By far, the most user-friendly and secure digital wallet for managing, purchasing, and selling digital currencies is the Coinbase wallet.
Pricing & Fees for Coinbase Wallet
The Coinbase wallet is free to download for Android and iOS users. It is free to use for everyone. The wallet app is available on Google Play and the Apple App Store as a digital mobile application.
Transaction fees, on the other hand, apply to Coinbase’s wallet and exchange services. Transaction fees for Bitcoin Cash (BCH) transfers between Coinbase wallets are not levied. Users may also just pay network fees for transactions with other crypto wallets.
The wallet user may pay a variable fee to trade on the Coinbase platform. The payment type determines this variable cost. It also relies on the user’s location and trade order style, whether regular or immediate. Variable fees range from 1.49 to 3.99 percent of the transaction value.
Coinbase crypto debit cards are available to users for £4.95. These debit cards provide free domestic usage for cash withdrawals of up to £200 per month. Withdrawals over this amount are subject to a 1% transaction fee.
Final Thoughts
Overall, the Coinbase wallet is a good choice for a bitcoin wallet. Shortly, we anticipate advancing to next-level security and crypto-transactional efficiency. Despite the wallet’s limited support for digital currencies, it does support other wallets and fiat money. It is one of the finest cryptocurrency wallets since it is simple to use and has the safest utility compared to any other wallet.
The wallet has been well tested and is an excellent partner for Coinbase users. Both digital currency professionals and amateurs may utilize it. Coinbase wallet is an obvious choice for cryptocurrency enthusiasts worldwide because of its stringent security measures, zero-hack history, ease of use, and overall strong reputation.
Also read: Trust Wallet Review and Overview
