Coinbase Wallet Crypto Wallet Review: Is It a Safe Option?

Coinbase Wallet is a service that lets you keep all your non-fungible tokens and digital assets in one platform. The wallet is integrated with the native exchange platform, which makes it convenient for traders to store their assets there. 

What is Coinbase Wallet?

So let’s begin our Coinbase Wallet review. This is a wallet that supports fiat currencies like the USD and more than 4000 tokens. The pro version of the system has complex charting functionalities and lets you convert one digital asset to another. 

How does Coinbase Wallet work?

The registration process has similarities with other similar services. After downloading the app or opening the website using your browser, you need to enter personal information like name, email, location, and choose a password. Then, you need to verify your email and answer some basic questions.

Although the user interface is quite responsive, the basic version makes it difficult to monitor the prices. To convert crypto coins, simply click on the buy/sell button and select convert. Select the coin to convert, enter the fiat amount, and confirm.

Features of Coinbase Wallet

Here are the main features of the platform:

• Insurance cover

This wallet protects your digital assets with insurance. In the event of a hack, if your assets are stolen, the company will compensate you for the losses.

• Multiple coin support

Apart from the popular crypto coins, Coinbase Wallet also supports altcoins. It also lets you safely store ERC721 digital collectibles for dynamic crypto portfolio functionality.

• Decentralized apps

Through this platform, you can connect with various decentralized apps. This makes sure you can carry out crypto transactions in a safe environment.

What kind of wallet is Coinbase Wallet?

It is a hot wallet that stores all your digital assets online. This leaves your investments open to cyber attacks. The system stores all your coins and data on a remote server but it does not support hardware wallets.

How to send cryptocurrencies using Coinbase?

While transferring assets to another user signed up on the platform, you can opt for off-chain sends that are processed instantly. Follow these steps to send crypto coins on-chain:

1. Got to the dashboard and choose Pay
2. Click on Send
3. Enter the coin amount or the fiat value
4. Add an optional note
5. Select which asset you wish to send the money from
6. Check the details and click on Send now

Supported coins

This wallet supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC20 tokens.

Is Coinbase Wallet safe?

Yes, it is a safe platform thanks to advanced security measures like confirmation requests, multi-sig, and 2-factor authentication. It stores most of your funds in a cold storage facility. Your cash balances are stored in money market funds and custodial accounts located in the USA.

Does Coinbase Wallet charge fees?

Depending on the transaction type, you need to pay a network transaction fee as estimated by Coinbase. In certain cases, the fee might be different from the estimate. The platform discloses all fees during the transaction.

Customer support & reviews

This platform has an average rating of 1.6 out of 5 on Trustpilot, which is not very impressive. Users have expressed their appreciation for the smooth UI but complained about the deposit process being too lengthy.

Coinbase Wallet pricing

Registration is completely free for this service and you only need to pay the transaction fees. 

Coinbase Wallet vs competitors

Coinbase Wallet has more advanced security features compared to other platforms. However, the fees are also higher, and to fully utilize the features, you need to sign up for the Pro version. Provided you have money to spend, this is quite a user-friendly system.