Coinbase Crypto Wallet Review

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Rating: 5/5

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What Is Coinbase wallet?

Coinbase Wallet is part of the suite of services provided by Coinbase. It is a cryptocurrency wallet for mobile devices that allows you to easily manage all your assets, send cryptocurrency by name rather than address, use decentralized applications. Characterized by a good level of security and high comfort of use.

Review Summary

Feature

Total Rating

Ease of Use

5 ⭐⭐⭐⭐⭐

User Interface

5 ⭐⭐⭐⭐⭐

Features

4,5 ⭐⭐⭐⭐

Security

5 ⭐⭐⭐⭐⭐

Support

5 ⭐⭐⭐⭐⭐

Advantages and disadvantages

Advantages

Disadvantages

  • Easy to use
  • Free registration and storage of crypto
  • Decent commission
  • Support for major cryptocurrencies
  • Reliable security
  • Small number of supported cryptocurrencies
  • Hot wallet - requires constant Internet connection

About the wallet

About the wallet

What makes Coinbase Wallet stand out among its peers:

  • Full control over tokens and collectible digital objects using a mobile device
  • Support for BTC, BCH, ETH, ETC, LTC and ERC-20 tokens
  • Secure private keys using Secure Enclave technology and biometric authentication
  • Trading via access to decentralized exchanges
  • Collectible ERC721 objects from decentralized applications. Stored in a special gallery
  • Open financial system of decentralized applications 
  • Accessed through the built-in dApps-browser
  • Bonus programs, tasks, surveys with rewards in cryptocurrency, participation in airdrops and ICOs
Coinbase wallet

The wallet was known as Toshi before the 2018 rebranding. In addition to changing the name, the developers tried to take into account the needs of modern users, expand the listing and improve security.

Using Coinbase Wallet

The Coinbase Wallet app is available for iOS and Android platforms. The app is supported in more than a hundred countries around the world. It is a regulated gateway between cryptocurrencies and fiat (both US dollar and other world currencies).

You don't need a Coinbase exchange account to use the Coinbase Wallet app (though you can link an account later in the settings if you have one). By linking the wallet account and the Coinbase exchange, you can transfer funds between them.

Crypto-assets are managed directly on your device, without the involvement of a centralized exchange.

Using Coinbase Wallet

To get started:

  • Download the app from the App Store or Google Play
  • Accept the terms of cooperation
Come up with a nickname
  • Come up with a nickname
  • Create a pin code which will be later used to confirm important operations
The interface

The interface is minimalistic, with only a few basic buttons, so even a beginner will understand. The Receive section generates your wallet address, which you can give to the person who is going to send you the cryptocurrency. The Send section is where you send the coins yourself by entering the address and amount. The commission is not regulated, but is set automatically based on the current blockchain load.

Features of funds transfer:

  • If you send an ERC-20 token (USDC, DAI, BAT, MKR, etc.). you will need ETH in your wallet to pay the miner fee. This is because ERC-20 tokens are issued on the Ethereum chain, and transactions on that network require ether.
  • All transactions are processed on the blockchain, so if sent to the wrong address, it is technically impossible to get the funds back.
  • When sending cryptocurrency, you can use either a wallet address, a user nickname, or ENS (Ethereum Name Service for ETH/ERC-20).

From the Coinbase Wallet app, you can switch to Metamask, MyEtherWallet or another cryptocurrency wallet. You can use a 12-word sido phrase for this purpose by entering it in the new wallet.

To transfer funds from Coinbase wallet to Coinbase.com, click Send under balance on the main application screen. Select a currency and amount. On the address entry screen, select Coinbase. The transfer is not instant, requiring confirmation on the blockchain to complete the transaction.

Coinbase Wallet Security

You have full control over your private keys and they are not shared with third parties.

Coinbase wallet is non-custodial and user controlled. The app generates a twelve-word recovery phrase that gives the device owner access to the account to move funds. The developers of the app do not have access to this phrase and therefore the funds.

Wallet has a built-in feature to back up the recovery phrase to iCloud or Google Disk. It is also recommended that you write down the phrase and store it in a safe place. To set up the backup option, go to settings and then to the appropriate section.

Coinbase Wallet is a hot wallet, that is, it works only when connected to the Internet. Therefore, you should take a number of security measures to protect against possible hacker attacks. You should definitely set a password and activate biometric data protection (in other words fingerprints). You can activate fingerprint confirmation for:

  • Logging into an account;
  • Sending a transaction.

Coinbase Wallet's "bio" is clean in terms of hacks and lost funds - the security functionality works fine, and there's no doubt that the company takes it seriously.

Conclusion

Coinbase has launched a cryptocurrency wallet on the market that successfully combines high reliability with maximum ease of use. No wonder that it is already actively used by tens of thousands of customers.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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