Coinbase Wallet Review 2022


Wallet Type Mobile, Chrome extension
Price Free
Costs Customizable transaction fees
Number of supported cryptocurrencies 44,000+
Bitcoin and Ethereum supported? Yes
Win (bet/rewards) Yes
Customer service Help Center, Support Tickets, Live Chat, Phone Support
In-App Features Buy, trade, earn
Hardware Compatibility Yes
SPV or full node Simplified Payment Verification (SPV)
Mobile app Yes. Android, iOS


Characteristics

Coinbase Wallet is a noncustodial crypto wallet that allows users to securely store over 44,000 digital assets, interact with decentralized applications, and manage their Ethereum-based NFTs.

Currently, Coinbase Wallet supports Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple networks, as well as many Ethereum Layer-2 solutions, such as Arbitrum and Optimism.

Users can trade Ethereum and Polygon-based assets directly in the app’s decentralized exchange feature. Non-Ethereum and Polygon assets can be purchased using the in-app buy crypto option.

Additionally, Coinbase Wallet allows users to seamlessly earn interest on their crypto assets in the user-friendly mobile wallet.

Arguably one of the coolest features of Coinbase Wallet is that it allows users to manage their Ethereum-based NFTs. NFTs allow artists, creators, and brands to sell digital art, collectibles, music, and more that are verifiably unique through the tokens’ underlying technology, called blockchain.

Finally, the decentralized wallet charges no wallet fees – only blockchain network fees – making it one of the best low-cost crypto wallets on the market.


Security

Coinbase Wallet places a strong emphasis on security.

First and foremost, the wallet is a non-custodial (or decentralized) wallet, meaning that only the user has access to their wallet’s private keys. So even if Coinbase’s servers are compromised, attackers would not be able to access Coinbase Wallet users’ funds.

The wallet also allows users to set a PIN or password (depending on whether it’s the mobile version or the browser extension) and provides biometric verification for mobile app users.

While Coinbase.com users have been victims of fraud and hacks, Coinbase Wallet’s code has not allegedly been compromised or posed any security risks to its users. Coinbase.com is Coinbase’s centralized digital asset trading and management platform that operates separately from Coinbase Wallet.

Although all major cryptocurrency wallets offer a high level of security for your crypto assets, improper security practices on the part of the user can lead to a total loss of funds. Never share your wallet login credentials, recovery phrase, or private keys with anyone.


Confidentiality and anonymity

Coinbase Wallet is a non-custodial wallet, which means that only the user has control over the wallet’s private keys. There is no need to provide a name, email address or any other personal information to use Coinbase Wallet, which ensures a high level of user privacy and anonymity.


To install

You can use Coinbase Wallet on mobile (Android and iOS) or as a browser extension. Let’s see how to configure each of them.

browser extension

If you prefer accessing decentralized applications (dApps) on your computer, you’ll probably prefer to use the Coinbase Wallet browser extension. The extension has a clean and simple user interface and is primarily aimed at active dApp users.

Setting up Coinbase Wallet as a browser extension is easy. All you have to do is go to coinbase.com/wallet, click on “Download Coinbase Wallet” and add the extension to your internet browser.

Once you can see the Coinbase Wallet icon in your list of browser extensions, click on it to start the wallet creation process. Click “Create New Wallet” and securely store the 12-word recovery phrase to back up your wallet. Once you’ve confirmed that you’ve written down your recovery phrase, you can start using the wallet in your browser.

Mobile app

The mobile version of Coinbase Wallet is more beginner-friendly as it clearly outlines all the features of the wallet. For example, once you have transferred funds to your Coinbase wallet or purchased crypto in the app, you can start earning interest on your crypto assets with just a few clicks in the app.

Setting up Coinbase Wallet on your smartphone is also a fairly simple process. Download the app from the App or Play Store, depending on your device’s operating system, then click the app icon.

You will be asked if you want to create a new wallet or restore an existing one. If you have already configured Coinbase Wallet as a browser extension, you can also use the recovery phrase to access the same wallet on mobile. If you want to create a new wallet, click “Create New Wallet” and securely store (then confirm) the recovery phrase for your new wallet.

Once done, you can start using Coinbase Wallet on your smartphone.


Customer service

While Coinbase has always placed user-friendliness at the center of its products, customer service has always been an issue.

There is a long list of customer complaints on Trustpilot, with poor customer service, seemingly harmful account closures and frozen accounts being the top complaints.


Cost and Fees

Coinbase Wallet is free and does not charge any wallet fees. However, users are required to pay blockchain transaction fees when sending funds or interacting with a smart contract. Smart contracts are self-contained, hypothesis-driven, scenario-based programs that automatically execute when pre-determined conditions are met. They allow developers to create decentralized blockchain applications.

Additionally, transaction fees are customizable, so users can decide how much they want to spend on blockchain fees. The more fees users pay, the faster the transaction will settle.


final verdict

Coinbase Wallet is a leading crypto wallet that allows users to store a wide range of digital assets (including NFTs) and access web3 applications on mobile and through a browser extension. As a noncustodial wallet, Coinbase Wallet users have full control over their digital assets and how they choose to use them.

Existing Coinbase users will appreciate the integration between Coinbase.com and Coinbase Wallet for seamless crypto purchases, while all users will benefit from Coinbase Wallet’s low fees.


Methodology

Before transacting and storing cryptocurrencies, you must have a proper crypto wallet. We conducted a comprehensive review process of the best cryptocurrency software wallets to help you determine which wallet is right for your needs.

Our review process is built around a quantitative rating model that rates key factors such as security, cost, privacy, usability, customer support, and features based on their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of editors, experts in this field, then tested each wallet to provide their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as support for a large number of crypto assets, the ability for users to sync with hardware wallets, and the ability to customize fees, also rank highly.


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