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Coinbase Wallet Review 2024

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3.9/5

✔Available in 100+ countries
✔No hidden fees

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Risk Warning

Coinbase will NEVER ask you for your Private Keys or Recovery Phrase. Do not share these with any person or site, or you could lose access to your wallet, or have your digital assets moved out of your wallet by an attacker.

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    Are you searching for a secure crypto wallet that gives you complete control over your assets? Consider getting a Coinbase wallet. It’s easy to set up and use. Moreover, it offers world-class security standards and supports thousands of crypto assets.

    We tested this solution and recommend it based on firsthand experience. Our team has been in the industry for years, and our experts know what to check while evaluating a crypto wallet like Coinbase. Rest assured that the information in our Coinbase wallet review is unbiased and tailored to help you make the best decisions.

    In This Guide

    Why Coinbase Wallet

    The Coinbase wallet has a solid reputation. We’ve heard many people praising it, but our team doesn’t recommend anything based on hearsay. We do our research and conduct extensive tests first. As such, our experts downloaded and tested the Coinbase wallet. We also compared our findings with user testimonials posted on Trustpilot, the App Store, and Google Play.

    When testing and evaluating the Coinbase wallet, we unearthed a lot, including the following pros and cons:

    Coinbase Wallet

    ✔Available in 100+ countries
    ✔No hidden fees

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    Pros & Cons

    Pros

    • Supports thousands of cryptoassets
    • User-friendly interface ideal for beginners and experts
    • Industry-leading security and safety measures
    • No unnecessary or hidden fees
    • Easy to download and set up
    • Available in over 100 countries

    Cons

    • Sending unsupported crypto to your wallet can result in significant losses

    Suported Assets

    coinbase wallet suported assets

    One of the reasons Coinbase is a marvellous wallet is that it supports thousands of crypto assets. These range from popular cryptos like Bitcoin, Litecoin, and Ethereum to Tether, Polkadot Coin, Shiba Inu, and many others. This wallet also accepts tokens from different networks, including Ethereum, BNB Chain, Arbitrum, and Solana.

    The other applaudable thing about Coinbase is that although this self-custodial wallet comes with configured networks, it allows you to add other EVM-compatible networks manually. You can view Coinbase’s complete list of supported assets from the app. Just open the mobile app and click “Receive.” Use the search bar to check if this wallet supports any asset you have in mind.

    Additionally, the Coinbase wallet is compatible with DeFi apps. That means you can use this wallet to access DeFi apps and do anything from seeking insurance for cryptoassets to taking out a crypto loan or lending your assets and earning interest.

    Please note that Coinbase often stops supporting assets that are experiencing low usage. For instance, the wallet recently discontinued support for XRP, ETC, and XLM.

    Security

    When it comes to crypto assets, top-notch security is a necessity. If you use an unsecure wallet, you will lose your crypto to cyber criminals. At this point, you are wondering: is Coinbase wallet safe? The answer is a resounding yes!

    We consider the Coinbase wallet one of the most secure solutions today for several reasons. First, it’s owned by Coinbase, a trusted exchange for over 50 million people. Coinbase is authorized and licensed by multiple reputable organizations, including the FCA and the CFTC. 

    Furthermore, Coinbase employs powerful security features. The platform uses auto-enrolled 2FA with security key support to protect your assets against potential threats. Also, when using this wallet, you can set a long, random password for optimum security. You can also optimize the safety of your assets with security locks and biometrics.

    Not to forget, Coinbase has a team of security experts who use a private and public database to isolate malicious dapps and warn you before anything bad happens. The platform also identifies and hides tokens originating from known malicious actors.

    Fees

    coinbase wallet fees

    The Coinbase wallet costs nothing—it’s free to acquire and set up. That said, we encounter some charges while using the Coinbase wallet, including gas fees. These are transaction costs that involve the Ethereum blockchain. Gas fees act as remuneration for validators, who are professionals who secure and maintain the network. Gas fees can increase or decrease depending on network capacity, demand, and supply. Significant spikes often happen when the network is congested.

    With that in mind, the Coinbase wallet doesn’t have transfer charges. So, you can transfer cryptoassets from your Coinbase wallet to another wallet without paying a dime. Moreover, Coinbase offers free storage services. You can keep crypto in this wallet for as long as possible without fretting over spiking charges.

    Privacy and Anonymity

    Coinbase is a non-custodial wallet. While using it, your private keys will be yours to store and manage. Therefore, only you will have access to your cryptoassets. Without your keys, no one can compromise your privacy or the safety of your assets.

    While creating a new Coinbase wallet, Coinbase will ask for personal information, including your name, address, and email. But it won’t link your identity to these details. All your transactions will be pseudonymous. By separating your real identity from your wallet address, Coinbase guarantees a higher level of privacy.

    Note that if you link your Coinbase address to a platform that requires personal information, your identity might be compromised. Some entities can also use your address to trace you. So, avoid sharing it with a platform or individual you don’t trust.

    Also, avoid using your Coinbase wallet on public networks if you don’t want privacy-related issues. That is a terrible idea since public networks are hotspots for savvy cybercriminals. A skilled cybercriminal can inject malware into a public network to gain unauthorized access to your wallet.

    Customer Service

    If you need help with any issue, visit the Coinbase Help page. It has many articles on crucial topics, like how to troubleshoot 2-step verification and the fundamentals of sending and receiving crypto. You can look for specific information using the embedded search bar. We highly encourage you to seek answers here because the articles are detailed and prepared by pros.

    You can also chat with Coinbase’s virtual assistant. We tried this option, and it served us well. But to get the best responses, ask the right questions. Most importantly, phrase your queries well and make them easy to understand. The best thing about chatting with this company’s virtual assistant is that you get prompt responses at any hour of the day.

    Lastly, if you have an urgent problem and would like to speak with a human representative, you can call Coinbase. But before you do, note that phone support is exclusively for Coinbase wallet users in specific countries, including the US and the UK. Check if your jurisdiction is supported before going with this support channel.

    If you have a complaint or would like to report suspicious activity, we urge you to use email. Coinbase has specific emails for specific issues. The best thing about emailing this company’s representatives is you get the opportunity to ask detailed questions and get well-explained responses.

    How to Start With Coinbase Wallet

    Unlike other alternatives, the Coinbase wallet doesn’t require opening a regular Coinbase account first. That means you can use the wallet even if you are not registered with Coinbase.com.

    We opened our account in a couple of minutes. It was fast and easy. If you want to enjoy the same privileges, follow the steps below. Also, provide accurate information and documentation whenever necessary. Otherwise, the process will become more challenging, or your application will be rejected outright.

    Step 1: Visit the Coinbase official website
    Step 2: Download the app
    Step 3: Create a wallet
    Step 4: Use your wallet

    Visit the Coinbase’s homepage. Review the page carefully and read all stipulated terms. Then, look for “WALLET” and click “Learn more.” You will be directed to a page that explains everything about the Coinbase wallet. Read every detail carefully and check if the wallet has everything you need to take trading to the next level.

    If you are satisfied with what you see, click “Download Coinbase Wallet.” This wallet is compatible with PCs and mobile devices. If you prefer using a mobile device, get the official app from Google Play or the Apple App Store. On the other hand, if you want to use your wallet on your PC, you can download a Coinbase wallet extension for either Chrome or Brave.

    Open your app and click “Create a new wallet.” Before proceeding, review and accept Coinbase’s privacy policy and terms of service. Then, set a unique username, which will be your public identifier. Also, create a strong password that you will use to access your account. Coinbase will give you a recovery phrase. Write it down and keep it in a safe place. Don’t share it with anyone or misplace it because that will jeopardize your investments.

    Once everything is in place and your Coinbase wallet is ready, you can explore it. Familiarize yourself with every crucial aspect and learn your way around your wallet. If you’re ready to use your wallet, hit “Receive.” That will initiate the deposit process. For optimum security, enable 2FA or biometric verification.

    Final Thoughts

    As seasoned experts, we highly recommend checking out the Coinbase wallet. Our team loved it because it’s easy to use, secure, and well-designed. However, we encourage you to do additional research and read online reviews before trusting this wallet with your assets. You can never be too careful.

    Once you start using your crypto wallet, prioritize keeping your recovery phrase safe. Don’t share it with anyone, as bad actors can use it to compromise your account. 

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    Thadeus Geodfrey

    Thadeus Geodfrey is a leading voice in the financial industry. You’ll appreciate the expert ease with which he does this. He deciphers the intricate link between emotions and behavior in trading and investment. With extensive experience as a senior trading writer, Thadeus imparts his knowledge and confidence to guide your trading boat. He’ll make you conquer your fears, break barriers, and capitalize on every potential opportunity. Follow his pieces and develop your knack for trading.

    Finance Raters Rating:

    ✔Available in 100+ countries
    ✔No hidden fees

    Visit site
    Risk Warning

    Coinbase will NEVER ask you for your Private Keys or Recovery Phrase. Do not share these with any person or site, or you could lose access to your wallet, or have your digital assets moved out of your wallet by an attacker.

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