Coinbase Wallet Review – The Best Option to Store Your Crypto
Coinbase Wallet Features
Coinbase Wallet Safeness – Score 8.5/10
Coinbase Wallet Ease of Use – Score 9/10
Coinbase Wallet Cost & Fee – Score 9.5/10
Coinbase Wallet Customer Service – Score 8.5/10
Coinbase Wallet – Pros and Cons
Coinbase Wallet vs. Metamask Comparison
Bottomline
As Bitcoin gained popularity in the cryptocurrency market, many other similar coins emerged to compete in the now gigantic industry, incorporating several interesting features in their platforms. Nevertheless, Bitcoin continues to lead the pack because it initiated a decentralized finance system designed for users to enjoy greater security and privacy, free of government restrictions.
If you’re looking to invest in cryptocurrency, it’s always a good idea to learn the basics of the industry and the significant role crypto wallets like Coinbase Wallet play in the cryptocurrency ecosystem. Keep on reading, We will also talk about Coinbase Wallet vs. MetaMask comparison to see which one is better
This Coinbase Wallet Review delves into the unique features of the Coinbase wallet and why it’s one of the best crypto wallets in the market.
Coinbase Wallet Review – The Best Option to Store Your Crypto
One main advantage of the Coinbase Wallet is that it’s a non-custodial platform, meaning users have full and exclusive access to and control over their private keys and, therefore, their funds. Without access to a user’s private key, it’s considerably harder for a third party to hack into their account and steal their assets, making the Coinbase Crypto Wallet the best option.
Recent innovations in cryptocurrency also involve non-fungible tokens (NFTs), where users can buy and sell digital collectibles for a certain price. Following the internet’s enthusiastic acceptance of the feature, Coinbase adapted it, allowing users to store their NFTs in the Coinbase wallet.
The Coinbase Wallet has several other rewarding features, tested and approved by almost all cryptocurrency investors and traders. The platform continues to be one of the most trusted in the finance industry.
Coinbase Wallet Features
- Security
Trust is a non-negotiable condition for giving crypto wallets access to your assets.
Users can trust Coinbase Wallet because of the security it affords investments and crypto exchanges, thus its growing popularity. Coinbase owns both the platform and the wallet; they can support a more secure and efficient swapping of assets between the two.
As mentioned earlier, it’s a non-custodial platform where no one but the user has access to their private keys — not even the platform’s developers. Users can manually manage their accounts, private keys, and even their assets.
While Coinbase Wallet is considered a hot wallet because it’s still connected to the internet. It guarantees a trouble-free transfer of digital assets to cold storage devices like Ledger and Trezor, as those companies support the Coinbase wallet.
- Easy Liquidation
Coinbase is designed to connect to crypto-friendly banks easily. Many fiat currencies, like the US Dollar, support the wallet, so many people prefer using a Coinbase Wallet over those with limited liquidation features.
- High compliance features
Anyone intending to use Coinbase must first undergo the KYC process to verify their identity. This process ensures the platform isn’t flooded with bots and other fake accounts that slow the platform and diminish its usability to the user community.
- NFT Storage
Non-fungible tokens (NFT) have taken the financial landscape by storm, enabling artists and game developers to leverage their talents and gain recognition in the industry while earning money for selling their NFT arts and music. Consequently, the demand for ways to store their newly acquired digital collectibles like actual assets has increased considerably.
Coinbase has integrated a new feature, NFT storage, into the wallet to provide users with a well-coordinated NFT buying experience to address the rising demand.
Coinbase Wallet Safeness – Score 8.5/10
The Coinbase Wallet ranks significantly high in all aspects of cryptocurrency platform desirability with innovations that make it the first choice for beginners. Granted, people will always choose a platform that assures them of their assets’ safety, first and foremost. So one might ask, “Is Coinbase wallet safe?”
This section explains the features that ensure users’ assets are well-protected in Coinbase.
The overall safety of the app is one of those features. Cybersecurity through Secure Enclave Technology is an integral part of the Coinbase Wallet DNA. Individual platform servers and encrypted data are isolated to prevent people from stealing a user’s assets stored in the platform’s system.
Coinbase also has a mobile app where users have to provide a four-digit security PIN to ensure it’s safe to authorize transactions while on the go.
Coinbase Wallet Ease of Use – Score 9/10
A Coinbase wallet address can be found in both web and mobile apps, making it conveniently accessible. Furthermore, a wide range of cryptocurrencies is available on the Coinbase platform, making it an excellent option for beginners and seasoned traders.
Coinbase is an easy platform to navigate. The website is designed to make it convenient for visitors to find the service information they need and the list of cryptocurrencies available. It provides sufficient helpful tips users can easily follow for the smooth performance of transactions, like trading and buying crypto.
The Coinbase website has integrated a platform that allows users to easily run decentralized apps or DApps. With easy access to Dapps, users can transact with each other directly instead of passing through an intermediary, which is a convenient way to move money. Users cannot enjoy the same convenience with other platforms, like Metamask, with their platform limited to hardware wallets such as Ledger Nano.
Coinbase Wallet Cost & Fee – Score 9.5/10
One of the best things about Coinbase is that the use of hosted cryptocurrency and USD wallets is virtually free. There are no hidden costs in using the wallet as storage, and beginners are free to try it out for suitability without committing to the platform. There are no charges for transferring digital assets to another Coinbase wallet. Charges will only occur as network fees for transfers between Coinbase wallet and another platform. However, the Coinbase wallet network fee is considerably low compared to money transfer fees charged by the traditional banking method.
The Coinbase network fee can range from 1.49% to 3.99%, depending on the user’s location, payment method, and order mode (standard or instant). Coinbase wallet fees include an instant card withdrawal method on how to withdraw from Coinbase wallet, with up to a 1.5% transaction fee and a 0.55 USD minimum fee.
Coinbase Wallet Customer Service – Score 8.5/10
Coinbase customer service has gained more reputation for its considerably fast response rate than customer support. Users can contact Coinbase’s customer service via email and Twitter, the preferred methods. However, users may request to speak to a customer service representative by phone by filling up a form on their website.
Coinbase Wallet – Pros and Cons
Pros
- Fast and Secure transactions
- Easy to use
- A large number of cryptocurrencies available for trading
Cons
- Slightly higher fees than other exchanges
- Weak customer support
- Not much educational content
Coinbase Wallet vs. Metamask Comparison
Two of the most popular choices in cryptocurrency wallets are Coinbase and Metamask. While both wallets have advantages and disadvantages, Coinbase is generally considered the better option in our opinion.
One of the main reasons for this is that Coinbase offers a more user-friendly interface. It is also easier to buy and sell cryptocurrencies on Coinbase, and the wallet supports a wide range of altcoins.
In contrast, Metamask can be difficult to use for beginners, and it only supports a limited number of cryptocurrencies. Another advantage of Coinbase is that it offers a higher level of security. For example, Coinbase requires two-factor authentication for all transactions, and it stores all customer funds in offline cold storage wallets.
Overall, Coinbase is the better choice for those looking for a user-friendly and secure cryptocurrency wallet.
Bottomline
While Coinbase remains one of the most popular exchanges in the market, and the number of their supported cryptocurrencies continues to grow over time, there is much room for improvement. Nonetheless, many people use Coinbase because of the convenience it provides. The platform has automated some features that are otherwise manually performed when done through other wallets. The integration of DApps in the platform eliminates the complication of engaging in transactions with other users through a central authority.
As a Bitcoin wallet, Coinbase is trustworthy. Insured against hacking, cyber theft, and other fraudulent activities, Coinbase guarantees users their digital assets’ safety and virtual untouchability against interlopers.
