Coinbase Wallet Review
The Coinbase exchange offers one of the most secure wallets to store digital assets. Coinbase wallet allows users to interact with Ethereum DApps via its integrated DApp browser. If you have a Coinbase exchange account, you will be able to use the wallet app on your Android or iOS device. You only have to download from the respective app stores and use.
Coinbase places emphasis on simplicity and security. Apart from being secure, the wallet is suitable for novice traders. Also, it also supports a wide range of digital assets including ERC-20 and ERC-721 tokens. Coinbase wallet’s security features ensure each user has sole access to their private keys. It is one of a few exchanges that accepts credit cards and bank transfers for payments.
Coinbase was launched with the alleged mission of lifting billions out of poverty while advancing innovation globally. It was founded in June of 2012 as a digital asset wallet and platform where users can transact in new assets. In 2013, Coinbase became the highest funded Bitcoin startup and the largest exchange for digital assets globally. So far, Coinbase has raised $217M with world-leading investors. This includes Start Fund, Y-Combinator, Ribbit Capital and BBVA among others.
Furthermore, Coinbase offers a Visa debit card. With the card, users can link to their crypto account balances. It provides direct access to spend digital assets as Coinbase instantly converts cryptos to fiat currency to complete a purchase either in-store or online. The Coinbase card facility is currently available in the UK with planned support for other European countries in the future. It is the first debit card that directly links to a crypto exchange in Europe.
Coinbase operates from San Francisco, California. It is available in 32 countries with over 12 million users. The company operates Coinbase Pro exchange for professional traders.
Coinbase Wallet Supported Coins
Coinbase supports quite a number of digital assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic. Other supported cryptos include ZRX, BAT, USDC, ZEC, LINK, XRP, REP, XLM, DAI and EOS. Users in some countries are allowed to transact with fiat currencies. Coinbase currently supports over 50 fiat currencies including USD, CAD, AUD, EUR and CNY.
To purchase any of the abovementioned coins, just go to our Cryptocurrency Exchange List to find the place that you should purchase at, based on your individual preferences.
Coinbase Wallet Fees
Transaction fees apply to both the Coinbase wallet and exchange. There are no fees for transactions between Coinbase wallets while network fees apply to transactions involving other wallets. If you intend to trade on the platform, you will either pay a flat or variable fee. The variable fee depends on your payment method, location and the order mode (standard or instant). Fees range from 1.49% to 3.99%.
If you are eligible for the debit card, you can request at £4.95 issuance fee. With your debit card, you will enjoy free domestic and foreign cash withdrawals up to £200 per month. Withdrawals above £200 are charged at 1% and 2% for domestic and international transactions respectively. Other card transaction fees include:
- International POS Purchase Transaction Fee: 3% of the transaction value
- Intra-EEA POS Transaction Fee: 0.20% of the transaction value
- Chargeback Processing Fee: £20
You won’t have to worry about the credit card transaction fees when using the wallet. It is meant for those within specified locations who wish to enjoy extra benefits. If you fall within this category, then feel free to apply for a debit card. Please note that daily, monthly and yearly spending limits apply to Coinbase debit card use.
Coinbase wallet is free to use. It is available for download on Google Playstore and Apple App Store for Android and iOS users respectively. After downloading, you can start using with just a few clicks. If you prefer to access your wallet on desktop, you can do that by logging in at https://coinbase.com.
Coinbase Wallet Ease of Use
If the interface is anything to go by, Coinbase wallet is a user-friendly wallet. Even first-timers will find it quite easy to use.
You can get started in 3 quick steps:
Sign up: All you need to provide is your first and last names, an active email address and create a password.
Select your account type: Coinbase has two account options – individual and business. You have to select which suits you best after confirming your email address.
Verify your phone number: This is a feature that ensures no one has access to your wallet.
Set up a payment method: If you reside in an EU country or the US, Coinbase will allow you to choose either bank transfer or credit card. You will have to verify these payment methods to use them.
Buy or receive digital assets: Using any of the payment methods, you can buy your coins right away. If your country is not allowed to add a payment method, you can still hold coins. Do this by sending it from other wallets.
Other features that make Coinbase a wallet of choice among crypto enthusiasts includes the above real-time price chart. This displays current circulating volumes of each asset among other details. You can also follow top stories about your holdings right from your wallet.
Coinbase Wallet Anonymity
If you intend to use Coinbase, you will have to comply with certain KYC rules as part of the companies policies. If you are uncomfortable with presenting your details, then Coinbase may not be the best for you. Apart from this, the wallet’s features and support services are cool.
Coinbase Wallet Security
If hacking history is a measure of a wallet’s security, then Coinbase is secure. The wallet has a zero hacking record. Moreover, Coinbase follows best practices in the payment industry to ensure security. For instance, it runs all web traffic over https encrypted SSL. Sensitive user data is also split with redundancy and encrypted with AES-256 before backing up in FIPS-140 USB drives. The drives are stored in safe deposit boxes and vaults in different locations.
Coinbase wallet secures user keys with Secure Enclave technology. There are also options to further secure your wallet with 2FA methods. You have the SMS authentication through your verified phone number and Google Authenticator. Also, you can use these methods to secure your transactions. Using the mobile app also grants you access to create a four-digit security pin unlock your app and authorise transactions.
Coinbase verifies devices and notifies users when someone tries to access their wallets via another device. To further protect user funds, Coinbase stores a major part of their user’s funds offline in hardware wallets and vaults.