Coinbase vs Coinomi | Why Coinbase Wallet Is Better
Jack Moreau
Apr 2024
8 min read
Fact checked
Introduction: When it comes to safeguarding your digital assets, making the right choice in a cryptocurrency wallet is paramount. That's why we've meticulously compared the features of Coinbase Wallet vs Coinomi. From their support of blockchains and cryptocurrencies, to their unique functionalities, hardware wallet compatibility, and overall security measures. We've left no stone unturned in providing you with the ultimate wallet comparison review!
Coinbase Wallet is an open-source non-custodial cryptocurrency wallet that was launched in 2018.
Founded by Coinbase, one of the most well-known names in the cryptocurrency industry, Coinbase Wallet aims to provide users with a private and secure way to manage their cryptocurrencies.
Coinbase Wallet Website
With support for EVM-based blockchains like Ethereum and Avalanche, as well as Bitcoin, Solana and a few others, Coinbase Wallet allows users to store, manage, and trade a wide range of cryptocurrencies and NFTs.
Coinbase Wallet App
In terms of availability, Coinbase Wallet offers a mobile app for iOS and Android devices, as well as a web browser extension.
The mobile app has achieved over 5 million downloads and a 4-star rating, while the wallet browser extension has reached over 1 million downloads with a 3-star rating.
Coinbase Wallet Browser
On the other hand, Coinomi Wallet was founded in 2014 with the mission of making digital assets more accessible to users. It is a multi-coin wallet that supports over 1,770 cryptocurrencies, making it one of the most versatile wallets in the market.
Coinomi Website
Coinomi is a non-custodial wallet, meaning that users have full control over their funds and there is no identity linking between the user and their wallets.
Coinomi is available as a mobile wallet for Android and iOS devices, and it has gained strong reviews on Android with a 4.6-star rating based on over 42,000 reviews.
Coinomi App
While Coinomi Wallet has attracted over 1 million users using their mobile and desktop wallet, one drawback is that it is not available as a browser wallet.
Coinbase Wallet vs Coinoimi User Experience
Coinbase Wallet is a slick and modern-looking wallet that offers a range of features for users looking to buy, sell, trade, and store their tokens and NFTs.
It is a free and easy-to-use wallet that supports digital assets on Bicoin, Litecoin, Ethereum, Polygon, Avalanche, Arbitrum, Optimism, Base, Solana and others.
Coinbase Wallet Cryptocurrencies
The Coinbase Wallet is compatible with popular browsers such as Google Chrome, Mozilla Firefox, Microsoft Edge, Brave, and Opera Browser.
Coinbase Wallet Platforms
The mobile app allows users to store their digital assets, buy NFTs, earn staking rewards, and access DeFi dApps like Uniswap and Aave. The user experience on Coinbase Wallet is top-notch, with a well-designed interface that is easy to navigate.
On the other hand, Coinomi wallet falls short in terms of innovation. The team behind Coinomi has lagged behind in developing new features, resulting in a stale user experience and outdated design.
Coinomi does not even offer support for popular cryptocurrencies like Solana, Cosmos, Polkadot, and Cardano. This lack of development puts Coinomi at a disadvantage compared to newer and more modern wallets with active development teams.
Coinomi Platforms
Despite its previous recognition as a contender in the industry, Coinomi's lack of innovation has made it less competitive in today's rapidly evolving digital wallet landscape.
Coinomi Desktop Wallet
As such Coinbase Wallet offers a much more comprehensive and user-friendly experience. It supports a wide range of digital assets, provides access to DeFi dApps, and has a well-designed interface that is easy to navigate.
Coinbase Wallet vs Coinoimi Features
Coinbase Wallet is a popular choice for crpto enthusiasts who are looking for a secure and user-friendly wallet. One of the standout features of Coinbase Wallet is its ability to facilitate swaps between different digital assets.
Users can easily exchange their cryptocurrencies within the wallet using integrations with third-party decentralized exchanges like Uniswap and Sushiswap. Coinbase Wallet charges a flat fee of 1% on all swaps, in addition to the network fee paid to validators.
Coinbase Wallet Dapps
Transparency is a core principle of Coinbase Wallet, as evidenced by its open-source nature. This means that the code of the wallet is publicly available for scrutiny, ensuring the security and reliability of the platform.
Coinbase Wallet also offers support for NFTs on Ethereum and Polygon blockchains, allowing users to store, manage, and transfer their NFT collections with ease.
Coinbase Wallet NFTs
Staking is another attractive feature of Coinbase Wallet, as users can earn passive income by staking their digital assets. The wallet supports staking for popular cryptocurrencies like ETH and MATIC, allowing users to participate in the network and earn staking rewards.
Additionally, users who already have a Coinbase account can easily connect it to the wallet, making it convenient to buy cryptocurrencies directly within the wallet interface using Coinbase Pay.
On the other hand, Coinomi Wallet offers a more limited range of features compared to Coinbase Wallet. One of the key features of Coinomi Wallet is its own exchange service, which allows users to swap between different assets within the wallet.
Coinomi Features
This provides users with privacy and convenience, although swap fees via non-custodial wallets tend to be higher.
Coinomi Wallet also provides access to the world of decentralized finance (DeFi) through its integrated DApp browser and Web3 support. Users can easily interact with various decentralized applications and access services like lending and borrowing.
Coinomi Buy Crypto With Credit Card
Unfortunately at the time of writing, Coinomi Wallet does not support NFTs, which may be a drawback for users in the booming NFT market.
For users looking to earn yield on their digital assets, Coinomi Wallet has limited options as it only supports staking for Algorand and SmartCash.
Coinomi Cryptocurrencies
This is not ideal for users who hold a variety of cryptocurrencies and want to maximize their earnings through staking. Additionally, Coinomi Wallet offers the option to buy cryptocurrencies with debit/credit cards
Coinbase Wallet and Coinomi are two popular non-custodial cryptocurrency wallets that offer users the ability to store their digital assets securely.
While both wallets share the common characteristic of being non-custodial, they differ in various aspects such as security measures, open-source transparency, and compatibility with hardware wallets.
Coinbase Wallet prides itself on its self-custody design, ensuring that users have full authority over their crypto assets and private keys. This means that even Coinbase itself cannot access the tokens or NFTs held within the wallet without the user's recovery phrase.
The wallet offers advanced security measures such as biometrics and security locks to safeguard assets across various devices.
Additionally, Coinbase Wallet is compatible with Ledger hardware wallets via its browser extension, providing an extra layer of security for users.
Coinbase Wallet Ledger
To enhance transaction transparency and protect users against potentially harmful applications, Coinbase Wallet offers transaction previews. This gives users a clear picture of potential changes in token balances during Dapp interactions.
Coinbase Wallet Trasnparency
The wallet also actively guards against deceptive practices like spam tokens, concealing malicious tokens and allowing users to report suspicious ones.
Furthermore, Coinbase Wallet supports multiple Ethereum and Solana addresses, allowing users to maintain separate web3 identities and asset pools.
Coinbase Wallet Multiple Addresses
The wallet also features integrated permission management tools, enabling users to review and disconnect from Dapps, reducing exposure to possible vulnerabilities.
Coinomi, like other non-custodial wallets, prioritizes the decentralization of private keys by storing them in users' local devices. This storage approach ensures that cryptocurrencies are spread across millions of devices, making it difficult for hackers to attack.
However, users are responsible for safeguarding their assets by creating a strong password and storing the 12 or 24-word mnemonic seed phrase securely.
Coinomi Security
Coinomi offers the benefit of no KYC bureaucracy, meaning no identity linking, and no IP association or transaction tracking. Unfortunately Coinomi Wallet itself is only partly open-source, limiting the transparency and scrutiny of its code.
Additionally, there are no well-known security audits or bug bounties available for Coinomi, leading to potential concerns about the wallet's security.
Unlike Coinbase Wallet, Coinomi does not support syncing with popular hardware wallets like Ledger or Trezor, which is a drawback for users seeking the additional security provided by hardware wallets.
Coinbase Wallet vs Coinoimi Conclusion
In conclusion, Coinbase Wallet clearly outshines Coinomi in terms of features and user experience. Coinbase Wallet is the more modern wallet that offers better user experience and more frequent updates to the wallet.
While Coinbase Wallet has the advantange of being available as a browser wallet as well, Coinomi Wallet has the advantage of being available for desktop.
And while Coinomi Wallet offers support for more obscure and lesser known cryptocurrencies, Coinbase Wallet mainly focuses on the biggest ecosystems including Bitcoin, Ethereum, EVM-Based blockchains, Solana and a few others.
As such, Coinbase is the clear winner in this wallet comparison as Coinomi simply has not kept up with the times!
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
