Coinbase vs Trezor | Why You Should Consider Using Both
Jack Moreau
Apr 2024
8 min read
Fact checked
Introduction: In the world of crypto, safeguarding your digital assets is non-negotiable. That's why we're here to compare two heavy hitters in the game: Coinbase Wallet vs Trezor. Brace yourself as we delve into the depths of their support blockchains, cryptocurrencies, features, hardware wallet support, security measures, and much more! With this ultimate crypto wallet face-off, you'll soon be equipped to make the right wallet choice!
Coinbase Wallet and Trezor are two popular cryptocurrency wallets with distinct features and offerings. Let's compare these two wallets and explore their unique characteristics.
Coinbase Wallet, founded in 2018 by Coinbase, is an open-source non-custodial cryptocurrency wallet. It initially launched as a mobile app for iOS and Android devices. With Coinbase Wallet, users can manage their cryptocurrencies securely and privately.
Coinbase Wallet Website
This self-custody wallet allows users to store, manage, and trade cryptocurrencies and NFTs. It supports EVM-based blockchains like Ethereum and Avalanche, along with Solana, Bitcoin, Litecoin and Dogecoin.
Coinbase Wallet has over 5 million downloads across Android and iOS platforms, with a rating of 4 stars based on 60,000 reviews. In 2019, Coinbase also released its web browser extension, which has over 1 million downloads and a 3-star rating based on 300 reviews.
Coinbase Wallet App
On the other hand, Trezor is a hardware wallet founded in 2013 by Marek Palatinus and Pavol Rusnak. Trezor Wallet provides a secure way to store Bitcoin and other cryptocurrencies offline.
Trezor Wallet Website
As a cold wallet, it stores private keys offline on a hardware device which ensures maximum security. Trezor supports over 1,000 different cryptocurrencies and offers advanced security features like Shamir Backup for asset recovery.
Trezor Wallet App
Trezor has over 1 million users, with their Trezor Model One being the most popular product. They have also developed Trezor Suite, a desktop, browser, and mobile app that allows users to buy, sell, send, and receive cryptocurrencies.
Trezor Wallet Model T & One
Trezor suite is available for Linux, MacOS, and Windows on desktop, as well as Android and iOS devices and web browsers. When comparing these two wallets, Coinbase Wallet offers the convenience of mobile access and a user-friendly interface.
It supports a wide range of cryptocurrencies and NFTs, making it suitable for traders and investors who want a software wallet.
Trezor provides unparalleled security by storing private keys offline on a hardware device. It offers compatibility with various cryptocurrencies and advanced security features, making it an ideal choice for users prioritizing hardware security.
Coinbase Wallet vs Trezor User Experience
Known for its slick design and modern interface, Coinbase Wallet offers a user-friendly experience for those who want to buy, sell, trade, and store their tokens and NFTs. It is compatible with blockchains such as Bitcoin, Ethereum, Solana, Litecoin, Polygon, Avalanche, Arbitrum, Optimism, Base and others.
Coinbase Wallet Cryptocurrencies
The Coinbase browser wallet is supported on Google Chrome, Mozilla Firefox, Microsoft Edge, Brave, and Opera Browser. The mobile app provides a simple way for users to store their digital assets, buy NFTs, earn staking rewards, and access DeFi platforms.
Coinbase Browser Wallet
With the integrated browser available within the app, users can easily interact with DeFi dApps like Uniswap and Aave. Furthermore, the Coinbase wallet offers a seamless experience for users to buy crypto with fiat currencies.
Coinbase Wallet Dapps
Trezor wallets, including the Model One and Model T, are known for their easy-to-use interface and compact design. They offer a simple and straightforward experience for users to manage their assets securely.
Both Trezor wallets have received positive reviews on platforms like Amazon. The Model One is an affordable hardware wallet that supports 1289 digital assets and features a bright OLED screen.
Trezor Model One
On the other hand, the Model T offers a touchscreen display, wider support for over 1456 cryptocurrencies, and USB-C connection. It also allows for anonymized coinjoin transactions.
Trezor Model T
In terms of supported devices, Coinbase Wallet is available on desktop operating systems like Windows, Mac, and Linux, as well as Android and iOS devices.
Trezor Wallets can be used on desktop, mobile, and browser applications, providing users with flexibility in managing their assets. Trezor Wallets also provide a high level of security with features like client-side encryption, automatic backup, and 2FA.
Coinbase Wallet vs Trezor Features
Coinbase Wallet is a popular choice for users who want to easily swap between their assets. The wallet offers in-app swaps using third-party decentralized exchanges. However, users should be aware of the 1% swap fee charged by Coinbase, in addition to the network fee paid to validators.
Coinbase Wallet NFTs
The wallet supports 1,000s of cryptocurrencies on blockchains such as Bitcoin, Ethereum, BSC, Avalanche, Polygon, and Solana. Transparency is a core principle of Coinbase Wallet, as it is an open-source wallet.
Users can also connect their Coinbase account to the wallet and easily buy cryptocurrencies within the interface using Coinbase Pay. Staking is also supported, allowing users to stake their assets and earn rewards. The wallet also facilitates the storage and management of NFTs on Ethereum and Polygon.
On the other hand, Trezor Wallet is a hardware wallet that offers a wide range of features. Users can easily send and receive over 1,000 digital assets, including Bitcoin, Ethereum, Avalanche, Chainlink, and Uniswap. The wallet provides a visual display in the Suite App, allowing users to easily track the value of their portfolios.
Trezor Suite
Trezor Wallet offers an in-wallet exchange through third-party providers. Users can buy and swap cryptocurrencies using their Visa or Mastercard card, SEPA bank transfer, and other regional payment methods. However, the exchange fees charged by these providers range between 1.8% to 3.6% in commissions, which can be quite expensive.
Trezor Cryptocurrencies
Trezor Wallet does not have native support for Web 3 access or NFTs. Users can use third-party applications like Exodus wallet to access decentralized applications (DApps) and interact with NFTs. Staking is also not supported natively but can be accessed through third-party providers that support Trezor.
Coinbase Wallet prioritizes self-custody by 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 provides compatibility with Ledger hardware wallets through its browser extension, allowing users to further bolster their security.
Coinbase Wallet Security
To enhance transaction transparency and security, Coinbase Wallet implements token approval alerts, which notify users about the assets a Dapp might access. The wallet also offers transaction previews to provide a clear picture of potential changes in token balances during Dapp interactions.
Coinbase Wallet Transaction Transparency
Moreover, Coinbase Wallet's crowdsourced security audit and bug bounty program, called WEFUZZ, ensures continuous security improvements and rewards white hackers for identifying vulnerabilities.
Trezor is a renowned offline hardware wallet that ensures users' assets and identity remain protected by removing online access to their data. Trezor's open-source software allows for comprehensive audits, making it fully auditable for any vulnerabilities.
Trezor Security
The wallet employs a PIN mechanism protected against key-loggers, ensuring secure access even in potentially compromised environments like internet cafes. Trezor also offers a passphrase feature for account recovery and supports multiple passphrase-protected wallets.
Trezor vs Online Exchange
Coinbase Wallet vs Trezor Conclusion
In conclusion, based on the data provided, each wallet offers unique advantages in terms of support for cryptocurrencies, blockchains, and features.
Coinbase Wallet is a software wallet that showcases a nice and clean interface and supports thousands of cryptocurrencies. It also integrates DeFi functionality and allows linking to a Coinbase account.
Trezor Wallet offers affordable hardware wallets with beautiful design and UX. It is open source and provides strong security. However, both have limited functionality and do not support Solana and Cosmos.
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.
