Coinbase Wallet Review | Main Reasons Why We Use This Wallet
Jack Moreau
Feb 2024
6 min to read
Fact checked
Introduction: Are you looking for a secure and anonymous crypto wallet to store your digital assets? Coinbase Wallet might be the perfect choice for you. In this wallet review, we’ll take an in-depth view of the Coinbase Wallet and explore its features, usability, and security. Read on to discover whether Coinbase Wallet is the perfect wallet for your specific needs!
Coinbase Wallet is an open-source non-custodial cryptocurrency wallet that was launched by Coinbase in 2018. Coinbase which is one of the biggest cryptocurrency exchanges in the world launched a non-custodial wallet to provide users with an option that gives them full control over their digital assets.
Coinbase Wallet
The Coinbase Wallet was initially released as a mobile app for iOS and Android in 2018. The wallet quickly grew and has today achieved over 5 million downloads across Android and IOS with a 4 star rating based on over 60,000 reviews.
Coinbase wallet app
In 2019 Coinbase also released its web browser extension. With the Coinbase Wallet, users can manage their cryptocurrencies in a private and secure manner.
Besides basic features such as storing, sending and receiving coins, users can also interact with decentralised applications (dApps) on supported blockchains like Ethereum, Avalanche, Solana and others.
The Coinbase Wallet has in a short time seen steady growth and is now one of the most popular mobile cryptocurrency wallets in the world with millions of users.
Coinbase Wallet Supported Platforms
At the time of writing, the Coinbase wallet is available to download either on mobile or through browser extension. The Coinbase mobile wallet is a self-custody cryptocurrency wallet available for iOS and Android devices.
It is a free and easy-to-use wallet for managing digital currencies Ethereum, Polygon, Avalanche, Arbitrum, Optimism, Base and Solana.
The mobile app allow users a simple way to store their digital assets, buy NFTs, earn staking rewards on their assets and access DeFi. DeFi dApps like Uniswap and Aave can easily be accessed through the browser available within the app. Users can further trade, swap and lend their assets within the Coinbase Wallet.
Coinbase Wallet DeFi Dapps
At the time of writing, the Coinbase Wallet apps are available in 25 languages in over 170 countries and have more than 5 million downloads.
The Coinbase browser extension allows users to access and manage their funds directly from their browsers. The browser extension presently has over 1 million downloads and is available for Chrome, Brave, Firefox, Edge and Opera browsers.
Coinbase Wallet supported platforms
With the Coinbase Wallet extension, you can access and interact with web3 and thousands of Dapps across Ethereum and all EVM-compatible networks, such as Avalanche, Polygon, BNB Chain, and more. Additionally, Coinbase wallet extension allows you to easily send and receive Solana and SPL tokens.
Coinbase Wallet Exchange
Whether on mobile or the browser wallet, Coinbase offers users the ability to swap between their assets. These swap services are possible via integrations to third party decentralised exchanges in the backend.
Coinbase currently charges a flat fee of 1% on all swaps on top of the network fee that is paid to the validators of the network. The swaps will execute at a price within 3% of the estimate or the transaction will not go through.
Coinbase browser wallet
At the time of writing, swaps are available for coins based on Ethereum, BSC, Avalanche, Polygon and the Solana Blockchain. ps via Uniswap or Sushiswap. Users also have the option to follow well known profiles via the wallet and track their on-chain activity.
The Coinbase Wallet is an open source wallet that also supports NFTs on Ethereum and Polygon. Staking is also supported within the wallet so that users can easily stake their ETH or MATIC and earn staking rewards.
Coinbase Wallet NFTs
Users that already have an account on Coinbase can connect their account to the wallet. This way they can easily buy cryptocurrencies within the wallet via Coinbase Pay. Users can also easily create multiple wallet address if they wish to have different wallets for different purposes.
Coinbase wallet supports 1000s of thousand of cryptocurrencies in its wallets. These includes coins and tokens available on EVM-based blockchains such as Ethereum, Arbitrum, Base, Optimism, Avalanche, Fantom, Polygon and Evmos.
Coinbase Wallet Cryptocurrencies
Coinbase Wallet has also recently introduced support for additional blockchains including Bitcoin, Solana, Litecoin and Dogecoin. The Coinbase wallet provides one wallet address for each available blockchain where users can easily receive all the corresponding tokens from that blockchain.
Coinbase Wallet Customer Support
The customer support of the Coinbase wallet provides users with access to a variety of resources. To begin, users have access to a knowledge base of frequently asked questions (FAQs).
Coinbase Wallet Support
The FAQs provide a range of topics that include troubleshooting, account creation, and more. The Coinbase team is also available to answer any questions users may have via email, phone, or live chat.
Is Coinbase Wallet Safe?
Coinbase Wallet stands as a robust web3 solution that empowers users to confidently explore the DeFi landscape.
Central to its design is self-custody which ensures that users have full authority over their crypto assets and private keys. This means that without a user's recovery phrase, even Coinbase itself cannot access the tokens or NFTs held within.
Coinbase Wallet Security
The wallet also offers advanced security measures ranging from biometrics to security locks, ensuring assets are safeguarded across various devices. For those looking to further bolster their security, the wallet provides compatibility with Ledger hardware wallets via its browser extension. Coinbase also has a fully decentralised and crowdsourced security audit and bug bounty solution called WEFUZZ.
Navigating the world of DeFi is safer with Coinbase Wallet as it ensures transaction transparency through token approval alerts, letting users know precisely which assets a Dapp might access.
Coinbase Wallet transaction transparency
Furthermore, it offers transaction previews to give a clear picture of potential changes in token balances during Dapp interactions. And by leveraging a mix of databases, the wallet can identify and warn users about potentially harmful applications.
The wallet also actively guards against deceptive practices like spam tokens by concealing those identified as malicious and allowing users to report any suspicious ones.
Coinbase Wallet Dapp blocklist
Lastly, Coinbase Wallet goes a step further by offering advanced features like support for multiple Ethereum and Solana addresses. This facilitates users who wish to maintain separate web3 identities and asset pools.
Coinbase Wallet multiple addresses
In tandem with this, the wallet has integrated permission management tools, enabling users to review and disconnect from dapps, thereby reducing exposure to possible vulnerabilities.
Author
Jack Moreau
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.
