Coinbase stands as one of the most renowned cryptocurrency exchanges globally, offering a secure crypto wallet to store various digital assets. How does it work? Is it free? What are its strengths and weaknesses? On this page, we present everything you need to know about Coinbase Wallet! You’ll find our review of this crypto wallet and usage recommendations.
What Is Coinbase Wallet?
Coinbase Wallet is the external wallet of the Coinbase exchange, one of the largest crypto platforms worldwide. Founded in 2012 in the U.S., this trading and investment platform has emerged as a leader in its category. Since 2021, the company has even been publicly traded, reinforcing its credibility.
Coinbase enables users to invest and trade a wide selection of cryptocurrencies easily. It also offers services like crypto staking, derivatives trading, and a debit card for everyday spending using crypto.
According to CoinMarketCap, Coinbase ranks 2nd among top exchanges with a score of 8.2, trailing only Binance. Its reputation for reliability and security is well-established.
Coinbase provides an integrated exchange wallet and a standalone mobile app called Coinbase Wallet. This external product is available for iOS and Android, allowing users to store BTC, ERC-20 tokens, and more securely. It also supports sending/receiving crypto and accessing decentralized finance (DeFi) applications.
Recently, Coinbase added NFT storage and trading to its wallet, enhancing its utility. The wallet is designed for accessibility, bridging users to the broader crypto ecosystem.
Pros
- Backed by a trusted industry leader
- User-friendly and well-designed
- No recorded security breaches
Cons
- Security could be further enhanced
- Limited support for some assets
👉 Explore Coinbase Wallet’s features
How to Set Up Coinbase Wallet
Download the App
- Available on the Apple App Store or Google Play Store.
- Install and click "Create a New Wallet."
Secure Your Recovery Phrase
- Write down the 12-word recovery phrase offline. Losing it means losing access to your funds.
Deposit Cryptos
- Use the "Receive" function to add funds or link your Coinbase exchange account for seamless transfers.
Trade Crypto
- Swap tokens directly via the app when connected to Coinbase exchange.
Store NFTs
- Buy/sell NFTs on platforms like OpenSea using ETH.
Access DeFi
- Engage with protocols like Uniswap or Aave for staking, lending, or liquidity pools.
Supported Cryptocurrencies
Coinbase Wallet supports:
- All ERC-20 tokens (Ethereum, Polygon, etc.).
- EVM-compatible blockchains (BNB Chain, Solana, Avalanche).
- Bitcoin, Litecoin, and Dogecoin.
Is Coinbase Wallet Secure?
- No recorded hacks since launch.
- Users control their private keys.
- Optional biometric authentication.
- Less secure than cold wallets (e.g., Ledger or Trezor) for large holdings.
Pricing
Coinbase Wallet is free to download and use.
Our Verdict
Coinbase Wallet is a solid choice for beginners and intermediates, offering:
- Intuitive design.
- DeFi and NFT integration.
- Reliable security.
For high-value holdings, consider a cold wallet for enhanced protection.
👉 Get started with Coinbase Wallet
FAQ
What’s the best crypto wallet?
Cold wallets (e.g., Ledger) excel in security, while hot wallets like Coinbase prioritize convenience.
How do I withdraw from Coinbase Wallet?
Link to Coinbase exchange or use supported blockchains to transfer funds.
Are there fees for Coinbase Wallet?
No wallet fees, but network (gas) fees apply for transactions.
Why use a wallet if I have Coinbase?
Self-custody wallets like Coinbase Wallet offer greater control over private keys compared to exchange-held assets.
Crypto investments carry risks. Always research before committing funds.