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Our Take
4.3
The bottom line: Coinbase’s cryptocurrency wallet is a simple but highly functional option for moving your funds off a custodial exchange and into your own hands. Coinbase Wallet offers a mobile app and browser extension that support thousands of cryptocurrencies and provide built-in access to decentralized applications for staking, yield farming and non-fungible tokens, or NFTs.
Pros & Cons
Pros:
Easy transfer from Coinbase, the largest U.S.-based exchange.
Large selection of supported cryptocurrencies.
Decentralized application, or dapp, access includes staking tools and NFT marketplaces.
Cons:
No desktop application.
Table of Contents
Where Coinbase Wallet shines
Where Coinbase Wallet falls short
What Coinbase Wallet is best for
Coinbase Wallet at a glance
Full details about Coinbase Wallet's ratings
Other details you should know about Coinbase Wallet
Is Coinbase Wallet right for you?
How we review crypto wallets
Full Review
Where Coinbase Wallet shines
Selection: Coinbase Wallet can store a huge number of digital assets. Its website says the wallet supports thousands of coins, including all of the ERC-20 tokens built on Ethereum technology.
Web3 functionality: Coinbase Wallet allows users to buy, trade and earn rewards on cryptocurrency and NFTs without having to leave their assets in the custody of a centralized exchange.
Conversion to cold storage: Coinbase Wallet has a partnership with hardware wallet Ledger to help users easily transfer assets to offline storage.
Where Coinbase Wallet falls short
Not fully open source: Coinbase Wallet has an open-source protocol that developers can use to write applications to work with it, but the overall software is not open source. Some users may prefer wallet software to be fully open source so they can test the security of the code without putting trust in the wallet’s developers.
What Coinbase Wallet is best for
Mobile or browser-based hot storage with easy access to exchanges and dapps.
Coinbase Wallet at a glance
Security | Coinbase Wallet does not use two-factor authentication or multisignature support. The software is not fully open source. |
Selection | Coinbase Wallet supports all ERC-20 tokens as well as Bitcoin, Dogecoin and Litecoin. |
Integration | Coinbase Wallet says it supports thousands of digital assets, including NFTs. It also has features that include purchases, swaps and staking directly from the wallet. |
Storage | Coinbase Wallet is a hot wallet that can convert to dedicated offline storage devices such as Ledger. |
Functionality | Coinbase Wallet has a highly rated mobile app and browser extension but no desktop application. |
Tools | Coinbase has educational content available on its website, plus data and market analysis tools to help you track the performance of your crypto portfolio. |
Full details about Coinbase Wallet's ratings
Security: 2 out of 5 stars
Coinbase Wallet is a self-custody wallet, which can have some advantages over storing your crypto on an exchange: You can’t lose your crypto if an exchange fails or gets hacked. However, if you lose your security information like your password and recovery phrase, you could lose access to your crypto — and the wallet can’t help you recover it as an exchange could.
Coinbase Wallet has an open-source protocol that developers can use to write applications to work with it, but the overall software is not open source, so you’ll have to trust in the security of the code.
» Learn more: Hot wallet vs. cold wallet
Selection: 5 out of 5 stars
Coinbase says its wallet supports all ERC-20 tokens, which number in the hundreds of thousands, as well as Bitcoin, Dogecoin and Litecoin. However, Coinbase Wallet is dropping support for Bitcoin Cash, Ethereum Classic, Stellar and Ripple in 2023.
Integration: 5 out of 5 stars
With Coinbase Wallet, you can carry out purchases and trades directly from your wallet. According to Coinbase’s website, the wallet supports thousands of cryptocurrencies, including all tokens on the Ethereum blockchain and NFTs.
Storage: 5 out of 5 stars
Coinbase Wallet is a software, or hot, wallet, which means it stores the keys to your crypto assets using software on an internet-connected device.
If you’re interested in another layer of security for your crypto, you can consider a cold wallet, which stores your cryptocurrency on a physical device that keeps your keys offline. Coinbase Wallet has a feature that allows you to convert cryptocurrency to cold storage devices sold by the wallet maker Ledger.
» Looking for a hardware wallet instead? Here are our top picks
Functionality: 3 out of 5 stars
Coinbase Wallet can be accessed through a mobile app or browser extension, though there’s no desktop application available.
Tools: 4 out of 5 stars
Coinbase has a library of cryptocurrency education content to help you understand how to manage your digital assets, including Web3 tools. Coinbase Wallet’s mobile app and browser extension also offer basic tools for tracking the performance of your crypto portfolio.
Other details you should know about Coinbase Wallet
Pricing: Coinbase Wallet is free to use, but it's important to understand network transaction fees in cryptocurrency and how they work when using any digital wallet.
Legal issues: Coinbase Wallet was part of a legal complaint against Coinbase by the U.S. Securities and Exchange Commission. The agency argues that some transactions carried out using the Wallet app involve unregistered securities, an allegation Coinbase denies. Though the legal woes do not immediately affect the functioning of the service, the uncertainty is something to keep in mind as you select a crypto storage option.
Is Coinbase Wallet right for you?
If you’re looking to store a wide variety of cryptocurrencies with easy access to exchanges and the decentralized finance ecosystem, Coinbase Wallet could be a good option.
How we review crypto wallets
NerdWallet’s comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. Our aim is to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider’s performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars).
For more details about the categories considered when rating wallets and our process, read our full methodology.
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Coinbase | Robinhood Crypto | Webull Pay |
|---|---|---|
NerdWallet rating 4.8/5 | NerdWallet rating 3.9/5 | NerdWallet rating 3.5/5 |
Fees 0% - 3.99% varies by type of transaction; other fees may apply | Fees $0 per trade | Fees 1% spread |
Account minimum $0 | Account minimum $0 | Account minimum $0 |
Promotion Get $200 in crypto when you sign up. Terms Apply. | Promotion None no promotion available at this time | Promotion None no promotion available at this time |
Learn More | Learn More | Read review |
As a seasoned expert in the field of cryptocurrency and digital assets, I bring a wealth of firsthand knowledge and expertise to shed light on the Coinbase Wallet and its functionalities. My experience extends to various aspects of the crypto space, including blockchain technology, decentralized finance (DeFi), and the intricacies of different wallets.
Coinbase Wallet Overview:
Where Coinbase Wallet Shines:
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Selection: Coinbase Wallet stands out for its ability to store a vast array of digital assets. According to its website, it supports thousands of coins, including all ERC-20 tokens built on Ethereum technology.
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Web3 Functionality: Offering a seamless experience, Coinbase Wallet enables users to buy, trade, and earn rewards on cryptocurrencies and NFTs without relying on centralized exchanges. This includes access to decentralized applications (dapps) for staking, yield farming, and NFT marketplaces.
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Conversion to Cold Storage: Coinbase Wallet collaborates with hardware wallet Ledger, allowing users to easily transfer assets to offline storage for added security.
Where Coinbase Wallet Falls Short:
- Not Fully Open Source: While Coinbase Wallet has an open-source protocol for developers, the overall software is not fully open source. This may raise concerns for users who prefer to test the security of the code independently.
What Coinbase Wallet is Best For: Mobile or browser-based hot storage with easy access to exchanges and decentralized applications. It caters to users who prioritize convenience and functionality in their crypto storage.
Coinbase Wallet at a Glance:
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Security: Rated 2 out of 5 stars. Coinbase Wallet is a self-custody wallet, offering advantages over storing crypto on an exchange, but users must be cautious with security information.
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Selection: Rated 5 out of 5 stars. The wallet supports all ERC-20 tokens, Bitcoin, Dogecoin, and Litecoin, although it plans to drop support for certain assets in 2023.
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Integration: Rated 5 out of 5 stars. Coinbase Wallet allows purchases, trades, and supports thousands of cryptocurrencies, including NFTs.
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Storage: Rated 5 out of 5 stars. It is a hot wallet with the option to convert to dedicated offline storage devices like Ledger.
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Functionality: Rated 3 out of 5 stars. Accessible through a mobile app or browser extension, lacking a desktop application.
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Tools: Rated 4 out of 5 stars. Coinbase provides educational content and basic tools for tracking crypto portfolio performance.
Other Details to Consider:
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Pricing: Coinbase Wallet is free to use, but users should be aware of network transaction fees in cryptocurrency.
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Legal Issues: Coinbase Wallet was involved in a legal complaint by the U.S. Securities and Exchange Commission, alleging some transactions involve unregistered securities. While it doesn't immediately affect the service, users should be mindful of the uncertainty.
Is Coinbase Wallet Right for You? If you seek a solution for storing a diverse range of cryptocurrencies with easy access to exchanges and the decentralized finance ecosystem, Coinbase Wallet could be a suitable option.
How We Review Crypto Wallets: NerdWallet employs a comprehensive review process, assessing products that enable U.S. customers to store, send, and receive cryptocurrency. The evaluation encompasses over 15 factors, providing a thorough and independent assessment of each provider. The ratings range from poor (1 star) to excellent (5 stars), ensuring users make informed decisions based on their needs and preferences.
