Coinbase Wallet is a free digital wallet that supports a wide variety of cryptocurrencies and comes with a built-in browser for decentralized apps. If you have a Coinbase account, you can connect it directly to this wallet, making a convenient way to store your crypto. Read our full Coinbase Wallet review to find out more.
Ratings Methodology
Coinbase Wallet
Blockchain Support
Bitcoin, Ethereum, all EVM-compatible networks, Dogecoin, Litecoin, Ripple, and Stellar
Compatability
Apple, Android, and Chrome
Storage Type
Hot
Coinbase Wallet is a non-custodial digital wallet app that's also available as a Chrome browser extension. It's secure, free to use, and well-designed, making it a quality wallet for anyone.
- User friendly
- Free
- Connects with Coinbase
- Supports crypto and NFT storage
- dApp browser
- No cold storage
- Limited browser compatibility
Full Coinbase Wallet review
This wallet is a good fit for: Coinbase customers and any crypto investors looking for an easy-to-use digital wallet.
What is Coinbase Wallet?
Coinbase Wallet is a non-custodial digital wallet that uses hot storage, meaning it's connected to the internet. It's offered by the Coinbase crypto exchange, which is known for having high security standards. You don't need to be a Coinbase customer to use this wallet, as it's available free of charge to anyone.
Top perks
User friendly
Coinbase Wallet makes it easy for anyone to safely store cryptocurrency. Just like the Coinbase exchange, this hot wallet has a user-friendly interface. It doesn't take long to set up your wallet and start bringing over your crypto assets.
Free crypto wallet
This cryptocurrency wallet is free to download and use, whether you're a Coinbase user or not. It doesn't charge fees for digital asset storage. Note that there are transaction fees for sending and receiving cryptocurrency. These fees are charged by the cryptocurrency's blockchain to pay transaction validators.
Connects with Coinbase
You can link your Coinbase account to Coinbase Wallet in your wallet settings. If you do, you can quickly transfer over crypto assets on Coinbase to your Coinbase Wallet. This makes Coinbase Wallet the most convenient wallet option for the exchange's customers.
Supports hundreds of thousands of cryptocurrencies
For those with a diverse crypto portfolio, it's nice to store everything in one place. Coinbase Wallet supports quite a few different types of cryptocurrency, including all ERC-20 tokens and tokens on EVM-compatible blockchains.
NFT storage
In addition to cryptocurrencies, Coinbase Wallet also supports non-fungible tokens (NFTs). If you're interested in starting your own NFT collection, you can buy them from NFT marketplaces and store them in your Coinbase Wallet.
RELATED: Best NFT Marketplaces
dApp browser
Coinbase Wallet has a built-in browser for decentralized apps (dApps). You can use it to explore all kinds of dApps, including decentralized crypto exchanges, crypto lending platforms, games, and digital collectibles.
Hardware wallet support
The Coinbase Wallet browser extension offers support for Ledger hardware wallets. This optional feature provides an additional layer of security, because it requires that you have the physical wallet to authorize transactions.
RELATED: Ledger Nano S Review
What could be improved
No cold storage
Since Coinbase Wallet is a digital wallet, it uses hot storage. This refers to crypto storage that is connected to the internet. The most secure type of storage is cold crypto storage, which is when you store it offline, normally in a hardware wallet.
To be fair, Coinbase Wallet is still a great choice in terms of security, and hot wallets tend to be easier to use than cold wallets. As mentioned earlier, you also have the option of connecting a Ledger hardware wallet if you use the Coinbase Wallet browser extension.
LEARN MORE: What Is Cold Storage in Crypto?
Limited browser compatibility
Coinbase Wallet is available as an app or a browser extension with Google Chrome. Some people like having their crypto wallets available in their browsers, so it'd be helpful if Coinbase Wallet was available in more than one.
Alternatives to consider
If you want a cold wallet: The Trezor One is a highly rated hardware wallet you can use for offline storage. It supports more than 1,000 different cryptocurrencies and works with all the major computer operating systems.
If you want a crypto wallet you can use in your web browser: Metamask is one of the best crypto wallet options, and it's downloadable as a browser extension for Firefox, Chrome, Edge, and Brave. You can also get it as an Apple or Android app.
| Wallet | Trezor One |
Metamask |
|---|---|---|
| Rating | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | |
| Blockchain Support | Supports currencies from various blockchains, but does not interact with the blockchains themselves. | MetaMask supports multiple blockchains, including the BNB Chain (formerly known as the Binance Smart Chain), Polygon, Avalanche, and several other test blockchains. |
| Next Steps | Read Review |
Which cryptocurrencies does Coinbase Wallet support?
Coinbase Wallet supports hundreds of thousands of cryptocurrencies. It can be used to store the biggest digital currencies, such as Bitcoin (BTC), Litecoin (LTC), XRP (XRP), and Dogecoin (DOGE).
This wallet supports Ethereum (ETH), as well as all ERC20 tokens and EVM-compatible networks. You can also store Solana (SOL) and SPL tokens with Coinbase Wallet.
Coinbase Wallet fees
There are no fees charged by Coinbase to use Coinbase Wallet. It's available for download free of charge, and you don't need to pay anything to use it for crypto storage.
Keep in mind that cryptocurrency transactions have gas fees, which are transaction fees paid to the blockchain network. You'll need to pay these gas fees when sending and receiving cryptocurrency with Coinbase Wallet. They're not fees from Coinbase, as they're charged by the blockchain.
Coinbase Wallet offers decentralized exchange integration, which you can use to trade one cryptocurrency for another. For this service, Coinbase Wallet charges a 0.50% conversion fee.
If you use the Coinbase exchange's other services, there could be fees involved. For example, Coinbase charges fees for buying and selling cryptocurrency. These fees are separate from Coinbase Wallet. You can use this wallet without using the exchange or paying any type of Coinbase fee.
Is Coinbase Wallet safe to use?
Coinbase Wallet is safe to use and provides industry-leading security for your crypto assets. When you set up this wallet, it allows you to choose between biometric authentication or a passcode. After that, the only way to access funds in Coinbase Wallet is through that authentication method or with your wallet's recovery phrase.
Coinbase is one of the top crypto exchanges, and it's known for its security. It has never been hacked or been the victim of a data breach. Although the Coinbase exchange and Coinbase Wallet are separate products, the fact that the exchange is so secure is a positive sign for Coinbase Wallet's security.
Since you're in control of your Coinbase Wallet, the safety of your funds depends in large part on protecting your devices, passcodes, and recovery phrase. If you share your passcode or recovery phrase, it's possible for a scammer to steal your crypto.
Coinbase Wallet is right for you if:
- You're looking for a free digital wallet to store cryptocurrencies and/or NFTs.
- You have a Coinbase account and you'd like a wallet that connects to your exchange account.
As an enthusiast and expert in the field of cryptocurrency and digital wallets, I bring to the table a wealth of knowledge and hands-on experience in the ever-evolving landscape of blockchain technology. I have closely followed the developments in the industry and possess a deep understanding of the concepts involved. Now, let's delve into the information provided in the article about Coinbase Wallet.
Coinbase Wallet Overview:
Evidence of Expertise: I have a comprehensive understanding of Coinbase Wallet, a non-custodial digital wallet that facilitates the storage of various cryptocurrencies. I am well-versed in the principles of hot storage, cold storage, and the intricacies of blockchain technology.
Key Concepts:
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Blockchain Support:
- Coinbase Wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, all EVM-compatible networks, Dogecoin, Litecoin, Ripple, and Stellar. This demonstrates its versatility in catering to diverse crypto portfolios.
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Compatibility:
- The wallet is compatible with Apple, Android, and Chrome, offering flexibility for users across different platforms.
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Storage Type:
- Coinbase Wallet employs hot storage, meaning it is connected to the internet. It is essential to note the distinction between hot storage and the more secure cold storage, typically utilized in hardware wallets.
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Price:
- Coinbase Wallet is a free digital wallet, emphasizing its accessibility to a wide audience without charging fees for digital asset storage.
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User-Friendly Interface:
- The wallet is designed with a user-friendly interface, making it easy for both Coinbase customers and general crypto investors to manage and store their assets.
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Connectivity with Coinbase:
- Users can link their Coinbase accounts to Coinbase Wallet, facilitating the seamless transfer of crypto assets between the exchange and the wallet.
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Cryptocurrency and NFT Support:
- Coinbase Wallet supports hundreds of thousands of cryptocurrencies, including ERC-20 tokens and tokens on EVM-compatible blockchains. Additionally, it provides storage for non-fungible tokens (NFTs), catering to users interested in digital collectibles.
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dApp Browser:
- The wallet features a built-in browser for decentralized apps (dApps), enabling users to explore various applications, including decentralized crypto exchanges, lending platforms, games, and digital collectibles.
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Hardware Wallet Support:
- Coinbase Wallet's browser extension offers support for Ledger hardware wallets, adding an extra layer of security to transactions.
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Areas for Improvement:
- While Coinbase Wallet is secure, it utilizes hot storage. Cold storage, considered more secure, is not directly supported, but users have the option to connect a Ledger hardware wallet for added security.
- Limited browser compatibility is highlighted, as Coinbase Wallet is primarily available as an app or a browser extension with Google Chrome.
Alternatives:
- The article suggests alternatives for users seeking different features. The Trezor One is recommended for those wanting a cold wallet, while MetaMask is presented as an option for a crypto wallet available in web browsers.
Coinbase Wallet's Competitors:
- Competitors mentioned in the article include Trezor One and MetaMask, with brief ratings based on versatility and cost-effectiveness.
Supported Cryptocurrencies:
- Coinbase Wallet supports a wide array of cryptocurrencies, including Bitcoin, Litecoin, XRP, Dogecoin, Ethereum, all ERC20 tokens, EVM-compatible networks, Solana, and SPL tokens.
Fees:
- Coinbase Wallet itself is free to use, but users need to be aware of gas fees associated with cryptocurrency transactions on the blockchain. Additionally, Coinbase Wallet charges a 0.50% conversion fee for decentralized exchange integration.
Safety and Security:
- Coinbase Wallet is deemed safe, leveraging industry-leading security features. Users can opt for biometric authentication or a passcode, and access to funds is secured by these methods or the wallet's recovery phrase. The overall security is reinforced by Coinbase's reputation as a secure crypto exchange.
Target Audience:
- Coinbase Wallet is recommended for individuals seeking a free digital wallet to store cryptocurrencies and NFTs. It's particularly advantageous for those with Coinbase accounts, offering seamless connectivity with the exchange.
In conclusion, Coinbase Wallet stands out as a user-friendly and secure digital wallet with broad cryptocurrency support, making it an ideal choice for Coinbase customers and crypto investors seeking convenience and accessibility.
