Coinbase Wallet Review 2022: Is It a Safe Crypto Wallet?

Introduction

Are you planning to go for Coinbase wallet? Check out our Coinbase wallet review to know if the platform fits you. 

Coinbase Wallet is a free downloadable digital wallet that supports many cryptocurrencies and includes a decentralized app browser. You may easily store your cryptocurrency with this wallet if you already have a Coinbase account connected to it.

Let’s start with the Coinbase wallet review now.

About Coinbase Wallet

Coinbase Wallet is a non-custodial crypto wallet with hot storage, which means it is always linked to the internet. It is provided by the renowned for its robust security standards cryptocurrency exchange Coinbase. Anyone can use this wallet for free; you don’t have to be a Coinbase user.

Coinbase Wallet Review – Benefits

User-friendly

Coinbase Wallet makes it simple for anybody to store cryptocurrency securely. The user-friendly interface of this hot wallet is similar to that of the Coinbase exchange. Setting up your wallet and beginning the transfer of your cryptocurrency holdings doesn’t take long.

Free Crypto Wallet

You can install and use this digital wallet for free whether or not you use Coinbase. Digital asset storage is free of charge. Be aware that sending and receiving crypto entails transaction costs—the blockchain of the cryptocurrency levies these fees to cover the costs of transaction validators.

Connects with Coinbase

In your wallet’s options, you can connect your Coinbase account to Coinbase Wallet. If you do, it will be easy for you to move your cryptocurrency assets from Coinbase to your Coinbase Wallet. For users of the exchange, this offers Coinbase Wallet the most practical wallet choice.

Supports a Lot of Cryptocurrencies

It’s convenient to have everything in one location for individuals with a varied cryptocurrency portfolio. Most cryptocurrencies are supported by Coinbase Wallet, including all ERC-20 coins and coins on EVM-compatible blockchains.

NFT Storage

The Coinbase Wallet is compatible with NFTs or non-fungible tokens in addition to cryptocurrency. You can purchase NFTs from NFT marketplaces and keep them in your Coinbase Wallet if you’re interested in establishing your collection.

Dapp browser

There is a built-in browser for decentralized apps in Coinbase Wallet. It lets you investigate a variety of dApps, such as decentralized cryptocurrency exchanges, lending systems for cryptocurrencies, games, and virtual collectables.

Coinbase Wallet Review – Fees

Both the wallet and marketplace on Coinbase charge transaction fees. While network costs are charged for transactions involving other wallets, there are no charges for transactions involving Coinbase wallets. 

You will either pay a set cost or a variable fee if you plan to trade on the site. The variable cost is determined by the order mode, location, and payment system you use (standard or instant). Fees are between 1.49 and 3.99 per cent.

You won’t have to be concerned about credit card transaction costs when using the wallet. It is intended for residents of specific areas who want to take advantage of additional perks. If you fall into this group, you are welcome to apply for a debit card.

Coinbase Wallet Review – Price

The Coinbase wallet is completely free to use. For Android and iOS, it may be downloaded through the Google Playstore and the Apple App Store, respectively. 

You can visit https://coinbase.com and login in to access your wallet on a desktop computer if that’s what you like to do.

Coinbase Wallet Review – Security

If a wallet’s security can be gauged by the number of hacks it has experienced, Coinbase is safe. The wallet has never been hacked. Coinbase also adheres to best practices in the payment sector to maintain security.

For instance, it uses SSL encryption for all web traffic. Before being backed up on FIPS-140 USB devices, sensitive user data is redundantly separated and AES-256 encrypted. The drives are kept in a variety of vaults and secure deposit boxes.

It uses Secure Enclave technology for user-critical security. Additionally, there are ways to use 2FA to secure your wallet further. You can authenticate SMS messages using Google Authenticator and your registered phone number. 

Additionally, you can safeguard your transactions using these techniques. Using the mobile phone app, you can also generate a four-digit security pin to access your application and authorize transactions.

When somebody tries to get into a user’s wallet using a different device, Coinbase validates the devices and alerts the user. Coinbase holds a sizable portion of its ‘users’ assets offline in hardware wallets and vaults to further protect their money.

Conclusion

Using Coinbase Wallet is risk-free, and your crypto assets are protected with market-leading security. You can use a passcode or biometric verification when setting up this wallet. 

However, using that authentication mechanism or your wallet’s recovery phrase will be the only way to access money in your Coinbase Wallet. Coinbase is a popular cryptocurrency exchange that is well-known for its security. It has never experienced a data leak or been hacked.