Cryptocurrency wallets are everywhere around the globe. But a few of them had user trust. The Coinbase wallet is of them and one of the oldest wallets as well. Here’s my complete Coinbase wallet review especially for beginners.
When you are going to need a cryptocurrency wallet? Generally, if you’re interested in holding rather than trading, you’re going to need a secured wallet.
But how do we find a secured wallet? To do that, you need to research which is why exactly you’re here. So welcome by the way. I’m going to review the Coinbase cryptocurrency wallet today.
There are a couple few things to look at when choosing what is the best wallet for your choice. Most commonly, Security, Fees, and Supported assets.
Additionally, we need to have a look at developer backgrounds. So a lot to cover in this Coinbase wallet review. So let’s begin.
Coinbase – Company
Coinbase was started in 2012. By Brian Armstrong and Fred Ehrsam. In October 2012, they introduced buy and sell Bitcoins through bank transfer on Coinbase. But initially, this was only a bitcoin selling service.
Coinbase headquartered in San Fransisco, California, U.S. Currently its full of services expanded to over 40 countries. However, there are over 30Million+ users worldwide with $150B+ worth cryptocurrency exchanges.
So this is a top-level cryptocurrency wallet and a cryptocurrency exchange as well. In May 2016, they rebranded its exchange with the new branding name “Digital Asset Exchange“.
Initially, the company only supported Bitcoin Ethereum and Litecoin. But now, it has been expanded as well. So this upgrade caused a lot of new user account creations on Coinbase.
I would like to mention in this Coinbase review, this company supported over 100 countries. But few of them supported its full features like buy and sell, card deposits, etc. View in detail.
Also, there’s a mobile app available in both Android and iOS operating systems. With 4 out of 5 ratings on the Android play store, 4.7 out of 5 on the Apple app store.
Please note that Coinbase has a lot of services. But today, I will be reviewing the Coinbase wallet only.
Security Of Coinbase Wallet
Security is the most important thing you need to look for when choosing a wallet. You are keeping your assets for a while longer means, you are losing extra cares.
In that situation, your wallet must be well secured and trusted. So how do we figure that out? We go over through the security features that the wallet offers.
So in Coinbase, we can see there are decent security features available which are,
- Phone and Email Verification
- 2-Step Verification
I have to say that these features are the best available. In fact, Coinbase is one of the best-secured cryptocurrency wallets. So beginners no need to worry. PIN and Biometric features are only available on mobile platforms.
Phone & Email Verification
One of the basic security features that every wallet has. Phone verification sometimes required when you log into your wallet. (Unless if you set up 2-step verification)
Email verification also does the same thing and also, when a suspicious activity detected on your account, you will get notified immediately. Both types are really important.
Also known as two-factor authentication as well. This is the best security feature so far. This security feature combines with your mobile device to obtain one time, time-based key to access your wallet every time.
Here something interesting. Coinbase supports Universal Second Factor security keys. This is the first time I have seen a cryptocurrency wallet offers this feature.
The security key is a hardware device that protects your Coinbase wallet. And Coinbase mentions this method is very secure.
But there’s a limitation. You cannot use this with a mobile login. That means, if you set up a security key, you cannot log in from the mobile anymore.
It can be used in the mobile wallet. This can be set up easily and once you set up, you will need the PIN whenever you log in. Pretty good feature for the mobile wallet.
Also available only on the mobile wallet. This feature allows user to set up their fingerprint or Face ID to login to the Coinbase wallet. But there’s a catch. You need to set up PIN first.
Secondly, we have to look for supported coins. Because people don’t own the only bitcoin. They might hold various different cryptocurrencies. In that case, We need to find what cryptocurrencies are supported.
In fact, there are different types of Blockchains as well. So look for what types of blockchains are supported, is a good idea.
Initially in Coinbase, only 3 coins supported which are Bitcoin, Ethereum, and Litecoin. But currently, a lot are supported. Let’s have a look.
You know that the Coinbase isn’t just a wallet. Its a cryptocurrency exchange on the other side. So these are the categories with supported features by region. However, most countries support Coinbase wallet features.
Fees On Coinbase
We need to mention in this Coinbase review, that these wallet services are free of charge. That means you can store your USD and cryptocurrencies for free.
In fact, most cryptocurrency wallets these days are free of charges. But something still here to consider. Withdrawal fees. These fees are calculated by the blockchain. Varies with the cryptocurrency you need to withdraw.
Getting Started With Coinbase
Let’s go over the setup process in this Coinbase wallet review. It’s simple to set up and deposit and withdraw funds on both mobile and web. Beginners should follow these guidelines.
Creating a wallet is simple. You can create from the coinbase.com or downloading the mobile application directly. I will show in both ways. Sign up on the website by clicking the link below.
Simply create a wallet by giving your real details. After you have to verify your mobile. Select your country and put down the mobile number then Coinbase will send you a verification code.
Then it’s done creating your cryptocurrency wallet. Now let’s see how to send and receive cryptocurrencies on Coinbase wallet.
Let’s say you need to deposit or withdraw Bitcoin. In the dashboard, you see the portfolio on the top. Click on that and select the cryptocurrency you need to proceed with.
That will go the wallet section now you can send or receive Bitcoin. It’s that simple.
Let’s see how this process works on the mobile application. Get your wallet from the links below.
Same process as on the web. After signing up, you may have to verify your email. Simply verify. Now you’re in the dashboard of your wallet.
In the section of your portfolio, tap on a cryptocurrency you need to take actions with. I will proceed with Bitcoin.
Now click on the BTC wallet that appear after above action.
Now you’re in your wallet section. Click on the QR code icon on the top of the window. Here’s the best part. you can transfer funds through mobile with this QR feature.
Or you can still use the traditional method which is using public key.
It’s that simple to send and receive cryptocurrency on Coinbase wallet. Having any troubles? Leave a comment.
Advantages And Disadvantages Of Coinbase
I would like to mention these in my every review so as this Coinbase wallet review. Because these are quite useful to take an idea of the wallet you’re going to reach.
1) Security. Now you got the point. The Coinbase has one of the best security so far. So you won’t get any issue with that.
2) Exchange features. Coinbase is not branded with only its wallet, Various different services available on Coinbase. However, with exchange built-in, you have access to trade your cryptocurrencies. (Limited countries are supported)
3) Muti-cryptocurrency support. The reason I took this as an advantage, Coinbase doesn’t support a lot of cryptocurrencies initially.
4) Available on web and mobile platforms as well. This is really easy because you don’t need to log in to the web account always.
5) Beginner-friendly user interface. One of the best things I like about Coinbase.
1) You don’t have access to your private key. This means Coinbase has access to your private key and they are who protect your private key.
2) Limited countries are supported. Due to the regulations having each country in the world, Coinbase supports limited countries with its full features.
The Ending – Is Coinbase Wallet To Use?
Absolutely, Coinbase having user trust from the beginning. Besides, it’s an excellent wallet to everyone who loves cryptocurrency. Even beginners can use it without any issues.
Due to the country limitations, Other countries can use Coinbase as a cryptocurrency wallet which is a good thing. However, its security is in good shape, its usability is in great condition, almost everything is perfect.
But my recommendation is to you, as a beginner, don’t choose wallets by just someone’s saying. Do your own research every time. Read user opinions always before getting started.
Now you read this Coinbase wallet review. I hope this solves your problems with the Coinbase wallet. If was, share this article with your friends. Also, don’t forget to leave your ideas below.