Coinbase wallet is a wallet that provides access to an array of excellent monetary standards - one can buy and store ERC-20 tokens along with other digital collectibles. It is a decentralized application where private keys can be securely stored.
Cryptocurrency trading is growing vastly across the world.
In recent times, there has been the introduction of mobile wallets where you can safely secure your digital assets, but how do you know which one is safe.
You have probably tried a few wallets, and maybe they didn't work quite well for you or are not secure enough, you feel like banging your head against a wall.
Trust me, I know that feeling.
Good news: you are not out of luck, to save you the struggle of searching for a secure wallet I decided to write this full Coinbase wallet review to take all your worries and fears away.
You might have read a lot of reviews about some supposedly "secure" wallets that provoked you to try one.
Bitcoin wallet Coinbase is one of the most reliable wallets there is - I kid you not.
Coinbase is notable for two main products - GDAX (global digital asset exchange) for exchanging a diversity of coins on its exchanging platform, a client confronting retail agent of BTC, Ether, Ethereum tokens, BTC cash as well as Litecoin for fiat.
In 2018, the organization offered the exchanging functionality in 32 nations across the world while the wallet was made accessible in 190 countries globally. Also, in March 2018, the company reported its aim to include ERC-20 tokens as one of the digital currencies supported by the Bitcoin wallet Coinbase.
So, it's time to look at the wallet itself and to understand how to use Coinbase wallet.
What Is a Coinbase Wallet?
This Coinbase wallet review will start with the explanation, like all the others.
Is Coinbase a wallet?
Coinbase exchange additionally serves as a wallet that can be used to store cryptocurrency securely. However, clients are fully responsible for their digital assets leaving out the alternative of having a Coinbase account to utilize the wallet. If Coinbase gets hacked, you are left with the possibility of losing your assets. If you want to know more about this exchange, check the Coinbase exchange review here.
A suggestion: keeping modest quantities in the wallet coins is by far the best practice.
To guarantee the safety of your Bitcoin wallet, it is advisable to move all your cash after each transaction.
The wallet was principally used for the storage of ETH, ERC 20 tokens alongside other Coinbase wallet coins.
However, in February 2019, Coinbase declared the app will now be supporting Bitcoin too.
Just to bring to your attention, the wallet is non-identical to the one accessible on the Coinbase platform. Its primary distinction is that the wallet can store private keys on Coinbase servers, while the wallet will store the keys on your device.
Coinbase Wallet Address
I don't think that this part is the most interesting in the Coinbase wallet review but still some beginner-users may find it valuable.
As you may know, the primary aim of the address is to acquire BTC or Ether. However, it is important to ensure that the right address type is being used for your chosen cryptocurrency.
Do not be frightened if you see an address that wasn't created by you - new addresses are automatically generated for every transaction.
Functions of Coinbase Wallet
sending and receiving digital currencies to and from different wallets;
it serves as storage for BTC, Ether, and all ERC-721 tokens;
to send data regarding exchanges to blockchain;
the wallet likewise embodies a scope of decentralized Apps, enabling its users to participate in online games.
Additionally, the wallet enables clients to move resources from pre-existing wallets over to the Coinbase wallet app in a simple manner.
Coinbase supports in excesses of one hundred different coins like euro, pounds, US dollars, Australian dollar, and Canadian dollar.
The application shows the present cost of digital currencies in your local currency.
Is Coinbase Safe to Store Coins?
Do you know what inspired this Coinbase wallet review? It was plain transparent honesty!
Then ask yourself this: why safety?
Because it is of the utmost importance when dealing with wallets like this. I suppose that the team of this wallet did and continue to do all their best so users will even not ask something like "Is Coinbase safe to give ID?".
Losing all your assets is not something anyone looks forward to. An underlying factor to consider before using a Bitcoin wallet is its level of security. So, when you Google something like "Coinbase scammed me", you will not get related feedback about the wallet.
First off, without a clear understanding of what cryptocurrency is and how it works or knowledge of any service associated with it, it will be unsafe and difficult for you to work with this wallet or anything related to it.
I suggest you read this article to get a better comprehension of cryptocurrency if you didn't already know.
With the Bitcoin wallet Coinbase being an independent item, the only way private keys can be stored on the user's gadget by utilizing Secure element technology with no availability on Coinbase's server.
Protecting your wallet with a touch ID will make it practically impossible for perpetrators to steal your assets because no one has similar fingerprints like yours.
Additionally, it is conceivable to design an auto-lock interlude from one to 60 mins. Once the auto-lock is enabled, the application will then lock itself automatically after the set interlude, and can only be assessed utilizing the Touch ID.
Here is the problem: Although Coinbase can be used as a decentralized digital currency wallet, that doesn't apply when you are utilizing the Coinbase exchange. In this situation, Coinbase is more of a hosted wallet with your assets and keys being stored on its server. On the downside, this implies that Coinbase exchange is at a high risk of being hacked as your coins and other credentials are stored alongside numerous other clients'. The bottom line is this: if these perpetrators EVER succeed, then you'll suffer the loss alongside Coinbase.
However, on a positive note, Coinbase is a well supported US-based organization that has devoted considerable assets to keeping up and verifying its trade, so your information is all-around secure.
The Coinbase wallet app enables advanced learners to use paper wallets. Another way to secure your assets mostly offline to protect wallets from hackers is by utilizing the Coinbase paper wallet. It is primarily for storing Bitcoin addresses and private keys. The only person with access to the funds is the holder, the holder can keep accepting assets from anybody online via the address. Coinbase monitors this paper wallet made by clients with the intent of following their records online, but it doesn't keep any record of a client's private key.
To sum up the situation about being scammed on Coinbase:
Unfortunately, there is the possibility to get scammed on Coinbase exchange because all the crypto exchanges are custodial, and when the hacker receives the access to their servers, he automatically receives the access to the clients' private information. With wallet the situation is different and it is almost impossible to get scammed if you store your fund in the wallet.
In this part of my Coinbase wallet review, I will tell you about one more important thing to put into consideration is how transactions work.
Now, I will try my best to provide you with the necessary information needed for digital currency transactions and how the Coinbase USD wallet works.
The wallet enables its clients to conduct exchanges solely in cryptocurrencies, with no replenishment options available.
In this way, if you need to top up your wallet from a card, then you'll be required to make use of an exchanger. The most widely recognized methods of payment are credit cards, debit cards, and bank transfer.
It works this way:
When you demand a cryptocurrency transaction, the Coinbase app will endeavor to deal with your request through at least one or more requests on its platform.
There is an exchange rate for such transactions established by Coinbase by adding margins to the market exchange standard on the platform.
Coinbase may likewise charge a different fee, which is either a percentage of your exchange or a flat charge.
Transaction restrictions differ depending on your place of location, basically due to installment techniques and verification status.
Although the app is not commonly pertinent to credit card transactions, Coinbase enables users to apply for higher limits. For that to happen, your identity must be confirmed.
Moreover, US-based users can perform transactions of about $50000 every week, while accredited European clients can conduct a $30000 transaction whenever they want, it is also possible to check your limits via your account.
Coinbase USD Wallet
A while ago, the company declared that clients in the US can now make use of USD wallet Coinbase, which enables them to store money and conduct instant bitcoin transactions without having to utilize or wait for bank transfers.
Using Coinbase, USD wallet customers can store dollars and conduct instant trades whenever they want.
The USD wallet can likewise be utilized to store revenue made from selling bitcoin; afterward, you can withdraw this revenue and put it into a bank account. Coinbase USD wallet fees may differ based on your location.
Interestingly, there are no charges levied by Coinbase for deposits or withdrawals made via an automated clearing house(ACH) bank transfers.
There are also no charges for moving cryptocurrencies from one wallet to another.
In this full Coinbase wallet review, we discussed all the features of this wallet that can be useful for the user - a newcomer or professional one.
To reassure you for the last time on the same thing: Is Coinbase safe to link bank account?
Yes, this wallet is absolutely safe because it has the high level of security and is a non-custodial one, so it doesn't store your private info on it's servers.
Of course, we would like you to research the heck out of these guys and what they do.
You will thank me for this review, and I have no doubts about that because now you know how to use the Bitcoin wallet Coinbase.
More importantly, I want you to look beyond trading and focus on the most crucial point — YOUR RESULTS!
This is what you expect, so keep your eyes on it! And in case you need more info about other crypto wallets, always remember that we at Safetrading are still here for you!
So, waste no time in getting in touch with us.
Good luck, and let us know about your experience trading with Coinbase!