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Coinbase wallet Uk Review 2023: Costs & Features
Luis Clark
- URL: https://www.coinbase.com/wallet
- Hardware Compatible: Yes
- Price: Free
- Staking Rewards: Up to 5.75%
- Platform App: Mobile, Chrome Extension
- NFTs Storage: Yes
- No. of Assets Supported: 100,000+
- Type of Wallet: Software wallet
Coinbase Wallet UK Review: Our Opinion
The Coinbase wallet is a low-cost non-custodial software wallet that offers users absolute control over their assets. The wallet is convenient and can be connected to a Coinbase exchange account to buy and sell crypto directly. With support for over 100,000 digital assets, non-fungible tokens (NFTs), and decentralized finance (DeFi) features like crypto staking, the Coinbase wallet is suitable for crypto beginners and seasoned investors with a diversified portfolio.
However, during our Coinbase wallet review, we discovered that the wallet is only available on mobile and via a Chrome browser extension. There’s no desktop app for PC users – they have to make do with the Chrome extension, which is quite limiting and frustrating for traders who are not fond of the Chrome browser.
An Overview of Coinbase
Coinbase is one of the largest global cryptocurrency exchanges by market capitalization. Brian Armstrong and Fred Ehrsam founded the crypto exchange in 2012 to provide a hassle-free way to access cryptocurrencies. Since then, the company has grown massively, catering to over 103 million users across 100+ countries, including the United Kingdom.
On Coinbase, UK customers can buy and sell cryptocurrencies, like Bitcoin, Ethereum, and Litecoin, more conveniently because of the trading platform’s simple user interface and intuitive Coinbase App. The primary Coinbase platform is best suited to beginners, while Coinbase Pro—a more advanced trading platform—will better suit experienced traders.
The Coinbase wallet is free to use and available to Coinbase customers in the UK. It is also available for Android and iOS mobile devices. However, there are potential dealbreakers investors should note. We highlight some of them below.
Pros
- Easy to download and set up
- Supports over 100,000 digital assets
- NFT support available
- Crypto staking available
- Available to Coinbase and Coinbase Pro account users
- Integrates with hardware wallets like Ledger and Trezor
Cons
- No desktop app. Users can only use a downloadable Google Chrome extension
Coinbase Wallet: What Is It?
Coinbase wallet is a non-custodial software wallet that offers hot storage to users. The digital wallet, launched in 2018, is one of the top features of the Coinbase cryptocurrency exchange.
Coinbase wallet is one of the most reputable cryptocurrency wallets because it is free and supports hundreds of thousands of assets. Its NFT marketplace support and DeFi crypto staking offering make the crypto wallet stand out from other cryptocurrency wallets.
Primarily, the Coinbase Wallet is designed to help users manage their private keys and store their assets in one place. The Coinbase wallet has hardware compatibility despite being a software wallet to achieve this.
The Coinbase wallet integrates with hardware wallets like KeepKey, Ledger, and Trezor to offer its users more security.
In addition to storage, the Coinbase crypto wallet enables users to send and receive crypto on centralized exchanges, including Coinbase.
Coinbase Wallet: How Does It Work?
The Coinbase wallet offers users self-custody of their crypto assets. Investors’ private keys are stored within the connected mobile device and not on the Coinbase exchange.
The wallet supports 100,000+ digital assets across the Bitcoin, Ethereum, Binance Smart Chain (BSC), Dogecoin, Litecoin, Polygon, Stellar, and Ripple networks. It also supports various crypto assets across Ethereum layer-2 solutions, including Arbitrum and Optimism.
As a result, users can store and manage any of these cryptocurrencies and NFTs. The Coinbase wallet also provides different security measures, including a recovery backup and password, for users to safeguard their assets from malicious actors and recover their assets when necessary. We’ll go into more detail about the security features later in this guide.
How to Send and Receive Coins
The Coinbase wallet supports peer-to-peer crypto transactions. It is among the best crypto wallets on the market because users can send and receive crypto without any third party. Sending and receiving crypto on the wallet app is straightforward.
Send Coins
From the wallet home screen, click “Send” and choose the asset to be transferred from the available options in the dropdown menu. Enter the amount to be sent and the recipient’s wallet address in the dialogue box to complete the transaction.
Alternatively, users can send funds to other Coinbase users using the recipient’s Coinbase wallet username.
Receive Coins
To receive funds into the Coinbase wallet, click “Receive” on the wallet home screen and select the coin to be received. The application will generate a unique QR code and wallet address to share with the sender. Ensure the wallet address is correct to prevent loss of funds.
Alternatively, users can share their Coinbase wallet username with another Coinbase wallet user to receive funds directly into the wallet.
Unique Features
Numerous features make the Coinbase wallet a top choice among many cryptocurrency enthusiasts. The wallet is free and part of a reputable exchange. And there’s more.
Supports 100,000+ Assets
One of the standout features of the Coinbase wallet is its support for a wide range of crypto options. The wallet supports hundreds of thousands of cryptocurrencies, including ERC-20 tokens. Compared to other popular crypto wallets like Ledger and Trezor, the Coinbase wallet offers a better chance at investment diversification.
Integrates with Cold Wallets
The Coinbase wallet is a software wallet (or hot wallet). However, Coinbase partners with cold wallet providers like Ledger to help users transfer funds into cold wallets for more security.
NFT Storage
The Coinbase wallet allows users to buy, sell, and exchange NFTs without intermediaries. This feature offers NFT investors total custody of their assets; they don’t have o store them with a centralized exchange.
DeFi Support
The Coinbase Wallet has DeFi features, including crypto staking, a built-in app for decentralized apps (DApps) to support crypto lending platforms, DeFi game NFTs, and digital collectibles. Crypto staking on the Coinbase wallet offers a staking reward of up to 5.75%.
Cryptocurrencies Supported
Coinbase supports numerous coin options, including all ERC-20 tokens and all tokens on EVM-compatible blockchains. But the mobile app has more extensive crypto support than the web extension. Some of the supported cryptocurrencies on the Coinbase Wallet app include the following:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Dogecoin
- Litecoin
- Shiba Inu
- Polygon
- Avalanche
- Solana
- Arbitrum
- Dai
Fees Explained
The Coinbase wallet is free to download on the Google Play or Apple App Store. However, the services offered by the wallet, including crypto deposits and withdrawals, crypto conversion, and buying and selling of Bitcoin and other cryptocurrencies, attract charges.
Trading crypto in the wallet incurs a variable fee depending on the user’s payment method, location, and order mode. The variable fee ranges from 1.49% to 3.99%, which is relatively high. In addition, swapping crypto using the wallet incurs a 1% conversion fee for all swaps.
Network transaction fees also apply. However, Coinbase isn’t upfront about how much this is. The network fee is paid to the network miners to incentivize their transaction validation.
Security
According to the Coinbase wallet website, the company deploys industry-leading security measures to protect users and keep their cryptos safe. First, the wallet is self-custodial, so users’ assets are not stored with Coinbase. Instead, their private keys are solely in the control of the investor – not Coinbase
The crypto wallet also has a 12-word recovery phrase and password that wallet owners can use to restore their assets if they lose the device connected to their wallet.
In addition, Coinbase provides an additional layer of support to its wallet users with its hardware wallet support. Users with cold wallets like Ledger can easily transfer funds to the hardware wallet.
Opening an Account
Getting started with the Coinbase wallet is straightforward via the Coinbase wallet app for mobile devices or the Chrome extension for desktop devices.
After downloading the mobile app on an iOS or Android phone or integrating the Google Chrome extension for desktop devices, the wallet provides a 12-word recovery phrase that users must keep safe. The recovery phrase can be used to restore a wallet account if the connected device is missing or broken. We recommend that this is written in a physical diary and not stored on the connected device.
After confirming the recovery phrase, a new user must create a password to complete the setup.
Upon setting up the wallet, users can seamlessly store, swap, buy, and sell digital currencies in one place.
Coinbase Wallet App
The Coinbase wallet application is available on Android and iOS, offering a convenient way to send, receive, purchase, and exchange crypto assets. Like the Coinbase exchange app, the wallet app is designed for beginners who require instant asset storage and other features.
The wallet app is neatly designed, with all tiles properly laid out and labelled. It also features only the necessary icons and features needed for asset storage and management. During our Coinbase wallet review, we discovered that the app has a 4.3-star rating on the Google Play Store, which indicates that most users are satisfied; many cited its ease of use.
Customer Satisfaction
Despite having a simple crypto trading platform, Coinbase offers its users various resources to support their use. There is an FAQ section and various educational materials to inform users about cryptocurrencies and the exchange as a whole. Customers also get answers to common questions they may have using these resources.
In addition, Coinbase has a dedicated team of customer support professionals who are available via email and phone to help users when they have any challenges using the platform.
However, online customer reviews on Trustpilot UK suggest that Coinbase customers are far from satisfied with its customer support. The exchange has a poor 1.5-star rating, with about 80% of the reviewers giving 1-star feedback. Common issues include overall poor Coinbase customer service.
Who Should Use the Coinbase Wallet?
The Coinbase wallet offers full asset custody and multi-asset support to crypto users who want a low-cost wallet to store their cryptocurrencies. The user-friendly crypto wallet is ideal for beginners because of its simple user interface across the mobile app and Coinbase wallet extension on Chrome. Newbie investors can easily send and receive Bitcoin, Ethereum, Bitcoin Cash, and other popular assets in one place.
Experienced investors who want a wallet with NFT support and DeFi features like crypto staking will also fancy the Coinbase wallet. The wallet has a dApp integration feature that enables users to access these Web3 features.
However, Coinbase fees like transaction fees, conversion fees, and other associated charges are potential dealbreakers for investors, who may consider alternatives like the MetaMask wallet.
Why Use the Coinbase Wallet?
The Coinbase wallet is a free-to-use downloadable wallet that requires no complex configuration or setup. The wallet is compatible with Android and iOS devices. It offers various security measures, including full asset custody to users, recovery seed phrase, password, and integration with cold wallets like Ledger.
The wallet supports hundreds of thousands of crypto assets. Using the wallet, users can also access NFT marketplaces and crypto staking. These features make the Coinbase wallet a healthy choice for both crypto newbies and experts in the UK and beyond.
How to Get the Coinbase Wallet in the UK
The Coinbase wallet is a software wallet that users can download on their smartphones and set up with no frills or hassles. The mobile app is free on the Google Play Store and iOS App Store.
Crypto traders in the UK can download the app from the official Coinbase accounts on these platforms or use the Google Chrome extension on their desktop devices.
Final Thoughts
Coinbase Global Inc is a reputable cryptocurrency exchange with customers worldwide. As such, the Coinbase wallet is a popular self-custodial hot cryptocurrency wallet that offers users a simple way to store and manage their digital assets safely.
Unlike many popular wallets, the Coinbase wallet is free, and users have control over their assets because the wallet is self-custodial. This helps them ensure the utmost level of security in case the exchange gets hacked.
The wallet is ideal for all crypto enthusiasts who want easy access to NFTs, a wide range of digital currencies, and crypto staking. However, investors should consider the associated fees before making a decision.
If you want to know more about other crypto wallets, you can check out our list of the Best Crypto Wallets in UK. You can also read about our Trezor UK Review as an alternative to Coinbase Wallet.
FAQ
Most frequent questions and answers
To send money from the Coinbase wallet account, tap “Send” on the mobile app or wallet extension, choose the crypto to send, enter the receiver’s wallet address, and complete the transaction.
The wallet on the main Coinbase website isn’t the same as the Coinbase wallet. The wallet domiciled on the Coinbase platform is a custodial wallet – as such the exchange is responsible for safeguarding the funds. In contrast, the Coinbase wallet is a non-custodial wallet that can also be used by traders who are not registered on Coinbase.
Coinbase cannot access users’ assets or private keys via the Coinbase wallet. As a result, the assets are stored on the connected device and are safe if Coinbase gets hacked.
Cryptocurrencies are decentralized. That means assets stored in the Coinbase wallet are free from the government’s control.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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