Coinbase Wallet Review 2022

Features

Coinbase Wallet is a non-custodial crypto wallet that enables users to securely store 44,000+ digital assets, interact with decentralized applications, and manage their Ethereum-based NFTs.

Currently, Coinbase Wallet supports the Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple network, as well as numerous Ethereum Layer-2 solutions, such as Arbitrum and Optimism. 

Users can swap Ethereum- and Polygon-based assets directly within the app’s decentralized exchange feature. Non-Ethereum and Polygon assets can be purchased using the in-app crypto buying option. 

Additionally, Coinbase Wallet allows users to seamlessly earn interest on their crypto assets within the user-friendly mobile wallet. 

Arguably one of the most exciting features of Coinbase Wallet is that it allows users to manage their Ethereum-based NFTs. NFTs enable artists, creators, and brands to sell digital art, collectibles, music, and more that are verifiably unique thanks to the tokens’ underlying technology, called the blockchain. 

Finally, the decentralized wallet does not charge any wallet fees – only blockchain network fees – making it one of the best low-cost crypto wallets on the market. 

Security

Coinbase Wallet puts a strong emphasis on security. 

First and foremost, the wallet is a non-custodial (or decentralized) wallet, which means only the user has access to their wallet’s private keys. So even if Coinbase’s servers are compromised, attackers would not be able to access Coinbase Wallet users’ funds. 

The wallet also enables users to set a PIN or password (depending on whether it is the mobile or browser extension version) and provides biometric verification for mobile app users.

While Coinbase.com users have fallen victim to fraud and hacks, Coinbase Wallet’s code has not reportedly been compromised or posed any security risks to its users. Coinbase.com is Coinbase’s centralized digital asset management and exchange platform that operates separately from Coinbase Wallet. 

Privacy and Anonymity

Coinbase Wallet is a non-custodial wallet, which means only the user has control over the wallet’s private keys. There is no need to provide a name, email address, or any other personal information to use Coinbase Wallet, resulting in a high level of user privacy and anonymity. 

Setup 

You can use Coinbase Wallet on mobile (Android and iOS) or as a browser extension. Let’s take a look at how to set each one up. 

Browser Extension

If you prefer to access decentralized applications (dApps) on your computer, you will probably prefer to use the Coinbase Wallet browser extension. The extension has a clean and simple user interface and is primarily for active dApp users. 

Setting up Coinbase Wallet as a browser extension is easy. All you need to do is access coinbase.com/wallet, click on “Download Coinbase Wallet,” and add the extension to your internet browser. 

Once you can view the Coinbase Wallet icon in your list of browser extensions, click on it to start the wallet creation process. Click “Create new wallet” and securely store the 12-word recovery phrase to back up your wallet. Once you have confirmed that you have noted down your recovery phrase, you can start using the wallet in your browser. 

Mobile App

The mobile version of Coinbase Wallet is more user-friendly for beginners as it clearly outlines all of the wallet’s features. For example, once you have transferred funds to your Coinbase Wallet or bought crypto within the app, you can start earning interest on your crypto assets with a few clicks in the app. 

Setting up Coinbase Wallet on your smartphone is also a fairly straightforward process. Download the app from the App or Play Store, depending on your device’s operating system, and then click on the app icon. 

You will be asked whether you want to create a new wallet or restore an existing wallet. If you have already set up Coinbase…