CoinBase Wallet: Most Secret Facts

Coinbase

Coinbase wallet is one of the main competitors of the native Bitcoin wallet—blockchain. Coinbase is headquartered in San Francisco, California. At the moment, these two wallets have roughly equal numbers of fans. Let’s discover if there’s any scam when it comes to the wallet usage!

More details about Coinbase
Our rating 4 Users rating: based on 53 user reviews
Customer Support 24/7 Users Number 43M+
Cryptocurrencies Variety 8+ Private Key Access Yes
Author & Guarantor: Elena Yefimenko
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Coinbase
CoinBase Wallet: Most Secret Facts
Our rating 4.0 Users rating: based on 53 user reviews
Customer Support 24/7 Users Number 43M+
Cryptocurrencies Variety 8+ Private Key Access Yes
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CoinBase Details

Website www.coinbase.com
Wallet type/Category Hot wallet
Platforms Windows, macOS, Linux, Android
Languages Russian, English, French, Spanish, German, Portuguese, etc.
Crypto supported Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic

XRP, Stellar Lumens, Dogecoin, and all ERC-20 tokens (including USDC and DAI)

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Minimum deposit $5
Deposit Methods Cryptocurrencies, Bank Card (Visa/MasterCard)
Maximum Withdrawal Up to 100 BTC
Trading fee Up to 0.5% for maker/From 0.04 to 0.5% for taker
Transfer fee 1.49%/For Sepa, the commission percentage may vary depending on the transfer method
Users Number 43M+

Coinbase wallet is one of the main competitors of the native Bitcoin wallet—blockchain. Coinbase is headquartered in San Francisco, California. At the moment, these two wallets have roughly equal numbers of fans.

Coinbase’s official website has the domain name www.coinbase.com, and several language interfaces. Let’s discover if there’s any scam when it comes to the wallet usage!

Coinbase Wallet Review 2021

 

Is Coinbase Wallet Safe?

Sure, there are tons of the Coinbase reviews on the web, but not all of them are as credible as ours.

coinbase

Coinbase is one of the largest cryptocurrency buying platforms—actually, it can be compared to Exodus wallet in some extent.

The service of this site is the Coinbase wallet. The advantage of this wallet is that transactions can be made off-chain.

Using Coinbase is a good option for first-time investors and those who are not afraid to trust a third party. However, given the good reputation of the platform, it is safe to say that the wallet has a good level of security.

You are primarily responsible for the security of the Coinbase wallet. Make all the settings mentioned above to keep the risks as low as possible. You have to be careful with web wallets in particular, as your information is stored with Coinbase instead of you.

Nevertheless, it is one of the largest companies in the cryptocurrency wallet industry, which is constantly working on updates in order to be up to date with the latest technology and to be able to offer the best cryptocurrency wallet.

Licence and Regulation

With a view to security, Coinbase can of course provide the usual protective mechanisms, which include, for example, two-factor authentication when accessing the user account.

In addition, the provider also has a real highlight in its luggage, because only a few exchanges can describe their users’ deposits as officially protected. Protection has been negotiated with several insurance companies, which protects users’ deposits up to a sum of US $ 250,000.

At the same time, the platform uses a cold wallet in which 98 percent of the assets are stored.

Just two percent of the assets are used for “day-to-day business”, the rest is permanently protected. No question about it: the dealers don’t have to have a bad feeling here.

After all, Coinbase is also a provider that has an official license from the US authorities. A point of criticism is not even to be found here, instead, transparency and security convey a good feeling.

Coinbase Review Scam or Not?

Before trading at the Bitcoin Exchanges at all, the seriousness of a provider should be examined carefully to exclude dubious offers.

A look at the seriousness of Coinbase shows that we are dealing with an enormously reputable provider who is officially licensed and regulated by the relevant authorities in the United States. So we can rule out fraud or rip-offs.

Coinbase fraud can therefore be completely ruled out, because it is known that the authorities of the states are thorough and strict in their controls.

Even users from Europe or Germany feel good about trading, especially since the deposits are protected by several insurance companies.

In addition, the provider’s experience shows that Coinbase hasn’t gotten into debt in recent years.

Two-factor authentication is also used by default. Access to a user account is therefore only possible with the login data and an associated security key.

All in all, this meets all the requirements for a reputable provider, especially since the private data of all users is protected with the help of SSL encryption. So, there is no danger here at all.

You might’ve read plenty of the reviews on Coinbase but we bet none of them showed you this information! As a rule, they provide just the Coinbase bitcoin review without considering the other cryptos.

Coinbase supports a whole range of digital assets such as

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash, and
  • Ethereum Classic.

Other supported cryptos are:

  • ZRX
  • BAT
  • USDC
  • ZEC
  • LINK
  • XRP
  • REP
  • XLM
  • DAI, and
  • EOS.

Some countries allow users to trade fiat currencies. Coinbase currently supports over 50 fiat currencies including

  • USD
  • CAD
  • AUD
  • EUR, and
  • CNY.

To buy any of the above coins, simply head over to our Cryptocurrency Exchange List to find the place you want to make the purchase based on your individual preferences.

How To Use Coinbase Wallet

Signing Up

On the main page of the Coinbase website, find the inscription “Sign Up”, it is located in the upper right corner.

After that, you are taken to the data entry page.

You must enter your first and last name, enter your email address and come up with a password.

coinbase

Check the box next to “I agree…” and click on the big blue “Create Account” button.

After that, you will receive a letter in your mail, in which you will need to find a link and follow it. This is the email that verifies your email address.

By the way, after sending the letter, check not only the Inbox folder but also the Spam folder, because it came to us exactly there.

After confirmation, you will be taken to your Coinbase wallet account.

Coinbase determines your location and on the main page gives you a report on the cost and change in the exchange rate of the main world cryptocurrency Bitcoin, in your national currency.

If you wish, you can view changes in rates and other currencies supported by the Coinbase wallet—Ethereum and Litecoin.

Now, this present review of Coinbase is aimed at showing you some details about your account and settings.

Settings and Account

In the Settings section of your Coinbase wallet, you can customize, change, add and make any settings. It is possible to put an avatar of your account and enable two-step authentication.

In the Accounts section of the Coinbase exchange, you can see the balance of your accounts. Since we are using a demo account for the review, we have zeros in our section.

coinbase chart

In order to see the address of your cryptocurrency wallet, we remind you that you have 3 types of cryptocurrencies

  • BTC
  • ETH, and
  • LTC stored inside your wallet.

You need to click on the “Receive” button, and you will be shown your address.

Depositing and Withdrawing Funds

The Coinbase wallet allows its users to conduct transactions exclusively in cryptocurrency, no other deposit options are available in it. Therefore, if you want to fund your Coinbase wallet using a card, then you will have to use an exchanger.

Withdrawing funds from the Coinbase wallet, if you want money to the card, you also need to do it through exchangers. And Crypto-Auditor’s bitcoin Coinbase review will assist you shortly.

Scroll down to find out more details out of this Coinbase bitcoin review!

Coinbase Wallet Fees

According to our Coinbase experience, the provider only incurs fees if a regular currency is used for deposits and users then want to exchange them for Bitcoin, Litecoin or Ethereum.

The provider reserves the right to charge a fee of one percent for this, although this may be lower in some cases. If you pay in directly via Bitcoin, Litecoin or Etherum, you don’t have to worry about any fees.

When trading via GDAX, it is particularly positive that no maker fees are charged. When it comes to taker fees, the trade is also cheap here, because some of these are only 0.1%.

Compared to the competition, the fees are quite low—and they’re always good for your own return. If you only use Coinbase as a wallet for your currencies, you don’t have to worry about any other fees apart from the payment fees of 1%.

If you are eligible for the debit card, you can apply for an issuance fee of $4.95. With your debit card, you can withdraw cash up to $200 per month for free, domestically and internationally.

Withdrawals over $200 will be charged 1% and 2% respectively for domestic and international transactions. Other card transaction fees are included:

  • International POS purchase transaction fee: 3% of the transaction value
  • Fee for POS transactions within the EEA: 0.20% of the transaction value
  • Refund handling fee: $20.

You don’t have to worry about credit card transaction fees when using the wallet. It is intended for those within the specified locations who want to enjoy additional benefits. If you fall into this category, feel free to apply for a debit card.

Please note that daily, monthly and annual withdrawal limits apply to the use of the Coinbase debit card.

Mobile Coinbase App Review

To provide each of our readers with the concise and overwhelming review Coinbase, we’re supposed to come across the mobile app.

The majority of all traders nowadays no longer access the trading platform with their computer, but use a mobile alternative for the smartphone or tablet. This is available in the form of the Coinbase app, which in turn is offered in two different versions.

Users with an Apple device can go to the App Store and download the provider’s software here free of charge.

The installation then takes place automatically, after a few moments you can act. The process is similar for the Android app, which, however, has to be downloaded from the Google Playstore.

This step is also unproblematic, so that the mobile versions can be described as real alternatives to trading on the desktop.

Final Thoughts

It’s time to put the bottom line of the reviews of Coinbase.

The Coinbase wallet as well as the Coinbase exchange is a very convenient cryptocurrency service. The only thing it lacks is the variety of cryptocurrencies.

Crypto-Auditor already mentioned in the article that the Coinbase wallet has approximately the same number of fans as the Blockchain wallet. To make your choice, read the article on the Blockchain wallet and choose your favorite.

Coinbase is a type of cryptocurrency exchange. A significant advantage of this service is the cold storage of funds, 98% of which are stored on servers that are not connected to the network, which ensures a high level of security.

The rest of the crypt on Coinbase is covered by insurance. Also for security purposes, a two-tier authentication structure has been added, the confirmation of which is carried out using a mobile phone.

As for operations with the currency itself, the coinbase wallet has very low commissions (2.5%), and when performing an operation between two Coinbase users, it is completely absent.

In the software system—that changed compared to the coinbase review 2017—the exchange of cryptocurrency for fiat is done instantly, but this option is available only if you are a US citizen. In fact, all the disadvantages of the Coinbase wallet in question are related to the rules for using the system itself.

So, as all a number of advantages (high-speed transactions, scanty commissions, lightning-fast cryptocurrency exchange), can only be used by residents of the United States. This creates a mixed opinion about this service and somewhat discriminates against all other users who do not have an American citizenship.

FAQ

If you intend to use Coinbase, you must adhere to certain KYC rules as part of the company policy. If you are uncomfortable with how your data is presented, Coinbase may not be best for you. Apart from that, the functions and support services of the wallet are quite satisfactory.

Buy or receive digital assets: You can buy your coins instantly using any of the payment methods we mentioned in the text of this review. If your country doesn’t allow a payment method, you can still keep the coins. Do this by sending them from other wallets.

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Our scope 4/5
Security 5/5
Client Support 4/5
Coins Number 4/5
Fees 3/5
Pros
  • Convenient platform
  • Cryptocurrency storage security
  • Two-level authentication
  • Fast transaction confirmation
  • No commissions for internal transfers
Cons
  • Small selection of cryptocurrencies
  • No anonymity
  • Poor quality of technical support
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Best of the best!!!

Tom

Very good review!

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