BEST FOR BEGINNERS

If you’re dipping your toes into the wild (and sometimes bewildering) waters of crypto for the first time, Coinbase Wallet could be your inflatable raft. Why? Well, it’s refreshingly user-friendly, letting you shelter your life savings—or at least a few spare dollars—in hundreds of thousands of coins, tokens, NFTs, and, honestly, more digital doodads than you knew existed.

For those who like a little extra hand-holding, Coinbase rolls out the red carpet of learning modules. These teach you the A, B, C’s of crypto and digital investing, and—here’s the kicker—some even pay you for your time. Between the no-nonsense design and all those helpful lessons, Coinbase Wallet genuinely deserves its title as “best for beginners” in crypto land.

COINBASE CRYPTO WALLET PROS AND CONS

• Compatible with a wide array of digital assets
• Streamlined user interface for easy navigation
• Two-factor authentication for added security

• Higher transaction fees than some competitors
• No full desktop version available

ADVANTAGES EXPLAINED

EXTENSIVE CRYPTO ASSET SUPPORT

Let’s face it: nobody wants their ambitions limited by a wimpy wallet. Even as a total newbie, you’ll want the flexibility to store everything from Bitcoin’s big leagues to this week’s trending meme coin. Coinbase Wallet supports thousands of tokens across major networks—Ethereum, Bitcoin, Litecoin, EVM blockchains, all the ERC-20s, you name it. This open-door policy means you can get as experimental (or sensible) as you please.

INTUITIVE AND SIMPLE DESIGN

Ever tried deciphering a wallet app that looks like a flight simulator? With Coinbase Wallet, you’ll never feel like you need a computer science degree just to check your Ethereum balance. Everything is clean and straightforward, so you can get right to buying coins, trading NFTs, or even—gasp!—contemplating crypto taxes, without breaking a sweat.

BUILT-IN TWO-FACTOR AUTHENTICATION

Here’s the deal: crypto is a magnet for mischief-makers. Luckily, Coinbase Wallet lets you set up two-factor authentication (2FA)—providing a digital mohawk to scare off hackers. It works by requiring a second proof, like a code from Google Authenticator or an SMS, when you log in from a new device or attempt to move funds. It’s one more line of defense between you and the digital pickpockets.

Enabling 2FA is a cinch, whether you go the authenticator app route or the tried-and-true SMS method.

DRAWBACKS EXPLAINED

PREMIUM TRANSACTION FEES

Here’s where Coinbase throws a soggy blanket: its transaction fees are steeper than many rivals. Transferring crypto in or out of your wallet? You pay. Even just funding your Coinbase Wallet or making a withdrawal incurs a fee. It’s so shrouded in mystery that you won’t discover the full fee until you’re about to hit “OK”—making price comparisons about as fun as dental surgery.

LACK OF FULL DESKTOP SUPPORT

Prefer to do your crypto managing on the big screen? Sorry, friend—Coinbase Wallet is (for now) mobile-only. There is a Chrome extension, but it’s really more a sidekick than the full Batman experience. To create a new wallet, you need to kick things off on your mobile. This can be a dealbreaker for desktop loyalists who hate fiddling with their phone.

COINBASE CRYPTO WALLET FEATURES

Whether you’re Joe Regular, starting a business, or even plotting to disrupt DeFi as the next coder prodigy, Coinbase’s pockets run deep enough for everyone. Wallet features are carved out for three types: individuals, businesses, and developers.

INDIVIDUALS

The Coinbase Wallet app itself is free to set up and doesn’t nickel-and-dime you with recurring fees, so your funds and NFTs stay as untouched as possible. It’s a “self-custody” wallet, meaning you and only you control your private keys (score one for the privacy nerds!). It supports thousands of coins, grants access to decentralized apps and exchanges, and acts as your personal launchpad into the depths of Web3.

BUSINESSES

Enterprises haven’t been left in the cold. Coinbase Commerce lets you accept crypto payments and offers both do-it-yourself and hands-off management—just don’t forget the flat 1% transaction fee. Need someone else to handle conversions and keys? Coinbase will oblige. Prefer to juggle them yourself? They’re flexible.

DEVELOPERS

For devs itching to plug their next-gen app into the Coinbase ecosystem, there’s the Coinbase Wallet SDK, a free toolkit to help users interact with your dApps (especially the DeFi kind). If you want your work easily available to the masses, it doesn’t get much more frictionless.

COINBASE CRYPTO WALLET FEES

Wallet to wallet among Coinbase users? Gratis. Holding your digital loot? Free as the breeze! But as soon as you step outside the Coinbase “gilded gates”—by, say, buying NFTs or sending crypto to your cousin’s wallet—you’ll face transaction fees. These aren’t set in stone: Coinbase calculates them based on factors like where you live, your payment method, order size, and whatever drama the market is in that day.

You’ll always get a full peek at the price tag on the preview screen before giving the final nod. Different funding sources (bank, debit, PayPal, Apple Pay, Google Pay) come with different fees, so always keep one eye open.

COINBASE CRYPTO WALLET FINANCIAL STRENGTH

You may be itching to ask: “Is Coinbase actually going to stick around?” Fair question, especially when the crypto world feels like a rollercoaster in a thunderstorm. As of January 2023, the big credit raters hadn’t chimed in, but Coinbase’s numbers are nothing to sniff at: more than 108 million users, $101 billion sitting pretty, and $159 billion changing hands each quarter. Pretty robust, don’t you think?

But here’s the rub: while U.S. dollar deposits in Coinbase’s custodial accounts are FDIC-insured, your shiny cryptocurrencies are not. If Coinbase suddenly collapsed, your crypto would be out in the wild with nowhere to hide.

COINBASE CRYPTO WALLET AVAILABILITY

With a global reach (100+ countries), Coinbase Wallet is more globe-trotting than James Bond. You can use it on Apple and Android—just don’t look for a real desktop app, because, as of early 2023, it doesn’t exist. Should you need a guiding hand, customer support is awake all hours, answering emails, chats, and phone calls.

AVAILABILITY

Americas? Covered. Europe? Absolutely. Asia, Africa, and the Middle East? No problem. Just download the Coinbase Wallet app (from the official stores!), since the Chrome extension won’t let you set up a fresh account for now.

SUPPORT CONTACT INFORMATION

Need to vent, ask, or troubleshoot? Coinbase’s got classic live chat, email contacts, and an old-fashioned helpline at +1 (888) 908-7930. Or for those “I got this” moments, their robust FAQ has a solution for almost everything—except, perhaps, existential questions about meme coins.

USER EXPERIENCE

Here’s the silver lining: if you’re just starting out, Coinbase Wallet is hard to beat for pure simplicity and confidence. You’ll manage your assets with minimal fuss, and if you crave wisdom, their Coinbase Learn platform is an absolute treasure chest on all things crypto and blockchain.

CUSTOMER SATISFACTION

Despite being a dream for newcomers, Coinbase Wallet gets a hefty dose of criticism—especially when it comes to customer service. As of January 2023, they’d closed over 3,700 complaints at the Better Business Bureau, straining under a dismal 1.08 out of 5 stars. Their overall BBB grade? An ice-cold ‘F’, with zero accreditation. It’s a glaring spot on their otherwise polished crypto resume.

COINBASE WALLET FAQ

HOW DOES COINBASE WALLET FUNCTION?

Think of Coinbase Wallet as a checking account, but for all things digital. You can buy, stash, and exchange thousands of tokens—from mainstays like Bitcoin to meme coins that light up your group chat. On joining, you’re handed a public key (your crypto mailing address) and a private key (your ultra-secret passcode). Guard those with your life!

WHAT IS THE DISTINCTION BETWEEN COINBASE AND COINBASE WALLET?

Coinbase (the parent) is a powerhouse offering a full suite of financial services; Coinbase Wallet (the child) is its crypto-centric storage solution. If you picture Coinbase as the bank, think of Coinbase Wallet as your high-security safe deposit box stuffed with digital gems and rare NFTs.

WHAT SECURITY MEASURES DOES COINBASE UTILIZE?

Security is non-negotiable. That’s why Coinbase layers on features like 2FA, granting an extra coating of armor to your wallet. And with self-managed private keys, you’re the only one with the map to your digital treasure—no middleman. If bad actors come prowling, they’ll wish they picked an easier target.

EVALUATION METHODOLOGY

In reviewing Coinbase Wallet, I weighed how many assets it supports, how breezy (or maddening) the user interface is, the punch behind its security tools, whether fees feel like a slap or a gentle nudge, how solid the company stands in financial storms, its accessibility for all types, and—most telling—the chorus of customer voices.

SUMMARY OF MONEY’S COINBASE CRYPTO WALLET REVIEW

If you’re wading into crypto and want a wallet that doesn’t make you read a 200-page manual, Coinbase Wallet is your go-to. The interface is friendly, your assets are easy to manage, and a world of NFTs and dApps waits at your fingertips. Their learning center helps you level up, and for those branching into staking or trading, Coinbase has you covered with even more beginner-friendly tools.

Still, it’s not all rainbows. The shifty fee structure and the lack of a dedicated desktop app might send power users running for the hills. Customer service horror stories and access snarls are the flies in the ointment. So, before jumping in headfirst, check out all your options—but for newcomers who want crypto without the migraines, Coinbase Wallet is a mighty fine place to start.