Coinbase wallet review

Coinbase wallet review

Coinbase
Intuitive Ease of use,  Average Privacy,  Wallet platform Private Keys Stored

Coinbase has received more investment capital than any other cryptocurrency exchange and is the first to receive backing from the NYSE and to build partnerships with government and banking regulators to make cryptocurrency trading legal and regulated. Coinbase' pivot to regulation means that user data could be shared with government regulators in the near future.

Coinbase is one of the few wallet platforms that offers extensive buy, sell, and trade capabilities on its own platform. Exchanges are instant and you can even set up recurring buys. They have also created their own exchange platform called GDax which allows full trading capabilities.

Company / organization behind the wallets

Coinbase was created by Brian Armstrong and Fred Ehrsa. The company is best-known for having attracted more capital investment than any other cryptocurrency exchange. They are often in the news for working alongside government and bank regulators to make cryptocurrency easy and legal for all consumers.

Crypto Currencies Support

Traditional Currency Support

  • Australian Dollar (AUD)
  • Pound sterling (GBP)
  • Canadian Dollar (CAD)
  • Euros (EUR)
  • Singapore Dollar (SGD)
  • US Dollar (USD)

Language Support

  • Dutch
  • English
  • French
  • German
  • Indonesian
  • Italian
  • Portuguese
  • Spanish

Supported Systems

  • Android
  • iOS

All user keys are stored offline by Coinbase and all assets are insured, meaning if there were to be a breach, any user funds affected would be reimbursed. Wallets and private keys are stored using AES-256 encryption. However Coinbase system requires that you are fully dependent on coinbase to protect your investment.

Summary:

Security
Average
2 Factor Authentication
Yes
Multi-Signature
Yes
Private Keys Stored On
Wallet platform
Storage Type
Cold storage
Transactions Validation
Centralized validation
Hierarchical Deterministic
Yes

What happens in the event of a disaster/theft/loss?

All funds in the wallet are lost.

Coinbase is designed to make cryptocurrency use easy for the average person. They're the most successful exchange in the world in this regard. Signup is very straightforward, support is readily available, and the site and apps are slick. You don't need specialized knowledge and Coinbase takes care of security. Once you're in, making transactions is quick and easy.

Summary:

Coinbase is the most reliable and largest online wallet platform. It offers instant transactions and a user-friendly interface. It's suitable for all types of consumers and serves multiple currencies. The only thing to consider is that your privacy is not guaranteed with Coinbase. Similar to a bank they will share your personal information and transaction history with regulators.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Involved
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Buy coins using credit card
  • Exchange coins crypto to crypto
  • Withdrawal funds to bank account
  • Withdrawal funds to credit card

Coinbase is one of the few wallet platforms that offers extensive buy, sell, and trade capabilities on its own platform. Exchanges are instant and you can even set up recurring buys. They have also created their own exchange platform called GDax which allows full trading capabilities.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and
support:

  • FAQ section
  • Contact form
  • Email
  • Phone
  • Live chat

Personal information for activation account:

  • Email Address
  • Phone Number
  • Passport/ID
  • credit card
  • bank account

Most common
customer complaint:

Coinbase shares personal details and transaction history with regulators