Our Take
Rating: 4.4/5
The bottom line: Coinbase Wallet is a user-friendly, feature-rich cryptocurrency wallet ideal for transferring funds from custodial exchanges to self-custody. Its mobile app and browser extension support thousands of cryptocurrencies and provide seamless access to decentralized applications (dApps) for staking, yield farming, and NFTs.
Pros & Cons
✅ Pros
- Easy integration with Coinbase, the largest U.S.-based exchange.
- Wide cryptocurrency support, including ERC-20 tokens, Bitcoin, Dogecoin, and Litecoin.
- Built-in dApp access for staking, NFT marketplaces, and DeFi tools.
❌ Cons
- No desktop application (mobile and browser-only).
- Not fully open source, limiting transparency for security-conscious users.
Full Review
Where Coinbase Wallet Shines
1. Extensive Cryptocurrency Support
Coinbase Wallet supports thousands of digital assets, including all ERC-20 tokens on Ethereum. It also accommodates Bitcoin, Dogecoin, and Litecoin, though support for Bitcoin Cash, Ethereum Classic, Stellar, and Ripple was discontinued in 2023.
2. Web3 Functionality
Users can trade, stake, and earn rewards directly within the wallet, eliminating reliance on centralized exchanges.
3. Cold Storage Conversion
Through a partnership with Ledger, Coinbase Wallet allows easy transfer of assets to offline storage via the Chrome extension.
Where Coinbase Wallet Falls Short
1. Limited Open-Source Transparency
While the protocol is open-source, the full software isn’t, which may deter users prioritizing code auditability.
2. No Desktop App
The wallet is restricted to mobile and browser extensions, lacking a dedicated desktop version.
Coinbase Wallet at a Glance
| Feature | Details |
|---|---|
| Security | Self-custody; no 2FA or multisig. Not fully open-source. |
| Supported Assets | Thousands, including ERC-20 tokens, Bitcoin, and NFTs. |
| Storage | Hot wallet with optional Ledger cold storage integration. |
| Functionality | Mobile app and browser extension; no desktop app. |
| Tools | Portfolio tracking, staking, and NFT marketplace access. |
FAQs
1. Is Coinbase Wallet free to use?
Yes, but network transaction fees (e.g., Ethereum gas fees) apply for trades and transfers.
2. Can I recover lost funds if I forget my password?
No. As a self-custody wallet, losing your recovery phrase means permanent loss of access.
3. Does Coinbase Wallet support NFTs?
Yes, it integrates with NFT marketplaces and supports ERC-721 tokens.
👉 Explore secure crypto storage options
4. How does Coinbase Wallet compare to Ledger?
Coinbase Wallet is a hot wallet (online), while Ledger is a cold wallet (offline). The two can be linked for added security.
5. Is Coinbase Wallet regulated?
Coinbase complies with U.S. regulations, but the wallet itself operates in a decentralized manner.
Final Verdict
Coinbase Wallet excels for users seeking:
- Easy exchange integration.
- Broad cryptocurrency support.
- dApp and NFT accessibility.
However, those needing desktop access or fully open-source software may prefer alternatives.
👉 Discover top-rated crypto wallets
How We Review Wallets
Our ratings evaluate security, asset support, functionality, and usability based on hands-on testing. Learn more in our full methodology.
Note: This review adheres to strict editorial guidelines and avoids promotional content. Rates and features are subject to change.