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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
Feel free to write to us:
A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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Coinbase Wallet
Overview
Quick Facts
The Coinbase Wallet is the official wallet of the crypto exchange Coinbase and is one of the leading apps for storing and trading cryptocurrencies. This popular wallet is very intuitive to use and offers many additional features, including a handy browser extension for accessing Web3 applications.
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Pro's & Con's
- Seamless integration with Coinbase exchange accounts.
- Intuitive and user-friendly interface, ideal for beginners.
- High-quality and clear design.
- Includes a Web3 browser extension for easy access to decentralized applications.
- Supports a wide range of cryptocurrencies and tokens.
- Inconsistent customer support can lead to user dissatisfaction.
- Higher transaction and network fees compared to some other wallets.
- Centralized control may not appeal to users preferring decentralized options.
- Limited advanced features for experienced users.
Coinbase Wallet
Hardware
Offer and features of
Coinbase Wallet
Functionality
Unique Features
- Browser extension
- Lending (earning interest)
- DApp Browser
Platforms
Our
Coinbase Wallet
Review
Test Result
Conclusion
For users who already utilize Coinbase as an exchange, the Coinbase Wallet is an excellent addition, as it can be linked to the exchange account. However, the Coinbase Wallet is also a strong option for users of other exchanges, particularly beginners. The app is intuitive, clear, and boasts a high-quality design. Additionally, Coinbase offers a browser extension that provides easy access to Web3 applications. One downside, however, is the customer support, which, similar to the Coinbase exchange, can be sporadic and lead to dissatisfaction among some users. Despite this, we can recommend the Coinbase software wallet, especially for beginners.
Coinbase Wallet
User Reviews
The Coinbase Wallet is often praised for its simple interface and ease of use. Users particularly appreciate the ease of setup and navigation. However, some users criticize the sometimes slow app performance and occasional technical issues.
The Coinbase Wallet is praised for its extensive features, including the DApp browser feature and support for a wide range of cryptocurrencies and ERC20 tokens, but some users express a desire for more advanced analytics tools and features.
The Coinbase Wallet supports a wide range of cryptocurrencies, including all the major names like Bitcoin, Ethereum, and a variety of ERC20 and ERC721 tokens. However, some users express a desire for support for even more cryptocurrencies and special tokens.
The Coinbase Wallet is praised for its strong security measures, including biometrics and two-factor authentication (2FA). Since it is a non-custodial wallet, users retain full control over their private keys, which is generally seen as a positive security feature. However, some users raise concerns about security on mobile devices.
The Coinbase wallet is often described as being particularly beginner-friendly. It offers easy setup and use, making it a good choice for those new to crypto. However, some users point out that despite the overall ease of use, some learning curve is required.
Experiences with Coinbase Wallet support are mixed. Some users praise the helpful and responsive customer service, while others report slow response times and unresolved issues.
In summary, the Coinbase Wallet generally receives positive reviews for its ease of use, broad cryptocurrency support, and strong security measures. Opinions are mixed on beginner-friendliness and customer service, and there are some technical concerns. Overall, however, the experience is mostly positive, indicating general user satisfaction with the Coinbase Wallet.
About
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Coinbase Wallet
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.