Claire is an experienced financial analyst with strong analytical skills. With her expertise and focus on thorough market research, Claire ensures individuals in the financial landscape are well-informed. Often in an engaging writing style, her content helps traders quickly grasp the market dynamics. As an Associate Editor of financial news at InvestingGuide, she provides an original analysis of the financial markets and economy. You’ll be at joy reading her flawlessly written content. She has written hundreds of pieces that simplify complex financial topics in plain language.
Fact checked
Advertising Disclosure
We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
Finding the right cryptocurrency wallet can be a challenge for any investor in the UK. There are numerous prominent names in the region, including Coinbase, which we are going to review today. This wallet supports hundreds of thousands of tokens and allows users to transfer them across various networks. However, is Coinbase wallet safe and suitable for your investment needs?
As InvestingGuide experts, we are here to answer this question and more. Our ultimate Coinbase review below is based on our hands-on experience. We share the wallet’s features, including security measures, fees, performance, and more. This is so you can gain enough insights into this wallet and decide whether it is worth entrusting your hard-earned tokens to.
In This Guide
Our Opinion About the Coinbase Wallet
We tested Coinbase Wallet UK and concluded that it has many advantages over disadvantages. For instance, we noticed that the wallet is highly reputable and user-friendly. We also found it simple to set up. Plus, it adheres to FCA regulations, thus guaranteeing users’ safety. When it comes to drawbacks, we discovered limited support for NFTs and more.
Coinbase Wallet
✔Modern design interface
✔Streamlined transactions
Pros & Cons
Pros
- Free to download and set up
- Coinbase has a user-friendly and modern design interface
- Lists numerous cryptocurrencies, including the ERC-20 tokens
- It is a self-custody wallet, allowing you to take full control of your tokens
- Highly encrypted to avoid unauthorised access
- Streamlined transactions
Cons
- Supports fewer NFTs compared to its peers
- Limited browser compatibility
- High transaction fees than its counterparts
Suported Cryptos
We noticed that the Coinbase Wallet supports over 100,000 cryptocurrencies. These include all the ERC-20 tokens and dapps. With it, you can secure Bitcoin, Ethereum, Solana, Litecoin, Dogecoin, and more. The wallet supports tokens from multiple networks, such as Ethereum, BNB Chain, Arbitrum, and Solana.
Coinbase also allows users to manage their NFTs on its award-winning decentralised web. Plus, it supports fiat currency transactions, including popular ones like GBP, USD, EUR, AUD, CAD, and more. Unfortunately, the wallet discontinued support for some tokens and networks due to low usage. These include BCH, ETC, XLM, and XRP. You can see below the list of networks that the Coinbase wallet supports.
- Ethereum
- Arbitrum
- Avalanche C-Chain
- Base
- BNB Chain
- Gnosis Chain
- Fantom Opera
- Optimism
- Polygon
- Solana
Understand that these networks are already configured and are compatible with mobile apps and browser extensions. However, users are allowed to add EVM-compatible networks should they see fit.
Security
Coinbase wallet UK prides itself on employing top-notch security measures to protect unauthorised access to users’ personal data and tokens. We explored its platform to verify this claim and found it safe. For starters, the wallet is owned by the Coinbase exchange, which is one of the most highly rated exchanges by users globally. The exchange has hosted over 50 million clients so far.
Additionally, we noticed that Coinbase adheres to the stringent regulations of the Financial Conduct Authority (FCA). Plus, it complies with Anti-Money Laundering (AML) rules to ensure the wallet remains free from imposters. That being said, expect to participate in the Know Your Customer (KYC) procedure when signing up for an account at Coinbase Wallet.
We also like that Coinbase allows users to secure their wallets with two-factor authentication and security keys to protect them against potential threats. On top of that, you can set up strong passwords for your wallet or optimise the safety of your assets with security locks and biometrics.
While Coinbase employs various measures to keep its wallet secure for users, it is backed up by a team of professionals. These experts use multiple databases to identify and isolate suspicious activities and notify users on time before their wallets are jeopardised.
Fees and Limits for UK Traders
Before you start securing and transacting at Coinbase wallet, ensure it is affordable to avoid getting frustrated with high charges. From our experience, setting up the wallet is free. You can download its app to your iOS or Android mobile device from Google Play or the App Store. The wallet also has a browser extension to enable you enjoy its services using your desktop device.
While the wallet is free to download and set up, it charges transaction fees. This mostly applies when you deposit or withdraw digital tokens from Coinbase to external wallets. You will also incur buying, selling, or swapping charges. Comparing Coinbase wallet cost to its peers, they are a bit higher. However, you are free to customise the amount you want to pay depending on how long you can wait for the transaction processing.
Overall, the Coinbase wallet doesn’t charge any fees when you transfer cryptos from its exchange to the wallet. Also, storage is free, and you can keep your tokens with it for as long as you want without worrying about rising costs.
Privacy & Anonymity
As mentioned earlier, Coinbase is a self-custody wallet. This means that the provider gives you full access and sole control of ensuring your wallet remains safe. From our analysis, it has a high level of privacy since you will not need to share any personal information like email or phone number to use the wallet. We also like that this wallet gives users the option to decide whether they want their profiles to be findable or not.
Since you will be taking full control of your digital tokens, we advise you never to share your password or recovery phrase with anyone. Remember, the safety of your crypto tokens largely depends on you protecting your device from unauthorised access. And do not hesitate to contact the wallet’s support service team should you suspect any malicious activities.
Coinbase Wallet Support Service
Coinbase offers 24/7 support to cater to traders’ and investors’ needs. It prides itself on being responsive and delivering relevant solutions to assist traders. To verify this claim, we contacted the team via supported channels (phone, email, and live chat).
The wallet’s live chat is backed up by a virtual assistant, which is reliable but not as human assistance. The professionals we met via live chat were friendly and professional, ensuring we were fully satisfied and ready to efficiently manage our activities. Phone response was also prompt but our emails took a few minutes before being responded to.
Besides having a reliable and responsive support service, Coinbase has a help centre page full of frequently asked questions. We advise that you visit the page before contacting the support team. This is because some of the questions you have are already answered on this page. You get to save time communicating with the provider’s representatives.
How to Start With Coinbase Wallet
Creating a Coinbase wallet involves straightforward procedures. You do not need an account at Coinbase exchange to use this wallet. The wallet accommodates all types of investors, and all you have to do is download the app to get started. Then, follow the procedures below to set up your wallet at Coinbase and start securing your digitally acquired tokens.
Step 1: Visit the Coinbase official website
Step 2: Download the app
Step 3: Create a wallet
Step 4: Use your wallet
To start enjoying Coinbase wallet’s excellent features, visit its official website to create an account. Start by understanding its terms of service to ensure you are on the same page with the provider when it comes to services rendered.
Click the “Download” button to install Coinbase wallet app on your Android or iOS device. The wallet also has a browser extension available from the Chrome Web Store. You can decide to install the extension on your desktop browser and app on your mobile device. This way, it will be easier for you to manage your tokens and investments, even while on the move.
Open the Coinbase wallet app and click “Create New Wallet.” Create a username, which will be used as your identifier. And, do not forget to create a strong password for an added layer of safety to your wallet. Coinbase will then send you a 12-word recovery phrase, which will let you recover your wallet if you lose your device. You can also add more safety measures, such as face ID.
At this point, your Coinbase wallet will be safe to use. Feel free to explore its features and familiarise yourself with all its functionalities. You can then start transferring cryptos to your wallet by clicking “Receive.” This is whether you want to send the tokens from the Coinbase exchange or another external address. Always factor in transaction charges, depending on the network you are transacting in.
Final Thoughts
Coinbase wallet is legitimate and highly reputable. However, is it the right one for you? Our ultimate review above will help you answer this question and make the right decisions. Note that having the best wallet does not guarantee successful cryptocurrency investments. You must be well-versed in the crypto market to create solid strategies that will maximise your potential. Know when to buy, sell, or store your acquired tokens by keeping track of the market’s performance. And, do not share your recovery phrase with anyone. Your hard-earned cryptocurrencies may be jeopardised in case they fall into the wrong hands.
InvestingGuide Rating:
✔Modern design interface
✔Streamlined transactions
Visit site
Risk Warning
Coinbase will NEVER ask you for your Private Keys or Recovery Phrase. Do not share these with any person or site, or you could lose access to your wallet, or have your digital assets moved out of your wallet by an attacker.
-
5
Customer Support
-
5
Commissions & Fees
-
5
Platforms & Tools
-
5
Educational Resources