Coinbase wallet vs Coinbase
530 cryptocurrencies exchanges currently exist in the world, and according to CoinGecko, Coinbase is the No.2 exchange. More than 10B $ in daily trading volume, over 120 coins, and 70M verified users to make this US-based exchange one of the largest there is. And there is Coinbase Wallet.
You can use Coinbase exchange and Coinbase Wallet to buy, sell, trade, and store crypto. And then what’s the difference between them if they can both do that? Let’s go through this article together and see what it is that sets them apart.
What is Coinbase
Based in San Francisco, US, this crypto exchange has been in the crypto business since 2012. Coinbase is one of the oldest crypto trading platforms around. You could trade only Bitcoin in the start, but they added more currencies over time, and now you have over 120 different cryptos at your disposal.
You can read a full review of Coinbase by clicking here.
Fun fact: In 2013, Coinbase asked Ethereum founder Vitalik Buterin to come in for a chat. They nearly offered Buterin a job. Still, Buterin didn’t accept the offer because early the following year, he went on to create, now widely known, Ethereum.
What is Coinbase Wallet
Coinbase Wallet, as the name itself implies, is a crypto wallet and Decentralized app browser controlled only by you. Private keys for your wallet are located directly on your mobile phone (there is no “middleman” between you and your crypto, like in the case when you store your crypto assets on some centralized exchange like Coinbase, Binance, etc.).
With this wallet, you have direct and total control over your own digital assets. We can say without a doubt that Coinbase Wallet is one of the most secured and best self-custody crypto wallets that we can find in today’s market.
If you want to find a wallet that gives you complete control over your digital assets, read our guide on Best Cryptocurrency Wallets.
Difference Between Coinbase And Coinbase Wallet
Let’s go deeper into the topic and see their key differences.
Coinbase vs. Coinbase Wallet: Primary Features
|Top security||Top security|
|Beginner-friendly user interface||Beginner-friendly user interface|
|Easy to use||Easy to use|
|Displays portfolio balance and performance||Stores keys in the device|
|Crypto-to-crypto transactions, advanced charts, and many other features||Provides access to DApps|
|Support over 120 cryptos||Support for 4,000+ digital assets and a bunch of Dapps|
Coinbase vs. Coinbase Wallet: Supported Currency
Both of them have a considerable number of currencies that they support. Up to the present time, Coinbase offers its users over 120 cryptos. On the other hand, Coinbase Wallet supports all ERC-20 tokens, BTC, XRP, XLM, BCH, LTC, DOGE, and other popular cryptos.
Coinbase vs. Coinbase Wallet: Fees
Fees apply to both the Coinbase Wallet and Coinbase.
|Purchases||0% to 0.50%|
|Wire transfer||10 USD deposit, 25 USD withdrawal|
|Crypto conversion||0.50% to 2%|
|Coinbase fee||0.99 to 2.99 USD based on the amount|
The Coinbase Wallet fees are similar. Depending on the payment method, location, and order mode, fees range from 1.49 – 3.9%.
Coinbase vs. Coinbase Wallet: Security
|Key security features|
|2-step verification||Biometric authentication|
|Insurance on your crypto assets||Cloud backup|
|Cold storage (98%)||Public and private keys are stored in the device (not on the server)|
|Biometric login||Vendor insurance policy|
Coinbase vs. Coinbase Wallet: Insurance
Cryptos are not legal tender (except Bitcoin in El Salvador), and because of that, they are not backed by any government in the world. Considering that, digital currencies are not subject to SIPC (Securities Investor Protection Corporation) or FDIC (Federal Deposit Insurance Corporation) protections.
Even though they are not insured by the SIPC, Coinbase has crime insurance that protects your digital assets from cybersecurity breaches and theft. Keep in mind that their policy doesn’t include any losses occurring from unauthorized access to your account as a consequence of a loss of your login credentials.
Rest assured because Coinbase will give its best to make you whole in case of an unexpected security event.
On the other side, Coinbase Wallet covers your digital assets via a vendor insurance policy. If your funds are lost as a result of a security breach, the service provider is obliged to make it up to you.
The Bottom Line
Being one of the most prominent names in the crypto sphere, Coinbase, as well as Coinbase Wallet, provides A class security, a very pleasant user-friendly interface, and supports many digital assets. They are suited for both beginners and professional users.
Note: buying, selling, and trading crypto are cheaper and easier at the exchange, and we recommend that you use the exchange for that. But if we consider the security of the storage of your funds, then the wallet should always be the first choice.
Remember – not your keys, not your Bitcoin (coins).
1. Are Coinbase and Coinbase Wallet the same?
They are not the same. The names are similar, the characteristics are similar, but the basic functions of these two products are different.
Coinbase is a centralized crypto exchange that makes buying, selling, and trading your digital assets an easy job.
2. What coins are supported by Coinbase Wallet?
3. Is Coinbase safe?
The short answer is YES. Coinbase has invested massively in insuring its vaults in order to minimize their losses.
Coinbase also complies with the following regulatory bodies, laws, and regulations:
- with state money transmission laws and regulations,
- with the USA Patriot Act,
- with the Bank Secrecy Act, and
- it is registered with FinCEN as an MSB (Money Services Business).
4. Is Coinbase Wallet trustworthy?
We think the answer is quite clear. A company like Coinbase, with millions of satisfied customers, with a massive daily trading volume, simply cannot give away a bad product. We assume that based on what has been said so far, you also think that the answer is YES.
Make sure to check comparisons between some of the major exchanges:
- Coinbase vs Bitstamp
- Coinbase vs Coinmama
- Changelly vs Coinbase
- Coinbase vs Bittrex
- Coinbase vs Kraken
- Gemini vs Coinbase
- Coinbase vs eToro
- Coinbase vs Binance
- Coinbase vs Bitpanda
- Coinbase vs. Changelly
- Coinbase vs Cash App
- Coinbase vs Robinhood
- Uphold vs Coinbase
- Blockfi vs Coinbase
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