Most Popular Cryptocurrency Wallets
Before we get into our Coinbase wallet review you need to understand the different types of cryptocurrency wallets out there. We will be talking about the best Bitcoin wallets in the UK and the types of wallets they offer. When choosing a wallet, you have two main choices – cold wallets and hot wallets. Cold wallets let you control where your data is stored offline. That way there is no way for them to be hacked.
One type is a paper wallet that allows you to print out a key you can use to access your crypto. The other type is a hardware wallet. This is a piece of hardware that stores your cryptocurrency data, which is only plugged in when you want to buy or sell with crypto. It is essentially an external port that only you can access.
Next up in our Coinbase wallet review are the hot wallets. First up is a software wallet. You run this on your computer or cell phone. You simply type in your password and have immediate access to your crypto cash. Then, there is an online wallet. This is what the Coinbase wallet is. This type of wallet is run by whichever platform you do your crypto exchanges on. The downside with this type of wallet is that if your crypto exchange site goes bankrupt, you’ll lose access to your wallet. We don’t think that is likely with Coinbase.
Pros & Cons Of The Coinbase Wallet
The obvious pro about the Coinbase wallet is that it is so easy to use. The most obvious con is the fact that it can’t be used with Bitcoin. Both of these factors go into our Coinbase wallet review. There are also Coinbase limits. You can only interact with $25,000 worth of cryptocurrency a day. That won’t be a big deal to most people but for some, that’s a full stop. You also have the issue of it being directly tied to Coinbase.
Since they are hosting it, they are always going to push you to use their system. That’s not good. And there’s the obvious worry that Coinbase will go belly up and you will lose everything that you’ve stored with them. Also, since everyone’s cryptocurrency is stored in a single location it is an obvious target for hackers. This all factors into our Coinbase wallet review.
Coinbase now accepts virtually every cryptocurrency, including Bitcoin. The technology involved in the Coinbase wallet is a hosting site within the Coinbase platform. Much like your bank, all of the data is stored at Coinbase. Coinbase has United States banking regulatory approval. That means that using Coinbase is relatively safe. For that, we give it a point in our Coinbase wallet review.
The main technology involved in the Coinbase wallet is the security they have built around their data, which as we explained in our Coinbase wallet review is a solid bet. The only downside to this technology is that if a hacker did manage to breach their servers, everyone, with a Coinbase wallet would become vulnerable. All of this is reflected in our Coinbase wallet review. Coinbase withdrawal can also take up to 72 hours.
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The Coinbase wallet is extremely easy to set up and use. It is for people who don’t like dealing with a lot of tech stuff. First, it’s only available as an app for your Apple phone or Android enabled device. Go to your app store and download the version you want and then open up the application. You will then be asked to select a username, a password, and an email address. You’ll have to enter your password twice to make sure you didn’t create a typo. Then you’ll be asked to enter a 12-word paper key. This you need to keep and can be used if you ever forget your password.
Then you’ll be asked to input your phone number. This is optional but can be used to set up two-factor identification. Once you’ve gone through these steps, you are set up and ready to go. We give them points for the ease of set up in our Coinbase wallet review. At that point, it will bring over any crypto you may have already bought at the Coinbase exchange.
If you have not purchased from Coinbase before you’ll then have to go through the entire Coinbase exchange registration which is a bit harder to do. But we are looking at the wallet today. Once everything is set up it’s a snap to use the Coinbase wallet to buy things with crypto. It’s also easy to get paid in crypto. This is reflected in our Coinbase wallet review.
For the new user, the Coinbase wallet is going to get the job done. It doesn’t have any advanced features, but newbies won’t need those.
Coinbase Security And Support
Coinbase is fairly secure. It is one of the only cryptocurrency wallets that supports two-factor identification. Also, part of your data is tied to the portable device you are using so if someone were to try to hack into your account, they’d not only need your password information they would need your phone itself. That’s as secure as an online wallet gets. Which is nowhere near as secure as a cold wallet.
But if you are comfortable with using an online wallet Coinbase is a fair one to use. When it comes to customer support is where you see a real problem. The Better Business Bureau gives Coinbase an F rating for failing to respond to consumer questions. You have to put in a support ticket and then wait at least 72 hours for a response. This will pretty obviously be a canned response and you’ll have to submit another ticket. It can take weeks to sort out issues.
You can bet this is reflected in our Coinbase wallet review. We hope that their customer service improves in the future, as their wallet is a great offering. As a result, our Coinbase wallet review downgrades them a bit for this.
A Coinbase wallet promo code does not exist. Coinbase fees do not exist except when you are using their currency exchange. Overall, the Coinbase wallet is a simple one to use for your cryptocurrency to invest in. It does not have the security features in place of cold wallets, but if you are just using a bit of cryptocurrency to buy stuff online it should work out fine for you.
The Coinbase wallet may not be suitable if you have a lot of cryptocurrencies, as it’s likely that you will want something more advanced. But for casual users, the Coinbase wallet should be fine. This is all reflected in our Coinbase wallet review.
Also, remember that Coinbase also offer a crypto exchange service, which we prefer as you can also combine the wallet with a functional exchange. You can try these alternatives as well.
Cryptocurrencies are highly volatile, be aware of the risks when trading them.