Coinbase Wallet Review: Features and How-to-Use Guide

You have probably heard of Coinbase, but this brand stands behind several products. You might come across the Coinbase web wallet or the Coinbase mobile application. You can also find the newest Coinbase family member – the rebranded Toshi mobile wallet. There’s also a Coinbase Pro exchange platform for advanced users offering multiple advantages for crypto traders. In any case, this article is going to provide you with an extensive review of the Coinbase original platform, which is considered one of the most user-friendly web wallets to use nowadays.

01.Coinbase Wallet Features & Fees

Even if you read contradictory user reviews of the Coinbase, speaking of how the company states an opinion in crypto debates, which is more or less inappropriate, Coinbase is considered a reputable web wallet choice. Normally stakeholders keep a neutral position when an argument occurs. Well, currently Coinbase offers a diverse product range, covering almost all the crypto involved users. Actually, there are some rumors that the company applied to become an official bank institution, so this might close the entire crypto circle for them by becoming an attractive and perfectly matching platform for most of the users.

Converter Integration

During the December initiative of the Coinbase team, they have announced 12 amazing features to come within 2019. One of them is called Converter and it’s planned to provide the opportunity of easy and quick converting one coin to another in return of a low fee. The converter integration is going to be available in all the 34 countries, where Coinbase operates and it’s thought to be the organic continuation of the intuitive platform interface. At the moment, the interface proposes two buttons – Buy and Sell. The third one is planned to be Convert. When you click on the coin you would like to exchange, you’ll be requested to enter the amount to swap and then you’ll observe a window with the Coinbase fee, which is expected to be 0. After you confirm it, you’ll instantly exchange your assets from one coin to another.

Transaction Fees

Starting with a short overview of the payment options, there’s a diversity to choose between when you’re willing to buy some cryptos: credit or debit card, Paypal or bank transfers. Well, if your aim is to sell them, then you should consider only the transfer and Paypal possibilities.

When speaking of transfers the bank one usually takes around one week in the USA. The SEPA transfer’s duration in Europe is between 1 and 3 days. And the Singapore’s Xfers transfer is instant. For each of them, the fees are the same – 1.49%. If you want to use your DC or CC card, you should be ready to get charged with 3.99%.

Here’s the place to also note that there are some transfer limits, depending on your account information. If we check the USA restrictions, here’s what they look like, provided you have verified your account:

• Buying (standard bank transfer or ACH): $25,000 max
• Sell (any method): $25,000 max

Create an Address

There’s no process of creating an address here but simply requesting one. First, you should go to the Accounts tab in the top navigation bar and click on receive to generate yourself an address for a coin you’re interested to get into your wallet. Then, click on the Tools section to see all your addresses with the ability to check their details.

Send and Receive Assets

As you already saw how to extract your public key to receive some coins, now I would like to also show you how to send some. Here’s the place to note that since Coinbase isn’t an HD wallet you have only one address per each coin – only one public key to receive Bitcoins. One and only public address (different from the BTC’s one) to receive Ethers, etc. If you’re interested in what going on with your private key, unfortunately neither of us has access to it. It’s kept in a cold-storage, which is securely protecting it, so there’s no way of extracting it.

When you click on the Send button in the same Accounts tab, of the chosen coin, a pop-up window will appear, requesting you some additional information. You’re first supposed to enter the recipient’s address. Then fill the amount to send and you can even add some kind of a message to your transaction. Finally, you’ll see another window showing you a short summary of the data you have entered to confirm before it gets sent. There you’ll also need to enter your 2FA additional information (usually an SMS code). Ultimately, you get a confirmation screen that you can manage to successfully send the amount.

Specific Functions

Due to its simple and clear design, there aren’t any specific functions integrated in the platform – no ability to see or export your private key, none of the dev menus or consoles. If you’re willing to get some advanced feeling about the company’s products, you might want to consider the Coinbase Pro exchange trading platform. There are multiple ledger and order books to check on, detailed charts on your service and also some stop-loss limits to support you in the trading process.

Possible Issues and How to Avoid Them

First, let’s say a few words about phishing. It’s the most commonly met attack on the Internet. What you can do here is to simply recheck several times the address’s name. Always check if it’s an HTTPS one and don’t try to use public Wi-Fi networks, this might expose your coins to a certain risk.

If I have to be more precise, what might truly affect you in Coinbase is to experience an error with your 2FA code. When you go to the sign in page, there’s an option right next to the ‘Forgot Password’ one, to click and check all the possible scenarios what might have happened and how to fix it. Check the dedicated page .

Coinbase on Social Media

Socials have always been a strong and stable source of information, which is important when speaking of such an innovative and newly created industry as the crypto one. Stay tuned for the latest updates, follow all the potential frauds and always get informed first for everything the team considers important. Follow Coinbase on social media: