Review on Coinbase Wallet by Stephen Toluwani
My Detailed highlights on Coinbase Wallet
The Coinbase wallet was my first cryptocurrency wallet that I ever used
Going through the journey with Coinbase wallet was that of rewards more as I used my wallet mainly for collecting fractions of coin from reward
Their latest update that allows the direct conversion of one's coin directly from the wallet without having to transfer to an exchange which I must say is a great improvement. The wallet is supported for IOS and Android devices as well as being supported on its website for use by Desktop operators. The coin wallet also allows its users generate new addresses for receiving coins which help protect the anonymity of the users tunds
The issues I have faced on the wallet is the verification issues where you are asked to provide a plethora of KYC documents which might not be readily available for some users. Also the wallet doesn't support local deposit or withdrawal for some selected regions of the world which makes it inaccessible for a large audience. The wallet also doesn't support many coins as it hold only a selected few and finally, your private keys are in the hands of the wallet which means in one way or the other, you are not in total charge of your funds. The use of minimum withdrawal amounts of coins is also detrimental to some users with a little fund on the wallet
Despite my negative comments, Coinbase wallet is a great wallet for starters and newbies who intend holding a few coins
Pros
- The Coinbase wallet is supported by one of the biggest names in the crypto industry thereby giving it's users assurance of fund safety
- Juicy referral rewards up to the tune of $10
- An earning section for it's new users from which they learn more of the crypto sphere
- Security of users wallet through different verification levels ranging from SMS OTP to device authorization from mailbox
- Many companies involved in rewards sharing usually engage coinbase account for it's rewards distribution due to the no fee waiver for it's users within their circle
- Supports it's very own Debit card which allows its users spend the funds in their crypto wallet without going through the stranious process of converting to fiat currencies
- Easy to use and understand User Interface on both app and website
- Supported both on App and website
- Supports a wide array of popular cryptos
- Easy to use coin exchange directly on the wallet without having to move funds
Cons
- You do not own your Private keys
- Requires a long list of documents for verification which makes the user lose his/her anonymity to the wallet
- Support for deposit and withdrawal in local currency is not supported for every countries of the world
- Does not support a large number of cryptocurrencies
- Restriction on the amount a user wants to withdraw by putting minimum withdrawal amounts for each coin
