Coinbase Wallet
Launched 2018 · Software Wallet (Hot)
Self-custody wallet from the most trusted US exchange — your keys, your crypto, Coinbase quality.
Quick Overview
What is Coinbase Wallet?
Coinbase Wallet is a self-custodial wallet built by Coinbase, the largest US cryptocurrency exchange (NASDAQ: COIN). It's important to understand that Coinbase Wallet is a completely separate app from the Coinbase exchange app — your private keys are stored on your device, and Coinbase has no access to your funds.
The killer feature is seamless Coinbase exchange integration. You can buy crypto on Coinbase and transfer it to your self-custody wallet with one tap — no copy-pasting addresses, no withdrawal fees within the ecosystem. This makes it the easiest path from "buying crypto on an exchange" to "actually owning your crypto."
Coinbase Wallet supports Ethereum, Solana, Polygon, Arbitrum, Optimism, BNB Chain, and Base (Coinbase's own L2 chain). It includes a dApp browser, token swaps, NFT gallery, and even a messaging system using the XMTP protocol.
A unique feature is the encrypted cloud backup: you can optionally store your recovery phrase in Google Drive or iCloud, encrypted with a password you choose. This adds a safety net for beginners who worry about losing their seed phrase.
Good to know: While backed by Coinbase, the wallet is non-custodial — "your keys, your crypto" applies fully. The brand trust of a NASDAQ-listed company gives many beginners extra confidence. Power users may prefer MetaMask for wider dApp compatibility or Phantom for the Solana ecosystem, but for the millions who start with Coinbase, this wallet is the natural step into Web3.
Coinbase Wallet Highlights
What makes this wallet stand out from the crowd.
Coinbase Ecosystem
Transfer instantly between the Coinbase exchange and your self-custody wallet. Buy on Coinbase → move to wallet in one tap.
The easiest on-ramp to self-custody for Coinbase users.
Cloud Backup
Optionally encrypt and store your seed phrase on Google Drive or iCloud. If you lose your phone, restore from the cloud.
Great safety net for beginners worried about losing their seed.
Base L2
First-class support for Base — Coinbase's own Layer 2. Ultra-low gas fees and a growing ecosystem.
Base is one of the fastest-growing L2 chains.
Messaging
Send messages alongside crypto transactions using XMTP. A social layer built into the wallet.
Chat with other Coinbase Wallet users directly.
Key Features
Everything Coinbase Wallet offers to keep your crypto safe and accessible.
Coinbase Integration
Seamlessly transfer between your Coinbase exchange account and self-custody wallet with one tap.
Multi-Chain
Native support for Ethereum, Solana, Polygon, Arbitrum, Base, and many more chains.
dApp Browser
Built-in browser to access DeFi, NFTs, and decentralized apps directly from the wallet.
Messaging
Send messages and crypto to other Coinbase Wallet users using XMTP protocol.
ENS Support
Use human-readable Ethereum Name Service addresses (like yourname.eth) instead of long addresses.
NFT Gallery
View, send, and manage NFTs across Ethereum, Polygon, Solana, and Base.
Token Swaps
Built-in DEX aggregator for swapping tokens at competitive rates.
Cloud Backup
Encrypt and back up your recovery phrase to Google Drive or iCloud (optional, encrypted with your password).
Base Chain
Native support for Base — Coinbase's own L2 chain with low fees and growing ecosystem.
Coinbase Wallet Specs & Pricing
Download
Free
iOS, Android, Chrome Extension
Swap Fees
~1%
Swap fees via built-in DEX aggregator
Send/Receive
Free
Only blockchain gas fees apply
Cloud Backup
Free
Optional encrypted backup to iCloud/Google
Supported Chains
10+
ETH, SOL, Base, Polygon, Arbitrum, etc.
Coinbase Transfer
Free
Instant transfer from exchange to wallet
Security & Safety
Coinbase Wallet is a separate app from the Coinbase exchange — it's fully self-custodial. Your private keys are encrypted on your device and Coinbase has no access to them. Despite sharing the Coinbase brand, this wallet gives you full control. It includes cloud backup for your seed phrase (encrypted, optional) and biometric security.
Pros & Cons
Pros
- + Seamless Coinbase exchange integration
- + Self-custodial despite Coinbase brand
- + Multi-chain: Ethereum, Solana, Base, Polygon, Arbitrum, and more
- + Encrypted cloud backup for recovery phrase (optional)
- + Built-in dApp browser, swap, and NFT support
- + First-class Base L2 support
- + ENS names and messaging features
- + Brand trust — backed by NASDAQ-listed company
- + Great for transitioning from exchange to self-custody
Cons
- − Not fully open-source
- − Associated with centralized Coinbase (may concern purists)
- − Desktop app discontinued — extension and mobile only
- − Swap fees can be higher than competing DEX aggregators
- − Fewer supported chains than Trust Wallet
- − Cloud backup feature may encourage poor security habits
- − Browser extension is less established than MetaMask
Coinbase Wallet Timeline
Coinbase Wallet launched as "Toshi" — later renamed. Separate self-custodial app from the exchange.
Added dApp browser and expanded ERC-20 token support. Growing user base.
Major expansion: added multi-chain support, NFTs, and cloud backup feature.
Launched browser extension. Added Solana support. Deeper Coinbase exchange integration.
Base L2 chain launched — Coinbase Wallet is the primary wallet. Added messaging via XMTP.
Continued expanding Base ecosystem support. Improved swap aggregation and transaction previews.
10M+ downloads. The go-to self-custody wallet for Coinbase users transitioning to Web3.
Our Verdict
Coinbase Wallet is the best choice for users who already use Coinbase and want to step into self-custody. The seamless integration between the exchange and wallet makes transferring funds effortless, and the encrypted cloud backup is a genuine innovation for beginners who are terrified of losing their seed phrase. Multi-chain support, a dApp browser, and first-class Base L2 support round out a solid package. Power users may prefer MetaMask's wider dApp support or Phantom's Solana experience, but for the Coinbase ecosystem, this is the natural next step.