Coinbase Wallet review 2021 | Experience and costs of Coinbase Wallet!
To store cryptocurrency, it is wise to use a wallet. In this wallet, you can safely store various cryptocurrencies, so no one can access your portfolio.
There are big differences between cryptocurrency wallets in whether the coins are stored online or offline and you can choose between a physical wallet or a wallet on your computer or smartphone. In this Coinbase Wallet Review, we will tell you all about the Coinbase Wallet.
Buy cryptocurrency and use the Coinbase Wallet - Roadmap
1 - Choose a broker: Find a suitable provider of cryptocurrencies (we recommend eToro!)
2 - Deposit money: Deposit money easily via various payment methods
3 - Choose your crypto: Do good research and choose the cryptocurrency that you can benefit from
4 - Buy the crypto: Buy the crypto and store it in your Coinbase Wallet!
Investing in crypto but not directly in the currency itself? With eToro, you can invest in a variety of cryptocurrencies.
Coinbase is one of the largest crypto exchanges in the world. As a beginner, you can easily buy Bitcoin at Coinbase, and nowadays also more and more other cryptocurrencies.
What is the Coinbase wallet?
The Coinbase platform has grown a lot in recent years, and so more and more functions have been added. You can still choose to leave the cryptocurrency you have purchased from Coinbase on the Coinbase platform or the Coinbase Pro platform.
This way, you can also immediately sell the coins again through Coinbase if you find it a good time. You can also choose to store the coins somewhere else.
That's why Coinbase has designed a Wallet so you can keep all your cryptocurrency together. In addition, Coinbase has made the Wallet as simple as possible, so you can easily send cryptocurrency to friends without needing their address to do so.
You can also use the Coinbase Bitcoin Wallet if you have purchased your cryptocurrency somewhere other than from Coinbase.
How do I buy cryptocurrency?
To fill your Coinbase Wallet, you need to start investing in cryptocurrency somewhere. You do this at an online broker or crypto exchange.
Below is a step-by-step plan which will help you from choosing a broker to storing your cryptocurrency in a wallet like the Coinbase Wallet.
Step 1: Choose an online broker | Step 4: Choose and buy a cryptocurrency |
Step 2: Create an account | Step 5: Store your newly purchased cryptocurrency |
Step 3: Deposit money on your account | Start directly at eToro |
Step 1: Choose an online broker
The best place to start as a new cryptocurrency investor depends on the strategy you're going to use when investing and other requirements you have. Each broker differs in terms of how they offer the cryptocurrency and which costs they charge.
There are also major differences in how suitable a broker is for a novice investor. So take this into account from the start when choosing a broker.
eToro
If you are looking for a reliable broker for your crypto investments, we strongly recommend eToro. The trading platform is very suitable for beginners and it offers a lot of useful tools that can help you with your investments.
For example, you can make use of various user-friendly features, such as the CopyTrading function. With this tool, you can view the portfolios of experienced investors selected by eToro and even copy them in their entirety.
This way, you can easily create a strong and diversified portfolio. If you are not yet comfortable with investing, you can first start with a free demo account.
This way you can invest with virtual money without any risk. Are you then ready to invest with real money, you can start low thanks to the minimum deposit of $50 (€42).
At eToro, in addition to buying crypto, you can also invest in a variety of other trading forms, such as trading in ETFs, stocks, indices and commodities. If you trade in stocks and ETFs, you even pay 0% commission.
eToro is regulated by the FCA and CySec. You can therefore confidently invest through this platform without running unnecessary risk.
Would you like to start for free today at eToro? Then create an account today and explore the platform!
Bitvavo
You can also visit a crypto exchange like Bitvavo. Bitvavo is a young Dutch company that has developed rapidly.
At Bitvavo, you can invest in a wide range of different cryptocurrencies. Besides the well-known coins such as Bitcoin and Ethereum, Bitvavo also offers coins such as Basic Attention Token, LISK and Nano. In total, Bitvavo sells more than 50 different cryptocurrencies.
This is a good broker to turn to if you would like to own the coins yourself and if you are interested in smaller cryptocurrencies. The platform is very clear and Bitvavo has not added any unnecessary extra functions to the website.
The costs at Bitvavo are maximum 0.25% and you can easily deposit money on the platform via a payment method such as iDeal.
The Dutch Bitvavo is definitely an option if you want to start on the crypto market. Create an account now!
Capital.com
Capital.com is a rapidly growing crypto exchange that was founded at the end of 2016 and mainly focuses on the European market.
The exchange has offices in England, Cyprus and Belarus. In addition, Capital.com is regulated by the financial regulators FCA and CySEc. The crypto exchange has grown rapidly and is now a strong player on the crypto exchange market.
At Capital.com you can invest in more than 100 different crypto currencies, including Bitcoin and Ethereum, but also many smaller crypto coins. At Capital.com you have the possibility to trade with levers, the leverage on cryptocurrency at Capital.com is up to 2:1.
Capital.com charges costs in the form of spreads. For example, for Bitcoin the spread is currently 0.5% and for Ethereum 1%. This spread can vary per moment and per crypto currency.
At Capital.com it is also possible to trade crypto in the form of CFDs. Try the platform now for free!
Libertex
Libertex is an online broker with a wide range of different trading products. All products Libertex offers are traded as CFDs.
When you trade in CFDs it means that you do not invest in the currency itself but only speculate on possible price changes. You can choose to trade CFDs with leverage, stop-loss or take-profit.
Libertex is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company complies with all European regulations and you can start trading on the Libertex platform with a safe feeling.
Besides cryptocurrencies, Libertex also offers a wide range of stocks, currencies, commodities, indices and ETFs. If you are looking for a broker where you can trade several products at once, Libertex is the right choice for you.
As a beginner, you can make use of a free demo account at Libertex. This account gives you virtual money with which you can practice, so you can get used to the platform and see with your own eyes what happens when you invest in CFDs.
Get started quickly and easily at the broker Libertex. Start via the demo account or deposit money and make your first crypto investments!
Step 2: Create an account
The creation of an account is the same for most brokers. They all adhere to European legislation and therefore have to go through the same process.
As an example in this step-by-step plan, we look at the creation of an account at the broker eToro.
On the eToro website, you can easily create an account by entering your email address and password.
After confirming your e-mail address, you can immediately use your eToro demo account via a link in your mailbox. If you want to get started with real money at eToro, you have to further verify the account.
This verification consists of sending a copy of your identity document, linking your bank account and completing an extensive questionnaire.
In this questionnaire, eToro checks whether you have enough knowledge of investing and asks what investments you want to make and how much money you plan to spend on eToro.
Step 3: Depositing money into your account
If you have received a message from eToro that your verification has been approved, you can start investing. For this, of course, money must first be deposited into your account.
At eToro, you can choose from a fair number of easy payment methods for Dutch people. For example, you can deposit money with iDeal but also with PayPal, Credit Card or old-fashioned bank transfer.
At eToro, you have to deposit at least $50/€42 and you get a discount if you deposit higher amounts at once. As soon as your deposit is completed, you can get started with your first investment on the eToro platform.
Step 4: Choose and buy a cryptocurrency
Searching for a suitable cryptocurrency for your portfolio is very easy on eToro. You can use the search bar to search for a specific market if you already know which cryptocurrency you want to buy or you go to 'all tools' and click on crypto currencies.
If you go to crypto currencies you will find a list of all cryptocurrencies that eToro offers. These are the largest coins like Bitcoin, Litecoin and Ethereum but there are also smaller coins like Cosmos, Dogecoin and Chainlink available at eToro.
If you have found a cryptocurrency that you would like to invest in, click on this coin. You will then land on the screen of this market and there is the button 'open position', by clicking on this button you can start investing in the coin.
Step 5: Store your newly purchased cryptocurrency
If you have invested in a certain cryptocurrency through a crypto exchange like eToro, Bitvavo or Binance, you do come into possession of the coins themselves. It is your own choice where you want to store these coins.
You can always leave the coin on a wallet of these platforms. This way you can also sell the coin at any moment at the exchange where you bought it.
There are also other wallets, such as the Coinbase Bitcoin Wallet, Ethereum Wallet or Litecoin Wallet where you can store various coins. You do this by creating an address on this wallet and then from the broker where you bought the coin, send it to the address of your other wallet.
Enthusiastic about investing in cryptocurrency by reading this Coinbase Wallet Review? Then quickly create an account at eToro to start investing today!
Coinbase Wallet Review: How do I use the Coinbase Wallet?
To use the Coinbase Wallet, you first need to download the Coinbase Wallet application from the Google Play Store or Apple App Store. There are several Coinbase apps so make sure you install the right one.
You can then use the Coinbase Bitcoin Wallet in several ways. By using a private key, you can import an existing wallet into the Coinbase Wallet.
You can use the Coinbase Wallet on your smartphone. This does not mean that you can only access your cryptocurrency via your smartphone, you can also use the same wallet on other platforms.
Storing Cryptocurrency
Of course, the term "wallet" is not chosen at random for these applications. Just like a real wallet, you can store your coins in the wallet, but also buy or send money directly from the wallet.
Storing cryptocurrency is very easy with the Coinbase Wallet. You simply send the cryptocurrency to the correct address of your Coinbase Wallet and the cryptocurrency is automatically stored in this wallet.
Buy tokens
You can also use the Coinbase Wallet to buy cryptocurrency yourself. Through the Coinbase Wallet, you can currently buy ERC-20 tokens and invest in ICOs.
There are also a number of other decentralised applications you can use via the Coinbase Wallet.
Paying via your Coinbase Wallet
You can also pay at certain shops using your Coinbase Bitcoin Wallet. This is only possible at shops that accept cryptocurrency.
In addition, Coinbase Wallet makes it very easy to send cryptocurrency to other users of the Coinbase Wallet. Thus, you can also arrange payments among friends or acquaintances through this application.
Are you ready to start investing in Crypto Coins? Then all you need is an account at a broker!
Coinbase Wallet Review: Why choose the Coinbase Wallet?
Coinbase Wallet was developed by one of the largest and oldest crypto exchanges in the world. Coinbase is known as an exchange for the fact that it is a very good place for novice users but there are also enough features for more experienced users to be able to use the software as well.
This also applies to the Coinbase Wallet. You can use the wallet passively by only storing cryptocurrency on it, but there are also possibilities to use the app actively. For example, you can use it to make many payments and participate in Initial Coin Offerings (ICOs).
Users are very satisfied with the clear interface of Coinbase Wallet. When you open the application, you immediately get a clear overview of the current value of your total cryptocurrency portfolio.
Do you want to start buying Bitcoin quickly? Read our article about buying this currency with iDeal or follow the current Bitcoin price. You can easily store the purchased coins in your Coinbase Bitcoin Wallet. You can also use other applications like Coinbase Earn in combination with the Coinbase Wallet.
Details Coinbase Wallet
The most important features of the Coinbase Wallet are the simplicity of the application and the additional functions it offers. This makes it a suitable wallet for both novice and experienced cryptocurrency investors.
The offer of Coinbase:
Bitcoin (BTC) | Ethereum (ETH) | Stellar Lumens (XLM) |
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Advantages and disadvantages of Coinbase Wallet (Review)
Pros
Cons
Tips before using the Coinbase Wallet
There are a number of important things you should pay attention to before using the Coinbase Wallet. Accuracy is especially important when sending and receiving coins.
Cryptocurrency is sent directly to an address containing many different characters. If you enter a wrong address, you will never be able to find the coins again, they will either end up in someone else's wallet or they will get stuck in the transaction.
Also pay attention to whether the coin you want to store on the Coinbase Wallet is supported by this application. If you send a coin to the Coinbase Wallet that is not supported, you will lose the coin completely.
ERC-20
Many cryptocurrencies start as ERC-20 token, this token is easy to set up and is widely used. ERC-20 tokens can be easily stored on the Coinbase Wallet.
However, after a while many cryptocurrencies launch their own network and transfer their ERC-20 token to their own network, creating their own currency. Try to stay up to date with this, as it may be that the Coinbase Wallet does not support this new coin.
Beginners can make use of Coinbase Earn. At Coinbase Earn, you can earn cryptocurrency by learning about crypto.
For example, you may start learning the workings of certain coins then get a reward from that coin. Coinbase Earn can be a great start to your crypto portfolio. It is important that you know how cryptocurrency and blockchain work and so you can get started with some coins right away.
Coinbase Earn is available to everyone and you can use it in combination with the Coinbase Wallet.
Did you know? Coinbase has over 43 million verified users? That is more than the whole of the Netherlands and Belgium put together. For a good crypto broker, we recommend eToro.
Coinbase Wallet Review: Frequently Asked Questions
The Coinbase Wallet is an application from Coinbase in which you can store cryptocurrency, buy new tokens and pay with them at certain shops.
The Coinbase Wallet seems completely safe for users. Coinbase is a large company with a lot of experience in the world of cryptocurrency.
As long as you don't share passwords and backup codes with others, no one can access your cryptocurrency. In addition, Coinbase offers extra security such as two-factor authentication.
You can store all ERC-20 tokens and the following coins on the Coinbase Wallet: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, Ripple, Stellar Lumens and Dogecoin.
You can easily download the Coinbase Wallet from the Google Play Store or the Apple App Store.
You simply send the coins you have stored in your Coinbase Wallet by choosing an address to send the coins to and entering it in your transaction. Make sure this address supports the coin you want to send.
Coinbase Wallet Review: Conclusion
Coinbase has long been one of the most popular crypto exchanges in the world. Because the company has been around for a while, they have developed many additional features, including the Coinbase Wallet.
The Coinbase Wallet supports the largest cryptocurrencies and also all ERC-20 tokens. This allows you to put a large part of your portfolio in the Coinbase Wallet so you have everything in one place.
