Cryptocurrencies and decentralized applications are gaining popularity among the masses. This calls for an easy but robust way to access them. There are a lot of functions like investing, making payments, and using DApps.
Now, having different applications for each of these functions will be inconvenient. A much better solution is to have an all-package application.
Coinbase Wallet and Trust Wallet are two such applications that serve the purpose, but which one should you go for? Find out!
What is Coinbase Wallet?
Coinbase Wallet is a cryptocurrency multi-coin wallet. This is a mobile application that can be paired with products other than Coinbase Consumer products to manage coins.
It also allows you to access DApps via Ethereum Network. With this wallet, you can store, send or receive crypto efficiently and securely.
The cryptos you can manage using this app include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ether Classic (ETC), Litecoin (LTC), Ripple (XRP), Ethereum-based ERC20 tokens, among many others. Summing up:
- You can store, send and receive crypto coins with this wallet.
- You can store ethereum tokens, ERC20 and ERC721, in this wallet as in MyEtherWallet.
- It acts as an interface to access Ethereum-based applications as in MetaMask.
- With this wallet, you’re qualified for airdrops and other giveaways.
- There’s no requirement to have a Coinbase account to use Coinbase Wallet.
Coinbase Wallet Features
- Store and manage your crypto in a secure manner.
- Allows you to access Web3 decentralized applications (DApps) via Ethereum networks.
- Control over your private keys, stored on your device using Secure Element Technology.
- A backup of your wallet’s private key is stored on iCloud or Google Drive. This is to save your funds from loss in case of an unwarranted event like your device being stolen.
- Easily connect your Coinbase.com account and transfer your assets and funds to your wallet.
- Cryptographically sign your messages using your private key.
- Get the current prices of the assets in your wallet in your local currency.
Also Read: Is Coinbase Legit and Safe?
What is Trust Wallet?
Trust Wallet is a free, open-source, decentralized mobile crypto wallet. You can store and manage crypto and digital assets on this app, with over 160k+ assets and blockchains being supported on it. Moreover, the traders also earn interest on the crypto coins by keeping them at stake.
There’s a built-in web3 browser using which the users can buy cryptocurrencies via native decentralized exchange (DEX) that operates with the Kyber Network.
Users are also getting access to decentralized apps (DApps) built on the Ethereum platform.
Trust Wallet Features
- Safe and secure storage and management of crypto and digital assets.
- Earn interest on the crypto kept on stake in the wallet.
- Get access to decentralized finance platforms and decentralised apps and play blockchain games.
- You get integrated Uniswap and PancakeSwap trading directly in your wallet.
- Use the security provided by your phone, face ID, Touch ID and passwords to secure your wallet.
- Private keys are safe and secure with bank-level security.
Also Read: How to Secure Trust wallet?
Coinbase wallet Vs Trust Wallet
|Features||Coinbase Wallet||Trust Wallet|
|Type of Wallet||Decentralized Wallet||Software Wallet|
|Platforms Supported||Supports Windows, Mac, iPhone, iPad, and Android.|
Does not support Linux and SaaS
|Supports SaaS, iPhone, iPad, and Android.|
Does not support Linux, Mac & Windows
|Audience||A trader who wishes to store all digital assets in a crypto wallet.||Individual looking for a simple, secure multi-coin mobile wallet for Ethereum ERC20, ERC223 tokens.|
|Customer Support||Provides Online Support||Provides Online Support|
|Pricing||The free version is available||Free|
|Charges||Network & Variable fee range of 1.49% to 3.99%||Only Network Fee|
|Training||Provided with documents to train||Provided with documentation & live online tutorials.|
|Storage Type||Hot Wallet||Hot Wallet|
|Categories||Crypto Wallet, DApp Browser, and Defi tools||Crypto Lending, crypto staking, crypto wallets, crypto exchanges, DApp browser, and Defi tools|
|Integrations||Aave, Caresi, CoinTool, Fulcrum, and 79 other integrations||Aave Cartesi, CoinTool, Fulcrum, and 47 other integrations|
|Ratings (on Google Playstore)||3.5/5||4.5/5|
Coinbase Wallet has a bit of a complex charging system. The fees vary as per the country and region. The fee structure depends on various factors, like about 0.5% for crypto sales or purchases.
Trust Wallet has zero charges for you. There are no subscription charges. Whether you exchange one crypto from another on the in-app DEX or use the DApp browser to combine with decentralized apps. There are no charges.
The only charges are for the transaction processing on the app, which is actually demanded by the miners and the proof-of-stake chains.
Other than that, when there’s high usage of Bitcoin Blockchain, it can charge up to $5 to $10 for each transaction made. Similarly, the Ethereum blockchain can also charge up to $10 for each transaction.
Coinbase Wallet employs multiple measures to ensure the safety of the user’s assets. For one, it uses Secure Element Technology to store your private keys safely on your device.
There are various authentication options like two-factor authentication to secure access to your wallet. SMS authentication is also used to verify the phone number.
It also uses the device’s security features like PINs, passwords, and biometrics to control access to the app. A user also gets insurance on the assets stored in the wallet.
Trust Wallet provides user privacy along with the extensive security it employs. This means that they do not ask for any KYC. You’re not required to store any data since it is a non-custodial wallet.
It also employs two-factor authentication to control access to the app. SMS and email verifications are done to verify phone numbers and email.
Your wallet’s private key is stored on your device, not on wallet servers, just like Coinbase Wallet. The device’s security features, Face ID, Touch ID, passwords are used in this app as well.
Coinbase Wallet Provides online customer support via email, phone & Twitter. You can just go to their website and use their email support form. You can also contact via Twitter & email.
Trust Wallet customer service is also provided online via a ticket system. You can raise a ticket, and they’ll respond to it. You can also contact them on Facebook, Twitter, Discord, and email.
Also Read: How to Get My Trust Wallet Private key?
Are Coinbase.com and Coinbase Wallet Same?
No, both are different services. Coinbase.com is a platform for crypto exchange. You can buy or sell crypto using fiat currency or cryptocurrency.
Coinbase.com will store your crypto after you have made a purchase. Coinbase Wallet, on the other hand, works like your traditional wallet.
The only difference, it is digital and stores your digital assets. You get direct and complete control over your crypto assets.
Can I switch from my existing wallet like MetaMask to Coinbase Wallet or Trust Wallet?
Yes, you can. All wallets use a private key to secure your digital assets. Go to the settings menu of your current wallet and look for the 12-word recovery phrase.
Use that recovery phrase to sign in to Coinbase Wallet or Trust Wallet. Your assets will be imported to the wallet of your choice.
To use Coinbase Wallet, there’s no account requirement. It is US-regulated and listed in NASDAQ. It supports over 500 tokens and provides multi-factor authorization. You can also access AApps via the Ethereum network.
On the other hand, Trust Wallet provides you daily interest on your assets in your wallet and tracks prices in your local currency. It supports DApps and 160+ assets.
There are multiple reviews available online where people claim that one is better than the other. But the reviews are specific to people with particular needs.
Trust wallet is suitable for people who want the convenience of a hot wallet along with the security of a cold wallet. There are generally no charges while using the app, so it is almost entirely free.
The downside is that it is only a mobile app, and there’s no desktop version. Coinbase, on the other hand, has got the licensing from the US.
It provides facilities on the desktop too, though only on a chrome extension. It is secure and super easy to use. But it charges fees. Other than that, it is a good wallet too.