Coinbase Wallet vs Trust Wallet: Comparison [2021]

Coinbase Wallet vs Trust Wallet Comparison

Coinbase Wallet vs Trust Wallet: Cryptocurrency has gained wide acceptance and continues to grow in popularity. Because it easily lets you withdraw from a crypto exchange and store them in an outside wallet.

And the best wallet will make it much easier to store and manage your crypto portfolio. So, if you are someone who is looking to buy and store your cryptocurrency, you’ve come to the perfect place!

Choosing the best crypto wallet isn’t really easy because finding the right one that fits your needs is challenging. However, keep on reading to know about Coinbase Wallet vs Trust Wallet comparison. 

Coinbase Wallet vs Trust Wallet: What Are They?

Coinbase Wallet

coinbase wallet

It is the leading mainstream cryptocurrency exchange in the United States, which has become a standard crypto wallet for new crypto investors. 

This wallet makes it easier for you to store, send, and receive several cryptocurrencies.

The separate standalone platform lets you store or secure your own crypto and explore the decentralized web with a Dapp browser.

Coinbase Wallet assists you in managing your own private keys and storing your crypto assets directly on your device. Remember that you cannot connect Coinbase Wallet to your bank account to buy or sell other fiat currencies.

Trust Wallet

trust wallet

Trust Wallet is another best cryptocurrency and Ethereum wallet, where you can store, send and receive Bitcoin and several other cryptocurrencies safely and securely.

It supports over 160 digital assets and allows users to stake their coins in order to gain interest. 

Not only that, but it also includes a Web3 browser that lets you access the decentralized applications built on the Ethereum platform.

The Trust Wallet is entirely free to download for both Android and iOS devices. And most of its versatility is because they wrote its code in the native language for both platforms.

Also, through its multicoin transactions, you can buy and exchange thousands of coins & blockchain types and collect NFTs. 

You can even use the Face ID, Touch ID, or traditional passwords to secure and protect your crypto investments.

Key Features

Coinbase Wallet

  • Securely store, send and receive Bitcoins, Bitcoin Cash, Ether Classic, Ethereum, Litecoin, ERC20 tokens, XRP, and more. 
  • Access Web 3 Decentralised applications powered by Ethereum smart contracts. 
  • Have control of your private keys that are stored only on your device by using the Secure Element technology. 
  • Back up your wallet’s private keys to Google Drive to help avoid losing your funds. 
  • Connect your Coinbase.com account and seamlessly transfer crypto to your own custody.
  • Sign messages cryptographically with your private key. 
  • View the current prices of assets in your wallet in your local currency. 

Trust Wallet

  • Send, receive, and store Bitcoin and many other cryptocurrencies and digital assets safely and securely.
  • Use Trust Wallet to earn interest in your crypto, access the latest DeFi platforms and DApps, and play blockchain games. 
  • It is a multi-crypto wallet with Binance DEX support, specially designed for ease of use and storing crypto assets.
  • Integrated Uniswap and PancakeSwap trading directly in the wallet. 
  • View your crypto wallet balance, transaction history, and other information. 
  • Use Face ID, Touch ID, or traditional passwords to secure your crypto investments. 
  • Keep your private keys secure with bank-level security. 

Coinbase Wallet vs Trust Wallet: How Do They Work?

How Does Coinbase Wallet Work?

To get started with Coinbase, you’ll need to open a Coinbase account. For which, you should be at least 18 years old, have a government-issued photo ID, a smartphone or a computer, a valid phone number for SMS verification, and the latest version of your internet access.

Then, you will have to create an account by providing some basic details like your name, email address, and state of residence. 

You’ll also have to add a payment method so that you can move money into your Coinbase account.

Once you have created an account and added a payment method, you are ready to start trading cryptocurrency. 

However, Coinbase doesn’t support every cryptocurrency in existence, and it only supports many of the most popular coins.

When you log in, you’ll get to see your portfolio balance and its performance in a selection of time frames like one hour, 24 hours, one week, and one year. And through its ‘Buy Crypto’ feature, you can enter a dollar value and place market orders for the crypto you choose.

How Does Trust Wallet Work?

In order to use Trust Wallet, you’ll have to download the Trust Wallet app on your device and create an account by providing the required information.

Then you’ll get a 12-word recovery phase, which serves as a backup for your funds. And before you finish the step of creating the wallet, don’t forget to write the 12-word recovery phase in the correct order.

Because there is no way to change or recover if it’s lost or forgotten, in case if you lose your recovery phase, you’ll completely lose your funds.

Now your newly created multi-coin wallet is ready to manage cryptocurrencies for over 30 blockchains, such as Ethereum, XRP, Bitcoin, BNB, and many more.

Trust Wallet doesn’t hold any cryptocurrencies in its server, and it only gives access to its wallet. 

Thus, it acts as a bridge linking individual blockchain networks through its nodes.

Similarly, you have the ability to manage your public addresses for sending and receiving cryptocurrencies. Moreover, the app lets you perform other crypto transactions, like crypto staking and trading.

Trust Wallet vs MetaMask: Complete Comparison [2021]

Fees: Coinbase Wallet vs Trust Wallet

Fees always play the main role in the crypto world. Because they make up the larger part of the companies’ income by charging for payment services and crypto exchanges.

Coinbase Wallet

Coinbase has a highly complicated fee system, and if you are not using Coinbase Pro, it will be pretty expensive. 

That means the cost of trading on Coinbase’s standard platform is high compared to Trust Wallet. 

Its fees differ across different countries and regions. In addition, if you are new to crypto and searching for a Crypto wallet that has ease of use, it might overlook its fee. 

Not to forget, Coinbase’s fee structure is a quite confusing combination of different factors, like charging a spread of about 0.5% for cryptocurrency purchases and sales, which may be higher or lower based on market fluctuations. 

This fee is essentially reduced for sums between $10,000 and $50,000 and continues to decrease with every pricing tier until the maker-taker fees reach 0.00% and 0.04%, respectively. 

Here are some of the fee guidelines for the total amount of trade:

Total Trade Amount Fee
$10 or less $0.99
More than $10 and up to $25 $1.49
More than $25 and up to $50 $1.99
More than $50 and up to $200 $2.99

In addition to the spread and deposit cost on the purchase value, there are also “Coinbase fees” based on the type of payment, purchase value, and the region you are buying from.

Here are the fee guidelines for payment type in the United States:

Payment Method Coinbase Fee
Bank Account 1.49%
ACH Transfer Free
Credit/Debit Card 3.99%
Crypto Conversion 2.00%
Wire Transfer $10 ($25 outgoing)
Coinbase USD Wallet 1.49%

Trust Wallet

Trust Wallet charges nothing for using it, as well as for exchanging one crypto for another on the in-app DEX or whenever a user uses DApp browser to combine with decentralized apps.

It also doesn’t have any subscription charges to use it. However, the only fee it charges is the fees for processing transactions on the app, which are paid to the miners or to the Proof-of-stake chains that charge them.

Also, during the times of high usage of the Bitcoin blockchain, it might charge $5 to $10 for every transaction you make. And the Ethereum blockchain can charge up to $10 per transaction.

Security: Coinbase Wallet vs Trust Wallet

Crypto wallet security is one of the most important aspects of holding and investing in cryptocurrency. Keep on reading to find out more about Coinbase Wallet vs Trust Wallet comparison in terms of security. 

Coinbase

Coinbase uses a wide range of safety measures for its account holders. For instance, it uses ‘Secure Enclave’ technology, which securely stores the user’s private keys.

And it uses various authentication options, such as 2-Factor Authentication, to control the access and the SMS authentication through verifying the phone number. Sometimes it even uses Google Authenticator.

Likewise, the Coinbase Wallet has access to a four-digit security PIN and biometric logins, which unlock the wallet on the mobile app and help in allowing transactions.

Since we do not regard digital currency as legal tender, FDIC or SIPC do not back it. Yet, it provides insurance by pooling Coinbase balances and holding them in USD custodial accounts.  

Although Coinbase provides an easy entry to cryptocurrency investing, it is significant to learn about proper security and storage.

If you feel your Coinbase Wallet is not that secure, you can make it more secure by using its extensive security measures like using a strong password, using the strongest form of 2-step verification, securing your email, keeping your device clean & updated, protecting your cloud storage accounts and more. 

Trust Wallet

One of the main things about Trust Wallet is its focus on user privacy and protection. It doesn’t require any KYC, and, as a non-custodial wallet, it doesn’t store any data. 

Just like the Coinbase wallet, it also offers 2-Factor Authentication, SMS or email verifications, and Google Authentications. 

It also allows you to keep your private keys on your devices instead of storing them on Trust Wallet’s servers. And you can add additional security measures to protect your wallet.

These additional measures comprise passcode with or without Face ID or Touch ID. You can add this by navigating to ‘Settings -> Security -> App Lock’ and then input your chosen password.

You can reduce the risk by limiting the connection with third-party sites. That means, if you connect your wallet with a third party, there are a few chances it increases your vulnerability to phishing scams. 

Customer Support

Coinbase Wallet users can connect with customer support through email, phone, or Twitter. 

All you need to do is log into the Coinbase website and get access to an email support form or call them at 00 1 888-908-7930.

On the other hand, Trust Wallet is backed by a strong customer service team, whom you can contact by a ticketing system. Once any user raises a ticket, it’ll immediately respond to it.

You can also send them a message on their contact page at [email protected] or through Facebook, Twitter, Discord, or Telegram. 

Coinbase Wallet vs Trust Wallet: Difference

Features Coinbase Wallet Trust Wallet
Mobile App Yes Yes
Type of Wallet Decentralized Wallet Software Wallet
Storage Type Hot Wallet Hot Wallet
Private Keys Available Available
Available Coins 182, including BTC, LTC, ETC, XLM, BCH, XRP, DOGE and all ERC-2o tokens 197, including 160K+ assets and blockchains
Native Token None Yes
Supported Countries Over 100 Almost all
Supported Languages English, German, Spanish, Dutch, Portuguese, French, Italian & Indonesian English, German, Japanese, Spanish, Chinese, Dutch, Korean, Brazilian, Vietnamese, Portuguese, French, Turkish & Indonesian
Support Hardware Wallet No No
Cold Storage No No
Cloud Storage Yes No
Charges Network Fee & Variable Fee, range 1.49% to 3.99% Only Network Fees
Customer Support Email, Twitter, Email and submit form support Email, Facebook, Twitter, Discord, Telegram, Articles, and raising a ticket

Final words: Coinbase Wallet vs Trust Wallet!

Unlike independents like Trust Wallet linked with Binance, Coinbase operated both the crypto wallet and exchange. 

This kind of integration makes it easier to access everything through a single account. And the ease of use and interface makes it really attractive. 

Whereas, Trust Wallet shines in its fees and security features. For instance, you can use 2-Factor Authentication, SMS or email verifications, and Google Authentications. 

However, the only downside is that it is only accessible through mobile. That means it might not be a better option for people who want to access the desktop version. 

Well, the best wallet is the one that suits your requirements. Yet, you can check a few things like the range of cryptocurrencies supported, fees, security, type of wallet, and customer support before selecting one.

Hopefully, the above article on Coinbase Wallet vs Trust Wallet comparison might have helped you pick up the best crypto wallet! If you have more queries, feel free to ask in the comment section below.

FAQs

Can I use my Coinbase wallet on my Trust wallet?

Once you buy crypto from an exchange, you can transfer it to the Trust wallet.

Is Coinbase a trusted wallet?

Coinbase is the leading mainstream cryptocurrency exchange in the United States, and it uses a wide range of safety measures for its account holders.

What is the difference between Coinbase and Coinbase wallet?

Coinbase is a crypto exchange that permits the buying and selling of digital assets. Whereas, Coinbase wallet is a crypto wallet, which lets you store your crypto assets and your private key.

Is the Trust Wallet safe?

Yes. It offers 2-Factor Authentication, SMS or email verifications, and Google Authentications.

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