Coinbase is one of the leading cryptocurrency exchanges globally and is a decentralized exchange platform for Bitcoin and various other top cryptocurrencies. Some has still question like, is Coinbase legit? The answer is yes. Coinbase offers its services through two applications, the basic Coinbase app, and the Coinbase Wallet app. However, you can check detail information about this by visiting Coinbase reviews here.
Coinbase app is a mobile application of the Coinbase website. It is called Coinbase Consumer and serves more like a web application of the decentralized exchange. Coinbase app is equipped with all features of the website. It is easy to store and buy Bitcoin from the app through mobile devices such as smartphones and tablets.
Coinbase Wallet app is a multi-coin digital wallet application. It primarily runs like an Ethereum wallet. The app helps users in browsing through Ethereum charts and market movements. Besides, it lets users store Ethereum-based tokens as well as Bitcoin and other cryptocurrencies. Coinbase Wallet app supports several decentralized applications (dApps) running on the Ethereum ecosystem.
Coinbase App vs. Coinbase Wallet App
Coinbase app is a mobile-friendly version of the cryptocurrency brokerage website. It is primarily responsible for helping users buy or sell their cryptocurrency in exchange for real money (fiat currency). Unlike the Coinbase Wallet app, the Coinbase app lets users store their cryptocurrency after purchasing it from the exchange.
Coinbase Wallet app is purely a cryptocurrency wallet application. Users are not required to have a Coinbase Consumer account to run the Coinbase Wallet app. The wallet app is protected by private keys. It represents the ownership of cryptocurrencies stored by the users. All crypto coins are stored directly on the device used by the Coinbase Wallet app. It is not linked to the decentralized exchange of Coinbase. Unlike the Coinbase app, Coinbase Wallet lets users exchange cryptocurrency for cryptocurrency. It also facilitates the transfer of cryptocurrency from one wallet to another. The Coinbase Wallet app also enables the transfer of crypto money into fiat currency on other cash wallets.
Is Coinbase Wallet safe?
According to the reviews, the Coinbase Wallet app is an easy and secure application to store and exchange cryptocurrencies. It is not used for the direct purchase of cryptocurrencies. The Coinbase Wallet app always uses reliable exchange platforms to add or unload crypto assets from the user accounts. It is regulated with on-ramp protocols and protected by blockchain encryption. Users get access to private keys for securing their crypto money. Coinbase Wallet is safe enough to be available and running successfully in over 100 countries around the world.
Is Coinbase App Safe?
The Coinbase Consumer app is dubbed to be 100% safe. However, due to the app’s digital nature, Coinbase online exchange has encountered some attacks on the Coinbase app users. The Coinbase app promises 99% security of these digital financial assets. It is completely safe when the user selects the cold storage (offline) option for storing cryptocurrencies on the Coinbase app. Here, the app cannot be hacked.
Why Should I Use Coinbase Wallet?
Coinbase Wallet is a standalone software product, whereas the Coinbase app is a mobile platform that gives access to the Coinbase decentralized exchange. From purchasing Bitcoins to collecting rare digital assets such as non-fungible tokens (NFTs), Coinbase Wallet is a multi-purpose application in the crypto space. It is the safest app to store digital currencies.
At the end of the day, both these apps are used for storing crypto wealth. The Coinbase Consumer app is more suitable for traders involving crypto trading, while the Coinbase Wallet app is designed for long-term investors. Overall, the uptake for the Coinbase Wallet app is higher than that of the Coinbase app.