Cryptocurrencies and their applications are becoming increasingly well-known to the public. They offer a wide range of functions, such as investing, making payments, and using decentralized applications (dApps). This makes having a crypto storage solution essential—one that is not only user-friendly but also reliable.
As the cryptocurrency market gained traction in the global economy, traders and investors began exploring the world of crypto wallets more deeply. Among the vast array of storage solutions available today, two have emerged as top contenders: Coinbase Wallet and Trust Wallet.
To help you choose the best wallet for your needs, we’ve compared Coinbase Wallet and Trust Wallet across key features, security, usability, and more.
What Is Coinbase Wallet?
Coinbase Wallet is a self-custody wallet. This means users maintain full control over their private keys and the data associated with their cryptocurrency holdings. Among the various crypto wallets available in the Google Play and Apple App Stores, it is frequently mentioned as a top choice.
When Coinbase Wallet first launched, it was designed for use with Ethereum and other ERC-20 tokens in the emerging decentralized finance (DeFi) space. Today, this digital wallet supports a wide variety of cryptocurrencies and includes a robust set of integrations.
Importantly, you don’t need a Coinbase.com account to use the Coinbase Wallet app, making it even more user-friendly and ideal for crypto beginners.
What Is Trust Wallet?
If you want simple access to your cryptocurrency but don’t want a third party to hold or control it, Trust Wallet is a solid option. Trust Wallet is a non-custodial, multi-currency digital wallet that supports over a million blockchain-based cryptocurrencies.
Essentially, Trust Wallet is a mobile wallet primarily designed for smartphones. It allows users to buy cryptocurrencies, easily swap coins, and buy and sell NFTs.
Trust Wallet acts as a bridge, connecting individual blockchains through their nodes. Each blockchain has its own public addresses used to encrypt and store all cryptocurrencies.
Key Features
Coinbase Wallet Features
One of the most interesting aspects of Coinbase Wallet is its ability to store and trade Ethereum-based NFTs. NFTs are built on the blockchain—a decentralized ledger that enables creators and businesses to sell provably unique digital artworks, collectibles, music tracks, and other products.
Coinbase Wallet stands out from the competition due to its relatively simple integration with dApps. It includes a built-in browser for interacting with dApps, saving users from repeatedly entering their login credentials during a transaction.
This wallet can also be used for initial coin offerings (ICOs). It allows Coinbase users to acquire stablecoins and new altcoins at competitive market prices. Additionally, you can use the wallet to shop at crypto-friendly businesses and collect unique digital artworks like NFTs.
Trust Wallet Features
When it comes to cryptocurrency storage solutions, many people choose Trust Wallet. With this wallet, you can exchange, transfer, receive, and store Bitcoin along with a wide range of other cryptocurrencies in a user-friendly way. It supports over 160 different digital assets.
With Trust Wallet, you can also earn interest on your cryptocurrency holdings. Moreover, a Web3 browser is pre-installed, allowing you to seamlessly access decentralized applications or play games built on blockchain technology. As an added bonus, the wallet enables in-app trading via integrations with platforms like Uniswap and PancakeSwap.
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Security Comparison
Coinbase Wallet Security
When it comes to protecting user assets, Coinbase Wallet uses a variety of security measures. First, it employs the best practice of keeping private keys secure using Secure Element technology.
Access to your wallet can be further secured through several authentication methods, such as a two-factor authentication (2FA) protocol. Another option is verification via SMS authentication.
To further restrict app access, Coinbase Wallet utilizes the device’s passcode, fingerprint scanner, or other security features. Additionally, wallet balances are covered by insurance.
Trust Wallet Security
Trust Wallet is a digital storage solution that offers a high level of security while protecting user privacy. In other words, the wallet does not require you to provide personal customer information. Since it is a non-custodial wallet, you also don’t need to worry about how your information is stored.
Like Coinbase Wallet, Trust Wallet uses two-factor authentication (2FA) to restrict app access. Phone numbers and email addresses are verified via SMS and email, respectively.
Finally, the private key to your wallet is stored on the device you use to access the wallet, not on a server connected to the wallet. The app also utilizes the device’s biometric authentication features, such as Face ID, Touch ID, and passwords.
Supported Cryptocurrencies
Coinbase Wallet Supported Assets
With DeFi wallets like Coinbase Wallet, users can easily acquire, securely store, or link with specific DeFi projects using Ethereum ERC-20 tokens or any other type of digital currency.
More specifically, Coinbase Wallet is interoperable with thousands of different tokens, including all ERC-20 tokens and all tokens on EVM-compatible chains like Polygon and Avalanche C-Chain. This includes stablecoins (such as USDC and DAI) on all networks compatible with Coinbase Wallet. Tokens from nodes on the Solana network are also compatible.
Trust Wallet Supported Assets
Trust Wallet emphasizes versatility in all aspects of its operation. Specifically, the BNB Chain allows users to trade BTH, Ethereum-based coins and NFTs, and other cryptocurrencies and NFTs through a single mobile application.
Additionally, the wallet is compatible with more than a million tokens. Users can purchase a wide range of cryptocurrencies through third-party providers like MoonPay, Mercuryo, Simplex, Ramp Network, Wyre, and Transak.
Supported Blockchains and Integrations
Coinbase Wallet Integrations
Coinbase launched WalletLink in 2019, giving developers the ability to let users access their decentralized applications (dApps) on any desktop. This allowed the Coinbase Wallet to be used for transactions on devices other than mobile phones.
WalletLink was relaunched as the Coinbase Wallet SDK in early 2022. It remains an open and reliable connection for any dApp creator or wallet to integrate with Coinbase Wallet.
Trust Wallet Integrations
Trust Wallet comes with a pre-installed Web3 browser, allowing users to acquire cryptocurrencies through a built-in decentralized exchange (DEX) connected to the Kyber Network. Trust Wallet users also get optimized access to decentralized applications (dApps) built on the Ethereum platform.
Furthermore, Trust Wallet has partnered with StableUSD (USDS) to offer users a platform that enables them to send payments worldwide without high fees, inconveniences, or the unstable exchange rates often associated with such financial transactions.
With the Wallet Connect feature, you can easily communicate with any desktop dApp while keeping your private keys and recovery phrases secure with end-to-end encryption.
Fee Structures
Coinbase Wallet Fees
Using the Coinbase Wallet itself does not incur additional fees. However, when you execute a financial transaction or interact with a smart contract, you must pay blockchain transaction fees.
A smart contract is a self-executing program that runs when certain conditions are met. These digital contracts enable developers to create applications that run independently on the blockchain.
Transaction costs can be adjusted, allowing customers to decide how much they want to pay in blockchain fees. Users who pay higher fees will have their transactions processed faster.
Trust Wallet Fees
There are no fees for using Trust Wallet itself. At the very least, you won’t encounter unexpected monthly fees on your bill. You can use the built-in DEX to trade between different cryptocurrencies, or use the dApp browser to access and interact with decentralized applications for free.
The only costs incurred in Trust Wallet are the transaction processing fees required by miners and Proof-of-Stake chains for in-app actions.
Usability and Accessibility
Both digital wallets are excellent options for securely storing your cryptocurrency. However, in terms of convenience, Coinbase Wallet may have the edge due to its compatibility with Android and iOS devices as well as desktop web browsers. Trust Wallet, on the other hand, is only available as a mobile application for smartphones.
Coinbase Wallet also offers a browser extension that can be installed on Chrome, Firefox, and other popular web browsers. Trust Wallet does not offer PC support. So, if you need to manage your finances from a desktop computer while using Trust Wallet, you won’t be able to. In this specific scenario, Coinbase Wallet proves invaluable.
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Frequently Asked Questions
Which wallet is better for beginners: Coinbase Wallet or Trust Wallet?
For absolute beginners, Coinbase Wallet is often recommended due to its intuitive interface and direct association with the well-known Coinbase exchange. However, Trust Wallet is also user-friendly and offers a straightforward experience for buying, storing, and swapping crypto directly within the app.
Can I earn interest on my crypto with these wallets?
Yes, Trust Wallet has integrated features that allow you to earn interest on certain cryptocurrency holdings through supported staking and lending protocols. Coinbase Wallet primarily focuses on self-custody and trading, but you can connect it to various DeFi applications to earn yield.
Are these wallets truly free to use?
Both wallets are free to download and use for storing your crypto assets. However, both will charge network transaction fees (gas fees) when you send crypto or interact with smart contracts. These fees are paid to the blockchain network, not to the wallet providers.
Which wallet supports more cryptocurrencies?
Trust Wallet officially supports a wider range of assets, boasting compatibility with over a million tokens across dozens of blockchains. Coinbase Wallet supports thousands of tokens but is more curated, focusing on major blockchains like Ethereum, Polygon, and Solana.
Can I use both a hot wallet and a cold wallet for security?
Absolutely. Many users employ a strategy where they keep a smaller amount of crypto for frequent trading in a hot wallet like Coinbase Wallet or Trust Wallet, while storing the majority of their long-term holdings in a more secure cold storage hardware wallet.
Final Conclusion
You don’t need to go to extreme lengths to find the best cryptocurrency wallet. The most important thing is to find a wallet that suits you in terms of cost and/or usability.
Trust Wallet is a practical compromise for cryptocurrency traders who prefer the security of a non-custodial wallet but need the convenience of a hot wallet. Typically, there are no usage fees associated with this app. A significant drawback, however, is that the app is only available on mobile devices, with no desktop counterpart.
On the other hand, you can use the trusted and user-friendly Coinbase Wallet to store and access your cryptocurrency holdings. The downside is that the cost for certain transactions can be higher. Aside from that, it is overall a good and secure wallet. Your choice ultimately depends on whether you prioritize mobile-only convenience with vast asset support (Trust Wallet) or multi-platform access with a streamlined experience (Coinbase Wallet).