Coinbase vs Trust Wallet: Who Supports More Blockchains?
9 min read
Introduction: If you're looking for the best way to keep your digital assets secure and accessible, it's essential to compare the two most popular non-custodial wallets: Coinbase Wallet vs Trust Wallet. We've compared these two wallets across a range of criteria, including user experience, supported platforms, number of cryptocurrencies and more. Take a look at our comparison and decide which one is the best choice for you!
Launched in 2018 and 2017 respectively, they are both headquartered in the United States and and have sizable employee counts, with Coinbase Wallet having over 500 employees and Trust Wallet having 150.
Coinbase has garnered a loyal user base of at least 6 million wallet users with it's its Android app having been downloaded more than 5 million times, and it's browser extension having over 1 million downloads. And when it comes to the countries supported by Coinbase, it's non-custodial wallet is globally accessible!
The Coinbase wallet app has a respectable 4.0-star rating based on over 60,000 reviews while the browser extension has a weak 3-star rating based on 300 reviews.
Trust Wallet which was acquired by Binance has the second most popular wallet in the world (behind MetaMask) with over 25 million people relying on the app for managing their crypto assets.
Its Android app has been downloaded over 10 million times and has a stellar 4.8-star rating based on 1.4 million reviews. The wallet also has a browser extension that has been downloaded over 200,000 times, with an impressive 4.5-star rating and over 400 reviews.
Coinbase Wallet vs Trust Wallet: User Experience
When it comes to user experience, both Coinbase and Trust Wallet have created easy to use non-custodial wallets.
Whether you are looking to store, buy, swap, bridge, send or receive tokens, you can do so easily with both their respective app or browser wallets. Wallet users who don't care for privacy can also connect their Coinbase account to the wallet.
Coinbase Wallet offers a clean and slick looking wallet for all EVM-compatible blockchains like Ethereum and Polygon and one non-EVM exception in Solana. The browser is easy to download irrespective if you are using Chrome, Firefox, Edge, Brave or Opera.
Once you have downloaded the wallet, you simply have to write down the 12 word recovery phrase and create your wallet password. With the setup completed, you can access your wallet and experience non-custodial DeFi.
Trust Wallet also offers a user-friendly non-custodial setup where KYC requirements are non-existent. The browser extension is available on Chrome, Brave, Opera and Edge, but like Coinbase, is not available on Desktop either.
While Coinbase wallet provides a more slick interface, the most noticeable difference between the two wallets is that Trust Wallet supports many more blockchains than Coinbase. If you wish to store your Bitcoin with Coinbase wallet, you can only do so on the mobile app.
As such, Trust Wallet provides a more comprehensive wallet that won't force it's users to download additional wallets in order to gain access to more blockchain ecosystems.
Coinbase Wallet vs Trust Wallet: Product Features
Coinbase Wallet and Trust Wallet are two popular cryptocurrency wallets that offer users a range of features such as in-app DEX, NFTs, and staking.
Coinbase Wallet has in-app swaps connected to exchanges like 1inch and Matcha and a 1% fee on all swaps in the Coinbase wallet. It is open source and supports NFTs on Ethereum and Polygon, but staking is not available.
Trust Wallet, on the other hand, offers swaps in the wallet supported by Thorchain, Kyber Network, and 1inch with a high 1% swap fee plus fees charged by the third-party exchange.
Trust Wallet further supports NFTs on 9 blockchains which at the time of writing includes Ethereum, BNB Smart Chain, Optimism, Solana, Avalanche, Arbitrum, Polygon and a few others.
For those that have digital assets that they also wish to stake, Trust Wallet currently supports staking rewards for over 10 cryptocurrencies.
Coinbase Wallet and Trust Wallet are two of the most popular cryptocurrency wallets. Coinbase Wallet supports over 1000 tokens, including USDT and USDC for Ethereum, BNB Chain, Avalanche, Polygon, Solana and Optimism.
Coinbase wallet users that also use Ledger hardware wallets, they can safely connect their Ledger with the Coinbase Wallet.
Trust Wallet supports over 10,000 tokens, including BUSD, Dai, GUSD, HUSD, USDP, USDS, SUSD, USDT, TUSD and USDC.
It is compatible with 70 blockchains such as Bitcoin, Ethereum, Solana and Cosmos and supports Ledger hardware wallet. Both wallets provide secure and reliable storage for your digital assets.
Coinbase Wallet vs Trust Wallet: Security
Coinbase Wallet and Trust Wallet are two of the most secure wallets available. Coinbase Wallet is open source, non-custodial, and undergoes a fully decentralized, crowdsourced security audit and bug bounty solution called WEFUZZ.
Trust Wallet is also open source, non-custodial, and regularly audited by Stateful. It also offers bug bounties up to $100,000.
Both wallets have enhanced layers of protection against scams and other malicious activities.
Coinbase Wallet also has anti-phishing technology, while Trust Wallet does not have anti-phishing at the time of writing. Investing in either of these wallets will ensure that your digital assets remain secure.
Coinbase Wallet vs Trust Wallet: Conclusion
In conclusion, both Coinbase Wallet and Trust Wallet offer robust features and user-friendly interfaces, making them popular choices among cryptocurrency enthusiasts. However, they each have their unique strengths and cater to different user needs.
Coinbase Wallet with its sleek design and integration with the Coinbase platform offers a seamless experience for users already familiar with the Coinbase ecosystem.
It supports a wide range of tokens and offers in-app swaps connected to various exchanges. However, it's worth noting that it primarily supports EVM-compatible blockchains and Solana, which might limit some users who wish to interact with a broader range of ecosystems.
On the other hand, Trust Wallet backed by Binance provides a more comprehensive solution, supporting a larger number of blockchains.
This makes it a more versatile option for users who deal with a diverse portfolio of cryptocurrencies.
Trust Wallet also stands out with its support for staking of multiple cryptocurrencies, which is a feature not available in Coinbase Wallet.
In terms of fees, both wallets charge a 1% fee on in-app swaps but Trust Wallet also includes additional fees charged by third-party exchanges.
For hardware wallet support, both wallets are compatible with Ledger providing an extra layer of security for users.
Ultimately, the choice between Coinbase Wallet and Trust Wallet depends on the individual user's needs, preferences, and the specific cryptocurrencies they deal with.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.