Edge Wallet vs Coinbase: Which Wallet Is Superior?
8 min read
Introduction: When it comes to protecting your digital assets, the choice of a cryptocurrency wallet is paramount. That's why we've gone the extra mile to compare the Edge Wallet vs Coinbase Wallet, covering aspects like supported blockchains, cryptocurrencies, distinctive features, hardware wallet compatibility, security measures, and more!
Edge Wallet and Coinbase Wallet are two popular cryptocurrency wallets that provide users with secure and convenient ways to store, manage, and trade digital assets.
Founded in 2014 as Airbitz, Edge Wallet has raised over $10 million in funding and is headquartered in San Diego, California. With a team of 25 employees, Edge Wallet offers a mobile app that allows users to buy, sell, and trade cryptocurrencies with a high level of security and privacy.
The app supports a wide range of cryptocurrencies and integrates with over a dozen exchange partners, providing users with a large selection of assets for trading. It also offers a variety of payment methods in hundreds of countries, making it easy for users to buy and sell crypto.
The Edge Wallet mobile app has received over 1 million downloads and has a rating of 3.4 stars based on 5,000 reviews. It encrypts all user data to ensure data security.
On the other hand, Coinbase Wallet is an open-source non-custodial cryptocurrency wallet that was launched by Coinbase in 2018. Coinbase Wallet allows users to manage their cryptocurrencies in a private and secure manner.
It offers support for EVM-based blockchains like Ethereum and Avalanche, as well as Solana. Users can store, manage, and trade cryptocurrencies and NFTs using the Coinbase Wallet.
Initially released as a mobile app for iOS and Android, Coinbase Wallet quickly grew in popularity and now has over 5 million downloads across both platforms. It also offers a web browser extension that has reached over 1 million downloads.
The wallet has received a rating of 4 stars based on over 60,000 reviews on mobile and a rating of 3 stars based on 300 reviews on the browser extension
Edge Wallet vs Coinbase Wallet User Experience
Edge Wallet is a mobile-only wallet that offers a non-custodial experience, making it a great choice for privacy-conscious users. With client-side encryption, automatic account backup, and 2FA, users can feel confident that their assets are secure.
The setup process is simple, requiring users to enter a username, select a password, and set a 4-digit pin. However, it's important to note that Edge Wallet is only available on mobile devices, which may be disappointing for those who prefer a desktop or browser-based wallet.
Once set up, users can choose from a variety of blockchains to have visible in the app, including Bitcoin, Ethereum, Solana, Avalanche, Polkadot, BNB, and more.
This provides flexibility for users who hold assets across different blockchain ecosystems. However, it's worth mentioning that Edge Wallet lacks support for certain blockchains like Cosmos and doesn't offer any innovative features.
On the positive side, Edge Wallet supports over 10 languages, making it accessible to a wide range of users. Its user interface is clean and intuitive, making it easy for both beginners and experienced users to navigate.
However, it's important to note that Edge Wallet does not offer support for desktop or browser-based usage, limiting its versatility compared to other wallets.
Coinbase Wallet is a sleek and modern wallet that provides an excellent user experience for those looking to buy, sell, trade, and store their tokens and NFTs. It is a free and easy-to-use wallet that supports a wide range of digital assets, including Ethereum, Polygon, Avalanche, Arbitrum, Optimism, Base, and Solana.
Users can access the Coinbase Wallet through the mobile app or the Coinbase Browser Wallet, which is compatible with popular browsers like Google Chrome, Mozilla Firefox, Microsoft Edge, Brave, and Opera.
The mobile app offers a simple way to store digital assets, buy NFTs, earn staking rewards, and access DeFi dApps like Uniswap and Aave. The user interface is well-designed and user-friendly, making it easy for users of all experience levels to navigate the wallet's features.
The Coinbase Wallet also offers a portfolio view, allowing users to easily track their holdings. One of the standout features of Coinbase Wallet is its compatibility with external hardware wallets like Ledger and Trezor.
This provides an added layer of security for users who prefer to store their funds offline. Additionally, Coinbase Wallet's extensive support for different block
Edge Wallet vs Coinbase Wallet Features
Edge Wallet offers over 130 digital assets in the wallet, including prominent cryptocurrencies such as BTC, ETH, AVAX, SOL, LTC, MATIC, BNB, BCH, and DOGE.
The wallet also has an in-wallet exchange, allowing users to easily swap between their cryptocurrencies. However, it's worth noting that the exchange fees for these swaps can be quite high, ranging from 0.5% to 2%. In addition, Edge Wallet does not support many DeFi app integrations nor any support for NFTs.
Coinbase Wallet provides users with the ability to swap between their assets, with swaps facilitated through integrations with third-party decentralized exchanges.
The wallet currently charges a flat fee of 1% on all swaps, in addition to the network fee paid to the validators of the network. Swaps will execute at a price within 3% of the estimate, ensuring users get a fair deal.
Coinbase Wallet supports a wide range of cryptocurrencies, including those based on Ethereum, BSC, Avalanche, Polygon, and the Solana Blockchain. It also offers support for NFTs on Ethereum and Polygon.
One of the key advantages of Edge Wallet is its zero-knowledge security architecture, which prioritizes user privacy.
The wallet ensures that the company does not require or possess any of the user's private data. All data is encrypted client-side, directly on the user's device, before it ever reaches Edge's web servers.
This approach safeguards assets against server-side breaches and malware, giving users complete control over their cryptocurrency assets.
In addition to local encryption, Edge Wallet automatically backs up encrypted account data, making it easy for users to restore their assets on a new device if their original device is lost or compromised.
The wallet also offers One-Touch 2-Factor Authentication (2FA), limiting login access to only previously authenticated devices. This extra layer of security helps prevent unauthorized access to user accounts.
Coinbase Wallet is also a self-custody design, ensuring that users have full authority over their crypto assets and private keys. This means that even Coinbase itself cannot access the tokens or NFTs held within the wallet without the user's recovery phrase.
The wallet also offers advanced security measures, including biometrics and security locks, to safeguard assets across various devices.
One notable feature of Coinbase Wallet is its compatibility with Ledger hardware wallets through its browser extension. This integration allows users to further bolster their security by leveraging the hardware wallet's advanced security features.
Coinbase Wallet also offers transaction previews, providing users with a clear picture of potential changes in token balances during interactions with decentralized applications (Dapps). This transparency helps users make informed decisions and reduces the risk of unintended transactions.
In terms of security audits and bug bounties, both Edge Wallet and Coinbase Wallet have taken steps to ensure the robustness of their systems. Edge Wallet conducts regular code audits through their collaboration with reputable firms such as Certik and SlowMist.
They also actively engage with the security research community through their Bug Bounty Program, inviting external researchers to identify and report potential vulnerabilities.
Similarly, Coinbase Wallet has a fully decentralized, crowdsourced security audit and bug bounty solution called WEFUZZ. This program allows developers and security researchers to contribute to the security of the wallet by identifying and reporting potential issues. Coinbase Wallet also actively
Edge Wallet vs Coinbase Wallet Conclusion
Edge Wallet excels in its commitment to user privacy with its zero-knowledge security architecture. It encrypts all user data client-side and offers automatic encrypted account backups and 2FA for added security.
However, it is important to note that Edge Wallet is only available on mobile devices and does not support desktop or browser-based usage.
On the other hand, Coinbase Wallet offers a self-custody design, giving users complete control over their crypto assets and private keys. It is compatible with Ledger hardware wallets, providing an extra layer of security.
Coinbase Wallet also offers transaction previews for transparency.
In terms of cryptocurrency support, both wallets have a wide range of options. Edge Wallet supports over 130 digital assets, including prominent cryptocurrencies. Coinbase Wallet supports a variety of EVM-based blockchains, Solana, and NFTs.
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.