Coinbase Wallet vs. Trust Wallet: Non-custodial wallets with extra support

Getting into crypto and other digital assets means making a lot of choices, and one of the first things you’ll need to determine is where to keep them. While you might be used to classic banking systems and leather wallets to store your wealth, cryptocurrency wallets give you more than simple storage. You can use them to sign smart contracts, connect to decentralized apps (dApps), and transact with your cryptocurrencies using a crypto wallet. Most importantly, these wallets store your private keys, which prove your ownership on the blockchain. If they’re lost, so is your access to your assets.

Some crypto wallet platforms hold onto your private keys for extra security measures, called a custodial wallet, but not every user wants to hand over their personal details to whoever’s on the other side of the screen. Coinbase Wallet is a strong crypto wallet program integrated into Coinbase’s robust and United States-regulated trading platform. You can keep your private keys on hand while still receiving expert guidance as you need it. Trust Wallet is another major non-custodial crypto wallet that acts independently of a broader trading platform across multiple blockchains. In this article, compare Coinbase Wallet versus Trust Wallet and their features to see which fits your crypto management needs. 

What’s Coinbase Wallet?

Coinbase Wallet is a self-custody wallet provided by the crypto platform Coinbase that gives you control over your cryptocurrencies. It debuted in 2017 and has grown into one of the most widely used crypto wallets, available as both a mobile app and a browser extension. Unlike keeping your coins on the Coinbase Exchange, where professionals hold onto your private keys, the Coinbase Wallet hands over your private keys. What Coinbase Wallet (versus Coinbase) is the first step toward owning digital assets directly and exploring non-custodial wallets for many people. This makes Coinbase Wallet an excellent self-custody wallet for beginners.

This wallet supports a wide range of blockchains, not just Ethereum (ETH) or Bitcoin. It’s designed to make Web3 feel approachable for anyone interested in swapping tokens or checking out a new NFT marketplace. You can hold NFTs, explore DeFi apps, and try out new Layer 2 networks in the Coinbase Wallet.One thing that gives this wallet an edge over competitors is its balance between freedom and convenience. You can connect your wallet to your Coinbase account to quickly fund it, but you don’t have to if you’d like to keep your crypto on another platform (or just in your wallet). The flexibility to use your personal crypto stores in your Coinbase Wallet, versus Coinbase Exchange, has made it popular with more experienced traders as well as new users.

Here are a few things that make Coinbase Wallet convenient for users:

• Security: There are many security steps built into the app, including manual locks and biometrics, permission tools, and preview screens. It also includes a warning system for suspicious dApps and spam tokens to protect those who may not know what red flags to look for.
• Safety and cloud backup: Even though your private keys stay local, this system includes encryption and optional cloud backup with recovery phrases for your base wallet. As long as you handle your recovery phrase responsibly, you’re at a lower risk of losing your assets because you misplaced your private keys.
• Multi-address support: Want separate wallets for specific purchases or trades? Coinbase Wallet’s multi-address feature supports up to 15 addresses for Ethereum and Solana, linked under one recovery phrase.
• Easy funding: You can transfer funds from the Coinbase exchange or third-party apps with equal ease. Be aware, however, that third-party transfers are region-specific.

What’s Trust Wallet?

Trust Wallet started in 2017 as a simple mobile app built by developer Victor Radchenko. A year later, Binance saw its potential and acquired it. Since then, the wallet has grown quickly, becoming a go-to for millions of people who want the convenience of managing cryptocurrencies on their phones.

Trust Wallet’s app keeps things simple for beginners, but it also packs in features that more experienced traders and decentralized finance (DeFi) users look for. These include:

• Works with many assets: This wallet supports almost everything under the Web3 umbrella. You can store Bitcoin (BTC), memecoin, or non-fungible tokens (NFTs) on Trust Wallet, along with over 100 blockchains and millions of tokens.
• Explore Web3 directly: A built-in browser lets you seamlessly connect with dApps without switching to another platform.
• Earn by staking: You can stake popular tokens (like BNB or ATOM) straight from the app to get rewards while still holding on to them.
• Built-in security: Private keys are encrypted and available on your phone from the Trust Wallet mobile app. You can add a PIN or use biometrics to lock the app for extra security. But be aware that as of time of writing, two-factor authentication (2FA) doesn’t work unless you use the wallet through Binance.
• Open to the community: Trust Wallet’s code is open source, and outside audits help keep security standards high.

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What are the key differences between Coinbase and Trust Wallet?

As non-custodial wallets built out of major crypto platforms, these wallets serve similar roles for their users. The biggest differentiator is how Coinbase and Trust Wallet users can interact with the platform:

• Coinbase Wallet is a gateway into deeper Web3 knowledge with the backing of a U.S. exchange and the strong reputation of a regulated, publicly traded company.
• Trust Wallet is mobile-first with a huge global user base, and supports over 100 blockchains.

Here are a few other ways the two vary. 

Background and ownership

Coinbase Wallet was launched in 2017, built by Coinbase as a companion to its exchange. Despite this initial pairing, it functions as well as a standalone product as it does in combination with Coinbase Exchange. Trust Wallet also launched in 2017 and was later acquired by Binance. It started as a mobile-first wallet and still carries that DNA with a focus on its mobile app and app users.

Supported cryptocurrencies and networks

If you’re looking for volume and variety, Coinbase supports major networks and Layer 2, including BTC, Ethereum, Solana, and coins on Ethereum Virtual Machine (EVM) networks, but it’s far from Trust Wallet’s range. Trust Wallet supports more than 100 blockchains and millions of tokens, NFTs, and altcoins.

Fees

Coinbase Wallet and Trust Wallet fees vary depending on the blockchain you use, market demand, and how much crypto you’re transferring. Both charge network fees but not account fees. Coinbase Wallet includes an additional 1% fee when you swap through the Coinbase platform for high trading volume tiers.

User experience and intuitive layouts

Coinbase’s UI is intuitive and was designed with beginners in mind, so it feels more polished and accessible for those who want something with clear directions. The option to link to the Coinbase exchange improves the user experience by keeping everything in one place if you aren’t interested in purchasing things like memecoins or NFTs. Trust Wallet appeals to people who want variety and flexibility, especially DeFi users. Its mobile-forward approach is simple but can take a second to learn. 

Which is better: Coinbase Wallet or Trust Wallet?

The wallet you choose depends mostly on how you use cryptocurrencies. Both are non-custodial or self-custody wallets, which aren’t common for major platforms aimed at beginners. Users get more flexibility and agency over custodial wallets, but it comes with more responsibility, as you have to keep track of your private keys and recovery phrases. You won’t have to go through an approval process before trading like custodial wallets require. 

If you prefer simplicity or are just starting your crypto journey, Coinbase Wallet may be a better choice. It’s easy to set up and connects smoothly with the Coinbase Exchange. Coinbase’s expertise and the regulations it needs to meet as a publicly traded company mean its service is reliable. Add an intuitive UI and ease of integration with Coinbase Exchange, and it becomes a great option for the casual trader or someone who’s interested in learning more about Web3. 

Trust Wallet is a strong option if you feel like exploring beyond the basics. It works well for people who want to experiment with new altcoins and find niche tokens and NFTs without too much hassle. 

All in all, the best choice for your crypto wallet comes down to your habits and goals. Those who want more variety in their trading will find more success with Trust Wallet, and Coinbase Wallet’s presence on the market makes it better for those who want standardized options all in one place.

Track your wallets with CoinTracker

Choosing between wallets like Coinbase or Trust is only the beginning of your crypto assets management. With so many new options like smart contract wallets and cold wallets, you can personalize whatever storage method fits your needs best.Once you do pick a wallet (or multiple), stay organized to simplify tax season. By using a crypto tracking portfolio like CoinTracker, you’ll be able to keep track of your DeFi transactions that need to be reported to the IRS but won’t show up on other forms. 

Managing your crypto assets shouldn’t be complicated. CoinTracker lets you track your entire portfolio across multiple exchanges and wallets, all in one place. Join the two million users who rely on CoinTracker for a seamless crypto experience—start free today.

Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

FAQ

What platforms can you find Coinbase Wallet on?

Coinbase Wallet is available through the recently redesigned Base app (iOS and Android) and as a Chrome browser extension. 

Which wallet supports a broader range of cryptocurrencies?

Trust Wallet supports more cryptocurrencies, with over 140 cryptocurrencies available. Coinbase Wallet is primarily compatible with crypto on Ethereum-compatible blockchains, but you can also hold Solana. BTC, Dogecoin, and Litecoin are also options, but only in the mobile app.

Does Trust Wallet support DeFi applications?

Yes. Trust Wallet has a built-in dApp browser where you can run DeFi applications.

Which wallet integrates seamlessly with the Coinbase Exchange?

Coinbase Wallet was designed to work alongside the Coinbase Exchange, so it fits intuitively into the platform. 

How can I transfer from Trust Wallet to Coinbase Exchange?

Since Trust Wallet is a non-custodial wallet, you can simply send the assets to the Coinbase Exchange deposit address. Just make sure your network matches to avoid additional fees.