Coinbase Wallet - Why to use and Who should use it?

Posted 2023-04-25 04:45:43

The demand for Coinbase Wallet in the market is increasing daily. New traders prefer to use this wallet more than other wallets. Why do you think it is preferred more than others? What makes it more popular? Whether you should use it or not? In this blog, we will give you the answers to all these questions that must be running through your mind.

Without wasting any more time let us start today's topic of discussion.

Reasons for Preference by Individuals

If you are a new trader and do not know the fundamentals of trading, then on the platform you can watch educational videos for those and complete their training program along with earning some rewards. Therefore, because of this feature individual users who are new to trading should prefer this platform, to view all the educational modules they can, before they begin their investing journey.

Even if you are a newbie you will also want to use a Wallet that has listed a large number of trading coins you can choose to trade with.

Business Owners Preference

Coinbase Wallet permits business owners to accept cryptocurrencies as a form of payment method. The Coinbase-managed Commerce Account users are being charged a fee of flat 1% transaction along with the available consumer support. Those who have self-managed account on the platform have to convert the currencies received and manage the private keys on their own. While those who have a Coinbase commerce account do not have to do all these tasks.

Pricing of this Wallet

The Coinbase Wallet does not charge prices to the users in case of holding cash or supported cryptocurrencies and on the transfer of the primary crypto balance available in the Coinbase Wallet to any other wallet.

The platform charges some amount of fees during transactions that involve payment through other wallets or some other mode of payment. In simpler terms, anytime a user purchases some cryptocurrencies or NFTs and pays for it through another wallet or dApp platform have to pay some fees.

Though there is no decided fee structure for this platform. The fees charged solely depend on a few factors such as:

Market Conditions (liquidity and volatility of the market).
Your Physical location.
Order Size.
Payment Method.

Before you complete making the payment you can also view the detailed charged fee structure that has been charged to you for a particular transaction.

The fee will also be charged if the user wants to fund his wallet from any outside source or want to withdraw money from the wallet and transfer it to a bank account.

Closing Thoughts

A new user should use the platform to begin his trading career, because of its simpler and attractive user interface. This makes navigation across the platform easy and with the help of all the educational modules of trading, you will be able to get some guidance in the cryptocurrency world. We hope that our blog on Coinbase Wallet cleared all of your doubts.