With the crypto reach continuously elongated to the whole world and attracting more and more investors, the crypto wallets also need to get advanced to the level where they can support all the latest crypto innovations otherwise there are chances that they get replaced with new competitors.
The competition is more between various crypto wallets to get the best spot in the crypto space but due to this reason, it is confusing for an investor to select their primary crypto wallet.
For the investor’s sake, in this article, we are going to cover Coinomi vs Coinbase wallets detailed features comparison.
Both Coinomi and Coinbase are leading in the crypto wallet space and often confuse investors as their features also resemble up to some extent from the bird’s eye perspective.
Here as usual we went in depth by comparing each specific functionalities of both and curated a detailed list of Coinomi vs Coinbase wallets functionalities from each possible standpoint.
Overview of Coinomi Wallet
Coinomi is also a user-friendly crypto exchange wallet that launched in 2014 that is majorly famous for its all-round capabilities to not only act as a crypto exchange but a more powerful portfolio tool that is designed uniquely on standards understandable from beginner to expert level investors.
Coinomi in the past faced some security issues in February 2019 that was appearing its end but not only did it cope with its vulnerabilities but also gained its reputation by adding innovations that are quite impossible and it is currently standing as the oldest multi-chain wallet constantly building the user base of millions around the globe and that too without any external fundings till date.
Overview of Coinbase Wallet
A person with slight tech knowledge might familiar with Coinbase as a crypto exchange not because it is beginner friendly but because it is the first decentralized crypto exchange that simplifies the crypto buy and sell as simple as buying stocks or doing an online payment by removing the investing boilerplate terms and proceedings from both user interface to overall transaction levels.
With its journey starting from October 2012 when it only supports bitcoin transactions with bank transfers it will become the world’s largest crypto exchange in 2021.
Coinbase is a non-custodial digital wallet that has the unique functionality of hot storage and is trusted by 98 million verified users, 13000 institutions, and 230000 ecosystem partners around the world because of the high-security standards that we see in detail while comparing Coinomi vs Coinbase wallets.
Read: How to transfer crypto from trust wallet to coinbase
Coinomi vs Coinbase wallets Detailed Comparison
With the overview of both the crypto exchange wallets, one might get a general idea behind the two wallets. To make your understanding more clear and insightful let’s discuss each aspect of Coinomi vs Coinbase in the following table:
| Coinomi Wallet | Coinbase Wallet |
| Coinomi’s easy-to-access interface provides a greater edge to the beginner as well as expert-level investors as it comes with in-built portfolio management tools that not only help in how to do transactions but also help in when to do transitions in crypto. It supports over 1770 different cryptocurrencies with modern Defi innovation compatibility such as staking, reflections, yield generations, etc.
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As one of the first choices when it comes to crypto wallets, Coinbase manages over 44000 digital assets including all kinds of Defi applications and management of Ethereum-based NFTs. Along with this, the Coinbase wallet provides interests on the user’s held crypto assets from its side independent of the projects. There are various other functionalities available within the app such as decentralized exchange swaps, in-app crypto buying options, etc. |
| Coinomi used to be an open-source exchange but after some clones of the services that compromised the security of the wallet, the company shifted to proprietary service which initially compromised some investors but gained the reputation again with higher security functionalities over time. It covers each wallet’s encryption and is non-custodial means that provides full control to users for their private keys that enable the functionalities that even if the security of the wallet is compromised from the company’s end the attackers cannot access user funds and cryptocurrencies. It also has a blockchain-based digital id that strengthens the system by eliminating old credential-based security mechanisms. | Coinbase gives utmost priority to its security. The wallet is non-custodial and there is no control of the company or any third party authority over the user’s wallet including funds and cryptocurrencies hence even during some security compromise attackers cannot access the user’s private keys or personal funds. The Coinbase wallet also supports 2-factor authentications by default with a fully blockchain-based id registering system that is one of the major insurance levels a company can provide in terms of security. Additional functionalities in terms of security are also provided like pin or password settings, biometric security in mobile applications, etc. For an incremented security layer the foundational algorithms of coinbase.com and Coinbase wallet are different, which reduces user’s wallet access as browser attacks are more common than mobile ones. |
| In terms of user, private keys, and credentials storage mechanism Coinomi uses cold storage which means that the user credentials-based sensitive information is not sent to Coinomi servers and stored within the local storage of mobile and desktop devices as the encrypted format which makes it purely user-controlled. | Coinbase works on a hot storage-based mechanism that means that the sensitive information related to credentials or private keys of individual wallets are stored in the Coinbase servers instead of locally, despite Coinbase all advanced security features leave the chances of the user wallets being compromised. |
| Coinomi wallet charges the network and withdrawable from network fees related to blockchain and smart contracts that do not go to Coinomi but to the coin miners or blockchain network based on industry standards. The network fees in every wallet are customizable means the user can opt for the amount of the payable fees. Higher fees often mean fast transactions. | Coinbase wallet charges network and variable fees on transactions ranging from 1.49% to 3.99%. Although the fee deducting structure is quite complicated as it is determined at the time of transaction with included factors like order size, selected payment method, market conditions like liquidity and volatility, etc. |
| Privacy and anonymity are respected here with no requirement of KYC verification or any personal or bank accounts linking to access funds.
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As high security emphasized non-custodial wallet Coinbase uses major proprietary algorithms in security preferences it doesn’t even demand name, email, or any personal details making it a highly dense private and anonymous crypto wallet. |
| The usability aspect of Coinomi is more variant in the comparison of Coinomi vs Coinbase as it comes with options of dedicated wallet software available to download on their website for desktop and also has a mobile application for both android and IOS devices. | The browser extension of Coinbase is available along with its separate mobile and ios version backend but not advised over the applications as it is based on coinbase.com and lacks common functionalities like 2 factors authentication, biometric functionalities, etc that majorly provide an upper hand to users and makes Coinbase unique. |
| Coinomi considers its customer support access for users as one of the priorities for feedback. Hence there is a wallets support team available 24/7 via various mediums such as live chat, continuously updated help page, and ticket support system. | As the emphasis of Coinbase is primarily on the user interface and advanced security functionings, the customer support is average and has been quite a worrisome process although the need for them is rare again because of robust functioning. |
Read: Algorand vs Cardano
Conclusion
Knowing and comparing all possible aspects of both crypto exchange wallets might get you more confused as an investor that there is no point in comparing Coinomi vs Coinbase wallets because both of them are quite equally capable.
Well, this is our motive to make you understand that the reason for comparing Coinomi vs Coinbase wallets is incomplete on its own as it misses the use case of the investor that wants to use it.
Hence remember throughout this comparison that as an investor one needs to primarily select the best Crypto exchange between Coinomi vs Coinbase wallets depending on their use cases.
