Ask in the streets, and you would discover that both eToro wallet and Coinbase wallet have a reputation with traders around the world. Out of every ten people you ask, five of them may tell you that the eToro wallet is the better option, while the rest go on about the majestic awesomeness of the Coinbase wallet.
However, which one is better? As a trader, you want to capitalize on that extra security, speed of transaction, and lower transaction costs. They will save you a whole lot in the long run.
The eToro Wallet provides a safe store for digital coins and tokens. The wallet supports more than 120 cryptocurrencies. These coins and tokens can be bought, sold, received, or transferred within and beyond the wallet. Since 2006, the wallet has maintained a high level of security standards and has spread its reach to more than 10 million users across the globe.
With eToro wallet, you can handle your assets in the ways that you deem most appropriate even while you move around tending to other equally important activities.
Key Outstanding Feature
Security, Backup, and Recovery: eToro wallet uses safe and secure private keys to protect clients and ensure they can retrieve their assets at any point in time. The system also incorporates high-level two-factor authentication models to reinforce security for individual accounts.
Most people familiar with Coinbase see it in the light of an exchange. However, the platform has a wallet of its own.
Coinbase wallet features a software wallet and an online wallet that enables you to trade fiat money for cryptocurrency. You can select whichever wallet to keep your crypto assets based on the kind of transactions you run intraday. Some part of your assets could be held in your software wallet, while the rest could be preserved in your online wallet. Purchased cryptocurrencies on Coinbase are stored in a Coinbase web wallet. There are no fees within the Coinbase wallet. However, Coinbase charges an average of 3.75% network fees per transaction for transactions into other wallets.
Key Outstanding Feature
Air-tight Security: Coinbase has never been hacked. With the increasing security level, it doesn’t feel like a security breach will happen anytime soon- or ever. User keys are secured with Secure Enclave technologies. All web traffic is run over HTTPS encrypted SSL. Sensitive data is split and encrypted with AES-256 and backed up on FIPS-140 USB Drives. 2FA methods are available for users who wish to tone up security on their end. So much emphasis is placed on making the wallet inaccessible and impenetrable by hackers.
If you want to incorporate Coinbase into your trading, you can download the app from Play Store. It is available for both Android and iOS devices.
Which is better?
It can be seen that both eToro wallet and Coinbase are great store for values when it comes to cryptocurrencies. However, if you’re looking to decide which wallet to use, here’s one thing you should know.
Coinbase wallets require you to present some personal details in compliance with KYC rules. If you’re uncomfortable with this exposure, then Coinbase wallet might not be the best option for you.
Also, suppose you intend to work on your laptop or desktop. In that case, you might want to consider another option besides the eToro wallet because it’s only available on Android and iOS devices. If you also wish to trade a wide range of cryptocurrencies, you might want to go for another option besides the eToro wallet.