does coinbase wallet cost money

Creating a Coinbase Wallet is free, and it doesn't charge for storing cryptocurrency, but external transfers and trading incur variable network and exchange fees, and there's a monthly fee for Coinbase Custody.

Oct 31, 2024 at 10:25 pm

Does Coinbase Wallet Cost Money?

1. Coinbase Wallet Fees:

• No wallet creation fee: Creating a Coinbase Wallet is free for both iOS and Android users.
• Free to store crypto: Storing cryptocurrency in Coinbase Wallet does not incur any fees.

2. Transfer Fees:

• Free Coinbase transfers: Sending crypto between your Coinbase accounts (e.g., from Coinbase Wallet to Coinbase Exchange) is free of charge.
• Network fees for external transfers: When transferring crypto out of Coinbase Wallet to external wallets or exchanges, you will pay a small network fee determined by the blockchain being used. These fees vary depending on network conditions and congestion.

3. Exchange Fees (Buy/Sell):

• Coinbase Exchange: If you purchase or sell cryptocurrency through Coinbase's integrated exchange feature (found within Coinbase Wallet), you will pay Coinbase's trading fees. These fees vary based on trading volume and market conditions.
• Third-party DEXs: If you use a third-party decentralized exchange (DEX) to buy or sell crypto within Coinbase Wallet, you will pay the applicable DEX fees.

4. Custody Fees:

• Coinbase Custody: If you choose to store your crypto in Coinbase's custodial service (which is optional), there is a monthly custody fee of 0.04% of your assets under management (AUM).

Example Transfer Fees:

• Transferring 0.1 Bitcoin (BTC) to an external wallet: Network fee of approximately $1-$5 (varies with network congestion)
• Transferring 1 Ether (ETH) to an external wallet: Network fee of approximately $0.20-$5 (varies with network congestion)

Conclusion:

Coinbase Wallet itself is free to use and store cryptocurrency. However, network fees are incurred for external transfers, and trading fees apply if you use Coinbase's integrated exchange feature. If you choose to store your crypto in Coinbase Custody, you will also pay a monthly custody fee.