Exchange Based Wallets in 2025

As crypto ownership continues to rise now over 560 million users globally‍ many prefer the convenience of keeping funds directly on trading platforms. These exchange-based wallets offer tight integration with trading features but come with trade-offs. In this article, I’ll examine the key players: Coinbase Wallet, Robinhood Crypto Wallet, Webull, Cash App, and Kraken’s services.

Coinbase Wallet & Exchange

If you ask "does Robinhood have a crypto wallet?" the answer is yes, but first let's look at Coinbase, the largest U.S.-based crypto exchange. As of 2025, Coinbase sees 120 million monthly users, with 8.7 million actively trading each month‍.

Coinbase Wallet is an app separate from the exchange, allowing users to interact with dApps, NFTs, and DeFi while holding their private keys. Compared to Robinhood’s custodial setup, Coinbase Wallet is non-custodial, giving users more control.

That said, when you store crypto on the Coinbase exchange, it’s technically custodial. The advantage is fast conversions to USD, staking rewards, and tight integration with exchange services. But you must trust Coinbase with your assets.

Robinhood Crypto Wallet

People often ask: “Robinhood crypto wallet: does Robinhood have a crypto wallet or is Robinhood a crypto wallet?” Technically, Robinhood now supports a self-custody crypto wallet allowing transfers to external wallets.

Pros:

Very user-friendly for beginners — minimal setup.

Lets you trade crypto and stocks in one app.

Supports popular coins like BTC, ETH, DOGE, and more.

Cons:

Historically had security issues—like storing passwords unencrypted and phishing breaches.

Criticized for gamified features that may encourage impulsive trading.

Fees exist in forms other than direct commissions (like spreads).

When someone asks “does Robin Hood crypto wallet have an address or fees?”, be aware: Robinhood does not provide public wallet addresses; it keeps your crypto within its ecosystem. Fees are embedded within spreads or instant buy pricing.

Cash App Crypto Wallet

Cash App offers crypto purchases and limited wallet features. You can buy, sell, and transfer some cryptocurrencies, like Bitcoin, directly from the app.

It is user-friendly and integrated with peer-to-peer payments. However, it’s custodial, limited to a few assets, and doesn’t offer full user control or compatibility with DeFi or external wallets.

Webull Crypto Wallet

Does Webull have a crypto wallet? Yes—but it's similar to Robinhood’s model: you can trade crypto, hold it on the platform, and initiate transfers.

Webull does not charge commissions on crypto trades, but offers a 1% spread markup on both sides of a trade.

It’s convenient for traders already using Webull for stocks and ETFs, but again, control of private keys is surrendered to the platform.

Kraken Crypto Wallet

Kraken is known for advanced trading and strong security. While it’s primarily an exchange, Kraken offers staking, futures, and custody options. However, unlike Coinbase Wallet, Kraken does not offer a standalone non-custodial wallet for app-based storage.

It’s better suited for serious traders or institutions, but still operates under a custodial model when storing user funds.

Exchange-Based Wallet Comparison

When comparing popular exchange-based wallets, several key differences stand out based on custodial control, wallet address availability, and target user types.

Coinbase Exchange is a custodial wallet, meaning users do not control their private keys or wallet addresses. It's best suited for beginners who are interested in simple crypto trades and staking. Its primary advantage is the seamless integration between the exchange and wallet, making it user-friendly for newcomers.

In contrast, Coinbase Wallet is non-custodial, giving users full control over their private keys and wallet address. This makes it ideal for Web3 users and DeFi enthusiasts, offering complete key ownership and access to decentralized finance (DeFi) tools.

Robinhood Wallet is also custodial, lacking personal wallet addresses. It's tailored for novice investors in both stocks and crypto, with the main appeal being its all-in-one trading platform.

Cash App operates as a custodial wallet with limited wallet address functionality, focusing on mobile-first Bitcoin buyers. Its edge lies in combining peer-to-peer payments with crypto transactions, offering a simplified experience.

Webull Wallet is another custodial option, without personal wallet addresses. It's aimed at active stock and crypto traders, providing zero commission trading and an integrated investment platform.

Lastly, Kraken Exchange is a custodial wallet designed for advanced and futures traders, offering robust security measures and advanced trading features.

The Business Angle & White Label Leverage

If you're building a crypto platform, choosing between open development and white label cryptocurrency exchange is a big decision.

Building everything wallets, trading engines, compliance from scratch can cost hundreds of thousands of dollars and take months or years to build.

By contrast, white label solutions offer pre-built wallet + exchange infrastructure, including KYC, escrow, staking, and UI. You can launch faster, sell under your brand, and control costs, including customization, high-security modules, multi-chain support, and UI tweaks.

Final Thoughts

Exchange-based wallets like those offered by Coinbase, Robinhood, Webull, Cash App, and Kraken are appealing for their convenience, integration with trading platforms, and beginner accessibility.

But remember the trade-off custodial wallets mean you don’t control your keys, which can be a risk if the platform faces security issues or regulatory restrictions.

For users who want full ownership and flexibility, non-custodial wallets like Coinbase Wallet are a better fit.

For businesses looking to enter the crypto market, consider using white label cryptocurrency exchange software to offer wallet and trading features efficiently and securely.