Do I Need A Crypto Wallet With Coinbase

What’s the difference between the Coinbase app and the Coinbase Wallet app?

The Coinbase app (available on iOS and Android) is the company’s product for individuals looking to purchase or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies. You lot tin safely store crypto on Coinbase and so y’all don’t have to worry virtually managing your ain private keys. Coinbase.com and the mobile apps are bachelor in more than 100 countries.

The Coinbase Wallet app is a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser. You lot do not need a Coinbase business relationship to utilize the Coinbase Wallet app. Coinbase Wallet helps users manage their ain private keys and store their crypto assets straight on their devices, non with a centralized brokerage or exchange. Y’all cannot connect Coinbase Wallet to your bank account to buy or sell cryptocurrencies with US Dollars or other fiat currencies. Yous can download and use Coinbase Wallet anywhere in the world.

Why should I employ Coinbase Wallet?

Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-twenty tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that take cryptocurrency, and send crypto to anyone around the globe.

If you’re looking to just invest in digital currency – Coinbase Consumer at coinbase.com remains the easiest place to buy, sell, and manage your digital currency.

Can I switch from my existing wallet app like Metamask, MyEtherWallet, etc.?

Aye, you tin. Every wallet uses a private cardinal to secure its assets which you can import into Coinbase Wallet. Just look for the 12 give-and-take recovery phrase or mnemonic in the settings carte of your current wallet and and then employ that same 12 word phrase to sign into Coinbase Wallet.

How do I protect against losing access to my funds?

Coinbase Wallet is a user-controlled, non-custodial product. The app generates a 12 word recovery phrase which is what gives you lot, and simply you, access to your account to move received funds. Coinbase will never have access to this seed, significant that we cannot move funds on your behalf even if yous lose access to your recovery phrase.

We built an encrypted Google Bulldoze and iCloud recovery phrase backup characteristic to help protect confronting seed loss. Nosotros encourage you to support your recovery phrase using both the cloud backup characteristic as well every bit writing down your recovery phrase and storing it in a secure location. To access the backup features, tap
Settings, and and then
Recovery Phrase.

Can I transfer funds between Coinbase.com and Coinbase Wallet?

Yes you can transfer funds betwixt both products at whatever time. Y’all can link your Coinbase.com account to Coinbase Wallet from the settings page of your Coinbase Wallet app.

Connecting your accounts allows you to quickly and easily move funds between your Coinbase.com and Coinbase Wallet accounts. To transfer funds from Coinbase.com to Coinbase Wallet become to
Settings
in your Coinbase Wallet app and select
Transfer. To transfer funds from Coinbase Wallet to Coinbase.com click
Send
on the Coinbase Wallet app home screen below your balance. Then select the currency and amount you’d like to transfer. When prompted to enter the address yous would similar to transport to, select
Coinbase
under suggested.

All transfers between your Coinbase.com and Coinbase Wallet business relationship are not instant transactions. They are completed on-chain and require confirmation on the network before being processed. All transfers from Coinbase Wallet to Coinbase.com will be bailiwick to Coinbase.com’due south availability to withdraw periods and any restrictions outlined in Terms

What should I remember when sending or receiving cryptocurrency?

If you are sending an ERC-20 token (eg. USDC, DAI, BAT, MKR etc.): You volition need ETH in your Coinbase Wallet account in order to pay a miner’southward fee when sending this cryptocurrency. This is because ERC-20 tokens are issued on the Ethereum blockchain and transactions on the Ethereum network, such equally sending ERC xx tokens, crave Ether.

You lot can send cryptocurrency using a cryptocurrency address, Coinbase Wallet username, or ENS (Ethereum Name Service for ETH/ERC-20). Coinbase Wallet does not support sends to email addresses.

All Coinbase Wallet transactions are processed on the blockchain. In the event yous send funds to the incorrect address, Coinbase Wallet will not be able to recover funds.