Coinbase is the largest cryptocurrency exchange in the Usa and one of the largest in the world past trading volume. Known for its beginner-friendly design, it also has a crypto wallet that you can utilise both on the web and your mobile device.




If you lot don’t know about Coinbase Wallet yet, it’s fourth dimension to learn how to prepare a Coinbase Wallet and use it to purchase, sell, receive and send cryptocurrencies easily.


What Is a Coinbase Wallet?

So, what is a Coinbase Wallet? The Coinbase Wallet is a crypto wallet for Coinbase users to store, buy, sell, transport or receive cryptocurrencies without using the Coinbase exchange. On that, Coinbase, the exchange where y’all can trade cryptocurrencies, is different from the wallet, where you buy them directly.


On the substitution, you can merchandise cryptocurrencies with spread and other fees that are not obtainable in the wallet. Y’all should also annotation that you lot can store cryptocurrencies on the Coinbase Exchange Wallet, but that is non the same as the Coinbase Wallet.


Dissimilar the substitution wallet, you can use the Coinbase Wallet as a mobile app, which means information technology is a wallet like whatever other hot wallet, dissever from the substitution. This commodity focuses on how to set up the mobile wallet since the exchange wallet is automatically set when you lot create a Coinbase account.




What Are the Features of Coinbase Wallet?


gold bitcoins in black wallet


The Coinbase Wallet has many features in addition to ownership, selling, receiving, sending, and property cryptocurrencies. Y’all tin can hold not-fungible tokens (NFTs) on the wallet, as well as manage them.

This is not surprising, as Coinbase has a whole platform dedicated to the trading of NFTs, known equally Coinbase NFT Market place. Supported cryptocurrencies include DeFi tokens, which you tin as well easily manage right within the wallet.


Coinbase Wallet has also evolved to back up decentralized applications (DApps). This ways you can interact with decentralized applications from top blockchains like Ethereum without having to get out the wallet at all.




How to Set Upwards Coinbase Wallet

To get your Coinbase wallet set, you must install the Coinbase Wallet app on your mobile device. It is available for Android and iOS devices, so simply head to the right store and install it for free.


Download:
Coinbase for Android | iOS (Gratis)


  1. Subsequently you’ve done that, open it, and you volition see two options, either to sign in or sign up. We are assuming you lot don’t accept a Coinbase Wallet yet, so you should select the
    Create new wallet
    button nether the screen.
  2. This will take you to a new screen where you’ll be asked to create a username that you will be using to access your wallet. The username should exist a unique name that no one else has used to sign up on Coinbase Wallet.
  3. Cheque the box under that asks you lot to allow other Coinbase users to search for your username, and the
    Submit
    button will go agile. Click on it.





The next screen is the most important 1 because the security of your wallet depends on it. You’ll be asked to support your wallet using your secret recovery phrase. This is a cord of 12 words that you need to copy and save somewhere.






  • Yous tin can cull to support using Google Drive or manually. To back up with Google Drive, tap on the
    Dorsum up on Google Drive
    button and follow the prompts. For manual fill-in, tap on the blurred primal phrase to reveal the words.
  • You can likewise tap the
    Copy to clipboard button
    under the words and copy to a digital platform if you’re not writing them down manually.
  • If you choose to back upward manually, copy the words in the order in which they announced on a piece of newspaper or any other secure place yous can think of. Yous must never share this with anyone every bit they tin can access and empty your wallet with the fundamental phrase, which is why nosotros don’t advise copying them to your Google Drive or otherwise.


On the next screen, you lot’ll be asked to select the words in the gild in which they appear. This is to ensure that you lot really copied and saved the key phrase. Afterward you pass the test, click on the
Proceed
button to proceed. You lot will be taken to the side by side screen, where you lot should create a passcode as an extra layer of security.

This ensures that no one can admission your wallet by just tapping on the wallet app on your mobile device. Instead, they will need the passcode to access it, which merely yous should know. The passcode should be easy for you to remember but hard for anyone else to approximate.


Bank check the terms and privacy policy button, and click the
Create passcode
button. As a full general rule, your passcode, a vi-digit number, should not be your birthday or anything that someone shut to you can easily guess. Make information technology equally random every bit possible; only brand sure you lot don’t easily forget it.


seven Pros and Cons of Coinbase Wallet

The Coinbase Wallet is simple to use, which is absolutely one of its pro points. But in that location are some other pros and cons to the Coinbase Wallet you should also consider.


Pros


  • Beginner-friendly wallet
  • Has a long list of supported cryptocurrencies
  • Coinbase Wallet is regulated
  • You lot have total control of your funds


Cons


  • Fees can be loftier
  • You don’t command your private keys




Is Coinbase Wallet Safe?


man using laptop with lock and tick logo


Condom is a major concern when using a cryptocurrency wallet. Coinbase Wallet is as safe as any hot wallet can get. Of course, you have your 12-word recovery seed phrase and a passcode. However, hot wallets are generally riskier than cold wallets.

This is because they are always online, and that exposes them to attacks past hackers. Coinbase Wallet is not exempted from this risk, so you should know the extent of security you enjoy while using information technology.




Should You Utilise Coinbase Wallet?

Coinbase Wallet, by its design, is suitable for those simply inbound the crypto space. Information technology is piece of cake to navigate and does not take whatsoever unnecessary features that make other wallets confusing for beginners. So if you’re a beginner, Coinbase Wallet is a adept option until yous become accustomed to the crypto space.


As a rule of pollex, do not store more funds on information technology than you’re willing to lose should the wallet exist hacked or annihilation else goes wrong.