Coinbase@ Wallet
Last updated
Last updated
Coinbase Wallet is available as a mobile app and desktop browser extension. Download for iOS. Get the Wallet mobile app from the App Store. Download for Android. Get the Wallet mobile app from Google Play
Coinbase Wallet is a non-custodial crypto wallet that enables users to securely store more than 100,000+ digital assets, explore decentralized applications, and manage their Ethereum and Polygon-based NFTs.
Currently, Coinbase Wallet supports the Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple networks, as well as numerous Ethereum Layer-2 solutions, such as Arbitrum and Optimism.8
Users can swap Ethereum-and Polygon-based assets directly within the app’s decentralized exchange feature. Non-Ethereum and Polygon assets can be purchased using the in-app crypto buying option. Additionally, Coinbase Wallet allows users to earn interest on their crypto assets via staking.9
Users can seamlessly display NFTs on the Ethereum and Polygon blockchains with their wallet at no extra cost. Although the Coinbase Wallet is free to use, it has high transaction fees for trading and swapping assets.3
Coinbase has a solid security system that protects your assets. The fact that it is non-custodial means nobody has access to your crypto except you, so Coinbase cannot use your crypto to run its business as FTX did. Also, in the event of a hack on Coinbase’s servers, your funds are safe.
The Coinbase wallet clearly emphasizes security by asking you to add your biometrics or passcode when setting up your mobile wallet. In the browser extension, you must create a password to protect your assets from unauthorized access.10
The Coinbase Wallet is fully self-custodial, giving the user sole responsibility of keeping their assets safe. The wallet also has a high level of privacy as no personal information, such as email or phone number, is needed to use the Coinbase Wallet. As for usernames, you can decide if you want your username and profile to be searchable or not.11
Users who access frequently will find the Coinbase Wallet extension much easier to use than the mobile app. Additionally, the desktop wallet has a Community tab where you can add other users, like on social media. This feature is not available on the mobile app.
From the Coinbase website, select the Wallet Extension option and add the wallet to your browser as an extension. Once you have downloaded it and made it visible in your extension section, you are ready to set it up.
If you already have a wallet or want to use the wallet on your phone, select the “I already have a wallet” option. You will be asked to input the 12-word seed phrase you were given. If you would like to create a new wallet insead, select that option and go ahead to save your recovery phrase.12
Finally, you’ll be prompted to create a password which will give you one-time access to your wallet anytime you use your computer. However, it does not replace your recovery phrase. Once you are done, you can access the wallet from your computer anytime.
The Coinbase Wallet App is available for both Android and iOS users. It is beginner-friendly, as it guides you through a series of prompts until you finish setting it up. You can use your Coinbase Wallet to manage your crypto, NFTs, and as you will see on the welcome screen.
To start setting up your wallet, you’ll need to download and install the app. After that, you will be asked to choose if you already have a wallet or if you are setting up a new one. Users with existing wallets will require a recovery phrase, while those creating a wallet for the first time simply need to click on “Create new wallet.”
On the next screen, type in the username that you will use to receive and send digital assets to your wallet. Once you have a username, it's time to back up your recovery phrase.
You can either copy your recovery phrase and paste it somewhere safe or save it on your Google Drive or directly from the wallet. Confirm you have saved your recovery phrase, then choose if you want to enable fingerprints or use a passcode for extra security. Your wallet is now ready for use.
