Coinbase Wallet, developed by the top US-based cryptocurrency exchange, is swiftly rising to the top of customers’ lists of favored self-custody wallets.
Because it provides a fairly similar user experience to current solutions, those who have previously used a self-custody wallet will find the move to be smooth generally. Furthermore, it bears the credibility and assurance that come with the Coinbase name.
Since its 2018 introduction, Coinbase Wallet has established itself as one of the top self-custody options on the market.
Among its attributes include, but are not restricted to:
- Completely created mobile program
- Support for popular cryptocurrencies (Bitcoin, Dogecoin, Ripple, etc.) that are not compatible with EVM
- Ability to swiftly move assets from the Coinbase CEX
- Fiat on-ramp in each of the 86 nations where Coinbase is present
We’ll look more closely at how to set up Coinbase Wallet on your smartphone and as a browser extension in this article.
Utilizing Coinbase Wallet as a Browser Add-on
The most sensible option for those of you who would rather use a PC to connect with the wide world of Web3 is to install the Coinbase Wallet as a browser extension.
Installing the Coinbase Wallet extension from the Chrome Web Store is necessary. Make sure to exercise extra caution and double-check the sites from which you download the extension.
This is the sole official link to the Coinbase Wallet extension in the Chrome Web Store.
To finalize the installation, just click the “Add to Chrome” button once you’re on the landing page.
You have two choices going forward:
- Make a fresh wallet.
- Bring in a pre-existing wallet.
A step-by-step tutorial
First, let’s look at how to make a new wallet. The moment you press the blue button, a username creation prompt will appear. You can be found by other users and sent Bitcoin in this way.
Kindly remember that after this is done, you won’t be able to modify your username!
Click “Submit” once you’re satisfied with your selection. You will now get a seed phrase of twelve words. Make sure to double-check each letter, record these in the exact sequence that they appear, and preserve them securely. If you lose this seed phrase, Coinbase, and other parties will be unable to retrieve your cryptocurrency holdings.
When you have finished doing that, you are ready to go on to the next step. The following step is an extra security layer that Coinbase Wallet has introduced to ensure that you have written down the seed phrase in the proper manner during the previous stage.
You are going to be presented with a collection of words that have been jumbled up, and you will be required to click on the first and final word of your seed phrase.
Following that, you will be required to enter a password that is both robust and safe. For an additional layer of security, it is strongly suggested that you make use of any combination of lowercase and uppercase letters, numbers, and special characters.
You may view both your Solana and Ethereum addresses by hovering your cursor over your name in the upper left corner.
To fund your Coinbase Wallet, transfer tokens to these addresses from any other wallet. As we indicated in the beginning, Coinbase Pay also allows you to contribute funds for a smooth fiat on-ramp.
Setting up Coinbase Wallet guide
It’s simple to import and access your funds from any self-custody wallet you may already have, even if it’s not the Coinbase Wallet.
To access the other wallet, all you have to do is enter your secret recovery phrase, also known as your seed phrase. You will thus need to enter the 12-word seed phrase for that MetaMask wallet, for instance, if you wish to import it into Coinbase Wallet.
After that, to access the wallet, you must choose a username and set a password.
Additionally, you may import from several wallets like:
- Phantom Purse
- Wallet Solflare
- Wallet of Trust
- Wallet with Ledger Hardware
The mobile app for Coinbase Wallet
The smartphone app is as simple to use. You will need to download it first. Depending on whether you are using an Android or iPhone, you can do this through the Google Play store or Apple App Store.
The next stages are rather similar to the previously mentioned ones.
You must first set a PIN or activate biometrics to create a new wallet. You will need to write down your seed phrase to access your wallet when this is finished.
The procedures mentioned above are comparable, so all you have to do is follow them if you wish to import an existing wallet.
Using the Coinbase Wallet mobile app, sending and receiving Bitcoin is simple. To send assets swiftly and securely, you may also link your Coinbase account.
Accessing numerous assets quickly and easily is made possible by the mobile app’s integrated DEX program, which also lets you trade other cryptocurrencies.
You may also browse through your collections of different non-fungible tokens using the NFT tab.
You essentially have all the information you require to set up your Coinbase wallet here. After completing the aforementioned steps, you may start engaging with different Web3 apps that call for access to a self-custody wallet.
