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Coinbase Wallet

The Coinbase Wallet is not just a wallet. It is a multi-coin wallet, Ethereum wallet, and Ethereum browser (DApp browser) that lets you explore the decentralized web. Simply put, the Coinbase wallet is integrating the power of cryptocurrency with decentralized applications.

One of Coinbase wallet’s biggest selling points is that it’s a mobile app for Android and iOS users that lets you store, send and receive cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and ERC 20 tokens while also providing you access to DApps on the Ethereum network.

Connecting Your Coinbase Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your Coinbase Wallet transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
  • Paste your wallet address into the Coinbase wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add coin.

How To Use Coinbase Wallet?

The download and installation process of the Coinbase wallet is very simple. Simply follow the below steps and your wallet will be ready to use in a couple of minutes.

  • Download the Coinbase wallet on App Store (iOS) or Play Store (Android)
  • Create a new account by clicking on “Create New Account” on the app
  • Add your username where other users can find you and make transactions
  • Protect your account using either Touch ID (fingerprint) or a 6-digit passcode
  • The app will then display a 12-word recovery passphrase that you must write down, in case your device is lost or stolen.

After following these steps, your Coinbase Wallet will be ready to transfer crypto.

How Does Coinbase Wallet Work?

Once the wallet has been set up, you can make transactions of BTC, BCH, ETH, ETC, LTC, and all your ERC-20 tokens. The Coinbase wallet has a super-simple interface for sending and receiving crypto.

Sending Crypto

  • Log in on the Coinbase wallet app
  • Click on “Tokens” and select the token you want to send and send “Send”
  • Enter the number of tokens
  • Scan the QR code or manually enter the address of the recipient
  • Click on “Continue”

Receiving Crypto

  • Log in on the Coinbase wallet app
  • Click on “Tokens” and select the token you want to send and send “Receive”
  • Share your wallet address or the auto-generated QR code with your sender

How to Set Up Coinbase Wallet

The Coinbase Wallet can be easily installed and that too within a few steps here are detailed guidelines:

Step 1: Download Coinbase Wallet

  • Mobile Version: Go to the App Store (iOS) or Google Play Store (Android) and search for “Coinbase Wallet.” Download and install the app.  
  • Desktop Version: If you prefer using a browser, you can install the Coinbase Wallet browser extension available for Chrome.  

Step 2: Create a New Wallet 

  • Open the app or browser extension and select “Create a New Wallet”. 
  • Read and agree to the terms and conditions.  

Step 3: Secure Your Wallet

  • Choose a secure password or enable biometric security (if using the mobile app). 
  • Coinbase Wallet will create a 12-word recovery phrase, vital for gaining access to your wallet when you lose either your password or your device. Write it down and keep it in a safe, offline location. 

Step 4: Customize Your Wallet

  • Once your wallet is secure, you can personalize it with either your name or an exclusive wallet identification number. 

Step 5: Fund Your Wallet

  • Transfer funds to your wallet from the Coinbase Exchange or other crypto wallets. 
  • Open the “Receive” section in the Coinbase Wallet app, copy your wallet address, and transfer funds there. 

Your Coinbase Wallet is now ready. It can store cryptos, visit dApps, and even trade-in NFTs.

Best Wallets for Coinbase

Coinbase Wallet is a good place to store your digital assets, although some other wallets can be used effortlessly with it and with the Coinbase Exchange. Below is a list of some of the best wallets for Coinbase:

1. Coinbase Wallet 

The Coinbase Wallet is an individual self-custodial crypto wallet by which man can save, handle, and trade crypto and NFTs. Unlike the Coinbase Exchange, it enables the individual to have complete control of his private keys and funds. In addition, it can enable access to decentralized applications (dApps) for a secure and seamless experience in crypto.

Features: 

  • Native integration with the Coinbase Exchange.  
  • User-friendly interface and top-notch security.  
  • Supports a wide range of cryptocurrencies and NFTs.  

2. Ledger Nano X

The Nano X is one of the hardware wallets for managing crypto assets. It stores digital assets offline, allowing secure storage and managing more than 5,500 crypto assets, including Bitcoin, Ethereum, and NFTs. With Bluetooth connection, it makes for a better access experience on mobile devices while comfortably ensuring high security, making it quite perfect for holding and carrying out transactions of digital assets in future.”

Features:

  • A hardware wallet that provides offline storage for your assets.  
  • Integrates with the Coinbase platform for added security.  
  • Ideal for long-term holders who prioritize safety.  

3. Trust Wallet

Free wallet devices that can be installed on a smartphone or tablet for storing, handling, and trading 4.5 million different types of digital assets, including hundreds of cryptocurrencies and NFTs, are generally referred to as “trust wallets.” They also have the option of staking your cryptocurrency. They may be used to access decentralized apps and provide a very intuitive interface that suits anyone, from beginners to the most seasoned crypto enthusiasts.

Features:

  • A mobile wallet was compatible with Coinbase.  
  • Supports over 4.5 million digital assets, including NFTs.  
  • Offers seamless staking and access to dApps.  

4. MetaMask

MetaMask is globally known as a crypto wallet and gateway to blockchain applications, especially Ethereum and ERC-20 tokens. It is a browser extension and mobile app that enables users to securely store, manage, and transact with their digital assets. It allows for seamless interaction with decentralized applications (dApps) for activities, trading, staking, and NFT transactions, among other activities.

Features:

  • Popular for Ethereum and ERC-20 tokens but can integrate with Coinbase.  
  • Offers both a browser extension and a mobile app.  
  • Known for its ease of use and compatibility with dApps.  

Exodus Wallet

Exodus encompasses a multi-currency wallet with support for more than 260 digital assets, including cryptocurrencies and NFTs. This multi-faceted wallet is a desktop and mobile application that displays a slick interface for easy operations of diverse holdings. It could be linked with other hardware wallets like Trezor for accessibility and security, in addition to internal exchange functionalities, full staking features, and portfolio tracking.

Features:

  • Desktop and mobile wallet with a sleek design.  
  • Supports over 260 cryptocurrencies.  
  • Integrates with hardware wallets like Trezor and works well with Coinbase.  

The Bottom Line: Why Choose Coinbase Wallet?

Coinbase is already a popular name in terms of crypto exchanges and is also doing a pretty great job as a non-custodial wallet as well. Since its inception, a number of updates, top-quality security, a simple interface, and a variety of tokens have made it an impressive choice among crypto users.

  • Supports cryptocurrency Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and ERC20 tokens, and ERC721 collectibles.
  • Cloud-backup
  • Easy transfer using Coinbase.com account
  • Current price of assets in regional currency
  • Crypto payments
  • The private key for signing messages cryptographically
  • Transaction history
  • Auto-add ERC 20 tokens and ERC721 collectibles
  • Backup using 12-word BIP39 recovery phrases

FAQs

1. What is Coinbase Wallet?

Coinbase Wallet is a self-custodial crypto wallet that allows users to store, manage, and transact cryptocurrencies and digital assets. It gives users full control over their private keys and funds, making it secure and decentralized.

2. How is Coinbase Wallet different from Coinbase Exchange?

A self-custodial wallet is what the Coinbase Wallet is like meaning users are the true owners of the private keys associated with their assets. Coinbase Exchange, on the other hand, is a centralized platform where the funds and private keys are kept by Coinbase.

3. Can I store NFTs in Coinbase Wallet?

Coinbase Wallet will enable the safe storage, preview, and sale of non-fungible tokens for customers.

4. Is Coinbase Wallet free to use?

There are no charges for downloading or using Coinbase Wallet. Nonetheless, you might incur network charges when you send funds or interact with decentralized apps.