Coinbase Wallet was created by the top US cryptocurrency exchange. It quickly became a favorite self-custody account among users.
It offers a very familiar user experience to existing solutions, which makes the overall transition seamless for those who’ve already worked with a self-custody wallet. The Coinbase brand has built a reputation for trust and confidence.
Coinbase Wallet launched in 2018; it has grown to be the best self-custody solution currently on the market.
Its features include, but are not limited too:
- Fully developed mobile app
- Support for major non-EVM compatible cryptocurrencies such as Ripple, Dogecoin and Bitcoin
- Transfer assets quickly and easily from Coinbase CEX
- Fiat on-ramp available in all 86 countries that Coinbase operates
This guide will show you how to install Coinbase Wallet on your browser and on your phone.
Coinbase Wallet is a browser extension
Installing the Coinbase Wallet browser extension is the best choice for those who prefer to interact with Web3 via a PC.
Install the Coinbase Wallet extension via the Chrome Web Store. Be particularly careful and always triple-check the links you’re downloading the extension from.
You can find the only official Chrome Web Store link to the Coinbase Wallet extension here.
Once on the landing page, simply click on the “Add to Chrome” button and confirm the installation.
There are two options available:
- Create a brand new wallet
- Import an existing wallet
How do I create a new wallet?
Let’s first see how to create a new wallet. Once you click the blue button, you’ll be asked to create a username. This is how other people can find you and send cryptocurrency to you.
Please keep in mind that you won’t be able to change your username after this!
Once you’re happy with your choice, hit submit. The seed phrase will consist of 12 words. These 12-word seed phrases will be given to you. This seed phrase will be lost and you won’t have access to your cryptocurrency. Coinbase and others cannot restore it.
Once you’re done with that, you can move on to the next step. Coinbase Wallet adds an additional layer of security to your wallet. This will ensure that the seed phrase is correctly entered.
There will be a lot of scrambled words and you’ll need to click on the first or last word of your seed phrase.
Then, you’ll need to set a strong password. It’s recommended that you use lower and upper-case letters, numbers, and special characters for additional protection. This is how the extension will look once everything is in place:
Simply hover over your name at the top left corner to see your Ethereum address and Solana address.
To fund your Coinbase Wallet, you can send tokens from any wallet to these addresses. Coinbase Pay also allows for seamless fiat onboarding.
How do I import from existing wallets?
For those of you who already have a self-custody wallet but it’s other than Coinbase Wallet, it’s easy to import it and access your funds.
Access your seed phrase (secret recovery phrase) for the other wallet is all you have to do. For example, if your MetaMask wallet is ready to be imported into Coinbase Wallet you will need to enter the 12-word seed phrase.
Once you have done this, you will need a username to access your wallet and a password for it to be accessible.
You can also import using other wallets, such as:
- Phantom Wallet
- Solflare Wallet
- Trust your wallet
- Ledger Hardware wallet
The Coinbase Wallet Mobile App
The mobile app can be used in the same way. You will have to download it first: use either Apple’s App Store or Google’s Playstore, depending on whether you use an iPhone or an Android device.
The steps from there are very similar to those described above.
To create a new wallet you first need to enable biometrics or set a PIN. After this, you will need to write down your seed phrase in order to access your wallet.
You can import an existing wallet by following the same steps as above.
The Coinbase Wallet mobile application allows you to send and receive crypto currency. To securely transfer your assets, you can also link your Coinbase Account.
You can also trade different cryptocurrency through the mobile app’s integrated DEX app, making it quick and easy to access various assets.
There’s also an NFT tab that allows you to navigate through your collections of various non-fungible tokens.
This is all you need to know about how to set up your Coinbase Wallet. After you’ve completed the above, you can start interacting with Web3 applications that require self-custody wallet connectivity.