The Coinbase Wallet app is a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser. You do not need an account to use the Coinbase Wallet app.
Coinbase Wallet helps users manage their own private keys and store their crypto assets directly on their devices, not with a centralized brokerage or exchange. You cannot connect the Wallet to your bank account to buy or sell cryptocurrencies with US Dollars or other fiat currencies. You can download and use Coinbase Wallet anywhere in the world.
What’s the difference between the Coinbase app and the Coinbase Wallet app?
The Coinbase app (available on iOS and Android) is the company’s product for individuals looking to buy or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies.
You can safely store crypto on Coinbase so you don’t have to worry about managing your own private keys. Coinbase.com and the mobile apps are available in more than 100 countries.
Why should I use Coinbase Wallet?
Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world.
If you’re looking to simply invest in digital currency – Coinbase Consumer at coinbase.com remains the easiest place to buy, sell, and manage your digital currency.
Can I switch from my existing wallet app like Metamask, MyEtherWallet, etc.?
Yes, you can. Every wallet uses a private key to secure its assets which you can import into Coinbase Wallet. Just look for the 12 word recovery phrase or mnemonic in the settings menu of your current wallet and then use that same 12 word phrase to signin.
How do I protect against losing access to my funds?
Coinbase Wallet is a user-controlled, non-custodial product. The app generates a 12 word recovery phrase which is what gives you, and only you, access to your account to move received funds. Coinbase will never have access to this seed, meaning that we cannot move funds on your behalf even if you lose access to your recovery phrase.
We built an encrypted Google Drive and iCloud recovery phrase backup feature to help protect against seed loss. We encourage you to back up your recovery phrase using both the cloud backup feature as well as writing down your recovery phrase and storing it in a secure location. To access the backup features, tap Settings, and then Recovery Phrase.
Can I transfer funds between Coinbase website and wallet?
Yes you can transfer funds between both products at any time. You can link your account to the Wallet from the settings page of your app.
Connecting your accounts allows you to quickly and easily move funds between the Coinbase website to the wallet, accounts. To transfer funds from the website to the wallet, go to Settings in your Wallet app and select Transfer.
To transfer funds from the wallet to the website, click Send on the Wallet app home screen below your balance. Then select the currency and amount you’d like to transfer. When prompted to enter the address you would like to send to, select Coinbase under suggested.
All transfers between the website and wallet, are not instant transactions. They are completed on-chain and require confirmation on the network before being processed. All transfers from the Coinbase wallet to the website, will be subject to availability in withdrawal periods and restrictions outlined in Terms and conditions.
What should I remember when sending or receiving cryptocurrency?
If you are sending an ERC-20 token (eg. USDC, DAI, BAT, MKR etc.): You will need ETH in your Wallet to pay a miner’s fee when sending this cryptocurrency. This is because ERC-20 tokens are issued on the Ethereum blockchain and transactions on the Ethereum network, such as sending ERC 20 tokens, require Ether.
You can send cryptocurrency using a cryptocurrency address, Coinbase Wallet username, or ENS (Ethereum Name Service for ETH/ERC-20). Coinbase Wallet does not support sends to email addresses.
All Coinbase Wallet transactions are processed on the blockchain. In the event you send funds to the incorrect address, the Wallet will not be able to recover funds.