New to Coinbase? We are sure one of the most important questions you’ll love an answer to is this question; is Coinbase wallet safe?
This is so important; we’re sure you’ll agree likewise. You do not want to commit a considerable amount of your hard-earned money into something/ program/ an app considered unsafe.
We’ll spill it just as it is and leave you to make the decision all by yourself. Let’s get into it already.
Is Coinbase Wallet Safe?
Coinbase wallet is one of the most secure wallets you can ever use. However, as advised by experts, do not keep funds you can’t afford to lose on a web wallet.
For this reason, to eliminate the risk associated with a web wallet, Coinbase also provides a mobile wallet option, which generates your private keys on your gadget. You can manually backup these private keys. How well you protect your private keys determines how secure your funds are.
Note: Coinbase wallet provides an option to backup your private keys on Google Drive. We do not encourage this. If your Gmail is compromised, you can as well bid your fund goodbye.
How To Open a Coinbase Wallet
There’s an article dedicated to guiding you on how to create a Coinbase account. Creating a Coinbase account gives you access to use the coinbase.com web wallet. Alternatively, you can download the Coinbase mobile wallet, free for both android and iOS users. You can also connect your coinbase.com account to the Coinbase mobile wallet if you wish.
In a short while, we’ll take you through how to get both forms of Coinbase wallets set up to start sending and receiving bitcoins and other cryptocurrencies instantly.
How To Open a Coinbase.com Web Wallet
- Click here to access the official Coinbase platform.
- Click the “Get Started” button.
- Fill the form provided.
- Check to certify that you are 18+.
- Check your email to verify your Coinbase account. Click on the link provided to verify your account.
- You’ll be mandated to set up 2-step verification. Enter an active phone number to do so.
- Input the code sent to your mobile phone.
Welcome to Coinbase. You now have access to send and receive all cryptocurrency coins and tokens supported on the Coinbase platform.
How to download and install the Coinbase wallet on an Android-enabled smartphone
- Click here to download and install the Coinbase wallet for your Android enabled phone.
- Click on the “Create A New Wallet” button.
- Click the “Accept” button.
- Pick a unique username.
- Set your privacy preference. We like keeping things private, but it’s up to you.
- Protect your wallet. The options you get depends on the phone type. If a fingerprint option is present, that will be the most preferable.
Now, you are all set up.
Before you proceed, we’ll advise you to backup your keys. Write them down in a safe place. This ensures you don’t lose your funds in the future. And even if you lose access to your account, with your keys, you can still recover your funds from any cryptocurrency wallet of your choice.
- To do this, click on the “Settings” option at the bottom of the screen, then “Recovery Phrase.”
- At this point, you are given a 12 words key phrase. Write them down in the same order you are given.
- Click on the backup manually option at the base of your screen. Click on the “Next” button.
- You’ll be asked to enter the words you’ve written down in their correct order.
Now you are good to go.
Again, do not back up your key phrase on Google Drive. We do not advise this. You might lose your funds if your Gmail is compromised. It would also be best if you kept where you backed up your keys as safe as possible. You don’t want to lose it nor expose the keys to the wrong hands. You may lose your funds all the same.
Note: Perform a similar process for iOS. You only need to download the iOS version of the Coinbase wallet, which you can find here.
Is Coinbase Wallet Free?
It’s absolutely free. You are not charged a dime for using the coinbase.com web wallet or the Coinbase wallet on Android or iOS gadgets.
How Can I Make My Account More Secure?
You can beef up security on your coinbase.com web wallet. To do this, follow these steps:
- Click on your name as displayed on the top right corner of your screen.
- Choose the settings option.
- Click on the Security tab.
- At the 2-step verification section, click on the select button right in front of Authenticator.
- Follow the directions to complete.
Note: You’ll be asked to install the Google authenticator app on your mobile device.
Linking Your Wallet and Coinbase.com Account
Coinbase allows you to link your Coinbase.com web wallet to your Coinbase mobile wallet. This way, you can see your web balances right on mobile. To do this, follow these steps:
- Open your Coinbase mobile wallet.
- Click the “Settings” icon.
- Click the “Connect to Coinbase” link.
- You’ll be asked to enter your coinbase.com web wallet login details.
- Enter your details correctly.
- Scroll down and tap the “Authorize” button.
What is my Coinbase Wallet Address?
Do you want to receive funds from someone or send funds from an external wallet to Coinbase? Follow these steps:
- Sign into Coinbase.com.
- Click on the “Portfolio” tab.
- Choose the asset you want its address from the list of coins and tokens supported by Coinbase.
- If it’s bitcoin, for instance, choose Bitcoin.
- On bitcoin’s page, choose “Receive” on the right side of your screen.
- You’ll see a QR code and an address (alphanumeric code) underneath it.
- Copy the address; that’s your bitcoin wallet address.
Note: the same steps apply when getting addresses of all the crypto assets.
Alternatively, you can also get your wallet address via the Coinbase mobile app.
- Open Coinbase mobile wallet app.
- Click “Receive” on top of your screen.
- Please choose your preferred coin from the list, search to find it faster.
- If Bitcoin, you’ll see your wallet address displayed immediately. You can copy or share the address.
How Do I Put Money (Cryptos) In My Coinbase Wallet?
We want to assume you are completely new to cryptocurrencies. Well, technically. But if you’ve read this far, you now know how to create a Coinbase account as well as finding your bitcoin wallet address. We guess the last part is funding your wallet.
There are a few ways to get funds into your newly created Coinbase wallet.
- You can give out your wallet address to someone who wants to pay you with cryptocurrencies. Well, you must have offered service or sold a product for this to happen.
- You could have funds on other wallets and want to move them to Coinbase. All you need to do is send the coins to the wallet address as generated previously in this article.
- You can buy bitcoin on Coinbase. Here’s a guide on how to buy bitcoin on Coinbase. It’s an illustrative guide. We are sure you’ll find the process super easy as this one.
We guess we answered your question; if Coinbase wallet is safe or not? The platform is one of the leading platforms in the cryptocurrency world and highly reputable. So, you rest assured that your funds on Coinbase are safe. However, make sure you use recommended security measures to secure your funds.