Coinbase Wallet - How to Use Coinbase Wallet: Complete Guide

Coinbase Wallet- Learn to set up your crypto wallet on the go!Coinbase is almost synonymous with cryptocurrency or Bitcoins as this exchange is trusted by a lot of users in the past and they are continuously using its diverse services for a long now. And, we are here to tell you about one of its most efficient services i.e. Coinbase wallet. This wallet service is supposed to keep you intact and help you with your crypto needs.Now, if you do not know what a crypto wallet is and why do you need it then you should definitely read the upcoming sections to enhance your knowledge on the same.Well, we all need to have access to a crypto wallet so that we can store our purchased cryptos in it but again, this comes with a lot of confusion. Due to the availability of a variety of wallet services, we may not be able to decide which wallet would be safe for us. Although offline wallets are considered the best among all wallets, when it comes to choosing software wallets, Coinbase wallet is definitely users' first priority.So, what is a Coinbase wallet?A Coinbase wallet is not only made for storing your cryptocurrencies, but you can also use it to store some other digital collectibles and assets. The wallet supports multiple cryptocurrencies and all your stored cryptos are insured and all of this is really hard to find in a wallet service. And, when it comes to wallet safety, you should note that this wallet comes with high-end security features along with giving you an option to enable two-factor authentication. Not just that, the wallet is present in the form of an app as well so that you can securely access your wallet right from your mobile phone.Who can use this wallet service offered by Coinbase?The Coinbase wallet is extremely useful for all those users who have already created an account on one of the available exchanges and have some cryptos with them. Following is the list of businesses and organizations that use Coinbase wallet to safeguard their cryptos:
  • Finance industry
  • IT sector
  • Real estate
  • Telecommunication industry
  • Retail businesses
Exclusive features that come with a Coinbase walletThe Coinbase wallet comes with a wide range of features that allow users to build a great portfolio and all of these features of the Coinbase wallet are listed below:
  • Supports multiple coins
Coinbase pretty well knows that there are a lot of cryptocurrencies available in the market and people would also like to trade with lesser-known cryptos as well. So, they have taken this thing into consideration and this is the reason why it has created the wallet in such a manner that it helps users to store a wide variety of cryptos.
  • High-end security
Coinbase has taken strict security measures to make sure that the cryptos that you have purchased and stored in it would always remain away from the evil eyes. By applying the two-factor authentication on your account, you can ensure that nobody could access your wallet except you. Additionally, they use AES-256 encryption technology to give you the highest safety standards.
  • All your cryptos are insured
Keeping your cryptos insured is one of the greatest perks of joining the Coinbase wallet. Even if their system gets hacked, you will not lose your cryptos.Is Coinbase wallet free?This wallet service is offered free of cost to the users in case they are already using Coinbase exchange to buy and sell cryptos. To begin using this wallet, you can use your existing Coinbase account or sign up for a new account to set up your wallet. Once you are done with this, you can also use the wallet service on your mobile phone.How to set up a Coinbase wallet?To begin the procedure and complete it right away, you can follow the instructions given below:
  1. At first, you need to navigate yourself to the Application Store on your Android/iOS
  2. Download and install the wallet app on your device by searching for "Coinbase wallet"
  3. Launch the application and you'll see the welcome screen
  4. Choose one of the options i.e. to create a wallet or to use an existing one
  5. If you choose the option to set up a new wallet, you need to go through the legal terms
  6. After doing so, click on the "Accept" option to show your agreement
  7. Pick your username and select your security preferences
  8. Choose one of the wallet security options- Face ID, Fingerprint, passcode, etc.
  9. At this stage, you need to back up your wallet with the secret recovery phrase
  10. Save the recovery phrase and you will see your portfolio on the screen
Conclusion:In the detailed read above, we have learned different topics relating to the Coinbase wallet. By creating a Coinbase wallet, one can ensure that his purchased cryptos are safe and insured. Since this wallet service comes for free, any crypto trader, beginner or professional, can use this service and store a wide range of cryptos in one place. To learn more on how to use it, you can refer to the different sections given above in this post.