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Coinbase Wallet Extension is a secure, non-custodial crypto wallet designed to give you full control over your digital assets. Unlike traditional wallets, Coinbase Wallet Extension works seamlessly with your web browser, providing easy access to decentralized applications (dApps) and offering a secure way to store, send, and receive cryptocurrencies directly from your browser.
In this guide, we’ll walk you through everything you need to know to get started with Coinbase Wallet Extension, including installation, setup, managing your assets, and understanding how to stay safe. We’ll also include a disclaimer at the end to help you understand the responsibilities and risks involved when using the extension.
Coinbase Wallet Extension is a browser extension that integrates with your Chrome, Brave, or Edge browser, enabling you to access and manage your crypto assets from within your browser environment. The extension offers a seamless way to interact with Ethereum and other EVM-compatible blockchains, allowing you to use decentralized applications (dApps), manage your NFTs, and interact with decentralized finance (DeFi) protocols directly.
Unlike the Coinbase.com exchange, which is a custodial wallet, Coinbase Wallet Extension is non-custodial. This means that you control your private keys, giving you full ownership of your assets.
To get started with Coinbase Wallet Extension, follow these simple steps:
Once installed, the Coinbase Wallet icon will appear in the top-right corner of your browser window.
To keep the extension easily accessible, pin it to your browser’s toolbar:
Once you've installed the Coinbase Wallet Extension, follow these steps to create your wallet:
Click on the Coinbase Wallet icon in your browser toolbar to open the extension.
Create a New Wallet: Choose the “Create New Wallet” option. You'll be prompted to set a strong password for your wallet. This password will protect your wallet from unauthorized access in your browser.
Backup Your Recovery Phrase: During setup, Coinbase Wallet will generate a 12-word recovery phrase. This phrase is crucial for recovering your wallet if you ever lose access. Write it down and store it in a safe place, separate from your device. DO NOT share this recovery phrase with anyone.
After saving the recovery phrase, you’ll be asked to confirm it by selecting the words in the correct order. This ensures that you’ve securely written it down and can recover your wallet if necessary.
Once you’ve confirmed your recovery phrase, your Coinbase Wallet is set up, and you’re ready to start managing your assets.
Coinbase Wallet supports a wide variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and many ERC-20 tokens. Here’s how to add and manage your digital assets:
Go to the Wallet Tab: Once your Coinbase Wallet is set up, click on the “Assets” tab within the extension to see your current holdings.
Add Coins: If the asset you want to add isn’t listed, simply search for the coin or token using the “Add Token” feature. Coinbase Wallet supports multiple networks like Ethereum, Binance Smart Chain, and others, so you can add any compatible asset.
Get Your Address: To receive cryptocurrency, click on the asset you wish to receive and select the “Receive” option. You’ll be shown your public wallet address, which you can share with anyone who wants to send you crypto.
QR Code Option: Coinbase Wallet also provides a QR code, which makes it easier for others to send crypto to your wallet by scanning it.
Initiate a Transaction: To send cryptocurrencies, click on the asset you want to send, then select the “Send” button.
Enter Recipient Details: Input the recipient’s wallet address or scan their QR code. Double-check the address to ensure it’s correct.
Confirm the Transaction: Review the transaction details, including any network fees, and confirm the transaction. Once processed, the funds will be sent to the recipient’s wallet.
One of the key features of the Coinbase Wallet Extension is its ability to interact with decentralized applications (dApps). Here’s how you can use dApps:
You can browse through various decentralized applications like decentralized exchanges (DEXs), games, and DeFi platforms directly from your Coinbase Wallet. When you visit a dApp, the wallet extension will prompt you to connect your wallet.
To connect your wallet to a dApp:
Once connected, you can start interacting with the dApp, whether it’s for swapping tokens, staking, or participating in a decentralized marketplace.
When using dApps, you will often be prompted to sign transactions, such as approving token swaps or lending assets. Always review the transaction carefully before signing to ensure you’re not giving away access to your wallet.
While Coinbase Wallet Extension is a secure way to store and manage your digital assets, your security ultimately depends on how well you protect your recovery phrase and wallet password. Follow these best practices:
Your wallet password should be unique and complex. Avoid using easily guessable passwords like your birthdate or “123456”.
For added security, enable two-factor authentication (2FA) on your Coinbase account (if you use Coinbase for buying crypto) and other services you use with your wallet.
The recovery phrase is the only way to recover your wallet if you lose access. Write it down and store it securely offline. Never store it digitally (e.g., in cloud storage or email) to prevent hacking.
Be cautious of phishing attempts. Always verify the website and avoid clicking on suspicious links in emails or messages. Only download the Coinbase Wallet Extension from official sources like the Chrome Web Store.
Please Read Before Using Coinbase Wallet Extension
Non-Custodial Wallet: Coinbase Wallet Extension is a non-custodial wallet, meaning you are fully responsible for securing your private keys and recovery phrase. Coinbase does not have access to your wallet or its contents. If you lose your recovery phrase or password, Coinbase cannot assist you in recovering your wallet.
Risk of Loss: Cryptocurrency investments are highly volatile, and transactions on the blockchain are irreversible. Coinbase Wallet cannot be held liable for any loss of funds resulting from user error, hacks, or any other cause. Always double-check addresses and transaction details before sending funds.
dApp Interactions: When interacting with decentralized applications (dApps), ensure that you understand the risks involved. dApps are not controlled by Coinbase, and the security and functionality of these platforms are outside of Coinbase Wallet’s scope of support. Use dApps at your own risk.
No Refunds for Transactions: Once a transaction is broadcast to the blockchain, it cannot be reversed. Coinbase Wallet Extension does not offer refunds for mistaken transactions or network errors. Ensure you double-check transaction details before submitting them.
No Guarantee of Value: The value of cryptocurrency can fluctuate rapidly. Coinbase Wallet does not guarantee the value or stability of any digital asset. Always be aware of the risks involved in holding, sending, and receiving cryptocurrencies.
Coinbase Wallet Extension offers an easy and secure way to manage your cryptocurrency assets, interact with decentralized applications, and access the full potential of Web3. By following the steps in this guide, you can confidently get started and begin using your wallet with peace of mind.
Remember, security is paramount. Always back up your recovery phrase, use strong passwords, and be vigilant about phishing scams. If you have any questions or need additional support, refer to Coinbase Wallet’s official resources.
Important Reminder: Cryptocurrency investments are risky, and you should only invest what you can afford to lose. Always conduct your own research and stay informed about the risks associated with crypto.