How do I adjust my Coinbase Wallet gas fee settings? How do I protect Coinbase Wallet from phishing attacks?

How to Adjust Gas Fee Settings in Coinbase Wallet

1. Open the Coinbase Wallet app on your mobile device and ensure you are logged in securely.

2. Navigate to the 'Send' feature, where you prepare a transaction for any Ethereum-based token or ETH itself.
3. After entering the recipient address and amount, you will see an option labeled 'Network Fee' or 'Gas Settings'.
4. Tap on this section to reveal adjustable gas fee options: Low, Medium, and High priority levels.
5. Selecting 'Low' reduces transaction costs but may delay confirmation during network congestion, while 'High' expedites processing at a higher cost.
6. For advanced control, choose 'Custom' if available, allowing manual input of gas price (in Gwei) and gas limit based on current network conditions.
7. Confirm your selection and proceed to sign the transaction using your wallet’s authentication method.

Protecting Your Coinbase Wallet from Phishing Attacks

1. Always download the official Coinbase Wallet app only from trusted sources like the Apple App Store or Google Play Store.

2. Be cautious of links sent via email, social media, or messaging apps that claim to be from Coinbase; these could lead to fake login pages designed to steal your recovery phrase.Never share your 12-word recovery phrase with anyone, not even someone claiming to be customer support.
3. Enable two-factor authentication (2FA) within the app settings to add an extra layer of account protection.
4. Regularly review connected websites and dApps through the 'Connected Sites' section in the wallet and disconnect any unfamiliar or unused services.
5. Verify website URLs carefully—phishing sites often mimic legitimate domains with slight misspellings such as 'Coinbase-wallet.com' instead of the real 'wallet.coinbase.com'.Bookmark the official Coinbase Wallet website to avoid accidental navigation to counterfeit versions.

Recognizing Suspicious Activity in Decentralized Transactions

1. Monitor outgoing transactions closely, especially when interacting with new decentralized applications (dApps).

2. If a dApp requests permission to spend more tokens than intended, it could indicate malicious intent; always review allowance amounts before approving.
3. Watch for unexpected token approvals appearing in your transaction history, which might signal unauthorized access.
4. Use blockchain explorers like Etherscan to verify the destination addresses of your transactions match the intended recipients.
5. Install reputable security tools or browser extensions that flag known scam contracts and phishing domains when connecting your wallet online.

Frequently Asked Questions

What should I do if I accidentally approve a malicious token contract?Revoke the token approval immediately using a contract revocation tool like revoke.cash or the built-in feature in some wallet interfaces. This stops the contract from accessing your funds further.

Can hackers access my Coinbase Wallet without my recovery phrase?Direct theft of funds is unlikely without the recovery phrase. However, attackers can exploit session access on compromised devices or trick users into signing malicious transactions through phishing dApps.

Is it safe to use Coinbase Wallet on public Wi-Fi networks?Using public Wi-Fi increases exposure to man-in-the-middle attacks. Avoid conducting sensitive operations like sending funds or connecting to dApps unless using a secure connection such as a trusted VPN.

Why does my transaction fail even after setting a high gas fee?Transaction failure can occur due to insufficient gas limits, smart contract errors, or network-specific issues. Double-check the gas limit and ensure the receiving contract is active and compatible with the token being sent.