How do I create a new Coinbase Wallet wallet?

Setting Up Your Coinbase Wallet: A Step-by-Step Guide

1. Download the Coinbase Wallet application from the official App Store for iOS devices or Google Play Store for Android. Ensure you are accessing the genuine app by verifying the developer name is 'Coinbase, Inc.' to avoid phishing attempts.

2. Open the app and select the option to create a new wallet. You will be prompted to choose between creating a new wallet or importing an existing one. Tap on 'Create a new wallet' to proceed.

3. Set up a strong password that includes a mix of uppercase letters, lowercase letters, numbers, and special characters. This password protects access to your wallet on the device and should never be shared with anyone.

4. The app will generate a 12-word recovery phrase. This phrase is crucial for restoring your wallet if you lose access to your device. Write it down exactly as displayed, in the correct order, and store it securely offline—never save it digitally or share it online.

5. Confirm your recovery phrase by selecting the words in the correct sequence within the app. This step ensures you have properly recorded the phrase and understand its importance.

Fundamentals of Wallet Security

1. Never disclose your 12-word recovery phrase to anyone. Scammers often pose as support agents and request this information; legitimate services will never ask for it.

2. Enable biometric authentication such as fingerprint or facial recognition within the app settings to add an extra layer of protection when accessing your wallet.

3. Avoid taking screenshots of your recovery phrase or storing it in cloud storage services like iCloud, Google Drive, or email. Physical theft or data breaches could compromise your assets.

4. Regularly update the Coinbase Wallet app to ensure you have the latest security patches and feature improvements directly from the developers.

5. Use the wallet only on trusted, personal devices. Public or shared devices increase the risk of unauthorized access or malware infiltration.

Interacting with Decentralized Applications (dApps)

1. Once your wallet is set up, you can connect it to various decentralized applications using WalletConnect or direct browser integration. Tap the dApp browser within the app to explore compatible platforms.

2. When connecting to a dApp, review the permissions being requested. Some may ask to view your balance or initiate transactions—ensure you trust the platform before approving.

3. Transactions on blockchains incur gas fees, which vary depending on network congestion. Monitor these costs before confirming any interaction, especially on Ethereum or Layer 2 networks.

4. After completing a transaction, verify its status on a blockchain explorer using the transaction hash provided in the app. This confirms successful execution and finality.

5. Keep track of token approvals granted to dApps. Over time, excessive approvals can pose risks. Use tools within the wallet settings to revoke unnecessary permissions periodically.

Recovery phrases must remain offline and confidential—this is the single most important aspect of securing your digital assets.

Always double-check URLs and smart contract addresses before signing transactions to prevent interaction with malicious entities.

Your private keys never leave your device; Coinbase Wallet is non-custodial, meaning you alone control your funds.

Frequently Asked Questions

Can I use the same recovery phrase for multiple wallets? No. Each wallet generates a unique recovery phrase. Reusing a phrase across different apps may lead to fund loss or confusion about asset ownership.

What happens if I forget my password but have the recovery phrase? You can reinstall the app and use the 12-word recovery phrase to restore access. The password only secures local device access and does not affect wallet recovery.

Is Coinbase Wallet the same as a Coinbase.com account? No. Coinbase Wallet is a self-custody wallet independent of the Coinbase exchange. It does not require linking to a Coinbase.com account to function.

How do I receive cryptocurrency into my Coinbase Wallet? Tap the “Receive” button in the app to display your public wallet address. Share this address with the sender or scan their QR code to ensure accuracy.