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A crypto wallet is a place where you can securely keep your crypto. There are many different types of crypto wallets, but the most popular ones are hosted wallets, non-custodial wallets, and hardware wallets. Which one is right for you depends on what you want to do with your crypto and what kind of safety net you want to have?

What is Coinbase Wallet?

Coinbase Wallet is a self-custody wallet giving you complete control of your crypto. This means that the private keys (that represent ownership of the cryptocurrency) for your Wallet are stored directly on your mobile device and not with a centralized exchange like Coinbase.com. You do not need a Coinbase.com account to use Coinbase Wallet.

You can view supported cryptocurrencies in Coinbase Wallet by opening the Wallet app and tapping Receive. Currently Coinbase Wallet supports: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC20 tokens (including USDC and DAI).

Please note that Coinbase Wallet is not the same product as Coinbase.com. If you’re looking to simply invest in crypto, Coinbase.com remains the easiest place to buy, sell, and manage your cryptocurrency.

What’s the difference between Coinbase.com and Coinbase Wallet?

Coinbase.com is a cryptocurrency brokerage where you buy or sell cryptocurrency in exchange for cash. Coinbase.com stores your cryptocurrency for you after you purchase it. You do not need a Coinbase.com account to use Coinbase Wallet.

Coinbase Wallet is a non-custodial wallet. The private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not within a centralized exchange like Coinbase.com. Think of your Coinbase.com account as a brokerage that can store your crypto for you, and Wallet like a traditional cash wallet that gives you direct and complete control over your own crypto assets.

What is a custodial wallet?

A custodial wallet is a wallet where private keys are held by a third party in order to manage funds on your behalf. Using a custodial wallet typically means you have to go through a KYC (Know Your Customer) process and submit various documents to complete onboarding. KYC is a way to identify and confirm that a customer is who they say they are.

In the case of your Coinbase.com account, Coinbase is the custodian.

What is a non-custodial wallet?

A non-custodial wallet is a wallet where your private keys are stored locally on your device, giving you full control over your funds. It’s also known as a self-custody wallet because you are the sole owner. Typically, your 12-word recovery phrase allows you to access and manage your funds and wallet. This should be backed up safely and never shown to anyone.

Anyone can sign up for a non-custodial wallet, even if you don’t have an email address or a bank account.

What are the key differences between custodial and non-custodial wallets?

1. Control of funds

For custodial wallets, your private keys and funds are managed on your behalf by a third party. For non-custodial wallets, you manage your own private keys and funds typically via a 12-word recovery phrase.

2. Transactions

Non-custodial wallets allow you to directly interact with decentralized applications, such as DEX trading, lending, liquidity pools, access to NFTs, etc. When you conduct a transaction, they are usually done in real-time and on-chain. With custodial wallets, your trades are managed and executed over a third-party exchange. You can also send your money from a custodial wallet to a non-custodial wallet to conduct further activities.

3. Security

With non-custodial wallets like Coinbase Wallet, all of the wallet’s information is held by you—you are the wallet owner. You can sign up for Coinbase Wallet without an email address or bank account. Your wallet is secured via a 12-word recovery phrase, which must be kept private and backed up securely. If you lose your private keys, Coinbase Wallet cannot help recovering your account. Never share your recovery phrase with anyone and back it up in a safe location.

Create a new Coinbase wallet

  1. Once you’ve installed the extension, select Create a new wallet.

  2. Click Create a new wallet and enter a username—this is how other Coinbase Wallet users can find you. Note that you will not be able to change your username.

  3. Securely back up your 12-word recovery phrase.

  4. Verify that you’ve saved your recovery phrase before moving onto the next step.

  5. Create a password to access your wallet.

Once the above steps are complete, then you can use your Coinbase Wallet extension immediately.

Important: Coinbase cannot recover your 12-word recovery phrase for you. We recommend storing it in a secure location, such as a password manager or writing it down and keeping it somewhere secure. Your recovery phrase is what gives you—and only you—access your wallet.