ERC-20 tokens are a specific type of cryptocurrency tokens that are based on the Ethereum blockchain. Some tokens that are ERC-20 can be found on the Coinbase centralized exchange (CEX). However, you can add those and many more to your Coinbase wallet. The Coinbase CEX is one of the most liquid exchanges in the world. It supports assets based on several different blockchains.
It is important to note that the Coinbase Wallet can’t support all ERC-20 tokens in existence. However, they can still support the most significant ones of them. If you’re looking to know how to add an ERC-20 token to your Coinbase Wallet, you’re at the right place. This guide should take you step-by-step through the entire process of how to do so.
How to Sign Up to the Coinbase Wallet
Before you can add an ERC-20 token to your Coinbase Wallet, you must first sign up and create an account on the Coinbase Wallet app. This account is different from the account you have to create on the Coinbase exchange. Here is how to sign up for the Coinbase Wallet.
Step 1 – Download the Coinbase Wallet
The first step is to actually download the Coinbase wallet. This wallet is available on both the App Store and Play Store. Therefore, as long as your iPhone or Android device is up-to-date, you should have no problem downloading the Coinbase Wallet application. It is important to note that the Coinbase Wallet app is different from the Coinbase app.
Step 2 – Create a Coinbase Wallet Account
Once you have downloaded the Coinbase Wallet app, the next step is to create an account on the application. If you already have a wallet, you can go ahead and select the ‘I already have a wallet’ application. Otherwise, continue with the ‘create new wallet’ selection.
Step 3 – Choose a Recovery Phrase
Since you’re going to be storing some precious cargo in your Coinbase Wallet, you need to ensure that this wallet has a backup. As a result, you need to choose a recovery phrase in the next step of this process. This is a unique phrase that you will need to enter whenever you can’t access your Coinbase Wallet. It is important to note that this phrase is not your password.
Step 4 – Create a Password
Once you’ve chosen your recovery phrase, you need to create a password for your Coinbase Wallet account. You’ll be able to see if your password is strong enough to prevent any hacks. We recommend using a password that has both upper and lower-case letters as well as numbers and special characters.
Step 5 – Create a Username
The final step in creating a Coinbase Wallet account is to choose a unique username. You can either choose a new one or you could import an existing ENS that you already own. It is important to note that you can only change your username once a year so choose it wisely. Once you’ve selected your username, you will be able to access your Coinbase Wallet dashboard.
How to Add an ERC-20 Token to your Coinbase Wallet
Now that you’ve successfully created an account on Coinbase Wallet, you can move on to add an ERC-20 token to your wallet. The following guide will reveal a step-by-step process of how to do so. It is important to note that this guide works on the assumption that you already own ERC-20 tokens elsewhere, and you would just like to add or import them to your Coinbase Wallet. Here is how to do so.
Step 1 – Login to your Coinbase Account
The first step to add an ERC-20 token to your Coinbase Wallet is to set up your wallet with your Coinbase account. This account is different from the account you just created on Coinbase Wallet. If you don’t already have a Coinbase account, you would need to create one first before moving on to the next step.
Step 2 – Select Receive on Dashboard
Once you’ve logged in to your Coinbase account, you would be able to access your Coinbase Wallet dashboard. You’ll see several services here but if you’re looking to add an ERC-20 token to your Coinbase Wallet, you would need to click on the ‘receive’ button to do so. This will allow you to import your ERC-20 tokens from another platform or wallet.
Step 3 – Copy your Ethereum Wallet Address
Once you’ve clicked on the ‘receive’ button, you’ll see several different token addresses. If you’re looking to import an ERC-20 token from another platform or wallet, you will have to copy the Ethereum wallet address that will show up in this tab. This is a unique address that is specific to your Coinbase Wallet account.
Step 4 – Paste Wallet Address on Token Platform
Once you’ve copied your Ethereum address, you have to paste it on the platform or wallet from where you’re looking to import your ERC-20 tokens. On that platform, you’ll get the option to send tokens elsewhere. You have to enter this wallet address in that section in order to send those ERC-20 tokens to your Coinbase Wallet.
Step 5 – Receive Tokens to your Coinbase Wallet
Once you’ve sent your tokens to your Coinbase Wallet from the platform where they were originally located, you can confirm that you received them through the top left corner of your dashboard where you’ll see the numeric value of all the tokens in your Coinbase Wallet. By this step, you would’ve successfully added an ERC-20 token to your Coinbase Wallet.
Final Verdict
While the Coinbase centralized exchange is not compatible with all ERC-20 tokens, you can still send and receive some of them through your Coinbase Wallet. The process has been made fairly simple so long as you create a Coinbase account and a Coinbase Wallet account. Coinbase doesn't ensures that all transactions are performed securely with no risk of being hacked as transactions on the blockchain and via a self-custody wallet are all your responsibility. It is important to note that the wallet doesn't charge transaction fees either but that blockchain transaction fees will apply, depending on each blockchain. Overall, the Coinbase Wallet is trusted by crypto investors worldwide and helps people take charge of their own funds.
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