coinbase wallet it's extremely easy to get started and have your own crypto wallet and that's why in this coinbase wallet review I'm gonna show you how to use coinbase wallet and that includes a lot of things from setting up the mobile app to the Chrome extension to backing up to moving funds changing networks getting a coinbase ID so if that sounds good feel free to relax hit the like button and let's get started before downloading coinbase wallet there are a few things you need to know if you are new to crypto wallets if you are a crypto veteran that is already familiar with this stuff uh feel free to hang out and just watch these videos while I talk on this side of the screen so first of all coinbase wallet and all other crypto wallets that are software based through like a mobile app are free they do not cost anything to use but it does cost money to use the wallet because you have to pay Network fees so if you're using ethereum you have to pay the network fees using the ethereum cryptocurrency if you are using base they also use the ethereum cryptocurrency to pay for fees but that's not the same for every Network let's say you're using B and B chain or polygon with BNB chain you pay with BNB with polygon you have to pay with the Matic coin which will also soon be called poly or polygon something like that so for example let's say you send 100 usdc to your crypto wallet and it's sitting on ethereum and you only have usdc on there those funds can't move at all you will not be able to move the cryptocurrency in your wallet because you can't pay for Network fees now I know you're thinking oh I have 100 usdc just take some of that usdc and pay for Network fees well it doesn't work like that and this goes for all networks you need the official Network coin to pay for Network fees so you would be responsible for learning what kind of gas you need to send to your wallet to pay for Network fees otherwise those funds are just going to be stuck there for a coinbase wallet you do not need a coinbase account you can restore any other type of wallet that is evm compatible that is something like metamask or trust wallet you're going to have a 12 word seed phrase and you could use that seed phrase to restore your wallet to coinbase wallet specifically so you don't necessarily need a coinbase account to use coinbase wallet although these are two completely different entities coinbase.com can't help you if you lose funds in your coinbase wallet because they don't own those keys you do and that's the thing about having your own wallet you own the keys you are responsible for your own funds if you get hacked if you make a mistake if you lose your backup then that money is just going to be gone and coinbase can't help you coinbase wallet is just an application to help you use cryptocurrency in decentralized finance where you own your cryptocurrency that that's all it does coinbase can't help you and no one can but there is going to be a lot of scams with people pretending that they can help you so watch out for that and you should never give your seed phrase out that's that should be a given it's like giving the keys to your bank account it's like all right here's all my banking information uh please save my account no you're gonna lose your money that way so be very careful and when it comes to multiple networks on chain there there's a lot and the evm compatible ones like BNB chain polygon arbitrum optimism base they all work with the same wall bullets so if you have an ethereum address starting with a 0x in your own private Wallet not an exchange account your wallet exists on multiple networks and all you have to do to use a different network is to change your network connection so your wallet address is going to be the same for multiple networks but the coins you have in each Network are isolated to that Network which means if you have ethereum on ethereum mainnet you can't use that same ethereum on base chain or BNB or Avalanche you need to bridge those assets over it and whenever you bridge assets those are additional fees you're gonna have to pay for all right I'm glad you made it through the things you should know section now let's get started with coinbase wallet downloading coinbase wallets so we are gonna go to the coinbase website we're gonna look for wallet and then we're gonna download coinbase wallet now this is going to give us options for the iOS store the Google Play Store and for the Chrome extension the reason we're going through the official coinbase site is so we don't get scammed because hackers and scammers are going to promote a fake app where the result will be you sending money to them rather than to your own crypto wallet so to stay safe out there you're going to want to use an official link and after downloading the official app we can get started now the experience between an iPhone and an Android device is going to be very different but for the most part we're going to focus on Android devices and uh just a side note iPhones are great because you get security updates seven years after that phone launches whereas Androids it might be like three years especially if it's like a pixel so if you want like long-term security iPhones might be the way to go but I'm very comfortable using an Android device so that's what we're going to use for this video now when we're setting up our wallet we have an option to restore an existing wallet and that's by hitting I already have a wallet or creating a new wallet if you want to restore a wallet from let's say trust wallet or metamask you're going to have to use your 12 word seed phrase yes it is compatible so you would be able to import a wallet that you used somewhere else with coinbase wallet additionally if you made a wallet in the past you could have restored it with Google drive or iCloud you will just need the password that you set to your wallet to unlock it which is just an extra security measure so if anyone gets a hold of your iCloud or Google Drive they won't be able to steal your crypto now I really enjoyed the Android experience because I was able to set up a wallet in just a few clicks whereas with the iPhone it was the more traditional method of like saying hey you're going to need to set up your seed phrase you won't necessarily need to back it up immediately but that is another hurdle for people having to manually back up and write down your C phrase which is very important but if we want Mass adoption it just has to be a lot easier but with addition of being able to back up your wallet to cloud storage it is getting easier while setting up your wallet you'll also have the option to claim a username this is a username.cbid so it's going to be your coinbase ID and it just makes it easier to interact with your wallet so instead of using that 42 character 0x address you can just type in your name.cb.id if your name is available and later in your D5 Journey you're going to find this a lot more convenient than having to copy and paste the right address every time you know that address because it's like seeing an email address it's like hey that's my name that's my ID I know where these funds are going and let's say you did not set up a username you it wasn't an option you forgot not a problem you can always do that later from your wallet just select address at the top left then at the bottom add and manage wallets select address 1 then claim a username and then the process is straightforward from there all right so this is how you back up your coinbase wallet we're going to go into settings at the bottom right then we're going to select our wallet you can see I have already added a username so I'm going to select that then we're gonna go to recovery phrase it's going to ask for our fingerprint here I'm going to hit allow now if I want to back up my wallet I would uncensor this write down that seed phrase secure it and make sure I have copies of it but if I want to do something more simple I just scroll down to backup on Google Drive so I'm going to allow this we're gonna set a password for our Cloud backup and then you got to read this here just so you know that uh you could lose access to your funds so I understand that if I lose my password I will not be able to access my recovery phrase resulting in the loss of all the crypto in my wallet and I'm okay with that so hit continue backed up to Google Drive so now we have have a Google Drive backup funding your wallet so we want to add some crypto to our wallet so we can use it and whenever you are using your wallet you are going to need to pay for gas fees so let's say for example you've got 100 USD senior account you can't do anything with it you can't move it you can't transfer it you can't send it anywhere because you need to pay for gas fees and to pay for gas fees you need the network coin for that and that could change depending on what network you're on so for base they use ethereum for the ethereum network they also use ethereum for the optimism Network they also use ethereum for B and B chain they use BNB for the polygon networks they use the Matic token which was going to be called the poll Pol token in the future so if you're gonna jump into decentralized Finance you need to be aware of what network you're using and what token you need to pay for those gas fees so for coinbase wallet we are going to fund our wallet through coinbase now you don't need a coinbase account to use the coinbase wallet but since coinbase wallet and coinbase have a close relationship it does make it a lot easier to transfer funds now if you want to fund your wallet through another exchange or another source you can all you need is your wallet address you need to provide that and that's where you send the funds you just have to make sure you send the funds to the network you want to use so with coinbase wallet we do have the option to transfer from coinbase and to do that we are going to need to log into our coinbase account through coinbase wallet and when connecting our account we do have some authorization options and by default at least for myself it says debit money from your account this app will be able to send up to a maximum of 25 000 US dollars per month on my behalf I'm gonna change this amount to a much smaller amount just for security reasons and then after authorizing that our account is connected so now now to find my wallet I have two options buy new asset or transfer from coinbase since I have some ethereum in my coinbase account I'm going to transfer that by selecting transfer from coinbase ethereum now the user interface could improve here because it says buy ethereum and it's making it seem like I'm buying crypto again and there is an easy solution for that all we have to do is hit source of funds and instead of US Dollars we are going to select ethereum that is the ethereum balance we have in our account and that's what we're going to send from our coinbase crypto exchange account to our coinbase wallet and if you are new to all of this I highly recommend sending a small amount as a test until you're comfortable sending larger amounts so in the order preview page you can see that we are sending 0.01 ethereum and that is the coin we're sending the address we are sending to and then the network now we have several options for networks here by default it's going to be on ethereum if we want to send ethereum on a base train then we need to change the network so be aware of this because it's very easy to overlook this and then you're going to have assets on the network you might not really need you can see that coinbase supports ethereum based arbitrum optimism polygon and Avalanche at the moment and all of these have a very low Network fee so with that we're going to do polygon I'm going to hit confirm and then we have to do our authorization code and then we have ethereum in our account now I did this because it was a promotion where you get a free nft and coinbase has a lot of these promotions like coinbase quests these are different activities you can do to get either free cryptocurrency or NFC keys and it helps you learn decentralized Finance it helps you learn all these decentralized applications and how they work but we're going to save that for another video because this is just on coinbase wallet how to move your funds from coinbase wallet back into the coinbase crypto exchange and then turn it into USD because that's what some people want to do if they want to cash out their crypto and hold it in their bank account so to do that we go into coinbase we select deposit at the top and we can hit deposit ethereum now this by default really depends on what you have selected here so we're going to hit deposit we're going to select ethereum and if we want to change the coin that's easy at the top left here you select ethereum and you can change that to any asset you like and for this example we will be using ethereum and in this small text here it says Network ethereum you select that and then you can choose which network you would like to use I think the user interface does have a lot to improve on because sometimes it's not that obvious so if we have ethereum on base train in our coinbase wallet then we would select base and then that is going to provide us a different crypto address because they're not always the same and then we would go into our coinbase wallet we would select our ethereum and then we would select send and then we're going to send all our ethereum to this address so we're going to hit Max and then next and then we want to scan so at the top right there is a QR code there then we are going to scan the QR code we have on coinbase everything here is pre-populated it shows us what the network fee is and then we just hit confirm and then this is going to send all the ethereum we have on base back into the coinbase crypto Exchange and if we want to sell the ethereum that we just sent into our account we will be in spots trading and coinbase hit cell we'll select the uh bid price the top bid price in the order book it's going to populate that for us we're going to sell any amount we want and then it says add to cash so we can select usdc or cash USD we'll hit cashusd hit sell and then we'll have USD in our account and if we want to Cache our USD out we would just go into our portfolio hit cash out and then we can withdraw those funds into a bank account how to set up the coinbase wallet Chrome extension and I highly recommend this if you are using a computer because it's going to make your life a lot easier when connecting to sites so here at the download coinbase wallet page we are going to download for Chrome we are going to add this to Chrome and then here it is it just popped up there so we are going to pin it to our Chrome browser and then we're going to open this guy up get a little animation I already have a wallet and then we want to select this at the bottom here link coinbase wallet mobile app I really think this should have been a full button because this is going to save you a lot of time it makes it super easy to connect your wallet to the extension so we are going to hit the link mobile app to keep your security credentials on your phone you can link your coinbase wallet mobile app to your desktop browser this means you'll approve transactions on your phone rather than in the browser so you will still need your mobile phone for transaction approvals but you can still connect everything using the Chrome extension it does make things very simple I'm going to hit continue then back in the wallet we are going to scan a QR code so at the top right that little empty box there we scan the QR code hit allow and we're connected that's it now we can use the Chrome extension to connect to multiple sites we can review things and it is just a very symbiotic link between the phone and the extension so once again if we want to approve a transaction it's still going to go through the phone but we're not going to have our phone out the whole time we are going to be using the full power of a full screen monitor and our computer rather than just staying on the small Mobile screen so that's the major benefit to using the Chrome extension all right a lot of information but I think it's time to take a tour of the coinbase wallet app we will be using the Android version starting at the top left that is our coinbase ID that's our username we can add and manage additional wallets so it won't just be one wallet it could be multiple wallets and you could have multiple cryptocurrencies on each of those wallets then over here these double boxing this allows you to copy your wallet address then we have this square box this allows you to scan a QR code then we have chat now this is a cool feature where you can get messages directly to your coinbase ID username and you can choose to accept those messages or not I haven't tried this out yet don't message me because I don't really use this wallet then we have our coinbase Wallet balance it's a little low I spent a lot of it on nfts so back at the top we hit buy and this allows us to buy or try transfer cryptocurrency from coinbase and that's just coinbase because that's for buying next we have swap so this brings us to a decentralized exchange where we can swap assets so let's say we are on base we have ethereum we want to change our assets let's say ten dollars and then we have to choose what kind of asset we want to change this to it could be usdc on coinbase so that's what that stands for die coinbase wrapped eth balancer XLR Prime there's a lot of coins there I don't endorse any of them just because it's a new chain there's a lot going on and you don't know what is trustworthy at the moment but you'd go here if you want to swap crypto assets using the built-in coinbase swap feature I'm not sure where the uh aggregate liquidity from I'm sure they've partnered with another decentralized Exchange then we have bridge where we can move assets from base to ethereum or other chains so at the top we have a drop down we can select multiple networks here so if we want to change from base to ethereum we can do that let's say we want to move all our ethereum on base over to the ethereum network we can do that and it shows how much it's going to cost and how long it's going to take so there is no coinbase fee but there is a bridge fee of 3.65 cents and yeah it's gonna take about 20 minutes which is pretty fast and then moving on we have sent this allows us to send cryptocurrency from our wallet to anywhere so we can see the assets I have available the nfts I have available and we can send any one of those to another crypto address then we have receive and this is going to show us our different addresses that we have available to receive assets so we have our ethereum address which we can use for multiple networks we have our Bitcoin address and then we have our other assets so we have a Dogecoin address Litecoin and Solana next up promotions so here you're going to see a lot of different promotions that coinbase wallet may be advertising then we have our crypto and our nfts and then D5 so each of this gives us a different display of what they're advertising or what we may have and this is all for the first page under assets then we have transactions it shows our transaction history we have a browser and in the browser you'll see at the top left Quest so these are coinbase quests where you get familiar with using D5 products and things and you get rewarded for it now the rewards aren't that significant uh but it is an educational experience and you get paid to do that so at the moment there is up to 36 dollars in rewards I think it's a little higher than that but uh I did some of the activities as a test earlier so it's less now if you happen to jump into any of these apps in the browser let's say unchain summer and you can see at the top right the network we are connected to we are on base train if we want to change the network we just select that and then it shows us the different networks that are available at the moment and if there's a network that isn't available we're gonna have to add that Network manually to do that we go into settings Networks and then plus sign at the top right so then we can really add any evm compatible network to coinbase wallet so back in browser if we want to go back to the home page we just hit browser again and that resets our display scrolling down it shows the top depths those are decentralized applications that you can connect your wallet to you can see we have manifold on-chain summer stand with crypto it's like nfts and other decentralized finance apps then collect swap earn manage and it all depends on what you want to do in the crypto world but there are more decentralized applications available than what's displayed in coinbase wallet you could always check D5 llama to see what's trending and what's being built then in explore pretty much the same thing as browser or very similar to it and then in settings uh it went back to network so we're going to hit settings again and that's going to reset us back to the home page of settings so anytime you want to reset the page you just select that icon again so in settings you can see we can just manage our coinbase wallet settings and that's it so coinbase wallet pretty straightforward this is very detailed I hope it was helpful I know it was long but if you are new to coinbase wallet especially people who haven't used D5 or wallets before I hope it was very helpful thanks for liking the video and that's it I hope you got your full value for today