How to Transfer Crypto from Coinbase to Trust Wallet
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Transferring your crypto from Coinbase to Trust Wallet is a straightforward process that involves a few easy steps.
By following this guide, you’ll learn how to transfer your digital assets from Coinbase to Trust Wallet, giving you complete control over your assets.
So, if you’re ready to start your journey toward managing your cryptocurrency assets, let’s explore how to transfer your crypto from Coinbase to Trust Wallet.
Coinbase to Trust Wallet
Although cryptocurrency exchanges have their own wallets, and these digital wallets allow you to purchase cryptocurrency through them, it is common practice to use these platforms for all your buying/purchasing/staking activities.
They are also widely used for storing your funds for the long term, connecting to crypto websites, and sending funds to people. This creates an interesting dynamic between wallets and exchanges and affects how they connect the blockchain world together.
In this article, we will cover how to transfer your funds from a wallet to an exchange and vice versa. For this purpose, we will be using Coinbase and Trust Wallet as examples.
First, however, we need to look at the functions of cryptocurrency exchanges and wallets and see how they serve different needs in the crypto market.
The Use-Cases of Exchanges and Wallets
The process of buying and selling cryptocurrencies is somewhat complex. If you’re buying crypto to store it for the long haul or using it to buy goods or services online, the procedure is not that complicated.
However, if you are looking to be an active trader, whether for swing trades on spot-trading or long/short futures contracts, you need a lot of tools at your disposal with an easy-to-use interface. Exchanges provide you with these features and much more.
Binance, for example, has an integrated trading terminal that shows you the price movements of various cryptocurrencies and has options for all the indicators that websites like TradingView have to offer.
Since trading is a process that involves funds being transferred from-and-to thousands of wallets on the fly, exchanges have a lot of sophisticated security measures in place to ensure that your funds are protected. They use two-factor authentication, multi-signature wallets, and cold storage to protect your account from being hacked.
Trading on an exchange is also a lot cheaper than trading on a wallet. Trust Wallet, for example, charges up to 5% on the purchase of cryptocurrency, which is akin to a king’s ransom in the crypto world. However, exchanges like Coinbase charge a far lower exchange rate, between 0.99% and 2.99%.
Thus, even if you discount all other factors, it is always the wiser choice to shift your funds to an exchange before using them for trading.
Wallets, on the other hand, are more useful for the long-term storage of funds. They are very useful as your personal identity on the internet and are required to interact with any forum or website that is based on the blockchain. Being fully decentralized, they also allow you complete control over your funds.
Now that we understand the various applications of exchanges and wallets, we can move on to the subject at hand: how to transfer your cryptocurrency from an exchange to a wallet and vice versa. As previously mentioned, we will be using Coinbase and Trust Wallet as an example.
What are Coinbase and Trust Wallet?
Coinbase is a US-based, publicly-traded company that primarily operates as a cryptocurrency exchange. It is one of those few crypto platforms out there that exist solely on the internet.
Coinbase has no physical headquarters, and all employees work remotely. It was founded by Fred Ehrsam and Brian Armstrong in 2012 and is currently one of the most reputable cryptocurrency exchanges. The number of listed currencies exceeds 200 and is rising at a consistent rate.
Trust Wallet is one of the relatively new players in the cryptocurrency wallet market. It was launched in November 2017 and has managed to amass a lot of followers since then. It currently supports 53 blockchains and has over a million assets that can be traded and stored on the platform.
It places special emphasis on security by providing bank-level security, local key storage on devices that use a client-based infrastructure, and user authentication at the application level when accessed from an unlocked device. Acquired by Binance in 2018, Trust Wallet is working diligently to enhance the wallet’s functionality.
Both Coinbase and Trust Wallet are the top players in their respective industry segments. Now that we have been introduced to the wallet and the exchange, let’s turn to the steps to transfer crypto from Coinbase to Trust Wallet.
Steps to Transfer Crypto from Coinbase to Trust Wallet
1. Install the Wallet
Some people start directly at exchanges; they purchase stablecoins from their credit/debit card, get into trading crypto, and then realize that they want to move their funds to a wallet. If you’re one of those people, you will need help setting up the wallet.
You can install the application from the play store or the app center, depending on what device you use. When you launch the app, you will have the option to create a new wallet or import an existing one. For this tutorial, we’ll assume you will be creating a new one.
On the next screen, you will be prompted to accept the terms and conditions. After that, you will be given a recovery phrase. This step is perhaps the most important part of setting up a wallet.
Be sure to copy it and save it in multiple locations, and preferably also write it down and keep it in a safe location. If you lose this, you lose your wallet. Next, you will be prompted to verify your seed phrase, and after that, you’re done!
There are some customization options available, like changing the local name of your wallet. You can also set up multiple wallets if you want. Just go into settings, press the + symbol, and you will be redirected to the first screen to either import or set up a new wallet.
2. Choose Your Crypto
Once you have finished setting up the wallet, you can simply tap on it in the Trust Wallet app to see a list of accessible cryptocurrencies. Click on the one that you would like to transfer into your wallet, and you will see a screen where a blockchain address is shown. Copy this address.
3. Launch Coinbase
If you have been using the browser version, you can just open the website. If you want to complete the process on your phone, you will need to install the app. Once you open the app, you will see various options in front of you.
Tap on the send button, and you will be redirected to a page where all your coins are visible. From here, click on the currency that you would like to send to your wallet. Remember, it absolutely must be the same currency that you chose while copying the address in your wallet.
4. Select the Recipient
After you’ve selected the coin, you will be prompted to enter the amount that you want to send. After you enter the amount, you will be moved to the select recipient page. Paste the address that you copied from Trust Wallet into the To: field. Click the ‘Preview Send’ option to proceed to the confirmation page.
Send the Crypto
The final screen will show you how much crypto you are sending, the address, and the network fees that you will be charged for the transaction. After you tap ‘Send Now’, depending on how much traffic there is on the network, your money will reach its destination in 30-60 minutes.
We hope that this article enhances your knowledge of cryptocurrency exchanges and cryptocurrency wallets and that it will prove to be useful when you want to transfer your money from Coinbase to Trust Wallet.
The blockchain world can be very intimidating for the uninitiated, but once you start, things become easier and simpler with each step that you take.
The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.