TradingBull's Guide to Onboard: Coinbase Wallet

By TradingBull | TradingBull_articles | 5 May 2021

TradingBull recognizes that crypto traders must utilize several different platforms to manage a diversified portfolio. As we continue to build out the complete trading interface that unites these platforms within a single view, TradingBull will highlight the steps traders take to register for these services.

Coinbase, and their Coinbase Wallet service, has emerged as one of the leading tech providers in their cryptocurrency space. While the Coinbase exchange allows users to buy sell and trade digital Assets, Coinbase Wallet allows users to keep those assets safe by taking custody of their own assets and moving them away from a centralized exchange.

Registering for a Coinbase Wallet is a quick process that does not require any phone number, email address or any sort of personally identifiable information. Here is how to register for a Coinbase Wallet and start keeping your crypto assets as safe as possible.

New or Recover?

After downloading the app from the App store and launching on a mobile device, users are greeted with the above landing page. Whether downloading the app for the first time, or re-downloading the app after previously deleting it, the wallet will ask users if they would like to create a new wallet or if they have already signed up for a Coinbase Wallet.

If users have already been through the onboarding process before, choosing that they do already have a wallet will prompt the to restore their account with the 12 word seed / recover phase (more on that below).

Legal

If this is the users' first time creating a wallet, they will be able to view and accept the Terms of Service and Privacy Policy of Coinbase Wallet on the next screen. Accepting this brings users to the following screen, where they are able to choose their usersname.

Username

This choosen username, beyond the public key, is a way for wallet users to find each other and transfer funds they keep in their custody. Users just need to make sure that your preferred username is still available!

Privacy Preferences

Next, users enter their privacy settings, which can be changed later in the settings after completing the full onboarding process. This allows users to decide if the username they entered on the previous screen is searchable by other wallet users. It is important to understand that associating the address between the PII and public key address can create vulnerability potentials for users that are ultra-security focused. Users should decide what option strikes the right balance between convenience and security when choosing their privacy preferences.

Login Protection

Next, users enter the passcode of their choice or can associate their account using their Face ID. But the true security of all crypto wallets lies on the next screen of the Coinbase Wallet onboarding process, where users are shown their mnemonic seed phrase.

First implemented with Bitcoin's BIP-039, this is a combination of 2048 English nouns, adjectives, and verbs that serve as the user's private keys. The following screen, which also requires a user confirmation of understanding, reinforces the importance of this phrase for new users. If these twelve words are lost or forgotten, access to the account and its assets will be lost forever too!

Backup

Users can choose to back up their phrases via their iCloud account or to back up themselves by manually transferring (writing down) these phrases to their preferred secure location.

Confirm

After the phrases have been backed up, users then conclude their onboarding process by entering the seed phrase again, in the correct order, with the options that are presented on the screen. Here, users simply choose their back up phrases from the twelve shown on screen in their originally presented order.

From there, users have access to their Coinbase Wallet account and can receive, send and custody their funds as they wish. By clicking on the settings gear in the bottom left, users are able to access the 10 wallets accounts that are included with the single Coinbase Wallet log in. Considering many traders and investors choose to custody their assets in different ways (multiple smaller wallets for the same asset, separate assets kept in separate wallets, or however they wish), 10 separate wallets adds a convenience many traders may value.

Registering for a Coinbase Wallet is a quick and straightforward process that can save traders a investors and traders a lot of pain in the event of a security breach. In just 3 minutes, users can create a custody account that allows them to take back control of their keys and Digital Assets. TradingBull plans to integrate the Coinbase Wallet into our complete platform for Digital Asset traders.