For any crypto investor, we hope that you know the importance of storing your Bitcoin and other cryptocurrencies in a cold wallet and NOT leaving them on an exchange.
With various wallet options, we understand how it can get frustrating and even overwhelming at times, but in this post, we are going to show you how to move your crypto from Coinbase onto two popular cold wallets. One that is non-electronic and the other that has electronic components.
A cold wallet, unlike a hot wallet, isn’t connected to the internet. This is what makes them a safer option for safeguarding your digital assets, especially for long-term holding. It ensures that your crypto is safe from hackers and other online threats as your private keys are stored offline.
So, let’s get into it and make sure that your crypto is securely stored!
Differences Between Non-Electronic and Electronic Wallets
A hardware cold wallet is the best way to store your crypto. But, there are categories of hardware wallets: non-electronic and electronic.
A non-electronic hardware wallet is a physical device that mimics a credit card or other object. It stores your private keys offline and gives you something tangible to “keep” your crypto in.
When compared to an electronic hardware wallet, the main difference is that there is a screen.
At first, you wouldn’t think that having a digital screen on a device would make a difference when it comes to security. But in fact, these screens need to receive the information that they are displaying from somewhere, right?
This means that programs, malware, and updates can be potentially compromised and result in your hardware wallet being hacked.
Not to mention, the need for charging or changing the battery is also present with an electric component.
For this post, we will demonstrate how to move your crypto from Coinbase to both types.
Step-by-Step Guide to Moving Crypto from Coinbase to Cold Wallets
Before you can move your crypto onto a hardware wallet, you need to make sure that your Coinbase account is set up and ready to transfer crypto.
Once you have done this, you are ready to move crypto from Coinbase onto the hardware wallet of your choice.
Moving Crypto to a Material Wallet (Non-Electronic Wallet)
For this guide, we will be using Ethereum as the selected crypto.
Step 1: Generate Your Material ETHER Wallet Address
➡️Scan the QR code on the card for quick access. You will need this public address to make the transfer in Coinbase.
Step 2: Transfer Crypto from Coinbase Exchange to Your Material Wallet
➡️Log in to your Coinbase account.
➡️Go to the “Send/Receive” section.
➡️Select the cryptocurrency you wish to transfer (Ethereum in this example).
Step 3: Enter Your Material Wallet Address and Complete the Transfer
➡️Enter the public address in the “To” section.
Step 4: Enter the Amount and Confirm
➡️Enter the amount of the cryptocurrency that you want to send to your wallet.
➡️Confirm that the information is correct and click “Send Now”.
THAT’S IT!
Now, you wait a few minutes for the transaction to take place.
Simply scan the QR code on the Material Wallet to check that you have received the crypto from the Coinbase exchange or you can follow the transaction on blockchain.com
Moving Crypto to Trezor (Electronic Wallet)
For this guide, we will be using Bitcoin as the selected crypto.
Step 1: Connect Trezor to Your Computer and Install Trezor Suite
➡️Connect your Trezor device to your computer using the provided USB cable.
➡️Go to the official Trezor Suite website.
➡️Install the app on your phone or computer.
Step 2: Set Up to Receive a Transfer
➡️Once in Trezor Suite, enter your PIN to unlock the device.
➡️Select the account (the cryptocurrency you want to receive).
➡️Hit “Receive”.
Step 3: Generate Your Trezor Wallet Address
➡️Click on “Show full address”.
Step 4: Confirm the Address
➡️Make sure that the address shown in Trezor Suite is the same that is shown on your device.
Step 5: Log into Coinbase and Send Crypto
➡️Log into your Coinbase account.
➡️Go to the “Send/Receive” section.
Step 6: Send Your Desired Crypto
➡️Select which cryptocurrency you want to send to your Trezor wallet via the “Pay With” button.
➡️Enter the amount you want to send.
➡️Confirm the Trezor address (from Step 4, you can scan the QR code or copy & paste the address via the app).
➡️Hit “Continue”.
Other Hardware Wallets
There are many other hardware wallets to consider that have both electronic and non-electronic components, such as Ledger wallets, Arculus and Ellipal, to name a few.
All of these hardware wallets have a similar set-up and transfer process to Material wallets and Trezor devices. As you can see from the example above, there may be some extra steps with electronic wallets, as you need to link and confirm addresses that are being sent from the app or website account to the device itself.
🤔This raises a separate question about the security and the integrity of an electronic wallet that you do not face with a non-electronic wallet, such as Material.
Why You Should Move Crypto From Coinbase Onto a Hardware Wallet
Coinbase itself offers a software wallet, called Coinbase Wallet. To safeguard your assets, it is vital that you move crypto from Coinbase. Since both the exchange and wallet version is connected to the internet, the chance of phishing, hacking and other scams is much higher than if you had a non-electronic hardware wallet.
When it comes to securing your cryptocurrency, one of the most crucial steps is moving your assets off of an exchange and onto a hardware wallet. Here’s why:
The Coinbase Wallet, although extremely convenient, especially for day traders who use it daily, isn’t the ideal place to store crypto. Especially for long-term investors, this is the last place you want to keep your digital assets.
With a hardware wallet, you gain full control of your private keys and have peace of mind knowing that any hacking possibility is limited.
Which Cold Wallet is Best For You?
Depending on your investing strategy, and preferences, the type of wallet you require can vary.
If you are investing for the first time, you want to pick a secure wallet that is user-friendly and straightforward. In this regard, Material wallets are a great option as a non-electronic wallet because it is incredibly easy to use!
It doesn’t require any software updates or a connection via USB to a computer, nor does it have batteries that you need to change or charge. It is offline and keeps your private keys private!
For the tech-savvy user who enjoys the digital functions of electronic wallets, then Trezor, Ledger, SafePal or SecuX offer good options.
Keep in mind, that you will need to download the app or browser app onto a separate device to connect with the wallet and only then will you be able to move your crypto from Coinbase.
Move Your Crypto With Confidence
Feeling confident in moving your assets from Coinbase to a hardware wallet is important for any user.
Whether you choose an electronic or non-electronic hardware wallet, we hope that this guide has helped you and ensures that your crypto is stored securely offline.
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