Both Coinbase Wallet and Cryptology Exchange are useful when trading in cryptocurrencies, whether you're buying, selling, or storing cryptocurrencies. But they both play a unique role in the Ecosystem.
Exchanges are like brokerages where cryptocurrencies are traded conveniently. The basic purpose of an Exchange is to trade cryptocurrencies. Storing Cryptocurrencies in an Exchange is only temporary. However, it is highly recommended to eventually transfer your crypto assets to a Wallet, where the user is solely responsible for securing, backing up, and managing his own assets.
One of the major distinct functions between the two platforms lies in the control of your crypto assets. With a wallet, you maintain full custody over the use and transfer of your assets, and all the necessary passwords and private keys. On the other hand, an Exchange has control over your assets to an extent. It's similar to saving your money in a bank (Exchange) and saving your money in a safe (Wallet).
Coinbase Wallet Overview
Coinbase wallet is a very safe platform to store your digital assets. It stores cryptocurrencies in "hot storage," which means your digital asset is connected to the internet. You can store more than 44,000 digital assets safely, interact with decentralized applications, and manage Ethereum-based NFTs.
In this article, we'll be bringing you basic how-tos on transferring your assets from Coinbase wallet to Cryptology Exchange.
As the popular saying goes, "One of the best ways to understand crypto is to try it out." Remember, the first step in making a transaction is setting up an account if you don't have one, or by signing into your account if you have one already.
How to transfer from Coinbase Wallet to Cryptology
To transfer crypto assets from Coinbase Wallet to Cryptology Exchange, you need to copy your choice crypto asset address from the Exchange and then paste it onto your Wallet.
How to get your Crypto address from Cryptology Exchange
On the home page of your app, Click on the [Deposit] button.
Next, click on your choice Crypto asset. E.g. [Ethereum]
[Copy] the address and paste it into your MetaMask Wallet.
How to Paste your Ethereum address into your Coinbase Wallet
The first step to getting started with Coinbase Wallet is by funding your account. This guide will show you how to fund your Wallet. After funding your account, you can convert it to any digital asset of your choice.
To paste your crypto address from Cryptology,
- Open the Coinbase Wallet app.
- Click on [Send].
Enter the amount you'd like to send and select the asset you'd like to use.
Tap the QR code or enter the exact Recipient Address.
Network fees are paid to the miner for processing crypto transactions and securing the network, hence, these fees do not go to Coinbase. For instance, if you’re sending an ERC-20 token, you'll need enough ETH in your wallet to accommodate a miner’s fee so that your transaction can be processed and confirmed on the Ethereum blockchain.
When you buy digital currency on an exchange, you have the option to leave the "keys" to your coins in your exchange's account. This is one way to store your coins. But you can also move them to a personal crypto wallet, which could either be a software ("hot wallet") or a hardware (cold storage).
Coinbase wallet is exceptional for a cryptocurrency wallet. Despite the limited support for digital currencies, the wallet supports other wallets and fiat currencies. It is easy to use Coinbase wallet and has the safest utility compared to any other wallet which makes it one of the best cryptocurrency wallets.