Cryptocurrency trading has increased in the past year, and so too have crypto-facilitating platforms. Coinbase is a popular crypto exchange for newbies in the industry to buy and hold their coins. However, more experienced traders tend to favor Trust Wallet to store crypto due to its decentralized setup, storage and staking abilities.
In this guide, we will highlight detailed steps on how to transfer crypto from Coinbase to Trust Wallet and highlight the benefits of moving funds to a decentralized app such as Trust Wallet.
How To Transfer Crypto from Coinbase to Trust Wallet - Quick Guide
Transferring digital currencies from Coinbase to Trust Wallet can be completed in 5 steps. We have outlined the stages below.
- Open a Coinbase account and on the dashboard, click on the "Send/Receive" button to start an asset transfer to Trust Wallet.
- Create a new Trust wallet. The App can be downloaded to a mobile device or on a desktop as a Chrome browser extension. Follow the on-screen prompts to set up seed recovery and wallet password.
- In the Trust Wallet, find the crypto asset to be transferred and click on the "Copy" icon to obtain the wallet address for that asset.
- In the Coinbase wallet, select the asset to transfer, paste the Trust Wallet address that was copied in Step 3, and select the blockchain network.
- Review the transaction details, including the fees incurred, and confirm by clicking "Send Now". The transaction will be seen as a 'deposit' in the Trust Wallet.
For a full guide on sending crypto to Trust Wallet from Coinbase, click here.
Can You Transfer Crypto from Coinbase to Trust Wallet?
Yes, an individual can send cryptocurrency to another wallet from the Coinbase app by initiating a withdrawal request. This involves sending crypto to a specific wallet address on Trust Wallet. Depending on the coin, the user will need to select the correct blockchain network to ensure the transaction is successfully performed.
Are There Fees To Transfer Between Coinbase and Trust Wallet?
Understandably, investors might worry about paying very high fees on their transactions. Based on our review of Coinbase, there are no additional fees to transfer cryptos from the exchange to Trust Wallet. Moreover, there are no fees to receive crypto in a Trust Wallet. However, there are network fees that are determined by the blockchain protocol.
Miners impose these fees on blockchains for their work of verifying transactions. They are usually negligible, although they can get higher during high network congestion. For example, the standard network fee for sending Bitcoin is 0.0005 BTC.
How Long Does It Take To Send Crypto From Coinbase To Trust Wallet?
The time to send crypto between Coinbase and Trust Wallet depends on the cryptocurrency, the number of confirmations, and the blockchain network usage. The average transfer speed between wallets is 6.80 minutes for the major crypto assets according to the latest data. There are other factors that can affect the transfer speed which include blockchain network congestion and the number of confirmations required by the receiving wallet. Some of the quickest cryptocurrencies such as XRP, USDT and Ethereum can be processed and received in the opposing wallet in under 10 minutes.
Why Should You Transfer Crypto from Coinbase to Trust Wallet?
In the previous section, we explained how to withdraw from Coinbase Wallet and transfer to Trust Wallet. But why should anyone do it? What are the benefits? Here are some reasons to move crypto from a Coinbase account to Trust Wallet:
- Self-Custody: Cryptocurrency investors have a greater desire to hold their cryptos. With exchanges exposed due to lax security architecture, self-custodial wallets have become a more viable option across the market. With the Trust Wallet app, investors can store as many cryptocurrencies as possible, knowing they're safe.
- Buy More Assets: Investors looking to diversify and buy altcoins may also choose Trust Wallet over Coinbase. Trust Wallet supports over 4.5 million digital assets across 45 blockchains, considerably more than Coinbase's support base. This makes it a much better choice for many investors.
- Access to dApps: Investors with an affinity for decentralized finance (DeFi) and decentralized exchanges (DEX) would also appreciate Trust Wallet more. Thanks to its Web3 browser and access to dApps, Trust Wallet allows investors to enjoy some of the most prominent DeFi protocols built on Ethereum, the BNB Smart Chain, and more.
- Staking. While Coinbase does offer crypto staking, the selection of coins to earn a yield on is very limited. Transferring assets to Trust Wallet opens up the possibility to earn greater staking potential across 12 Proof-of-Stake (PoS) tokens. To learn how to stake crypto, read this article.
How to Send Crypto from Coinbase to Trust Wallet - Full Tutorial
Here is a full step-by-step tutorial on how to transfer crypto between the wallets with screenshots showing the full process. We will use Litecoin to illustrate how to transfer crypto assets from Coinbase to Trust Wallet.
Step 1. Open Coinbase
The first step is to login into the Coinbase platform and ensure there are actual crypto funds in the account that can be transferred. For new subscribers, Coinbase requires identity verification before crypto assets can be withdrawn. This should take a few minutes to complete, otherwise, read this article on Coinbase verification times.
Once logged in, the main dashboard will be shown. Tap on the ‘Send / Receive' button on the top right-hand corner of the dashboard. Once you have decided on the crypto to withdraw from Coinbase, select the asset and click on ‘Send’ to transfer the asset to Trust Wallet.
Step 2. Open Trust Wallet
For those that don't have a Trust wallet, the next step is to visit the website and download the wallet. The application can be downloaded for free to a mobile device such as iOS and Android devices. There will be prompts to create a new wallet and set up a recovery passphrase.
Existing Trust Wallet users can proceed to open the wallet and retrieve the receiving wallet address. Setting up a new Trust Wallet account is quite easy. New users are advised to keep their recovery phrase safe.
Step 3. Select a crypto and copy wallet address
From the main wallet page, click on the “Receive” button. This will display the available coin and the corresponding cryptocurrency’s address. Choose a cryptocurrency from the list of supported assets. Once selected, a pop-up will appear that will give instructions on how to receive the crypto and show the unique wallet its wallet address.
Users can easily copy the wallet address, sometimes called the crypto’s address, by tapping the “Copy” button. Alternatively, Trust Wallet provides a QR code that can be scanned to copy the wallet address for the supported coin automatically. It is important to copy the right wallet address, so funds are not misplaced while transferring crypto.
For example, to transfer Litecoin, find the LTC wallet and click on the ‘Copy’ icon to obtain the Coinbase Litecoin wallet address as shown in the screenshot below.
Step 4. Paste the Trust Wallet address in Coinbase
Return to Coinbase and select the crypto to send. Paste the Trust Wallet address for the chosen crypto to transfer that was copied in the above step. The blockchain network will also need to be selected for the selected crypto. In the example of Litecoin, the LTC wallet address should be shown on the Coinbase withdrawal page with the BTC blockchain network selected.
Step 5. Review transfer details and send crypto
To transfer crypto from Coinbase, the user has to head back to the Coinbase app. The user has to tap on the "Send/Receive" section. From the on-screen menu, toggle to the "Send" button to make a transaction to a different Coinbase wallet user or any other wallet, such as Trust Wallet. Choose the cryptocurrency to be transferred (in this case, Litecoin). The "To" section is where the receiving wallet address copied from Trust Wallet would be pasted.
The exchange also provides an optional note, where additional transaction details can be written before an investor sends the cryptocurrency. Moreover, Coinbase will display a confirmation page with a transaction overview. Review the terms of the transaction, and click on “Send now”. Enter the verification code to process the transfer.
Usually, the transaction will be processed in a few minutes after sending it. However, remember that some transactions could take longer during high network congestion. If you want to send the crypto back to Coinbase, read our full guide on how to withdraw from Trust Wallet for instructions.
Frequently Asked Questions
Investors can transfer funds from Coinbase to Trust Wallet. Trust Wallet is a self-custodial wallet preferred by investors who prefer to control their private keys.
There is no Coinbase fee for transferring funds to Trust Wallet. However, users should note that miners charge network fees for processing transactions. These fees are usually negligible except in periods of high congestion.
Transactions to the recipient's address on Trust Wallet can be completed in minutes but largely depends on the specific crypto. There are exceptions, especially when transactions experience latency in periods of high network congestion. Traders should also note that transaction times vary between blockchains. So, while some cryptos are sent in seconds, others could take a few minutes to be received at the intended wallet address.
To process a transfer from Coinbase to another wallet, open Trust Wallet and copy the desired coin's wallet address. Head back to the Coinbase app and tap on 'Send'. Select the crypto asset to transfer and paste the wallet address when prompted. Insert the transaction details and click "Send" to execute the transaction.
Coinbase is one of the crypto market's largest and most prominent crypto exchanges. The platform has become especially popular among investors, who enjoy its ease of use and high liquidity. However, the crypto market has also seen a more notable shift towards user control of their assets - a trend that has led many to move to self-custodial wallets.
With Trust Wallet being among the most popular crypto wallets, many traders could easily transfer their cryptos from Coinbase to the wallet service. Moreover, with Trust Wallet boasting additional benefits like access to dApps and a Web3 browser, users can enjoy benefits similar to those on Coinbase.