Coinbase Wallet is a hot wallet designed for storing, sending, receiving, and exchanging funds. The term hot wallet implies that all the operations through this wallet can be done online only. As the access to all its operations is done online it has several kinds of threats and malicious content attached to it which are not safe for your funds. Hence, it is advised not to dump all the funds into a hot wallet. To ensure the security of funds, you can transfer the funds into one of the cold wallets-Trezor wallets.
Transferring funds of Coinbase to Trezor
Having a brief understanding of the primary features of both, here we will be understanding the process of transferring the funds from a Coinbase wallet account to the Trezor device.
- Create an account on wallet.trezor.io (website) after setting up the Trezor device
- Connect your device to a laptop or desktop
- Enter your PIN
- Select the Trezor account, where funds are to be transferred
- From the Menu, click on “Receive”
- Select “Show the Full address”
- Verify the address. The address visible on the computer screen and the Trezor device should be identical
- Next, click “Continue” on your Trezor device
- Copy the address appearing on the computer screen
- Sign in to your Coinbase account
- On the top of the dashboard click on “Accounts”
- From the list, select the coins you are willing to transfer and then click “Send”
- Enter the copied Trezor address in the “Recipients” box
- Enter the number of coins you want to send with a reference
- Click “Continue” then tap on the “View Details” for confirmation of the transaction and also to check its progress.
Now, transferring funds from the Coinbase Wallet to the Trezor wallet will not happen instantly. It might be possible that the transaction takes some time to be processed. In such a case you will be receiving a “pending” notification. It is recommended to wait for a minute until you receive the “Success” message.
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The most important feature to be noted here is that Trezor offers you highly secured public and private keys that are hard to copy and keeps your funds secure. The keys are secured into a portable device that you can carry with you everywhere. Hence, it is advised to transfer from the Coinbase Wallet to a secured wallet like Trezor.