Are you ready to take the next step in your cryptocurrency journey by moving your digital assets off an exchange and into your own wallet? Transferring crypto from Coinbase to a secure non-custodial wallet like Trust Wallet is a fundamental skill every investor should learn.
In this comprehensive guide, we‘ll walk through the process step-by-step, explain the benefits and risks, and share expert tips to make your transfers smooth, secure and cost-effective. Whether you‘re an experienced trader or just starting out, read on to learn how to take full ownership of your crypto with Trust Wallet.
Why Transfer Crypto from Coinbase to Trust Wallet?
Coinbase is a popular and user-friendly platform to buy, sell and store cryptocurrency. But like all centralized exchanges, Coinbase controls the private keys to your crypto. That means you‘re trusting Coinbase to secure your assets and grant you withdrawal access.
There‘s an old saying in the crypto community: "Not your keys, not your coins". Investors who want maximum security and control over their digital assets prefer to move them off exchanges into non-custodial wallets like Trust Wallet where they control the private keys.
With Trust Wallet, you alone are responsible for securing your 12-word recovery phrase that acts as the "master key" to your cryptocurrencies. This reduces the risk of your assets being lost or frozen due to an exchange hack, government seizure, or other centralized failure point.
The growth of decentralized finance (DeFi) apps is another reason investors are moving crypto into non-custodial wallets. Trust Wallet allows you to interact directly with DeFi lending, trading, and staking platforms to put your crypto to work earning interest and rewards.
Non-Custodial Wallets on the Rise
Industry data shows a clear trend of cryptocurrency moving off of centralized exchanges into non-custodial wallets.
- According to a Chainalysis report, the amount of cryptocurrency held in personal wallets vs exchanges has risen from about 6% in 2020 to over 10% in 2021
- Blockchain analytics firm Glassnode found that bitcoin balances on exchanges have decreased by over 600,000 BTC in 2022 alone, suggesting users are moving funds into private wallets
- A survey by Blockchain Capital found that 46% of crypto owners plan to move their assets off exchanges into personal wallets for long-term holding
How to Transfer Crypto from Coinbase to Trust Wallet
Let‘s dive into the nitty gritty of how to actually move your digital assets from Coinbase to Trust Wallet. We‘ll use sending Ethereum (ETH) as an example, but a similar process applies for transferring any supported cryptocurrency like Bitcoin, BNB, or stablecoins.
Before starting, make sure you have:
- A funded Coinbase account with ETH available to withdraw
- The Trust Wallet app installed on your mobile device
- Pen and paper to write down your 12-word Trust Wallet recovery phrase (in a secure, private location)
Step 1: Copy your Trust Wallet ETH address
Open the Trust Wallet app and tap on "Ethereum" to view your ETH wallet address. Your address will look something like this: 0x3a5c8bB1eb5B87a9bD6C3162f8773be62074BC21
Tap the copy icon to save your ETH address to your clipboard. Double check that you‘ve selected your ETH address, as sending crypto to the wrong address can mean permanent loss of funds.
Tap the copy icon to get your ETH receiving address from Trust Wallet
Step 2: Enter withdrawal details on Coinbase
Log in to the Coinbase app or website. Tap the "Send/Receive" button, then select "Send".
Choose "Ethereum" from the list of assets you own. Enter the amount of ETH you want to transfer to your Trust Wallet. You‘ll see the approximate fiat currency value and any associated fees.
Enter the amount of ETH to send and paste your Trust Wallet address
In the "Recipient address" field, paste the ETH address you copied from Trust Wallet. Triple check the pasted address to ensure it matches your Trust Wallet address exactly.
Step 3: Confirm the transfer
After entering your Trust Wallet address, Coinbase will provide a transfer preview showing the amount of ETH you‘re sending, the network and Coinbase fees, and the total amount that will be deducted from your Coinbase balance.
If all details look correct, click "Send now" to submit your transfer. Coinbase will likely require you to complete two-factor authentication via text message or an authenticator app to confirm the send.
Always review transfer details carefully before confirming
Once submitted, your ETH transfer will enter the "Pending" state as it awaits confirmation on the Ethereum blockchain. You can view pending transfers under the "Activity" tab in your Coinbase account.
Step 4: Wait for blockchain confirmation
After Coinbase has broadcast your ETH transfer to the blockchain network, it typically takes 10-30 minutes for the transaction to accumulate enough confirmations to be considered complete. You can check the status of your transaction using your Coinbase activity log or a public blockchain explorer like Etherscan.
Depending on network traffic, transfers can occasionally take up to a few hours if you submit them during peak congestion times. For faster transfers, you may need to pay higher "gas fees" (more on that below).
Use Etherscan to check the confirmation status of your ETH transfer
Once your ETH transfer has reached Coinbase‘s required number of blockchain confirmations, it will move from "Pending" to "Completed" status. The transferred ETH should now appear in your Trust Wallet balance.
Congratulations, you‘ve just taken custody of your own crypto! But with great power comes great responsibility. Make sure you backup your 12-word Trust Wallet recovery phrase in a secure location (ideally offline). Lose that phrase, and you could lose access to your crypto forever.
Crypto Transfer FAQs
What fees does Coinbase charge to transfer to Trust Wallet?
Coinbase charges two types of fees for crypto transfers:
Network fee – This covers the transaction fee paid to miners/validators to process your transfer on the blockchain. Network fees vary widely based on traffic, transfer speed and underlying blockchain. Coinbase passes this fee on to users.
Coinbase fee – On top of the network fee, Coinbase charges a small fixed fee for crypto withdrawals. For example, Coinbase‘s current ETH withdrawal fee is 0.00625 ETH (~$10). BTC withdrawals cost 0.00001 BTC (~$0.40).
To minimize fees, consider transferring larger amounts less frequently. Check current "gas prices" on Etherscan or GasNow before initiating ETH/ERC-20 transfers, and consider waiting for non-peak times.
Can I send any crypto from Coinbase to Trust Wallet?
Trust Wallet supports 100+ cryptocurrencies, and you can transfer almost any of them from Coinbase. The most popular coins transferred are:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (Binance Coin)
- Stablecoins like USDC, USDT, DAI
- "Blue chip" DeFi tokens like LINK, UNI, AAVE
When sending ERC-20 tokens like USDC or LINK, pay attention to which network you use. Sending them as "ERC-20" from Coinbase to your Ethereum address on Trust will work fine. But don‘t send them to your BTC or BNB address.
Some newer DeFi tokens and NFT project coins may only be available to trade on decentralized exchanges (DEXs) and not on Coinbase. For those, you‘d need to use a service like Uniswap through Trust Wallet itself.
Are crypto transfers from Coinbase to Trust Wallet taxable?
Simply transferring crypto from an exchange to an external wallet is not a taxable event in most jurisdictions like the USA, UK, Canada and Australia. You‘re not selling or realizing any gains/losses, just moving your assets between your own accounts.
However, any later sells, conversions, or purchases made with your Trust Wallet crypto would be taxable just like on an exchange. Make sure to keep detailed records of your cost basis and all transactions for when it‘s time to file taxes.
Should I transfer all my crypto from Coinbase to Trust Wallet?
It depends on your goals, time horizon, and risk tolerance. Many investors choose a hybrid approach with their crypto portfolio:
- Long-term holdings (store of value) – Transfer majority to a secure hardware or software wallet like Trust Wallet for maximum control and security.
- Medium-term trades – Keep on a reputable exchange that allows setting limit buy/sell orders and stop losses. Transfer to an external wallet once the trade is complete.
- Funds for everyday spending – Consider keeping a small portion of crypto on an exchange or in a wallet connected to a crypto debit card for easy access and spending.
The right mix will depend on your specific situation and how comfortable you are managing non-custodial wallets.
What if I have trouble with a Coinbase to Trust Wallet transfer?
If your transfer doesn‘t show up in Trust Wallet after a few hours, don‘t panic. First, check your Coinbase account to see if the transfer is still listed as "Pending". It‘s also a good idea to copy the transaction ID shown in Coinbase and use a blockchain explorer like Etherscan to check the status.
Common issues and troubleshooting tips:
- Make sure you sent to the correct address. Check that your pasted Trust Wallet receiving address matches your intended currency exactly. Crypto sent to a wrong/invalid address is usually not recoverable.
- Check that you had sufficient funds to cover the transfer amount plus Coinbase and network fees. If not, your transfer may get stuck or be canceled/refunded.
- During periods of extremely high network traffic, transfers can take longer than normal to confirm. Give it some time.
- Reach out to Coinbase support with your transfer‘s transaction ID if the delay seems excessive or the transfer fails entirely. They can usually check whether a transfer was successful on the backend.
Remember, once a transfer has been confirmed on the blockchain, it‘s irreversible. So always double check your receiving address and transfer details before hitting send.
HODL Responsibly, Friends
In the wild world of crypto, controlling your own private keys is the ultimate form of monetary sovereignty – but it‘s also a big responsibility. By transferring your hard-earned crypto from Coinbase to a wallet like Trust Wallet, you‘re taking a crucial step toward self-custody and decentralization.
Just remember, with non-custodial wallets you alone are responsible for securing your backup phrase and protecting yourself from scams and phishing attempts. Stay vigilant, stay curious, and don‘t risk more than you can afford to lose.
Now go forth and HODL, you savvy Coinbase-to-Trust-Wallet-transferring crypto enthusiast! The future of finance belongs to those who hold their own keys.
