Have you ever thought of how to restore coinbase wallet?
You are not alone in this as a lot of people have gone through the process too.
Coinbase is rapidly growing in strength in the cryptocurrency sphere.
Their more than a decade reputation has drawn many to patronize them.
This has also expanded to the continuous increase in the use of coinbase wallet.
But in a lot of times, you may run into situations in which you want to recover coinbase wallet.
This could be due to cases like changing your mobile device.
In worst case, it might be due to someone stealing your device.
When this happens you need to make sure your wallet is safe.
This is done by restoring your wallet and changing your coinbase wallet password too.
In this guide, you will learn how to restore your coinbase wallet with recovery phrase.
Requirements Before You Restore Coinbase Wallet With Recovery Phrase
In the course of this guide, we will be restoring our wallet.
But there are some requirements we must meet if at all the process will be successful.
Some of the requirements include;
1) Have A Coinbase Wallet Installed
Before you can start the process of restoring your wallet, you must have a coinbase wallet installed.
This is what you will use as a medium to restore your wallet.
You can install coinbase wallet on your android device.
You can also install coinbase wallet with the use of your iphone.
When this is done, you are one step qualified to restore your coinbase wallet.
2) Have Your Correct Recovery Key Phrase Ready
One of the most influential factor to the success of your coinbase wallet recovery is the recovery phrase.
Without the recovery phrase, you cannot correctly restore your wallet.
But when you have the correct coinbase wallet recovery key phrase, your restoration process will be easy.
Not just easy, but it will be very successful.
That is why it is always important to keep your recovery phrase safe at all times.
This will make it easy for you to restore your wallet when the need arises.
Reasons To Restore Coinbase Wallet
There are always reasons why people choose to recover coinbase wallet.
Some of these reasons are;
1) Change Of Device
This is one of the highest reasons why people restore their wallet on coinbase.
Sometimes a change of device could be that your phone was stolen.
Other times, it could be that you just bought a new device.
When you switch from one device to another, you will still want to have your wallets active on the new devices.
This will lead you to recover your coinbase walllet on your new device.
With the help of your recovery phrase, this will be a very smooth process.
But you must make sure that the recovery phrase is correct.
2) You Want To Transfer Or Receive Funds
When it comes to the safety of crypto assets, serious investors do not joke with their wallet security.
One of the ways of keeping your wallet safe is by removing the wallet completely from your devices.
This is done if you are not frequently using the wallet.
This will give more safety to your crypto assets.
No one will know that you have such wallet where you store crypto when it is not showing on your device.
But even after removing your coinbase wallet, you may need access to your crypto funds sometimes.
It could be for withdrawal or for transfer of crypto funds.
When such a need arises, you need access to your coinbase wallet.
And the way you can gain access to your coinbase wallet at such instance is by restoring the wallet with your device.
This will then give you access to the funds in your coinbase wallet.
From there, you can then transfer out funds.
You can also use your wallet address to also receive funds to the wallet.
How To Restore Coinbase Wallet With Recovery Phrase
To successfully restore your coinbase wallet, follow the steps below;
Step 1: Install Coinbase Wallet On Your Device
Before you begin the process to recover coinbase wallet on your device, you need to have the wallet installed.
When this is done, it will give you access to be able to perform the restoration easily.
After you have successfully installed the coinbase wallet, open the wallet.
Step 2: Click On I Already Have A Wallet
After you have successfully installed your wallet.
Open the wallet and click on I already have a wallet.
But by now, you must make sure that you have your coinbase wallet recovery phrase ready.
This is because after this step, the recovery phrase will be needed.
If you have not yet brought out your recovery phrase from where you stored them, go and check it now.
Without them, you will not be able to successfully proceed from the next step.
Step 3: Click On Restore With Recovery Phrase
As I always mention, the recovery phrase is a very important document when it comes to the safety of your crypto assets.
It is not like a crypto exchange where you can easily retrieve your account even if you do not remember your password.
This is not applicable to a crypto wallet.
In the crypto wallet, your prime access to your crypto funds and wallet is your recovery phase.
This is always a 12 words combination that will be given to you when you open a new coinbase wallet.
If you lose them, just say bye bye to all the crypto assets you had in that wallet.
That is why you have to always keep them safe.
Also when you are opening a new coinbase wallet, make sure that you copy them out correctly.
If not, it is as bad as losing them.
This is because with a wrong recovery phrase, you can never recover coinbase wallet successfully.
So make sure that you have your coinbase recovery phrase as it will be inputted in the next step.
Step 4: Input The 12 Words Coinbase Recovery Phrase
At this point, it is assumed that you have your 12 words recovery phrase ready.
If you do, start inputting them in the right order.
Input the first word first.
Also make sure that you input the last word as the last.
With this, your coinbase recovery phrase will be recognized as valid.
If not, you will fail to restore coinbase wallet successfully.
If you are sure that you have inputted the 12 words correctly, click on next.
Step 5: Protect Coinbase Wallet
After you have successfully inputted the correct coinbase recovery phrase, you will receive another call to action.
This will be for you to protect your coinbase wallet.
You can protect your coinbase wallet with the use of a touch ID.
You can also protect your wallet with the use of a password.
This will further protect your coinbase wallet from unauthorized access and use.
After you have finished setting up the coinbase protection means, you will be signed in to your wallet.
From there you will have access to your coinbase wallet dashboard.
If you had funds in the wallet, it will still be as you left but if you did not have any funds, the account balance will be zero.
If you have reached this stage, congratulations as you have successfully restored your coinbase wallet.
Benefits When You Recover Coinbase Wallet
1) You Have Access To Your Crypto Funds
When you restore coinbase wallet, you have access to your wallet.
This in turn gives you access to your crypto funds in the wallet.
From this, you can easily send out funds from your coinbase wallet to other crypto addresses.
Also, you can receive funds into your coinbase wallet crypto address too.
2) Your Wallet Is More Protected
Recovering your wallet gives an extra boost to the security of your wallet.
This is because when you recover coinbase wallet, you have the opportunity to choose a wallet protection means.
This can be with the use of a touch ID.
You can also protect coinbase wallet with the use of a password.
With this, the crypto assets in your wallet is more protected from theft.