In this guide I will walk you through how to transfer bitcoin from your Coinbase account to your Trezor Wallet. Here is what you need to do.
Step-by-step guide on moving bitcoin from Coinbase to Trezor
Step 1: Find your Trezor wallet address
You need Trezor’s cryptocurrency wallet address to link it to your Coinbase account. To do this:
a) Insert your Trezor device into your computer
In this case, your computer could be a PC, laptop, or smartphone.
b) Connect to Trezor Suite
Once you connect your Trezor device, open the Trezor web interface at Trezor Suite. This connection establishes the Trezor app’s physical access to the device.
c) Enter your pin code to unlock your Trezor device
On the pin pad, enter your pin code to access your Trezor hardware device.
d) Select your transfer-to account
On the left side of your user interface on the Trezor Suite app, choose the account you want to transfer your bitcoins.
e) Go the to ‘Receive’ menu
After selecting the account, click on Receive menu displayed in the middle column of your interface.
f) Confirm your Trezor address
Click on the ‘Show Full Address’ button to display your Trezor wallet’s full address.
Verify that this address displayed on the Trezor Suite app matches your Trezor wallet address. If it matches, confirm the address. You can then scan the QR code for the address to use in Step 2 (below).
Step 2: Send bitcoin from Coinbase to the Trezor wallet address
There are three ways methods to transfer Bitcoin from Coinbase to your Trezor wallet
I will show you how to use the website on your phone. Using the app is pretty similar. Then I will show you how to use coinbase’s wallet (which is also an app).
Here is how to use the website on your phone
a) First, sign in to your Coinbase account
b)Next, click on the ‘Send & Receive’ button
c) On the ‘Send’ tab, insert the value of bitcoins you would like to send
d) Click ‘Pay With’ to choose the asset to send to your Trezor wallet
In our case, choose ‘Bitcoin’
e) Paste your Trezor wallet address
Paste the Trezor wallet address that you scanned/copied from Step 1(e) above.
Click ‘Continue’ to move to the next step.
f) Choose the Network to send your funds on
In our case, choose the ‘Bitcoin’ Network. You may need to change the default network by clicking on the ‘Change Network’ button.
g) Click on ‘Send Now’ to complete the transfer
After clicking on the ‘Send Now’ you will receive a feedback message confirming your action.
If you click on ‘View Details’, you will get a summary of your transaction.
Here is how to use the website on your phone
To use the mobile app follow the exact same steps as above. You will find the send button on the home page of Coinbase’s app.
Here is how to use the Coinbase wallet Mobile App on your phone.
Save for a few tweaks, the process on Coinbase mobile app is similar to the web app.
a) Open the Coinbase Wallet App
b) Tap on ‘Send’ button
c) Tap on the assets you would like to send to your Trezor wallet
In our case, the asset is the bitcoin
Tap on ‘Next’ to move to the next step.
d) Paste your Trezor Wallet address
Paste your Trezor wallet in these space provided
Tap on ‘Continue’ to send the bitcoins.
e) Confirm the transfer
After confirming the transfer, the bitcoin amount will be sent to your Trezor wallet address. You will then receive feedback confirming the transaction.
What You Need to Know About Trezor
Trezor supports most of the popular coins including bitcoin, Bitcoin Cash, Ether, and hundreds of others. Furthermore, it supports most of the ERC-20 tokens.
The following are key reasons why a crypto user would go for a Trezor hardware wallet:
The main reason why crypto users opt to store their cryptos in cold wallets as opposed to hot wallets such as the Coinbase wallet is security. Trezor is the leading cold storage wallet in terms of security features. It is one of the most secure hardware wallets in the crypto space.
Ledger wallets such as Ledger Nano X, and Ledger Nanos S Plus are peer competitors to Trezor wallet in this security domain. Nonetheless, beyond the security domain, Trezor wins the prize as the best bitcoin wallet.
Trezor beats its competitor by having a Shamir Security Backup system. This system lets you generate up to 16 different recovery seed phrases and distribute each recovery phrase to a different secure location. Even if one phrase gets compromised you still have 15 more options to recover your wallet. This beats Ledger wallets hands down.
Passphrase is another great security feather that both Trezor and Ledger have. This is an additional word to the 24-word recovery seed phrase. Thus, even if your 24-word seed phrase is tampered with, the passphrase will prevent hackers from accessing your crypto assets. And since it is a single word, you can easily memorize it thus avoiding storing it in places that can be accessed and hacked. Multisignature security is another feature that both share. This allows the devices to integrate with third-party security software to provide an additional layer of security. Users will require more than one key to authorize transactions, thus, making it safer.
Trezor hardware wallet is compatible with many physical devices, including desktops, laptops, smartphones, and Bitcoin ATMs.
Apart from hardware devices, Trezor wallet is compatible with most hardware Operating Software (OS). These include many Desktop OS such as Linux, Mac, and Windows. It also supports mobile OS such as Android OS. The Trezor Web App supports all modern browsers.
Compatibility with hot wallets matters a lot. Trezor wallet is compatible with more than 40 different hot wallets.
Trezor hardware wallet is highly portable. Being able to connect it to a smartphone via a USB cable makes it even more portable as you can use it wherever you are.
d) Great features
Some of the great features that make Trezor the best choice for hardware crypto wallets include:
- Shamir Security Backup
- Multisignature support
- Password manager
- Removable MicroSD for password storage
e) Various models to choose from
Trezor devices come in two major models:
- Trezor Model One
- Trezor Model T
The Trezor Model T is the latest and most modern of the two Trezor models. Compared to older versions such as Model One, the following are the extras you can gain from Trezor Model T device:
- Supports more crypto assets – Ripple (XRP), Cardano,
- Has more enhanced crypto security
- Comes with a Larger touchscreen
f) Big advantages
Some of the big advantages you can gain from Trezor wallet include:
- Advanced security measures
- Great features
- Compatible with most hardware devices and operating systems
- Highly portable
- Supports both credit cards and debit cards
g) Fewer disadvantages
Compared to Ledger devices, Trezor devices have the following few disadvantages:
- Lack of Bluetooth connectivity
- Lacks WiFi support
- Lacks support for bank wire transfer
- Less durable casing – while Ledger devices have durable steel case that provides strong hard surface protection, Trezor devices have a plastic case.
- Unlike Ledger Live, Trezor has limited support for swaps, staking, and NFT
- Unlike Ledger Live, Trezor has no built-in support for market analysis and educational resources
- Unlike the Ledger Live app, the Trezor app only has native support for Android devices.
- Lacks a comprehensive native mobile app.
- Less sophisticated built-in exchange
- The hardware lacks a bank-grade Secure Element chip
Is there a fee to transfer from Coinbase to Trezor wallet?
Yes, there is a network fee associated with transferring Bitcoin from Coinbase to a Trezor wallet. This fee covers the cost of processing the transaction on the blockchain and may vary depending on network congestion. Keep in mind that Coinbase may also charge an additional fee for withdrawals, so be sure to review their fee structure before proceeding.
According to the latest data from Coinbase they currently charge a flat 1% transaction fee on all cryptocurrency transactions. On the other hand, Trezor does not charge any fees. The only cost is the purchase of the actual device.
Can you transfer from Coinbase wallet to Trezor?
Yes, you can transfer cryptocurrencies, such as Bitcoin, from your Coinbase Wallet to a Trezor hardware wallet. To do this, simply generate a receiving address on your Trezor wallet and use the send function in your Coinbase Wallet to transfer the desired amount to the Trezor address. Make sure to double-check the receiving address and confirm transaction details before proceeding.
Before you transfer digital assets from Coinbase to your Trezor wallet make sure you understand what a bitcoin address is.
Read up on what makes up a crypto address address and how I almost lost all my money. At first it can feel daunting to get your head around the concept but in this guide I will break everything down into baby steps. Continue reading.