There are lots of ways to get started with cryptocurrency. But for many people, Coinbase.com is a relatively quick and easy way to get started with buying and storing their first piece of cryptocurrency. Thanks to its easy-to-use website and mobile app, Coinbase has quickly become one of the most popular cryptocurrency companies in the world today. That’s why today we’re going to go over how to transfer your coins and tokens from Coinbase into your Celsius wallet.
Getting Started with Coinbase
In order to use Coinbase, you’ll need to set up an account first. The process is very straightforward and simple, so we won’t be diving too deep into that here.
Once you’ve got your account activated, you’ll need to purchase some cryptocurrency. With Coinbase, there are two ways to do this. The first is through Coinbase.com, a streamlined and easy-to-use interface that does its best to keep things simple. The second is through Coinbase Pro, which is a more advanced and fully-featured cryptocurrency exchange. If you’re just starting out, it’s easiest to use Coinbase.com. But if you want all the advanced features right away, it could be worth looking into Coinbase Pro.
Since we are keeping things simple, we will assume that you bought some bitcoin on Coinbase.com. In some cases, the transaction is instantaneous, but depending on your payment method, it could take up to a few days before the bitcoin you purchased is ready to send to Celsius. According to Coinbase, purchases made by US-based customers with ACH bank transfers take between 3 and 5 days to complete.
Your Celsius Wallet
Now we need to make sure that your Celsius wallet is ready to receive deposits. This means that you have installed our app, created an account, and completed KYC to verify your account status.
To confirm that your account is ready, simply choose the coin or token that you would like to deposit, such as bitcoin, and select “deposit” from the main app screen. If the app provides you with a deposit address (a long string of random numbers and letters) then your account is ready to go. If your wallet asks you to verify your identity, you’ll need to complete the verification process first before continuing.
Once you have a deposit address on your screen, you are ready to move coins into your Celsius wallet and earn interest.
Making the Transfer
The next part is where things might get a little tricky, but don’t worry, we’ll walk you through it.
What we need to do is send your bitcoin (or other supported coins) to your Celsius wallet. We will be using bitcoin for our example here, but the process is pretty much the same for other assets supported by Celsius Network.
First, we need to get a deposit address from your Celsius wallet. To do this, from the main screen of the app, tap on “deposit” for the coin you want to add.
This will present you with a screen displays your address as both a string of numbers and letters and a QR code. You can use either one, but for this example, you’ll just be copying and pasting the address as text.
As addresses are long and complicated and need to be exact, we recommend that you not try to copy it letter by letter. Instead, we recommend that you use your mobile device’s copy and paste feature, and then send it to either your desktop computer through an email or text message, or simply by pasting it into the Coinbase mobile app. If this is your first time moving cryptocurrency from one address to another, it is highly advised that you send a small test amount first to ensure you have entered all the correct information.
Important: Your wallet address must be entered EXACTLY as it appears in your app. Entering an incorrect or invalid wallet address could result in the permanent loss of funds.
Next, let’s go over to Coinbase and begin the transfer. First, you will need to access your account by clicking on the accounts tab on Coinbase.com or the accounts tab at the bottom of the Coinbase app. From here you will see a list of supported cryptocurrencies and your total balance of each one. Since we’re using bitcoin in this example, we’re going to navigate to our BTC wallet and click or tap on the send button.
The next few screens will ask us the amount of the cryptocurrency we want to send, followed by the destination address. Once you’ve chosen the amount you’d like to send, go ahead and paste in the address from the Celsius wallet. It’s always a good idea to double-check and make sure that the address is correct. Once you’ve verified the destination address is correct and the amount to send is correct, you can complete the transaction.
Your cryptocurrency is now on its way!
Within a few minutes, you will receive an email from Celsius confirming that we have received your deposit and it is being added to your account balance. Shortly after that, your balance will be updated within the Celsius app. This process can be repeated as many times as you like with any asset that is supported by both Coinbase and Celsius.
Did you find this guide useful? Do you have any suggestions for other guides you’d like to see here? Let us know in the comments below!
About Celsius Network
Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link