Coinbase is an American-based exchange that allows users to trade all sorts of digital assets. While over one hundred cryptocurrencies are supported on the platform, is Coinbase using ERC20 tokens?
Coinbase is not using the ERC20 tokens, but you can still trade other cryptocurrencies that use the identical Ethereum blockchain, including Tether (USDT) and USD Coin (USDC). The ERC20 is supported on the Coinbase Wallet, but you will need Ether (ETH) in order to buy it.
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Although the Coinbase exchange doesn’t currently support ERC20, it’s probably only a matter of time before this cryptocurrency becomes available on the platform.
As of early 2022, the ERC20 tokens are still not available for trading on Coinbase. Although the platform provides users with a detailed description of the currency, this information only exists for educational purposes. However, you do have the option of adding the ERC20 to your watchlist, which will instantly notify you whenever a major price change occurs.
Although the Coinbase platform still doesn’t support ERC20, you can still trade these tokens through the Coinbase Wallet. The self-custody wallet gives users better control over their assets, as all private keys are located on your mobile device.
It is completely separate from the base platform, meaning you won’t even have to create an official Coinbase account to use it. However, since the wallet itself is mainly used for transferring and storing cryptos, connecting a Coinbase will certainly make trading significantly easier.
In order to buy ERC20 tokens with the Coinbase wallet, you will need to:
- Download the Coinbase Wallet app – Before we get onto how you’re going to buy these tokens, you will first need to download the wallet’s official mobile app. You can also install the wallet’s browser extension if you’re working on a computer.
- Set up the wallet – Choosing a username is a necessary part of the process, as this will allow other users on the network to send you crypto much more quickly.
- Enter your recovery phrase – Creating a new self-custody wallet will automatically provide you with a recovery phrase, which you’ll need to enter every time you want to access your assets. This key consists of twelve random words that only you should know, so make sure you keep them in a secure place. In case you lose the key, you won’t be able to access your wallet, as not even Coinbase itself won’t be able to help you restore it.
- Buy or transfer ETH – ERC20 tokens can only be bought with another cryptocurrency, and the crypto needed for this transaction is Ether (ETH). This means you will either have to transfer or buy the necessary amount of ETH from another platform.
- Use ETH to buy ERC20 – If you’re using the mobile wallet app, start by tapping the “Trade” tab, and then click on the “choose coin” menu and select the ERC20 currency. This will prompt you to input the amount of ETH tokens you want to trade, after which you’ll need to confirm and finalize the purchase. If you’re using the browser extension, click on “Convert,” search for the ERC20 tokens, and input the Ether amount.
While you might want to exchange all the Ether you have, remember to leave enough for the transaction fees. These may vary depending on the speed of the transaction itself and how busy the network is, so make sure to take them into account when exchanging your Ether coins.
While you might not be able to get these tokens on Coinbase, the exchange supports many other cryptos that use the ERC-20 blockchain. If you want to invest in coins that utilize this standard, the table below features some of the most popular cryptocurrencies you can trade on the platform, as well as their withdrawal limits.
|Supported ERC-20 Tokens||Minimum Withdrawal||Maximum Withdrawal|
|Maker (MKR)||0.00001 MKR||300 MKR|
|Tether (USDT)||13 USDT||10,000,000 USDT|
|Shiba Inu (SHIB)||0.000000000000000001 SHIB||36,475,051,065 SHIB|
|0x (ZRX)||0.001 ZRX||375,000 ZRX|
|Wrapped Bitcoin (WBTC)||0.00054 WBTC||62.5 WBTC|
What Happens if I Send Unsupported ERC20 Tokens to My Coinbase Account?
If you happen to transfer ERC20 or any other digital asset not supported by the platform, know that there won’t be any way to recover them. You’re probably wondering why is it even possible to send cryptos that aren’t supported in the first place?
For starters, the ERC20 protocol prevents Coinbase from rejecting these deposits. Also, don’t forget that exchanges can’t determine which cryptocurrencies are available on any other platform but their own, which in itself will prevent them from stopping the transaction.
Fortunately, there’s some good news. If the exchange starts supporting ERC20, all these assets will automatically become available on your Coinbase account. In case they are not immediately accessible, don’t hesitate to contact the platform’s customer support, as they can help you recover all the assets from these previous transactions.
As Coinbase continues to evolve and expand its portfolio, there’s a solid chance this cryptocurrency will become available at some point in the future, allowing you to recover all your assets. However, if you want to keep ERC20 active in the meantime, make sure that you’re not sending it to your Coinbase account before then.
Although Coinbase has a lot of work ahead of it in the near future, it’s still one of the better exchanges currently available. While it doesn’t support the official ERC20 cryptocurrency, you can still get these tokens through the Coinbase Wallet if you have enough Ether.
Also, let’s not forget that these tokens can still become available at a later date, so make sure to check the platform regularly for any future updates. Until then, consider investing in other cryptos that use the same ERC-20 standard.