Coinbase Hot Wallet & Exchange

Created by Charles Wernicke
Last updated: Jul 05, 2022

These instructions will guide you through using Coinbase as a Hot Wallet or Exchange (or both).

Coinbase Pro is currently unsupported as a Hot Wallet (Exchange only).

1. Login to your Coinbase account at https://coinbase.com

2. Create a new API key:

a) Navigate to: Settings/API Access

b) Click on the button “+New API Key”.

  • Confirm any 2FA challenge

c) Select (permit) access to any relevant wallet(s):

DO NOT enable/use your “Vault”. Those transactions will fail (deliberate Coinbase design).

Be sure to enable your fiat wallet (i.e. "USD Wallet") as well as the relevant Coins.

  • The wallet name (e.g. “BTC Wallet”) is the “accountname” required in Step 4 “parameters”.

d) Enable all permissions:

e) Create the new API Key after making required changes:

3. Save the API keys:

Copy & save the API Key and API Secret.

You'll only be shown this secret ONCE. 

  • If you lose the secret, you'll have to create another API key.

Coinbase will restrict your keys for 48 hours!!!

The API will NOT work during these 48 hours, and all CAS tests using this API will FAIL.

4. Enter the required information into CAS:

  • Set the Rate Source to Coinbase.com

  • Use the same string for both BUY and SELL options (as applicable). 

  • You may use the same Crypto Setting for both Hot Wallet & Exchange (recommended).

Configuring as a Hot Wallet:

The Hot Wallet parameters for Coinbase.com is:

  1. API Key

  2. API Secret

  3. Account Name: the relevant Coinbase "wallet" (e.g. "BTC Wallet" from step 1)

  • The parameters should be in this format: apikey : secretkey : accountname

    • Entered in sequence, on one line, separated by a colon, it looks similar to this:

      1 2ooAIETUc93GGd61:gPu2W8bDJwC9gBrh56M4VzEZ0VIS0kEZ:BTC Wallet

Configuring as an Exchange:

The Exchange parameters for Coinbase.com is:

  1. API Key

  2. API Secret

  3. Account Name: the relevant Coinbase "wallet" (e.g. "BTC Wallet”)

  4. (optional) Fiat Currency: currently either USD, EUR, or GBP

  5. (optional) Payment Method: the funding Coinbase "wallet" (e.g. "USD Wallet")

The available Payment Methods (set above in step 2c) can also be found and identified in your Coinbase API Key settings (only one permitted per Crypto Setting):

  • The parameters are in this format:

    • apikey : secretkey : accountname : fiatcurrency : paymentmethod

    • if the optional arguments are omitted, also omit the colons.

    • Entered in sequence, on one line, separated by a colon, it looks similar to this:

      1 2ooAI3GGd61:gPu2W8bzEZ0VIS0kEZ:BTC Wallet:USD:USD Wallet

5. Save the crypto settings!

6. Test it (you’re done):

Test your settings before deploying them.

  1. Save your setting first,

  2. return to the same Crypto Setting,

  3. run the test(s).

  • Transactions at the BATM will fail if the amount is less than the Coinbase minimum.

  • Coinbase will not allow you to buy on Coinbase Pro (Exchange) and send to the same Coinbase Hot Wallet. The transaction will FAIL. Do not test your live settings using the same Coinbase account!

  • With some coins, a new address might need to be created manually for the wallet before the wallet will be functional with CAS. This is unconfirmed, but worth noting.

 



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