Sometimes your money belongs in different places. This is why we keep some cash on hand, in a checking account, and in a savings account. Similarly, Coinbase users have the ability to organize funds into different 'wallets' as part of a Coinbase account - a standard 'wallet' or a 'vault' account.
What is a vault?
A vault can receive funds like a normal wallet, but can also prevent stored funds from being immediately withdrawn by adding optional security steps.
- Users can also choose to split ownership between multiple users and email accounts, requiring these users to approve of a transaction before it can be completed.
- Vaults also go through a secure approval withdrawal process after creation. Unapproved vault withdrawals will be canceled in 24 hours
Which digital currencies can I store in a vault?
Currently, you can store any digital currency that is supported on Coinbase. For more details, please here.
If I already have an account, do I need to sign up again with a new email address in order to use a vault?
No, vaults are available to all Coinbase users. You can create one on your existing Coinbase account.
How do I set up a vault?
For step-by-step instructions, please click here.
Why was my vault withdrawal canceled after I set it up?
All vault withdrawals must be approved by the designated approver. If a withdrawal has not been approved in the 24 hours after initiation, the withdrawal will be canceled.
You are able to initiate a new withdrawal immediately after.
How do I send funds to my vault?
There are two ways to fund a vault:
- On the Portfolio page, https://www.coinbase.com/accounts, next to every section there is a link to "Get bitcoin address." This is useful if you need to send bitcoin from outside Coinbase directly into your vault.?
- On the same page there is also an option to "Deposit" next to your Vault. This is useful for moving funds in between your own Coinbase wallets and vaults.
How do I withdraw funds from a vault?
To withdraw, just click on the vault in the Portfolio page and click the "withdraw" button in the top right.
For a standard vault, once you enter the withdrawal details, a confirmation email will be sent to your inbox and to your secondary email inbox. Once the details are approved there, the 48- hour waiting period will begin.
Note: Currently, it's only possible to create one withdrawal request at a time. You must wait for an existing withdrawal to complete, or cancel it, before making another.
Can I change the settings on a vault after it has been created?
Once a vault has been created it's type, withdrawal delay period (48 hours), notification settings, security settings, and owner cannot be changed. It is still possible to rename a vault if needed. In the event that you need to change any of this information, it's best to create a new vault.
Is there a limit on the number of sub-wallets or vaults I'm allowed to create?
At this time Coinbase supports one Wallet and one Vault for each supported digital currency.
Is there a fee for using vault storage?
None at all. Coinbase vaults are free to use, just like your wallet.
Can Coinbase support speed up or move funds from a vault in case of an emergency?
For security reasons, Coinbase support is unable to bypass the waiting period on a vault withdrawal or move funds.
If I don't have enough funds in my spend wallet for a purchase, will it automatically pull from the vault?
Because the vault requires a withdrawal delay, there is no automatic process that will pull from the funds stored there. It is necessary to have an adequate amount of funds in your spend wallet before creating an instantaneous withdrawal or a purchase.
What's the best use for a Coinbase vault?
There are a variety of ways to store your digital assets, and it's definitely a good idea to find out which methods work best for you. The vault is an ideal storage tool if you wish to keep some digital assets online, but don't require quick withdrawals and want to be notified whenever there is a request to spend the funds. The choice to use both wallets and vaults allows you to strike a balance between convenience and increased security to keep you in control of your funds.
Group vaults are useful if you want multiple different people to form a consensus on how bitcoins are spent, or split up spend control between several of your own email addresses.
How do I cancel a vault withdrawal?
To cancel your vault withdrawal, please click the Portfolio page and select your vault. Then select the transaction that is pending withdrawal and click cancel.
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