How to use Coin98 Wallet - a beginner’s guide

Coin98 Wallet, a non-custodial, multi-chain wallet and DeFi gateway, is currently one of the most popular digital wallets trusted by hundreds of thousands of users globally.

Don’t know where to begin? Don’t worry, this article will guide you through the basics of the Coin98 Wallet Universe step-by-step. Let’s get started!

What is Coin98 Wallet?

Coin98 Wallet is a non-custodial wallet used to store, manage, trade, swap multi-chain, multi-source digital assets. It currently supports more than 22 blockchains, including Bitcoin, Ethereum, TomoChain, Tron, Binance Smart Chain, Solana, Polkadot, Kusama, HECO Chain, Near, Avalanche X-Chain & C-Chain, Binance Chain, Celo, BandChain, Kava, Terra, Cosmos, ThorChain, Fantom, Polygon, Persistence. Coin98 Wallet has both the Mobile App and the Extension version, acting as a gateway to connect users to the DeFi world.

How to create and restore wallets on Coin98 Wallet

After downloading the app, all you need to do is go to the app, choose your preferred language and enjoy it!

On the home screen of Coin98 Wallet, you can create a new wallet or restore the wallets from other apps to use from now on.

Creating a new wallet

After logging in to the app’s home screen, you can create a Multi-chain wallet by following these steps:

  • Step 1: Click Manage on the home screen.

  • Step 2: Click Add Wallet.

  • Step 3: Select the Multi-chain wallet icon, then click Create.

  • Step 4: Name your wallet and backup your Passphrase in a safe place.

    • Tick the Backup your recovery key box and copy your Passphrase.

    • Tick the remaining boxes to confirm you’re aware of the risks.

    • Click Next.

  • Step 5: Paste your Passphrase into the Confirmation box, then click Done.

Your new wallet will instantly be displayed on the home screen. You can go to Manage and click Manage All Wallets to check the status of your wallets.

Note: Passphrases and Private Keys are crucial to your assets. Store these information carefully in case you are logged out and need to restore your wallets.

Restoring your wallet

Already had a wallet before? You can easily restore it in 4 simple steps:

Step 1: Click Manage on the home screen.

Step 2: Click Add Wallet.

Step 3: Choose the corresponding icon for the wallet you are restoring, then click Restore.

Step 4: Insert the wallet’s name & Passphrase (you can use the QR code icon, or the Paste icon next to the box).

Step 5: You can choose between 2 options:

- Multi-Chain wallet users (Coin98 Wallet, Trust Wallet, Metamask,...): Select "Old Standard".

- Sollet, Phantom users: Select "New Standard" - the latest solution by Coin98 Wallet that prevents Sollet wallet addresses from being changed when restored to other wallets.

Click Connect.

How to send and receive coins/tokens on Coin98 Wallet

Receiving coins/tokens to Coin98 Wallet

There are 2 ways to receive coins/tokens. The first one is:

  • Step 1: Choose the coin/token displayed on the home screen.

  • Step 2: Click Receive.

  • Step 3: Copy the wallet address and send the coin/token to this address.

Or:

  • Step 1: Click Receive on the home screen.

  • Step 2: Search the coin/token’s name.

  • Step 3: Click on the receive icon next to the correct token.

  • Step 4: Copy the wallet address and send the coin/token to this address.

Sending coins/tokens from Coin98 Wallet

There are 2 ways to send coins/tokens on Coin98 Wallet. The first one is:

  • Step 1: Choose the coin/token you want to send on the home screen.

  • Step 2: Click Send.

  • Step 3: Insert the amount, the recipient’s wallet address & messages (if any).

  • Slide Send to complete.

You can adjust the gas fee, which affects the transaction speed, according to your needs. If you’re wondering what gas fee is, keep reading for the full information!

The other way is:

  • Step 1: Click Send on the home screen.

  • Step 2:

    • 2.1: Choose a wallet to send tokens from.

    • 2.2: Choose the coin/token to send.

  • Step 3: Insert the amount, the recipient’s address and messages (if any).

  • Step 4: Slide Send to complete

Other concepts you need to know

What makes Coin98 Wallet reliable?

As a non-custodial wallet, Coin98 Wallet never saves the users’ key, but rather lets them have absolute control over their key and assets.

To start using Coin98 Mobile Wallet, users need to register for an account with their email address. However, this account only controls the in-app settings, not the actual wallet.

Instead, the wallet is controlled by a unique Private Key and Passphrase. The private key and passphrase are provided right after you have created a wallet, and whoever has access to this unique key, has the control over your wallet.

Coin98 Wallet has absolutely no control over your assets, therefore, it is impossible for hackers to get your private key by hacking into the system. You need to, however, save and store your private key carefully to avoid some risks, such as your phone being tapped, stolen, or loss of private key.

What is Gas Fee?

Gas fee is a fee paid to a network so as to complete a transaction on a blockchain.

The gas fee’s unit is different on each blockchain. For example, the gas fee’s unit on Ethereum blockchain is GWEI, and it is paid for with ETH; similarly, users pay with SOL on Solana; BNB-BEP20 and BNB-BEP2 on Binance Smart Chain and Binance Chain, DOT on Polkadot, etc. The gas fee to complete any transaction on any blockchain is paid with that blockchain’s parent token.

The list of coins/tokens used to pay for the gas fee on different blockchains is as follows:

NOTE:

  • Father Token: The coin used to pay gas fee on its corresponding blockchain.

  • Child Token: The token standard supported on its corresponding blockchain.

Some final words...

If you’ve made it here, congratulations for completing Coin98 Wallet’s basic training. Hopefully this guide has provided you with all the necessary information. You can always check out this website for even more helpful blogs like this!