Coinbase is one of the easiest ways to buy, sell and hold cryptocurrencies. With Coinbase, you can connect to your bank account and easily transfer any currency (depending to your preferred currency settings) in or out of your currency wallet.
You can use your currency wallet, or transfer in new ones, to buy and sell. In addition to Bitcoin, Coinbase currently supports Bitcoin Cash, Ethereum, Litecoin, Ethereum Classic, 0x, Basic Attention Token, Zcash, Ripple and Stellar Lumens.
Wit you using Coinbase platform you can convert your Bitcoins in dollars or euros and thus avoid decreases or increases in market value. When changing it only a small commission is reflected. In addition, you can send your money to a bank or to your PayPal account.
Creating a Coinbase account is as easy as 1,2,3 !
Afterwards, access your email and follow the verification link. On the next screen you’ll need to enter a phone number to verify your account. Select your country and add your phone number and press “Send Code” button.
A 7-digit code will be sent to your phone, and you will be directed to enter this code.
After entering the code, you may or may not be directed to verify your ID. If you go directly to your dashboard you can skip this step, but we strongly advise you to verify your identity because sooner or later you must verify in order to purchase digital assets.
You will then be directed to fill in your personal information. Fill out your date of the birth, home address and additional fields that are required in this step and press “Continue” button.
On the next step, you’ll need to upload a photo of either your passport, drivers licence or Photo ID.
Once your photo ID is verified, the ID verification process should be complete and you should be redirected to Coinbase platform. However lately for some countries, they are requesting lastly to upload a proof of address. It can be either Bank Statement, Utility Bill or Credit Card Statement. If you are don’t want to fill out this info skip this screen by pressing “Go to coinbase.com” link.
You now have a fully functioning Bitcoin wallet that you can use to purchase and send/receive Bitcoin and other cryptocurrencies.
In the next steps will go over various options available to you within the Coinbase platform.
How to add Payment Method?
Once you are logged in you’ll see a various option inside Coinbase platform. To buy Bitcoins or any other digital currencies you need to link Coinbase with your Credit Card or Bank Account. To do so click on the Settings >> Linked Accounts. Once you are on the Linked Accounts area press a “Link Account” link and you new popup “Add Account” will open.
You will then be able to select which payment method to add.
To link a debit card, select that option then fill out your debit card information.
Debit cards are best for purchasing smaller amounts quickly. Any debit card purchase will instantly transfer the cryptocurrency to your account, which is best if you want to quickly trade it for another cryptocurrency.
However, debit cards have much lower purchase limits and higher fees than wire transfer.
How to Buy and Sell Bitcoin?
With your account all set up, you can finally buy some cryptocurrency!
Click the “Buy/Sell” tab at the top of the page.
Select the type of cryptocurrency you want, the payment method, and the amount in your currency.
You will then be directed to confirm your purchase.
Selling cryptocurrency is a very similar process. The main difference is that you cannot deposit to your credit card directly. Instead, you are deposing to your currency wallet that will hold your money on Coinbase. Afterwards, you can withdraw money from your currency wallet, but only to PayPal or Bank account.
How to Send and Recieve Bitcoin?
Click the “Accounts” tab at the top of the page and select the type of cryptocurrency you want. For each cryptocurrency, you will see two options – Send and Recieve. To receive cryptocurrency click receive button and popup with wallet address will appear. The only thing you need to do afterwards is to send this wallet address to the sender.
To send cryptocurrency to another address, click the “Send” button.
Next, enter the desired recipient address and the amount in your currency that you would like to send. Be sure to send only to wallets of the same type of cryptocurrency, or it will be lost
You will also notice an additional miner fee for sending currency.
Now that you know how to set up an account, buy/sell, and deposit/withdraw, you should have all the knowledge you need to start buying and trading.