Step by Step Guide Buying Cryptocurrencies at CoinBase

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How do I buy digital currency?

Using a Web Browser

  1. Go to the Buys page.
  2. Select the type of digital currency you’d like to buy.
  3. Enter the amount you’d like to buy denominated in either digital currency or your local currency.
  4. Select the wallet you wish to have your funds deposited into.
  5. Select your desired payment method.
  6. Confirm the order is correct and click Buy.

Using the iOS & Android Apps

  1. Tap the menu icon near the top left of the screen to open the Navbar.
  2. Select Buy from the Navbar.
  3. Select the type of digital currency you’d like to buy.
  4. Enter the amount you’d like to buy denominated in either digital currency or your local currency.
  5. Select the wallet you wish to have your funds deposited into.
  6. Select your desired payment method.
  7. After reviewing your order, tap Buy.

What is the minimum amount I can buy?

You can purchase or sell as little as 2.00 of cryptocurrency denominated in your local currency ($2 or €2 for example). You can find more information about creating a buy or sell order here.

How to Use Coinbase Exchange: Step by Step Guide

Table of Contents

Getting started with cryptocurrencies is made easy with Coinbase’s beginner-friendly user interface. Follow the steps below to quickly set up an account and start trading or making purchases with your cryptocurrencies.

In order to have your crypto conversions be the most cost-effective possible, it’d be beneficial to first understand the two services that Coinbase offers.

What is Coinbase?

Coinbase is a digital currency exchange that is made up of two core products;

  1. A user-facing retail broker for exchanging between fiat currencies and Bitcoin, Bitcoin Cash, Ether, and Litecoin. (Coinbase.com)
  2. a Global Digital Asset Exchange (GDAX) that supports the exchange of a larger variety of coins (with lower fees). (GDAX.com)

This article focuses on navigating the Coinbase platform to purchase and manage your cryptocurrencies. If you feel that you have Coinbase mastered, read here to learn how you can start trading on Coinbase’s exchange: GDAX.

What is Coinbase Website used for?

The user-facing retail broker is the product that is presented when you visit Coinbase.com.

This platform only supports the purchase of 4 coins (Bitcoin, Bitcoin Cash, Ether, and Litecoin) and is not meant to serve as an exchange. Rather, it’s an introductory platform for users who have little to no experience buying cryptocurrency.

The Coinbase platform is mainly used as a way to convert between local fiat currencies and cryptocurrencies. As a result, Coinbase.com is where many users start their investment in cryptos and also where they cash back out to fiat currency. Coinbase supports the conversion of 32 local currencies all of which are listed here on the Coinbase website.

If you’re looking to purchase altcoins outside of Coinbase’s 4 choices, then you will need to eventually transfer your coins from the Coinbase platform to an outside exchange. You can either transfer to an outside exchange or you can transfer to Coinbase’s exchange: GDAX. Coinbase makes it so that your GDAX account is linked with your account on the Coinbase platform, allowing you to transfer back and forth between Coinbase.com and GDAX.com for free.

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Step 1: Make an account with Coinbase

You can either create an account directly from the Coinbase website or sign up through a referral link. Many people prefer to sign up through a referral because this gives you and the user that referred you 10 USD each in your Coinbase accounts (after you deposit $100 or more.)

To create an account, navigate to Coinbase.com and click sign up in the upper right-hand corner. If you are signing up through a referral, make sure you are using a legitimate link to Coinbase.

Step 2: Login and Navigate to the Dashboard

Once you’ve filled out the required fields and accepted the confirmation that was sent to your registered email, your account should be ready to accept funds.

The Dashboard

After logging in with your credentials, the first page that you come in contact with is the Coinbase dashboard. The dashboard displays the current financial info for the 4 coins that are offered, your account status, and your balance for each of those 4 coins in their respective Coinbase virtual wallets.

Your dashboard will update the “Complete your account” section with a transaction history once you attach a financial account.

If you’ve just made an account, your balance should show a grand total of 0. You can change this by linking a financial account and adding funds. Navigate to the request on the bottom left of the dashboard that prompts you to “Add a payment method”.

Upon selecting to add a payment method, you’ll notice that there are 3 options for depositing funds into your Coinbase account;

  1. Linking a bank account
  2. Linking a credit card
  3. Doing a wire transfer.

Each option has its own associated fees as well as its own standard length of time for funds to process into your Coinbase account. Both of these factors can vary depending on your location.

In general, bank account transfers can take anywhere from 3-5 business days and charge a fee of 1.5%. Credit/Debit card transfers are more or less instantaneous but charge a fee of 4%. Check here for the specific fees associated with your location and transfer method.

Step 4: Purchasing One of the 4 Cryptocurrencies

It’s time to purchase some cryptocurrency since that was the point of you making it this far. Go over to the “Buy/Sell” tab and select the cryptocurrency that you would like to buy.

Select your financial account under the payment method option. Enter your desired quantity of coin to purchase or amount of currency you wish to spend. Notice that on the bottom you have an option to make this a recurring purchase if desired.

Once you’ve confirmed all of the information to be accurate, go ahead and press “Buy ___” to submit the request.

Your cryptocurrencies should be available in your Coinbase account as soon as they clear with your financial institution. (time depends on your selected funding method)

Coinbase Wallets

Coinbase has built-in virtual wallets that act as storage units for the coins that you purchase. Given that Coinbase currently supports 4 coins, they also have 4 separate wallets to hold these coins. You can access your wallets by clicking on the “Accounts” section on the Coinbase Website.

After your purchase has cleared and you are now in possession of the coins, They will show up here under “Accounts” (as well as on your Dashboard.) These wallets allow you to transfer coins to and from other wallets (wallets from other exchanges or platforms). For example, you can send LiteCoin from your LiteCoin wallet on GDAX to your LiteCoin wallet on Coinbase, and vice versa.

Should I Use Coinbase?

As a recap, the Coinbase user-facing retail broker (Coinbase.com) is a platform that lets you:

  1. Switch between fiat currency and coins (deposit funds or cash out)
  2. Store coins (as long as they are one of the four that are supported)
  3. Use any of your stored coins to buy products and/or pay for services
  4. Transfer coins to an exchange for crypto trading

The Coinbase platform is a great place to start for beginners. The reality though is that the GDAX exchange provides practically all of the same services as the Coinbase platform, but with lower fees.

Most notably, GDAX lets you exchange for fiat currencies with significantly lower transaction fees. On the flip side, GDAX does not provide the same variety of fiat currencies like Coinbase does. As a matter of fact, GDAX only supports USD, EUR, and GBP but those fiats constitute such a large portion of crypto investments. Conversions for users of these common currencies will be significantly more cost-effective on GDAX.

Having a Coinbase account gives you the unique benefits of

  • Being able to transfer coins back and forth from GDAX to Coinbase at no cost
  • The ability to exchange cryptos with a large variety of fiat currencies.

All in all, CoinBase is a great platform for beginners and users with less common fiat currencies. However, once you’ve gotten used to Coinbase, you should consider switching over to GDAX to take advantage of the lower transaction costs. Click here to learn more about how to use the GDAX exchange.

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the top ranked cryptocurrency by market cap, bitcoin, using a wide range of options.

By options, this means being able to buy Bitcoin on Coinbase website or the Coinbase app with PayPal, USD wallet, and Visa or MasterCard credit/debit card. A number of people have had to rely on YouTube videos to get their first purchase through but in the end, it’s all about finding a tutorial that breaks down each step to cover the tiniest details.

Requirements To Buy Bitcoin On Coinbase

Coinbase serves as a cryptocurrency exchange and a wallet for storing cryptocurrency assets. What this means is that you can either trade on it, or take advantage of its wallet to accumulate funds. Before we head on to show you the best way to buy Bitcoin on Coinbase, let’s give you an idea of what’s required to get your first purchase in. You need to:

  • Create an account on Coinbase if you haven’t before this time.
  • Verify your identity using a Photo ID, driver’s license, or passport which is in a bid to prevent identity theft.
  • Then finally, buy bitcoin on your Coinbase account.

These are the major steps involved in buying Bitcoin and if you can scale through each, you would’ve successfully found one of the easiest and safest means to make the purchase.

So, how long does it take to buy bitcoin on Coinbase?

You are instantly funded with your bitcoin on Coinbase once your payment is successfully processed. However, the speed depends on whether you’ve set up an account and verified it before this time because if you haven’t, it may take some additional time.

How to Instantly Buy Bitcoin on Coinbase

To fund your Coinbase wallet with Bitcoin, do the following:

Step 1: Register and Verify an Account on Coinbase

  • Create an account on Coinbase if you haven’t done so before this time by accessing https://www.coinbase.com/. Here’s a full guide dedicated towards creating a Coinbase account.
  • Enter the registration details required.
  • Verify your email address.
  • Verify your phone number.
  • Also proceed to verify your account either using a passport, photo identity card, or a driver’s license. All you have to do is hold either of these in front of your computer’s camera or you can optionally upload either of these documents.

Once your account has been set up, proceed to do the following:

Step 2: Add a Payment Method

If you want to buy Bitcoin using a credit card, then you need to add the card prior to your purchase.

  • You can do this by clicking on the payment methods page.
  • Click on ‘Add Payment Method’ at the top of the page.
  • Choose ‘Credit/Debit Card’ at the payment selector region.
  • Next, you’ll have to carry out an ID verification if you have not verified your account.
  • Once the verification is complete, you will be returned to the payments section where you can enter your card’s billing information (note, the address you input must correspond with your card’s billing address).
  • Accept the prompt that your account will be billed.
  • Access your cardholder’s account and check for two small charges that have been made to your card.
  • Verify that the card is yours by entering the two amounts that were debited.
  • Once you’ve verified successfully, you can then proceed to make your first purchase.

Step 3: Buy Bitcoin on Coinbase Using a Web Browser

  • From your Chrome, Firefox, or Safari web browser, go to Buy/Sell Digital Currency page. You may be asked to login into your account to access the buy page.
  • Once you’ve logged in, enter the local currency equivalent of the amount of Bitcoin you want to buy.
  • Choose a wallet where your funds will be sent to.
  • Select your desired payment method from the drop-down menu.
  • Cross check that your order is correct and then click on ‘Buy’.

How to Buy Bitcoin from Coinbase Using the iOS & Android Apps

In order to buy Bitcoin directly from Coinbase using a smartphone running iOS, do the following:

  • Click on the menu icon that is located at the upper left corner of the screen to access the Navbar.
  • Click on ‘Buy’ from the navbar.
  • Choose the virtual asset, in this case, ‘Bitcoin’ which you’ll like to purchase.
  • Enter how much worth of bitcoin you’ll like to purchase in your local currency.
  • Choose the wallet which you will like your bitcoin sent to and click on ‘Continue’.
  • Finally, select ‘Payment Methods’ and choose either credit/debit card or bank account. If you’re based in the United States, Europe, UK, Singapore, then you’ll be able to make purchases directly using your credit card.
  • Once you’ve reviewed your order, click on ‘Buy’.
  • Your Bitcoin will be credited into your account instantly.

What You Can Do With Your Bitcoin After Purchase?

If you’ve successfully funded your Coinbase wallet, there are several things you can do with the bitcoin you’ve just purchased. Some of these include:

  • Spending your bitcoins for goods and services online and offline, i.e. paying for food at restaurants, buying books, shopping on Amazon, etc.
  • Giving out as donation especially in countries where access to financial services is difficult.
  • Transfer your bitcoin overseas to a family or friend within a matter of seconds.
  • Trade your bitcoin on Coinbase for cash. You can make withdrawals into your bank account through PayPal.

Conclusion:

These are the simple steps on how to purchase bitcoin on Coinbase with a credit card or straight from your bank depending on which is most convenient for you. The advantage of using an exchange like Coinbase is that you are dealing with the U.S. based company itself and not third parties as is the case of peer-to-peer exchanges.

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