Buying and Transferring Bitcoins on Coinbase: A Beginner’s Guide

Overview

Coinbase was founded in 2012 and is a conventional cryptocurrency exchange based in San Francisco with offices worldwide. This exchange is a fully regulated and licensed exchange for cryptocurrencies, presently ranking number 3 as per coinmarketcap.com. It is one of the world’s largest exchanges providing various features and a wide choice of products, including cryptocurrency investing, custodial accounts for financial institutions, US dollar stable coin, an advanced trading platform, and a wallet for retail investors.

How to create an account at Coinbase.com with the App

  • Despite the recent fluctuations in the cryptocurrency market, Coinbase is steadily improving. It is the most sought-after exchange to buy Bitcoin and other cryptocurrencies easily.
  • Creating an account with Coinbase is very easy, and it can be done in a few minutes. The user needs to enter their full name, email address, and strong password to sign up.
  • The user can add an account by clicking the “trade” button given on the Coinbase website. This option helps the user to choose what they want to buy and their preferred payment option. 
  • Before proceeding with the purchase, the user needs to confirm their details. The fees depend upon how much they want to purchase Bitcoin. The next step is to click the buy now option to complete the process. 

Adding a Payment Account

For US Customers

Coinbase provides Coinbase Pro accounts for US customers to fund their accounts with USD using ACH or Bank wire transfers. Before adding funds from the bank, the user must verify their bank account; next, they can deposit funds in their account. 

For UK Customers

For the UK, customers can access GBP and EUR wallets that are offered by the Coinbase accounts. The wallets can be funded with different payment options available with Coinbase.

Buying Bitcoin from Coinbase

Currently, Bitcoin is revolutionizing the cryptocurrency industry as its price has gone up during the past few months. Moreover, Bitcoin is accepted as the preferred form of online payment for many businesses. Here are the few steps to buy Bitcoin from coinbase – 

  1. The user needs to create an account by adding their full name, email address, and password.
  2. The next step is to verify their identity to prevent fraud or identity theft. The user needs to provide a photo ID for this purpose.
  3. When this process is complete, the user can start buying Bitcoin with a small amount like $25, and they can pay with their bank account or a debit card.

Conclusion

Coinbase has become one of the leading cryptocurrency exchanges prevalent in the US. It has successfully built a strong rapport with new investors which can be clearly seen from the positive Coinbase reviews. It offers various features for both experienced and beginners who do not have trading or investment experience in cryptocurrencies. Even though the standard Coinbase platform fees are a bit higher, it also offers several features and a learning program to benefit its users. Further, the platform’s features and easy setup process offer inexperienced traders to browse through the platform like a pro.

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