- Coinbase is a cryptocurrency trading platform that enables users to buy and sell various cryptocurrencies, including bitcoin, ethereum, litecoin, and about 50 others.
- Additionally, you can use Coinbase to convert between cryptocurrencies and send and receive cryptocurrency to and from other users.
- As with other stock trading apps, Coinbase displays cryptocurrencies’ current price and trend, your portfolio of holdings, and industry news.
Coinbase was the first significant cryptocurrency business to go public in the United States, debuting at $381 on the Nasdaq in April, giving the cryptocurrency exchange an initial market cap of $99.6 billion on a fully diluted basis.
Perhaps you’re unfamiliar with Coinbase. Or maybe you’re unsure what it is. A brief explanation is as follows:
Coinbase is a cryptocurrency trading platform that enables users to buy and sell various cryptocurrencies, including bitcoin, ethereum, litecoin, and about 50 others. Additionally, you can use Coinbase to convert between cryptocurrencies and send and receive cryptocurrency to and from other users. As with other stock trading apps, Coinbase displays cryptocurrencies’ current price and trend, your portfolio of holdings, and industry news. Here’s how to get started with Coinbase and how to buy and sell cryptocurrencies.
How to Begin with Coinbase
Coinbase is simple to use but requires some information, including your legal name, home address, date of birth, the last four digits of your Social Security number, and the purpose for which you intend to use Coinbase. This is necessary to adhere to federal regulations. Here’s how to get started.
- Install the Coinbase app on your iPhone or Android device.
- Coinbase should now be open. Tap “Get Started.”
- Create an account by entering your email address and clicking “Start.”
- Verify your email address by tapping the link sent to your inbox.
- Please enter your phone number and confirm it by entering the verification code sent to you via text.
- Input your name, birth date, and the final four digits of your Social Security number. To use it, you must be at least 18 years old.
- Enter your postal code.
- Choose how you want to use Coinbase: investing, making online payments, making online purchases, or investing in other exchanges.
- Confirm your income source.
- Select “Let’s Go.”
- Now you’ll begin the process of connecting your bank account. Search your bank.
- Log in to your bank account using your usual username and password.
- Tap “Continue” after selecting the bank account you want to link to Coinbase for purchases.
- That is all. It’ll now direct you to Coinbase’s home page, where you can begin purchasing cryptocurrencies.
How to use Coinbase to purchase cryptocurrencies
Now I’ll demonstrate how to purchase cryptocurrency. Let’s buy a fraction of a bitcoin, as that is the currency you are probably most familiar with. However, this process is identical for all coins available on the Coinbase platform.
- At the top of the screen, tap “Get started.”
- You’ll see a list of available crypto assets. At the top, click bitcoin.
- Select the quantity you wish to purchase. Reminder: You can buy fractions of cryptocurrency, so you can spend $5 on approximately 0.0006204 bitcoin (at its current price of $64,000) or any other amount you desire. The minimum purchase amount is $1.99.
- Select “Preview purchase.”
- Recheck the sequence: Note Coinbase takes a percentage of the transaction, so if you’re looking to buy $5, it’ll take approximately a 99 cent cut. If you purchase $500 worth of bitcoin, it will cost roughly $7.34.
- Select “Buy now.”
- That is all! After purchasing it, you can immediately trade your bitcoin, but you must wait eight days before sending it to someone.
How to sell Bitcoin and other cryptocurrencies on Coinbase
Assume you’re now prepared to sell your crypto assets. What you do is as follows.
- On the main page, tap the blue circle icon. It features two arrows.
- Select Sell.
- Choose the asset you wish to sell; in this case, bitcoin.
- Select the quantity you wish to sell or tap the “Max” button on the left to sell everything.
- Refresh the page and take note of the Coinbase fee once more.
- Select “Sell now.”
How to request a withdrawal from Coinbase
Perhaps you’re prepared to forego some profits. You’ve sold your cryptocurrency and now wish to return it to your bank account.
Would you please keep in mind that if you’ve recently purchased or sold funds, you may still be subject to a withdrawal-based limit? For example, I cannot sell something I bought and sold this morning for this guide for eight days. Once that period has passed, the following is what you should do:
- Tap your portfolio balance at the top of the screen from the home page.
- Select the United States dollar option. If you’ve sold some cryptocurrency, this should be worth something other than $0.
- Select “Withdraw.”
- “Preview withdrawal” is the option.
- Choose a bank account. Transfers take between one and three business days. For a small fee, you can also add a debit card for instant transfers.
That is all. You’ve now learned how to install Coinbase and use it to buy and sell cryptocurrencies, as well as make withdrawals to your bank account.