Coinbase is a crypto exchange platform that allows investors to sell and buy various cryptocurrencies like ethereum, bitcoin, litecoin, and other altcoins. Coinbase also allows its clients to convert one crypto asset to another and also send and receive digital coins to and from other exchanges
If you’re conversant with stock exchange platforms, getting familiar with Coinbase shouldn’t be a problem. Coinbase displays the current trend and price of various cryptocurrencies, portfolio holdings, and the latest news about the industry.
If you’re choosing Coinbase as your exchange platform, here’s how to buy, sell, and get started with trading crypto on Coinbase.
Getting started with Coinbase
It’s quite simple and easy to sign up with Coinbase. However, some personal information is required for the registration process. Your name, date of birth, home address, Social Security Number, and how you plan to use Coinbase is required for registration. Here’s how to get started;
- Download the Coinbase app for your Android or iPhone device
- Open the Coinbase all and click on “Get Started”
- Create an account your email address, then click on “Start”
- Verify your email address by clicking on the link received in your email box
- Input your phone number and confirm it by inputting the code sent to your SMS box
- Input your name, last four digits of your SSN, and date of birth. Please note that you must be at least 18 years of age to use Coinbase
- Input your address
- Select how you want to use Coinbase. Be it for online payment, investing, investment in other exchanges, or online purchases,
- Validate your source of income
- Click on “Let’s Go”
- Proceed to link your bank account with your Coinbase account.
- Search for your bank
- Log in to your bank account using the password and username you use for your usual banking
- Choose the bank you want to link to Coinbase and click on “Continue”
That’s all! You will be redirected to Coinbase’s main page where you can begin to buy and sell various digital coins
How to buy cryptocurrencies on Coinbase
Buying cryptocurrencies on the Coinbase platform is very simple and straightforward. Follow these simple steps to buy your first digital coin on Coinbase.
- Click on “Get started” which you will find on the top screen.
- The next screen will display a list of digital coins you can buy. Select the coin of your choice.
- Input how much digital coin you want to buy. Digital coins can be bought in fractions, hence, you can spend $10 on 0.00021 Bitcoin (current price at 46,747) or any hoe you want. The minimum purchase order for Coinbase is $1.99
- Click on “Preview buy”
- Examine the purchase order: Coinbase charges a constant fee on every purchase. For example, if you’re buying $5 worth of bitcoin, Coinbase will charge around 99 cents on the transaction. If you’re buying $500 worth of bitcoin, the transaction fee is around $7.30
- Click on “Buy now.”
That’s all! You can always buy any digital coin by following this simple process. After purchase, you can decide to hold your coin, trade it, or send it to an external wallet. However, you must wait 8 days before you can send out cryptocurrencies.
How to sell cryptocurrencies on Coinbase
Let’s assume you traded your crypto asset and have made significant profits. So it’s time to sell a fraction of the whole of your crypto asset. Here’s what to do;
- Click on the blue circle icon found on the main page and it will display two arrows.
- Select Sell
- Choose the digital coin you want to sell. For example, bitcoin.
- Input the amount or quantity you want to sell, or click on “Max if you want to sell all of the digital coins.
- Examine the page and carefully note the transaction fee charged by Coinbase
- Click on sell now.
That’s everything you need to learn about buying and selling cryptocurrencies on Coinbase. Yes! It’s that simple. Immediately you sell your coin for profit, you can withdraw your funds to your bank account if that’s what you want try now for free. Otherwise, you can use such profit to invest in another digital coin.