Coinbase is the oldest and the most trusted cryptocurrency exchange. There are only a few coins listed on Coinbase including Bitcoin, Ethereum and Litecoin. Crypto buyers can get all these coins through Coinbase using their Credit Card or through a Bank Transfer. Coinbase currently operates in 32 countries. its userbase has grown incredibly over the course of past few years. Coinbase originally started its operations back in the year 2011. Since then, it has only seen growth.
Coinbase is quite secure. It has a very professional team of developers working day and night to keep it from any secure lapse. Coinbase has served over 10 Million users so far. It has the wallets for all the currencies that it supports. Coinbase’s prices are also the most suitable for anyone looking for a source that doesn’t charge premium. If you just check Cex.io or any other exchange, you will find a huge amount of premium attached to the base price of the currency.
Using Coinbase is incredibly easy as well. If you are going to buy currency for the first time through this exchange, you would need a guide to do so. Here’s a beginner’s guide to use Coinbase Exchange.
Beginners guide to using Coinbase Exchange
Making an Account
- Open Coinbase website on your computer and click on Sign Up.
- Enter your details and proceed with the Sign-Up procedure.
- You will get an email to confirm your account, open the confirmation email to proceed.
- Once you have verified the account, you are all set to deposit funds to the exchange to buy coins.
Payment methods on Coinbase
There are 4 payment methods on Coinbase. Here they are:
- Bank Account: You can link your bank account with your Coinbase account. You can buy, sell, and deposit currency in your bank account using this option. This is the easiest way to perform operations on Coinbase. Bank Account verification happens instantly over Coinbase.
- Credit or Debit Card: Using Credit Card, you can only deposit funds to your Coinbase account in order to buy Bitcoin, Ethereum or Litecoin.
- Paypal: Using Paypal, you can only sell the cryptocurrency to your Paypal account. You cannot make a deposit into your USD wallet using the Paypal account. This is only a Payout method.
- Wire Transfer: You can only deposit money to the USD wallet on Coinbase through a US-based bank. This is only a
To deposit funds to your USD wallet in Coinbase, you will open the Accounts tab. Select your USD wallet in the Accounts tab and then select your desired Pay in method. You can now follow the on-screen procedure to deposit funds in your USD wallet.
Link your account or credit card with Coinbase
- Open the settings page in Coinbase. To do so, click on Settings > Linked Accounts.
- Select Link to a New Account.
- Select the type of account you want to link i.e. Bank Account, Credit/Debit Card, Wire Transfer or Paypal.
- Provide the required details and the required verification to link your account.
- Once your account is successfully linked, you can start buying, selling and trading coins on Coinbase.
Buy Sell Cryptocurrency on Coinbase
- To buy or sell cryptocurrency on Coinbase, you will go to the Trade page.
- Now select whether you want to buy or sell.
- After selecting your desired option, select your payout method.
Withdrawing fiat funds from Coinbase
You can withdraw funds from Coinbase once you have a verified USD-wallet. The USD wallet verification requires you to complete a few requirements. Once you have enabled a USD wallet for withdraw, you can cash out the funds through a bank transfer.
Sending funds from Coinbase wallet to another wallet.
- On the Coinbase website, open the Accounts window.
- You will see a list of the coins that you have and the amount as well.
- Now click on the send button of the coin that you want to send.
- Now enter the address of the wallet to whom you want to send the funds.
- Now enter the number of coins or the amount in fiat currency that you want to send.
- Confirm the transaction details to proceed.
- Funds will be received in digital currency only.
Depositing Digital or Cryptocurrency on Coinbase
- On your computer, open the Coinbase Addresses page.
- Get the address of the currency that you want to deposit.
- Share this address with the exchange or wallet from whom you want to get the funds.
- It will take a few minutes for the transaction to happen once someone has deposited the coins.
Here is a cool video explaining Coinbase in detail. Courtesy: BTC Sessions
That’s all with Coinbase for now. I hope that you guys find this guide pretty helpful. In case you think that I have missed something, feel free to mention in the comments section below.