Coinbase Investing: A Beginner's Guide To Getting Started

Coinbase is a popular cryptocurrency exchange that allows users to buy, sell, and store cryptocurrencies. It offers an intuitive user interface, making it a good choice for beginners with little crypto knowledge. To start investing in Coinbase, you need to create an account, verify your identity, and link a payment method. You can use a bank account, debit card, credit card, or wire transfer to fund your Coinbase account. It is important to note that Coinbase has been criticized for relatively high transaction fees and poor customer service.

Create a Coinbase account

To create a Coinbase account, you will need to download the Coinbase app and start the sign-up process. You will need a valid ID and may be asked for proof of address to be able to transact, so make sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.

Coinbase is a popular cryptocurrency exchange that allows anyone with an account to buy, sell, and exchange cryptocurrency. It is a good choice for beginners as it requires little technical knowledge. The exchange supports over 10,000 assets, allowing users to explore and enjoy a wide variety of digital currencies.

The process of creating a Coinbase account is similar to opening a new bank account. You will need to submit personal details such as your name, email address, and proof of residence, among other things, to confirm you're human and to meet know-your-customer (KYC) regulations. Additionally, you will have to submit a picture of your government-issued ID.

Coinbase is committed to creating an open financial system for the world. It is a trusted platform with over 110 million verified users as of Q4 2022.

Add a payment method

To add a payment method, tap on the payment method box and connect a payment method. You can use a bank account, debit card, or initiate a wire transfer.

On Coinbase.com, select 'Buy & Sell'. On the Coinbase mobile app, tap the '+' button on the Home tab.

Coinbase allows you to use a variety of payment methods, including:

• Bank account
• Debit card
• Credit card
• PayPal
• Gift card
• Wire transfer

Note that you cannot use a credit card to purchase Bitcoin on Coinbase.

Coinbase may charge a fee to buy Bitcoin, which is calculated at the time of purchase. The fee is determined by factors such as your location, payment method, order size, and market conditions.

Select Bitcoin from the list of assets

Once you have set up your Coinbase account, you can start investing in Bitcoin.

First, you need to select Bitcoin from the list of assets. You can do this by searching for it directly in the search bar or scrolling through the list of cryptocurrencies until you find it. Bitcoin is usually at the top of the list, as it is one of the most popular cryptocurrencies.

After selecting Bitcoin, you will be taken to the Bitcoin page, where you can see the current price and a chart showing the price history. You can also see the 24-hour trading volume and other statistics about Bitcoin on this page.

From here, you can decide how much Bitcoin you want to buy. You can buy a whole Bitcoin or a fraction of a Bitcoin, depending on your budget and investment goals. Coinbase has a minimum investment requirement of 1 unit of your local currency, such as $1 or €1.

Once you have decided how much to invest, you can place your order. You can choose between a market order, which will buy Bitcoin at the current market price, or a limit order, which will only buy Bitcoin at a specific price that you set.

Keep in mind that Bitcoin is a volatile and risky investment, so it's important to do your own research and only invest what you can afford to lose.

Enter the amount you want to buy

Once you have downloaded the Coinbase app and signed up, you will need to add a payment method. You can use a bank account, a debit card, or initiate a wire transfer.

On the Coinbase website, select "Buy & Sell". On the mobile app, tap the "+" button on the "Home" tab.

Next, select Bitcoin from the list of assets. On the website, click the "Buy" panel and search for Bitcoin. On the mobile app, simply search for Bitcoin by typing "Bitcoin" into the search bar.

Now, enter the amount you want to buy. Use the number pad to input the amount you wish to spend in your local currency. The app will automatically convert this into a Bitcoin amount. You can tap the arrow buttons on the right side of the screen to switch between the amount of money you want to spend and the equivalent amount of Bitcoin.

Finally, tap "Preview buy" to review the details of your purchase. Once you are happy, confirm your purchase by clicking "Buy now".

After your order is processed, you will be taken to a confirmation screen. Congratulations, you've bought Bitcoin!

Finalize your purchase

Finalizing your purchase of Bitcoin on Coinbase is a straightforward process. After you have set up your Coinbase account, added a payment method, and selected Bitcoin from the list of assets, you are ready to make your purchase.

Use the number pad to input the amount you want to spend in your local currency. The Coinbase app will automatically convert that into a Bitcoin amount. You can switch between the amount of your local currency and the equivalent amount of Bitcoin by tapping the arrow buttons on the right side of the screen.

Once you have entered the amount you want to buy, tap "Preview buy". You will be shown the details of your purchase, including the amount of Bitcoin you will receive and the fees associated with the transaction. Review the details carefully to ensure everything looks correct, and then confirm your purchase by clicking "Buy now".

After you have confirmed your purchase, the order will be processed, and you will be taken to a confirmation screen. Congratulations! You have successfully bought Bitcoin on Coinbase.

It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly. Always review the price and ensure you are comfortable with the amount you wish to purchase before finalizing your transaction.

Frequently asked questions