How to Buy Bitcoin With Coinbase
Anyone that is interested in cryptocurrencies should learn how to buy bitcoin with coinbase. Founded in 2012, Coinbase is a platform and digital wallet where customers can make transactions with the new digital coins like bitcoin, Ethereum, and Litecoin.
Since its foundation, it has received more than $31 million in venture capital funding. Coinbase exchange service is available in 19 countries around the world. Their online wallet is beginner friendly and it is one of the most well known platforms for buying and selling cryptocurrencies.
How to Buy Bitcoin With Coinbase
It is effortless, and Coinbase makes it easier than most platforms to buy cryptocurrencies. This is done in three easy steps.
Create an account on Coinbase
The first step is registering in Coinbase. This way, you will have a safe place to store your cryptocurrencies. Currently Coinbase offers the ability for you to buy only the three cyrptocurrencies mentioned above, but they are in talks to offer a couple more options.
Connect your Coinbase account to your Bank account
Once registered you can easily connect your bank account. After it’s connected, you will have to go through a verification process to use the account.
This process is very easy and once it is identified that you are the owner of the account you are ready to easily start depositing money into your wallet via bank transfer or even via a bank debit card.
Buying and selling Bitcoins
It typically takes about 7 days for a bank transfer to complete. But the great thing is you will be locked in at the current cryptocurrency price when the transaction was made.
This can be great due to the fluctuation of the cryptocurrency price. When your money arrives you can already predict how much cryptocurrency you will receive because you already know the purchase price.
There are only five steps to follow to buy Bitcoins using a web browser.
- Go to the ‘buys’ page.
- Insert the amount in BTC or your local currency that you wish to buy.
- Choose the wallet you wish to have your deposit into.
- Select your preferred payment method.
- Confirm the order and click ‘Buy Bitcoin’.
Using iOS and/or Android Apps
- Open the Navbar through taping the menu icon near the top left of the screen.
- Select the Buy option from the Navbar.
- Type the BTC or local currency value that you wish to buy.
- Select a wallet to send the deposit into.
- Select your desired Payment Method.
- Check the order, and if everything is ok, tap ‘Buy Bitcoin’.
Coinbase makes your funds available in your account as soon as they receive payment. As mentioned earlier, the transaction timing will vary according to your location and payment method used. It is always a great idea to refer to their website for current estimated transaction times.
For US customers, Coinbase supports a diversity of payment methods to buy or deposit, including bank transfers, credit cards, debit cards, and bank wires.
Europeans can use their European bank account from any supported country, to transfer euros to and from their Coinbase account using SEPA deposits. European residents can also buy digital currency with a credit or debit card with a 3D Secure enabled card.
These days there are many digital currency exchange platforms that may be cheaper than Coinbase. Some of those include Coin Mama, CEX.IO, Bitfinex, Coin House, BitStamp, BitPanda, and the list goes on and on.
Here is a consolidated list of some of the best currency exchange platforms of 2018.
Learning how to buy bitcoin with coinbase can save you time and headaches if you are interested in making some income in the cryptocurrency space. It is not the cheapest platform but definitely one of the most reputable and solid companies.
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Share your thoughts on using coinbase to buy bitcoin. Do you currently have any cryptocurrencies in the coinbase platform?