Coinbase is one of the leading digital asset companies in the world. The San Francisco-based bitcoin startup was launched in 2011 to bring bitcoin to as many people as possible. Today, the startup unicorn is working “to create an open financial system for the world.”
In this article, you will learn how to buy bitcoin on Coinbase’s online trading platform.
Buying Bitcoin on Coinbase
Below, you will find a step-by-step guide (with screenshots) to buying bitcoin on Coinbase using fiat currency.
1. Sign up to Coinbase
First, you need to access www.coinbase.com and click the “Get Started” button on the top right if you do not already possess a Coinbase account.
The next step will be to provide your full name, email address, and a password to create your account. You will then receive a confirmation email with a link you need to click to gain access to the Coinbase platform.
While you can also go through this process using the Coinbase app, which is available for Android and iOS, we will stick to the web-based version of the Coinbase trading platform in this guide.
Once the registration process is complete and you have provided the KYC information required by the exchange, you can access the trading dashboard.
2. Deposit Funds
Before you can start buying bitcoin, you need to fund your Coinbase account with fiat currency. To do that, you need to click “Trade” and then “Deposit Funds” when the pop-up window opens on the trading dashboard.
In our example, we will use British pounds (GBP) to purchase bitcoin. To transfer pounds to your Coinbase account, you need to make a wire transfer to your designated sterling account at Coinbase’s banking partner.
Before making the bank transfer for the amount of bitcoin you want to purchase, ensure that you note down the reference number that you need for your bank transfer.
3. Trade Crypto on Coinbase
Once your bank transfer has been processed and the funds have reached your Coinbase account, you can click on “Trade” and purchase the amount of bitcoin you want to own using the pounds held on your Coinbase GBP Wallet.
To close out your bitcoin investment, you use the same process but click the “Sell” button instead.
If you are looking to expand your digital asset portfolio, you can also convert your existing digital asset holdings into other cryptocurrencies available on the platform.
For example, if you are holding ether (ETH) and want some exposure to bitcoin cash (BCH), you can click “Trade” and then “Convert” to access the crypto-to-crypto exchange section of the trading platform.
Then, you type in the amount you want to convert from one digital asset to another and click “Convert.” The conversion will only take a few seconds and you will be able to view your newly acquired asset in your portfolio.
At the time of writing, Coinbase supports 26 cryptoassets, including bitcoin (BTC), litecoin (LTC), ether (ETH), and bitcoin cash (BCH), and is available in over 100 countries. Additionally to wire transfers, investors users in specific regions – such as the US, UK, and Europe – can also use debit and credit cards to make crypto purchases using Coinbase.
During the height of the 2017 crypto bull market, the Coinbase app became one of the most popular apps in the Apple app store, which was a testament to the user-friendliness of Coinbase’s trading platform.
4. Store Your Crypto Securely
f you prefer to self-custody (holding your own private keys) your crytoassets versus having Coinbase hold them for you, you can transfer your newly purchased bitcoin to a personal crypto wallet, such as a Trezor, or Ledger Nano hardware wallet. Click here to learn more about safely securing your crypto.
The information in this article is for informational and educational purposes only and should not be considered financial or investment advice. Investing in ICOs, IEO’s, cryptocurrencies, or tokens is highly speculative, anyone considering it should be prepared to lose their entire investment.
