What do you need to do and get any crypto on Coinbase in 5 steps?
1. Signup and Verify your Email Address,
2. Choose your Account Type,
3. Verify your Phone Number,
4. Set Up Payment Method,
5. Buy Cryptocurrencies.
Yes, that is how simple it is to get either Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on Coinbase.
Before we start, there are brands of crypto exchanges every Altcoin Nerd investor should use.
Again, as a pro crypto trader, you need to know the top 10 qualities of reputable Bitcoin exchange websites, and lastly, the best margin trading crypto site you should use.
With those established, you can jump to the main steps of buying your first crypto on Coinbase if you already know the preamble about Coinbase, else, let’s get to know a bit about the cryptocurrency exchange of focus.
- 1 About Coinbase
- 2 Why You Should Transact with Coinbase Exchange – Basic Options
- 3 5 Steps to Opening a Coinbase Wallet Account
- 4 Setting Up a Coinbase Account for Transaction
- 5 HOW TO BUY YOUR FIRST CRYPTOCURRENCY ON COINBASE IN 5 STEPS
- 6 How to Send Bitcoin & Other 4 Cryptos on Coinbase
- 7 How to Receive Bitcoin & Other Managed Cryptocurrencies on your Coinbase Wallet
- 8 How to Secure Your Coinbase Crypto Wallet
- 9 How to Get $110 on Your Coinbase Account
- 10 HOW TO TRACK YOUR TRANSACTION ON THE BLOCKCHAIN
- 11 A Step FURTHER TO Securing your Digital Assets
- 12 CONCLUSION
Coinbase is a centralized cryptocurrency exchange where buying, selling, and management of digital assets are made possible.
Founded in June 2012, Coinbase is based in San Francisco, California.
The startup enterprise is considered as the best crypto exchange in the world.
As a matter of fact, Coinbase is the best Beginners’ Crypto Exchange with an intuitive, friendly and clear interface.
In 2017, Coinbase exchange recorded a mammoth revenue of over $1B. This margin was possible when Bitcoin was almost $20,000.
With the need to manage over 7 million users, Coinbase went the innovative way by employing more customer representatives, as well as more engineers to run the affairs.
In 2018, Coinbase acquired a multi-million website known as Earn.Com. The website has been known for paying the crypto community for performing tasks such as replying to email and completing small surveys.
The cryptocurrency exchange and brokerage giant’s worth is placed at $8B. Just to highlight more, the last Fortune Magazine award “40 under 40” featured the CEO of Coinbase crypto exchange – a basic trust pointer.
Why You Should Transact with Coinbase Exchange – Basic Options
1. Coinbase is fully secure – the world’s largest crypto exchange.
2. Your funds with them are fully insured, meaning, should they suffer a breach, you won’t lose out.
3. They are recognized and cleared with SEC in the USA
4. They have many backers and giant investors collaborating with the company.
5. They have recently formed her Political Action Committee to make all transaction processions and Government issues are legal and manned respectively.
5 Steps to Opening a Coinbase Wallet Account
The Requirements for Opening the account: An Email Address and Password.
Now into the game…
1. Visit Coinbase.com and click on Sign up.
2. Enter your email and click Get Started.
3. Enter your name, email and strong password (how to create a strong password later).
5. Click on Create Account.
After step 5, a notification link will be sent to your email address.
6. Go to the email account you used and click on the verification link (You will get a notice of success upon being verified).
That’s all. You’ve got a new Coinbase crypto4 wallet/account.
Setting Up a Coinbase Account for Transaction
The following are the few steps you need to follow and be certified to buy any cryptocurrency of your choice.
Since you have already opened your Coinbase account, now, you want to verify your phone number.
• Verifying Your Phone Number
The need to verify your phone number is to create a form of 2-factor identification. This 2-fa identification (steps below) is a proof that your account remains secure.
• Setting Up A Payment Method
Upon verifying your phone number, the next is setting up your payment method.
While we have many payment options to use on Coinbase, however, for a bank transfer payment method, Coinbase can take care of that as they will set up one or let’s say two small transactions to-and-from your account in order to make it verified.
Also, the credit card verification is equally important because transactions are instant. However, to set it up, Coinbase will require a screenshot of the credit card you intend using. After that, you can start using your credit card.
Note: This is required by almost all cryptocurrency exchanges who handle fiat currencies (USD, EUR, Etc.), to comply with various government regulations.
HOW TO BUY YOUR FIRST CRYPTOCURRENCY ON COINBASE IN 5 STEPS
When once you fund your account (by linking to your bank account directly), you can buy currency anytime.
This is all you have to do; • Signup and verify your email address • Choose your account type • Verify your phone number • Set up payment method • Buy Cryptocurrencies.
1. Sign Up and Create an Account.
Visit Coinbase Exchange and Click on Sign up (if you did’t create an account). Fill in your data and click on create account.
2. Choose an Account Type
From step 1, after you confirm your email address, you will be guided further on how to go about buying your first crypto.
Now, if you want an individual account, Click on INDIVIDUAL, else, Choose BUSINESS.
When done, click on Next.
3. Verify Your Phone Number
From step three. To proof your identity, you will then need to verify your phone number. Just like I said earlier, this is used as a form of two Factor identification which puts a second layer security to your account.
When done, click on Next.
4) Set Up Your Payment Method
You will need to further set up your payment method. You can choose either Bank Account by linking your account to your bank locally, or, you have the option to use a credit card as well.
5. Buy Cryptocurrencies
After a successful step 4 process, you can now go on to Buy any of the preferred four Altcoins; Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
• Choose the crypto you want to buy, enter the amount and click on Buy.
Those are the needful steps you need to buy cryptocurrencies on Coinbase Exchange.
But I am not willing to let you encounter some wall heading challenges. See how to do other things so as to help you play around your account.
How to Send Bitcoin & Other 4 Cryptos on Coinbase
Before sending bitcoin or any other crypto from your wallet, you want to get the wallet address of the about-to recipient.
1. Visit Coinbase.com and click Sign in.
2. Enter your email and password and Sign in
3. Confirm your account via the link sent to your email account, that is, if you had activated the two-factor authentication process)
4. Click on account.
Now, all your crypto wallets will be shown.
While I will use Bitcoin for this tutorial, when you want to send yours, you can choose any other crypto. Hope you get the idea?
5. Click on the send Button, Enter the recipient email or bitcoin wallet address. (if you opt to use email, please do confirm properly)
6. Enter the amount and write a description (this is optional)
7. Click on Continue.
On the next screen, make sure to checkmate everything against error. When done, click on confirm.
That is all.
You will get a notification that your transaction is on its way. Now, you can view the transaction if you want.
You will also get an email that you’ve sent a particular amount of bitcoin to another user.
Note: You can use the Hash code/QR Code to send your crypto coin as well – a better option to guide against the mistake of copying the wrong wallet address.
How to use?
You will need a coinbase mobile app.
After you might have generated the transaction such that the wallet address is shown,
• Open the Coinbase wallet app,
• Focus your mobile app on the QR code, immediately it focuses, it will be captured, and from there, everything else is automatic.
• Just write the description (optional), and click on Confirm. That is all.
8. Now, wait for the delivery from the Blockchain network, and that’s it. See a sample below.
Click to View Transaction if you want, else, let’s continue.
How to Receive Bitcoin & Other Managed Cryptocurrencies on your Coinbase Wallet
<I mean Ethereum, Litecoin, and Bitcoin Cash (more coming – Cardano, Stellar, and Basic attention – if approved)
1. Visit Coinbase.com and click on Sign in.
2. Enter your email and password and click sign In
3. Click on Accounts from your top left margin of your wallet.
Based on the coin wallet you want to use. Click on receive.
4. Copy the wallet address to the enquirer or the merchant site you wanted to make use of.
Note: Bitcoin wallet addresses always start between 1-3, so, check very well.
How to Secure Your Coinbase Crypto Wallet
Securing your web wallet is as important as opening it in the first instance. So do follow the DIY-S let’s get it done.
• Do Not Share Your Bitcoin Wallet ID With No One.
First, you need to know that Coinbase would never ask you of your password, 2-factor authentication codes, or other login credentials. So, do not give anybody.
• You Want to Use a Complex Password
This is how to go about using hackers private keys.
• Store your wallet ID and password in the 2-step processed enabled email.
You need to take advantage of the 2-fa authentication process. Although, sometimes is boring, however, it is sure helpful.
How to Get $110 on Your Coinbase Account
As a new user on Coinbase, if you buy or sell just $100 worth of Bitcoin, ETH, LTC, and BCH, then your wallet will be apportioned a $110 Bill.
Steps to getting it.
• Sign up on Coinbase (if you didn’t)
• Buy or Sell $100 bitcoin or any other coins.
• Wait for some minutes.
• Your account will be credited with $10. Total – $110.
HOW TO TRACK YOUR TRANSACTION ON THE BLOCKCHAIN
At a certain point, after sending relevant cryptos to a recipient, you might want to track the delivering process on the blockchain.
Does it sound inviting? If so, use the following tools to search the confirmations of different crypto transaction IDs.
Should they ask of your transaction ID, I will show you how to go about it.
Using Bitcoin now…
1. Copy the Bitcoin wallet address
2. Now, go to Blockchain.info
3. Go ahead and click the HASH/IP Address tap.
4. Enter the BTC address there.
5. Click on Search
The next page will; show up a long stringed number. I think it is about 42 or so. That is your Trx ID.
Just copy it out to the requester. If you have seen it, then, call ya a Coinbase pro
If other Cryptos, repeat the same thing using the following Blockchain Identifiers.
I…think https://neotracker.io/ can work for these other coins – RPX, GAS, DBC, and QLC. Just try it out.
A Step FURTHER TO Securing your Digital Assets
(Coinbase is my No.1 crypto exchange startup, but see the truth). This may also be applied to other Government recognized exchanges.
While you must keep your Coinbase login and account password safe like every other exchange, you need to realize that vault accounts can also be shut down. (A need to take action).
As a matter of fact, Coinbase can hold your account in suspicion of any fraud acts.
They are careful in order not to breach the US law, so, for you to avoid embarrassment, the best option is to transfer much of your money to a physical wallet.
While I recommend using Coinbase wallets accounts to manage your assets, like myself, you have to note that you are responsible for what happens to your funds.
No doubt, Coinbase is good and the best in terms of security indices, however, if anything happens to your funds, you will be the one to console yourself.
So, what I’m I saying?
I always recommend keeping not more than $5,000. With that, you can trade as you want. Else,
If you want to keep more than $5,000 on Coinbase, let it be an amount enough to do your normal day trading transactions, else, you need to transfer it to your own personal wallet.
Again, if you think you are bold enough to use Paper wallet, then see the 10 Commandments of paper wallet. But before that, you want to open your Coinbase account if you didn’t.
TAKE ACTION NOW! AUGUST TILL 5TH…
I truly know Coinbase is secure and the best crypto exchange – Government recognized and investors backers. In fact, I used it since 2 years ago without setting up two-factor authentication, Yet, you want to take all actions in order to avoid the red brand of crypto wine – compromise.
All in all, I hope this guide was worth a complete beginner steps to setting up Coinbase account and buying your first cryptocurrency?
If you think you need more help, I will be willing to help out. Just leave a remark below and I will respond to you.
Thanks for reading and Sharing.