If you’re new to cryptocurrency and want to purchase your first coins, Coinbase is one of the most convenient ways to do so. The company has been in operation since October 2012 and is one of, if not the most popular fiat to cryptocurrency gateways in the world.
In this example, we will create a Coinbase account and purchase some BTC
Go to Coinbase by using our referral link. If you use our referral link to sign up to Coinbase, you will receive $10 worth of Bitcoin for free if you make a purchase of $100 or more.
After you enter your name and e-mail, you will have to click a verification link sent to you via e-mail. Then, you will have to provide some personal information to Coinbase, which is required by financial regulations.
After you submit your data, you will have to prove your identity by submitting a photo of either your passport, drivers’ license or photo ID. The verification process is automatic and should complete in a few minutes.
When the verification process is complete, you will gain access to the Coinbase dashboard.
If you try to buy or sell cryptocurrency from the dashboard, you will first have to link a payment method to your Coinbase account.
In this example, we will link a 3D secure credit card to our account.
A window will appear where you have to fill in your credit card information.
After you submit your card information, you will have to complete the final step of the verification process. Coinbase provides a helpful video explaining the different verification options.
When you complete the final verification step, you will receive a notification – now you’re ready to start buying and selling cryptocurrency on Coinbase.
Let’s buy some Bitcoin. Click on the “Buy/Sell” tab and select Bitcoin. A window will appear where you can input how much fiat currency you want to spend for your purchase. Coinbase will automatically show you how much BTC you will receive for the amount of fiat you’re looking to spend.
After you decide how much Bitcoin you want to purchase, you will have to confirm your buy.
After you confirm your buy, you will receive a notification that your payment is processing.
In our example, we used a MasterCard credit card, so we had to authorize our payment through MasterCard SecureCode.
Once the payment is authorized, Coinbase will notify you that your purchase was successful. BTC will become instantly available in your Coinbase wallet. Coinbase will also notify you about the successful purchase on your e-mail.
Under the “Accounts” tab, you can check your Coinbase balances of both fiat currency and cryptocurrencies. If you want to transfer your BTC out of your Coinbase wallet into another wallet, click the “Send” option.
Here, you can specify an address and the amount of BTC you would like to send.