Coinbase was the first major crypto store to go public in the US when it traded at $ 381 on the Nasdaq on Wednesday morning. This gave the cryptocurrency exchange an initial market cap of $ 99.6 billion at full dilution.
Perhaps you’ve never heard of Coinbase. Or maybe you are confused about what it is all about. Here is a brief explanation:
Coinbase is an app that allows you to buy and sell all kinds of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and around 50 others. You can also use Coinbase to convert one cryptocurrency to another or to send and receive cryptocurrency to and from other people. Like stock trading apps you may already be familiar with, Coinbase shows you the latest cryptocurrency price and trends, a look at your inventory portfolio, and industry news.
Here’s how to get started and how to buy and sell cryptocurrencies with Coinbase.
Getting started with Coinbase
Coinbase
Todd Haselton | CNBC
Coinbase is easy to set up but requires some information including your legal name, home address, date of birth, the last four digits of your social security number, and planned use of Coinbase. That should correspond to the federal regulations. Here’s how to get started.
- Download the Coinbase app for iPhone or Android.
- Open Coinbase and tap “Get Started”.
- Create an account with your email address and tap “Start”.
- Check your email address by tapping a link sent to your inbox.
- Enter your phone number and verify it by entering a code sent to you via SMS.
- Enter your name, date of birth and the last four digits of your social security number. Note: You must be at least 18 years old to use it.
- Enter your address.
- Choose how you want to use Coinbase, either for investing, online payments, online purchases, or investing in other exchanges.
- Confirm your source of income.
- Tap “Let’s go”.
- Now start linking your bank account. Find your bank.
- Log into your bank account with the username and password you normally use for banking.
- Select the bank account you want to link to Coinbase for purchases and tap Next.
That’s it. You will now be dropped off on the main Coinbase page, where you can start buying cryptocurrencies.
How to buy cryptocurrencies on Coinbase
How to buy Bitcoin with Coinbase
Todd Haselton | CNBC
Now I will show you how to buy cryptocurrency. Let’s buy a fraction of a bitcoin as this is probably the one you’ve probably heard about the most. However, this process is the same for all currencies offered on the Coinbase platform.
- At the top of the screen, tap Get Started.
- You will see a list of the crypto assets that you can buy. At the top, select Bitcoin.
- Choose how much you want to buy. Reminder: You can buy fractions of the cryptocurrency so you can spend $ 5 for roughly .0006204 Bitcoin (priced at $ 64,635), or as much as you like. The minimum order amount is $ 1.99.
- Tap Buy Preview.
- Review the order: Note: Coinbase takes a percentage of the purchase price. So if you want to buy $ 5 it will cut the transaction by 99 cents. If you buy $ 500 worth of Bitcoin, it will be charged about $ 7.34.
- Select “Buy Now”.
That’s it! You can trade your bitcoin immediately after buying it, but you have to wait eight days before sending it to someone.
How to sell cryptocurrencies on Coinbase
How to sell Bitcoin with Coinbase
Todd Haselton | CNBC
Let’s say you are ready to sell your crypto assets. Here is what you do
- On the main page, tap the blue circle icon. It shows two arrows.
- Choose Sell.
- Select the asset that you want to sell. In this case we will select Bitcoin.
- Choose how much you want to sell, or tap the Max button on the left side of the page to sell it all.
- Check the page and see the Coinbase fee again.
- Tap Sell Now.
How to withdraw your money at Coinbase
How to withdraw money from Coinbase
Todd Haselton | CNBC
Maybe you are ready to take some winnings off the table. You sold your crypto but now want to move it back to your bank account.
Note that if you’ve just bought or sold money, you may still have a withdrawal-based limit. For example, something I bought and sold this morning for this guide cannot be sold for eight days. When this time is up, do the following:
- From the Home screen, tap your Portfolio Balance at the top of the screen.
- Select the US Dollars option. If you’ve sold a crypto, it should have a value other than $ 0.
- Tap “Withdraw”.
- Select “Withdraw Preview”.
- Choose your bank account. The transfer takes one to three working days. You can also add a debit card for an instant transfer for a small fee.
That’s it. Now you’ve learned how to set up Coinbase and use it to buy and sell cryptocurrencies and even withdraw them from your bank if you want.
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