Using Coinbase to buy Bitcoin is as easy as you would hope. There are three main steps to get started. First you sign up for a Coinbase account at the website and create your Bitcoin wallet. This will give you a secure place to store your Bitcoin once you have purchased your cryptocurrency. This can be done online or there is an Android and an IoS app. The initial sign up process doesn’t require too many details and it is free to create an account. Be aware though that there will be a fee each time you buy and sell digital currency using the application.
The next step is to connect your bank account to your Coinbase account. You will need to complete some verification steps here before you can use this account but once this is done you can start a purchase. Be sure to tell your bank that you are about to link your account to Coinbase and use it to trade Bitcoin. They tend to get a bit concerned and may freeze your account and ask you to ring them anyway. You can connect a credit and debit card – which has lower purchase limits – so you can’t buy as much. However, you can only buy and not sell this way – so you are going to have to link a bank account at some point.
Once you begin your purchase Coinbase will buy your Bitcoin and deliver it to your wallet. What you should remember is that the price of Bitcoin changes over time – so you will be shown the cost of your Bitcoin before you purchase. This price is usually the first thing you will see on the homescreen.
Making the purchase requires you to go to the “Buys” page on the Coinbase site. You need to select the digital currency that you would like to buy and the amount. You will need to say what denomination you want to use to buy – whether this is another digital currency or your local currency. Select the wallet you have created for your funds to be deposited in. Select your payment method, review your order and click “Buy” when you are sure.
It is equally as easy to purchase using an iOS or Android app. You should tap the menu icon near the top left of the screen to open the NavBar. You then need to select buy. On this screen you will be asked to select the type of digital currency, the amount you would like and the denomination you are going to use to make the purchase. Select your wallet, review your order and click “Buy.”
Coinbase is one of the largest digital currency exchanges in the world. Therefore, you can buy with a good degree of confidence that you are going to get your Bitcoin and at a decent price. The transaction fees you will be charged depends on how much you purchase and you can purchase up to $25k at one time.