Last updated on April 3rd, 2023 at 08:47 pm
Coinbase is an American-based company publicly traded company that allows you to buy and sell Bitcoin and other cryptocurrencies on its exchange platform. It is known to be one of the easiest platforms for crypto, especially for beginners.
The company was founded in 2012 by Brian Armstrong, and Fred Ehrsam and has no physical headquarters. Coinbase is also one of the top exchanges when it comes to security and ease of transaction.
If you are a beginner who is looking to start investing in cryptocurrencies, then Coinbase might just be the best place for you to start your journey. With the ever-growing trend of Bitcoin and other crypto, it is not too late for you to start.
In this article, we have covered in detail how to purchase your first Bitcoin on the Coinbase exchange platform.
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- Create an account on Coinbase
- Add your preferred payment method
- Tap “Trade” on the app or website
- Select Bitcoin from the available list of assets
- Specify the amount of Bitcoin you want to buy
- Preview and finalize your purchase
1. Create an account with Coinbase
You can’t start buying Bitcoin on any exchange without creating an account first. It is a very easy process to register with Coinbase. To start, download the app and start the signup process.
Enter your name, email, and password to complete it. You may be asked to provide a valid ID card and proof of address before you transact. Depending on where you live, it might take some minutes to verify your ID.
Related: How to buy Bitcoin on Binance using P2P
2. Add your preferred payment method
Here, you have three options. You can either add a bank account or a debit card or use instant wire. Tap the payment method box and add your preferred method. Using a bank account gives you a limit of $25,000, while a debit card limits your transaction to $3,000. Also, when you use a bank account, your purchases will be on hold for a few days but a debit card gives you instant access to your crypto purchase.
3. Tap “Trade” on the app or website
Tap the swap arrow button and select buy from the options.
4. Select Bitcoin from the available list of assets
Type Bitcoin into the search bar, and when it comes up in the list of options, select it to take you to the purchase screen.
5. Specify the amount of Bitcoin you want to buy
Here, you can choose how much Bitcoin you want to buy. You mustn’t buy a whole Bitcoin, you can choose to buy any fraction of it (called Sats).
Relevant: Read this article to see how to accumulate Sats (Satoshi) during the bear market.
Use the number pad to input the amount you want to spend in your local fiat currency and then the Coinbase app automatically converts it into an amount in Bitcoin.
Then choose your payment method, whether it is the bank account you set up or it’s through a debit card.
6. Preview and finalize your purchase
Finally, tap on “preview buy” to confirm the details of your purchase. The details of your purchase will be shown which also includes the charge. Make sure everything looks good and you haven’t made any mistakes and then confirm your purchase.
As you can see in the steps above, it is quite easy to buy Bitcoin from Coinbase, it is pretty straightforward and just a few clicks. You can also sell your Bitcoin for cash and deposit it into your bank account on the Coinbase exchange app.
Read our extensive coinbase review HERE
Disclaimer: The views expressed on this content are solely the thoughts of the writer and are in no way an endorsement to buy from the above exchange. Always o your research first before choosing where to buy or trade crypto.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.