With the eminence of cryptocurrencies becoming the norm in the foreseeable future, getting a handle on how to use a reputable digital currency trading platforms is something that is fast becoming the norm, and a truth that you are going to have face sooner or later. In this Coinbase guide we are going to give you some insights into the company itself, as well as give you a step-by-step breakdown of how to make the best use of this easy-to-use trading platform.
Coinbase is one of the most beginner-friendly trading platforms on the net today, with an easy-to-understand interface and quick account setup, starting and trading cryptocurrencies have never been easier. To get the most out of this Coinbase guide, it’s going to be beneficial to understand the two services that Coinbase offers its clients of investments.
Coinbase Core Products
As a digital currency exchange, Coinbase offers its clients a choice of two core products that it offers:
- com is the user-interface retail broker that is used to make exchanges between fiat currencies and digital currencies, including: Bitcoin, Bitcoin Cash, Ether, and Litecoin.
- com is the Global Digital Asset Exchange that supports the variety of coin exchanges, supported by lower fees when compared to similar exchanges.
The goal of this article is to provide you with an understanding of Coinbase platform (Coinbase.com), focusing primarily on the management and purchase of cryptocurrencies through your account.
Once you visit the site, the user-facing retail broker is the product that is presented, and is not meant to serve as an exchange, supporting the purchase of only 4 coins: Bitcoin, Bitcoin Cash, Litecoin, and Ether. It is an entry-level platform designed to get beginners experienced in the crypto-exchange game, and is mainly used for the conversion of fiat currencies (paper money) into digital currencies. Coinbase supports up to 32 fiat currencies, and is the perfect place to buy crypto’s and convert them back into fiat currencies.
Using the Coinbase Website
Step 1: Create an Account
Either directly through the Coinbase site or via a referral link. Simply navigate yourself to the home page and click “Sign Up” in the upper right-hand corner to get started. Most users choose the referral option for signing up as both the new user and the user that referred you receive a $10 bonus after a $100 deposit.
Step 2: Login and Find the Dashboard
Once you have registered your email and responded to the necessary verification your account will be ready to accept deposits. The dashboard that you come into contact with displays the most current financial information regarding; the 4 coins that are offered, the status of your account, and your respective balance for each type of coin that you own, each in their respective virtual wallets.
Step 3: Link Your Credit Card or Bank Account
With your new account showing a balance of 0, a change for the good needs to be made. “Add a Payment Method” is the next step in this process, navigating your to the bottom left of the page, allowing you to choose your preferred method of adding funds (fiat currency) to your account. Your 3 options are:
- Linking to a bank account
- Linking to a credit card, or
- Doing a wire transfer
Generally speaking, bank transfers take between 3 and 5 days at a cost of around 1.5%, while credit and debit card transactions are instantaneous, carrying a nominal fee of roughly 4%. The above processing times and fees are subject to a user’s region of the globe, both factors varying from location to location.
Step 4: Purchasing Cryptocurrencies
Now that have reached this stage, navigate to the top left-hand side “Buy/Sell” button, give it a click, and select one of the four available cryptocurrencies that you wish to purchase. Under the payment method option, select the financial account you wish to use, along with the amount of desired coins you wish to buy or currency you would like to transact in. Once you have confirmed your purchase is accurate, press “Buy”, and submit your request. It’s a simple as that. If you don’t think this is for you, you could also try the Changelly platform.
This Coinbase guide should have given you a basic understand of how to get yourself up and running on one the easiest digital currency exchange platforms around today. Once you have got this mastered, it’s time to move on to the GDAX platform, to really diversify your digital currency portfolio.