In the year 2018, Coinbase has grown tremendously. Their CEO Brian Armstrong claims that Coinbase is registering 50,000 new users per day – which is nuts! This type of rapid growth naturally brings rapid change including the addition of more cryptocurrencies, the release of new products, and improvements made to the User Interface. Many of the guides on the Internet are out of date and don’t cover the new functionality Coinbase offers. This is the most recent, up to date (and continuously updated) guide on how to buy and sell Bitcoin on Coinbase.
Warren Buffet once said that as an investor, it is wise to “be fearful when others are greedy and greedy when others are fearful.” If you liked Bitcoin at its all time high of $19,000, then you should love it now. With the price of Bitcoin reaching yearly lows of $3800 as of today, now is as good as time as ever to jump aboard the crypto ship.
While Warren Buffet offers sound advice, I prefer a different mantra: “Buy when everyone is selling and sell when James Altucher and Tai Lopez are giving crypto trading advice.”
The plunge in the price of all cryptocurrencies across the board has swept away weak hands – ushering in a new era. Long gone are James Altucher aka “Bitcoin Genius” and Tai Lopez from the crypto scene. In their place, reputable companies like Coinbase continue to build the foundation for mass adoption of Bitcoin and digital currencies. Coinbase is actively exploring adding hundreds, potentially thousands of cryptocurrencies to their platform.
So what are we waiting for? Let’s get started with buying Bitcoin on Coinbase!
Steps to Buying and Selling Bitcoin on Coinbase
- Navigate to Coinbase.com
Through this special link we will both receive $10 of free Bitcoin when you buy or sell at least $100 of digital currency. Awesome!
Fill out the required information on the forum and click Sign Up. Make sure to choose a strong password that is unique from your other passwords. As an extra layer of security, download the Google Authenticator App for 2 Step Verification to further protect your account.
After clicking Sign Up, you will be prompted to verify your email address.
Log in to your email account and find the email from Coinbase. After opening the email, click “Verify Email Address”.
Depending on which country or state you reside in, Coinbase may ask for more information to verify your identity. You may be asked to verify your phone number or even enter the last 4 digits of your social security number. In order to increase your limits on the amount of Bitcoin you can buy or sell, you need to provide Coinbase with some information.
I am comfortable giving Coinbase the required information and don’t see a problem. However, if you are skeptical you can read more about how Coinbase protects your information.
Once you have provided the required information – Success!
You have successfully created your Coinbase account and your browser should be on the Coinbase home screen.
In order to complete your account, scroll down to “Add a payment method” in the Complete Your Account section if you haven’t already.
Coinbase allows users to easily synchronize their bank account. You have an option to add your debit card or use a wire transfer. I recommend synchronizing your bank account for easy access – this is what I do! Buying Bitcoin with a credit card is also an option, but I don’t recommend this method.
As you can see by my balance, I am nearly out of cryptocurrency! I only hold 2 cents worth of Bitcoin. I should really buy some more – especially at this yearly low!
Let’s buy some Bitcoin. Navigate to the top menu bar and click Buy/Sell.
Steps to Buy Bitcoin on Coinbase
Bitcoin should be the default Cryptocurrency selected. If not, select Bitcoin from the Cryptocurrency dropdown.
Ensure the correct Payment Method is listed in the next field. I have hidden this field from the screenshot in case anyone tries to steal my information.
Enter the desired Amount the user wishes to buy denominated in USD or BTC. In this case, I just typed in 100 in the USD field because I would like to buy $100 worth of Bitcoin.
It is worth mentioning that Coinbase is charging a fee of $2.99 for this transaction – about 3% of the total amount. Not too bad – in my opinion.
You have the option to select Repeat buys Daily, Weekly, Bi-Weekly, or Monthly. I’m not interested in reoccurring purchases, so I don’t check this box.
Finally, click Buy Bitcoin!
Glance over the details of your transaction and confirm they are correct. After confirming the details, click Confirm Buy.
Your Bitcoin will be be automatically deposited into your BTC Wallet on Coinbase.
Congratulations! You have just successfully purchased your precious Bitcoin – see how easy that was? You will be sent an email verifying your purchase.
Steps to Sell Bitcoin on Coinbase
Bitcoin should be the default Cryptocurrency selected. If not, select Bitcoin from the Sell From dropdown.
In the Deposit To dropdown, select USD Wallet.
Enter the desired amount the user wishes to sell denominated in USD or BTC. In this case, I only have $8.93 in Bitcoin and I wish to sell all of it (in hopes of buying back lower!).
Click Sell Bitcoin Instantly.
Glance over the details of your transaction and after confirming the information is correct, click “Confirm Sell”.
Congratulations! You have just successfully sold your Bitcoin.
You will be sent an email verifying your Sell.
Investing in cryptocurrency is one of the best forms of passive income. There is something to be said about investing a percentage of your portfolio into cryptocurrency. Are you convinced? Sign up and create an account today on Coinbase to receive $10 in free Bitcoin!
If you have any questions or need any help – please leave a comment below.
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