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Is the entire process of buying Bitcoin a little bit too overwhelming? If so, this guide to buying Bitcoin on Coinbase will be of much help.
If you are new and feel lost in all the options and cryptos available, fortunately, Coinbase has a very user-friendly interface.
Steps on how to buy Bitcoin on Coinbase
- Complete the KYC
- Deposit fiat
- Navigate to the Bitcoin trading section and place your order
- Withdraw your Bitcoin
Step 1: Registration
Start by clicking on the “Get started” button in the upper right corner. It will redirect you to the registration page where you will need to enter the required information.
The registration is straightforward including only the basics.
You must fill in your first and last name, write an email and create a secure password.
The more complicated part comes afterward because the exchange has KYC (Know your customer) procedures.
Step 2: Completing the KYC
When you have finished with the registration, you must complete the KYC process, which will let you buy and sell Bitcoin and other altcoins. Start by going to your profile button in the top right corner, as you can see in the picture, and then select Settings.
Then go to Account Levels Tab where you will find the KYC information and limits.
There are two levels and depending on how much you want to trade, you should decide whether to pass the second level or not. You can see the limits of your account in your Account Details on the right side.
If you wish to be with an unlimited account, you must go through the full KYC procedure.
NOTE: This is only required if you wish to exceed the Level 1 account limits.
You need to fill the following information:
- First Name
- Last Name
- Date of Birth
- Street Address
- Post code
Also, you need to specify:
- What will you use Coinbase for?
- What is your source of funds?
- Current Occupation
Step 3: Depositing FIAT
You can find this option by clicking on the Accounts button in the top menu.
Then click on “Add Funds” and a new window will open in which you must specify the name of the bank, the name of the account and specify the SEPA transfer amount.
Credit/Debit Card and PayPal Deposits and Withdrawals
There is also an option to deposit funds with a Credit or Debit Card on Coinbase if you don’t want to use SEPA transfers. The route leading to those options is in the Settings -> Linked Accounts.
After you go to the page, you need to add an account. You can do this by clicking on “Link a New Account“.
In our example, we have already added a method, but normally you should have a large button in the middle of the page.
When you click on “Link New Account”, a window will open where you will see the three options to add a new account – PayPal, Bank Account or Debit/Credit Card.
NOTE: PayPal on Coinbase is available for withdrawals only!
When you click on PayPal, you will be redirected to PayPal’s website where you can log in to your account and link it to Coinbase.
If you decide to add a bank account, Coinbase will ask you to fill in a Bank Name, IBAN and BIC. You will need to verify the account afterward.
By clicking on Debit/Credit card a new window with required fields will open up. The fields are as follows:
- Select a Country
- Fill the Address Line 1
- Fill the Address Line 2 (optional)
- Postal Code
After you add the Billing Address, the next step is adding the details of the card itself.
You need to fill:
- Name on the Card
- Card Number
- Expiration Date
- CVC (found on the back of the Card)
- Postal Code
After filling out all of the required details for your chosen payment method you will be able to deposit fiat currencies or purchase directly with the Debit/Credit card.
Step 4: How to buy Bitcoin on Coinbase
It is finally time to buy Bitcoin. Go back to the dashboard and click on the desirable asset, in our case – BTC as shown in the picture.
NOTE: There are numerous assets other than BTC and from here you can browse through them and trade, however, proper due diligence is a must before buying into anything.
You will be led to this page where you have the chart for reference to the price, information and the buy, sell and Convert tab.
You will be taken to this page where you have:
– Chart as a reference for the price
– Buy, Sell and Convert tab.
Example of buying bitcoin
Start (1) with inputting the desired amount – for this example we want to buy 120€ worth of Bitcoin. How much you get will depend on the current price (the value of the asset at the moment of the purchase).
Then (2) select the payment method that you want to use for this purchase. In the example picture, we have selected to pay with Debit/Credit Card.
After (3) you input the value that you want to get and select the payment method, you will be able to preview and validate the purchase.
To finish the purchase press on “Buy now“.
Congratulations! You are now a ‘Coiner’
Step 5: Withdraw your coins from Coinbase
Now after you have obtained your first cryptocurrency you need to withdraw it to a personal account.
There is one very important rule in owning any kind of a coin and it is to never store your crypto on an exchange (no matter how secure it is).
Not your keys, not your coins!
To request a withdrawal, go to “Accounts” (1) to access the page for managing your assets. Click “Send” (2) and you will be asked for the withdrawal address to a Bitcoin wallet.
You just learned how to buy Bitcoin on Coinbase.