How to buy Bitcoin on Coinbase
A step-by-step guide
Have you ever been in a situation where you wonder how to buy Bitcoin? If yes, then this guide on how to buy Bitcoin on Coinbase will be quite of help. Especially if you are new and are feeling lost, lost in all of the options and cryptos. And lucky for you Coinbase have a very user-friendly interface.
Don’t worry it is not as complicated as it seems and we will make it, even more, easier as we will guide you step-by-step how to buy Bitcoin on Coinbase.
Steps on how to buy Bitcoin on Coinbase
Step 1: Registration
First, start by clicking on the “Get started” button in the top right. It will redirect you to the registration page where you will be required to fill the necessary information.
The registration is straight forward as you have the basics and nothing more. The more complicated part comes after this as the exchange has KYC (Know your customer) procedure.
Step 2: Completing the KYC
When you are finished with the registration you will need to complete the KYC process so you can buy Bitcoin. Start by going to the top right corner to your profile button as you can see on the picture and then choose Settings.
After you have been redirected to the settings page, you need to go to Account Levels where you will find the KYC information.
It has two levels and depending on how much Bitcoin you want to buy you will either need to pass the second level or not. The first level is very easy to pass. And you can see the limits of your account on your Account Details to the right.
If you want to have unlimited buying and selling you need to pass the full KYC procedure.
NOTE: This is only needed if you to go over 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
The next step involved depositing FIAT and you can find this option by clicking on the Accounts button in the top menu. Then Click on Add Funds and it will open a new window where you need to add 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 the option to buy Bitcoin with a Credit/Debit Card on Coinbase if you don’t want to use SEPA transfers. The menu to those options is in the Settings -> Linked Accounts.
After going to the page you will need to add an account. You can do that by clicking on “Link a New Account”. In our example, we already have added a method, but usually, you should have one big button in the middle of the page.
Clicking on “Link a New Account” will open a window on which you will see the three options to add a new account – PayPal, Bank Account or Debit/Credit Card.
NOTE: PayPal is for withdrawals only!
Clicking on PayPal will redirect you to the website of PayPal to log-in to your account and link them.
Clicking to add a bank account will ask you to fill a Bank Name, IBAN and BIC and you will need to verify the account.
By clicking on Debit/Credit card a new window will open with the required fields which you need to fill.
- 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 to add the details of the Credit 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 you fill out all of the required details for your chosen payment method you will be able to deposit FIAT currency or buy directly with the Debit/Credit card.
Step 4: How to buy Bitcoin on Coinbase
After you have finished the last 3 steps it is finally time to buy Bitcoin. Go back to the dashboard and click on the desireable asset, in our case – Bitcoin as shown in the picture.
NOTE: There are more assets than just Bitcoin and from here you can choose a different one to buy.
You will be led to this page where you have the chart for reference to the price, information and the buy/sell/Convert tab. From which you either buy or sell Bitcoin. The process is similar but now we are focusing on the buy-side.
Start (1) with inputting the desired amount which you want to buy – for this example we want to buy 120€ of Bitcoin. How much Bitcoin you buy 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 buy and select the payment method, you will be able to preview the purchase.
This is how the tab looks at the review with the final click to finish the purchase – “Buy now“.
Congratulations on your first purchase of Bitcoin!
Step 5: How to Withdraw your Bitcoin
Now after you have obtained your first Bitcoin you need to withdraw it to a personal account. There is one very important rule in the crypto industry and it is to never store your Bitcoins on an exchange (no matter how secure it is). Remember not your keys, not your Bitcoins.
For you to withdraw you need to go to “Accounts” (1) to access the page for managing your assets. Then you need to 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.
Now that you are involved in the industry you may want to learn more. We at Bitcoinbuyersguide suggest that you start with this article “Is Bitcoin Dead”. It will provide additional information for Bitcoin, Money, Currency and different people showing both sides of the coin.
If you wondering if you are ready to start actively trading Bitcoin and different cryptocurrencies you can read here.
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