Updated: Feb July, 2021
Welcome. So, today, we want to see how to easily open a Coinbase account, set it up, and completely see how to use it and buy Bitcoin.
Even more, you will see how to send, receive and get an extra $10 if you purchase up to $100 BTC on Coinbase as a new user.
Just before we start, we made a complete review of Coinbase exchange which you can find here.
And lastly, if Coinbase is a new crypto exchange to you, then let’s explore it and see why you want to work with it. For me, it has been over 4 years with them, so, let’s head on.
About Coinbase Crypto Exchange
Coinbase is a centralized cryptocurrency exchange where buying, selling, and management of digital assets are made possible.
Founded in June 2012, Coinbase is based in San Francisco, California.
The startup enterprise is considered as the best crypto exchange in the world.
As a matter of fact, Coinbase is the best Beginners’ Crypto Exchange with an intuitive, friendly and clear interface.
In 2017, Coinbase exchange recorded a mammoth revenue of over $1B. This margin was possible when Bitcoin was almost $20,000.
With the need to manage over 7 million users, Coinbase went the innovative way by employing more customer representatives, as well as more engineers to run the affairs.
In 2018, Coinbase acquired a multi-million website known as Earn.Com. The website has been known for paying the crypto community for performing tasks such as replying to email and completing small surveys.
The cryptocurrency exchange and brokerage giant’s worth is placed at $8B. Just to highlight more, the last Fortune Magazine award “40 under 40” featured the CEO of Coinbase crypto exchange — a basic trust pointer.
Why You Should Transact with Coinbase Exchange — Basic Options
1. Coinbase is fully secure — the world’s largest crypto exchange.
2. Your funds with them are fully insured, meaning, should they suffer a breach, you won’t lose out.
3. They are recognized and cleared with SEC in the USA
4. They have many backers and giant investors collaborating with the company.
5. They have recently formed her Political Action Committee to make all transaction processions and Government issues are legal and manned respectively.
How To Sign Up, Open, and Verify Your Coinbase Account In 2 Steps
Step 1. Sign up and create an account
To start the process of buying cryptocurrencies on Coinbase, you need to sign up for an account. And that is as simple as accessing Coinbase and entering your information (name, e-mail, and password).
Step 2. Verify your email
Go to the used email account and click the link sent from Coinbase to verify your account ready for purchasing cryptos.
How to Open a Verified Coinbase Account — Youtube Video Guide
Having gotten your account verified, let’s move on.
How To Easily Setup your Coinbase Crypto Exchange Account
1. Select your Account Type
Just after clicking the email verification link, you will be asked to choose the type of account you want to work with.
If you want an individual account, Click on INDIVIDUAL, else, Choose BUSINESS.
Note: I recommend an “individual account” if you are not planning on massive transactions.
When done, click on Next.
2. Verify your Identity
From choosing your account type, you will be prompted to verify your phone number and ID.
The later verification take roughly 2 minutes — with the sole purpose of preventing identity theft or fraud, so, go ahead and provide a photo ID to make sure it’s really you.
While you can use your Credit/Debit card to purchase Cryptos on Coinbase, however, for a bank transfer payment method, Coinbase can take care of that as they will set up one or let’s say two small transactions to-and-from your account in order to make it verified.
Also, the credit card verification is equally important because transactions are instant. However, to set it up, Coinbase will require a screenshot of the credit card you intend using. After that, you are good to use your credit card and buy Bitcoin (BTC) on Coinbase.
3. Select your Payment Method
Immediately after confirming your phone number, the next step is to select your payment method. Do you want to use Bank Account or Credit/Debit card?
Go ahead and select your preferred payment option. At Coinbase, you can either use your Credit/Debit or linked bank account to make a purchase. Whichever method you want, go ahead and click the path as shown in the prompt (Credit/Debit or Bank) to link the payment route.
However, if you want to make an instant purchase then I recommend you use the popular method which is without doubts using your credit/debit card.
With the above steps, you are ready and eligible to buy your first cryptocurrency — Bitcoin (BTC).
How To Buy Bitcoin On CoinBase In 2 Steps
Having set up your account ready for purchase, all you need to do now is select your preferred payment option and click on buy Bitcoin and you’re done.
1. Sign Up & Create an Account or Login
If you’ve not signd up yet, Visit Coinbase.com and get an account. Else, login to get started.
2. Choose your Payment Option
Choose either credit card or bank account. (Using Credit card for our example).
3. Buy Bitcoin (BTC)
Having linked your credit card in the last step or your bank account, go ahead and enter the amount of Bitcoin (BTC) you want to buy and you’re done.
Get an extra $10 on your first purchase
Coinbase will give you an extra $10 if only you buy up to $100 BTC in your first purchase. So, if you buy $200 worth of BTC, you will get an extra $10 which will add up to $210.
Upon entering your preferred amount, go ahead and click the “Buy Bitcoin Instantly” button, and you’re done.
Those are the 3 important steps you need to buy Bitcoin (BTC) on Coinbase Exchange. That is all.
But I am not willing to let you encounter some wall heading challenges. See how to do other things so as to help you play around your account.
How To Instantly Withdraw from your Coinbase Crypto Exchange Account
Should you want to withdraw your cryptocurrencies from Coinbase, the process is simple.
All you need to do is select the payment method you want to use as there are several types of payment methods you can enable on your Coinbase account:
· For Large and small investments you can use “Bank Account (ACH)”.
· For instant and small investments you can use your “Debit Card”
· For Large investment, you can use “Wire Transfer”.
· For instant withdrawals use PayPal.
How to Send Bitcoin & Other 4 Cryptos on Coinbase
Before sending bitcoin or any other crypto from your wallet, you want to get the wallet address of the about-to recipient.
1. Visit Coinbase.com and click Sign in.
2. Enter your email and password and Sign in
3. Confirm your account via the link sent to your email account, that is, if you had activated the two-factor authentication process)
4. Click on account.
Now, all your crypto wallets will be shown.
While I will use Bitcoin for this tutorial, when you want to send yours, you can choose any other crypto. Hope you get the idea?
5. Click on the send Button, Enter the recipient email or bitcoin wallet address. (if you opt to use email, please do confirm properly)
6. Enter the amount and write a description (this is optional)
7. Click on Continue.
On the next screen, make sure to checkmate everything against error. When done, click on confirm.
That is all.
You will get a notification that your transaction is on its way. Now, you can view the transaction if you want.
You will also get an email that you’ve sent a particular amount of bitcoin to another user.
Note: You can use the Hash code/QR Code to send your crypto coin as well — a better option to guide against the mistake of copying the wrong wallet address.
How to use?
You will need a Coinbase mobile app.
After you might have generated the transaction such that the wallet address is shown,
• Open the Coinbase wallet app,
• Focus your mobile app on the QR code, immediately it focuses, it will be captured, and from there, everything else is automatic.
• Just write the description (optional), and click on Confirm. That is all.
8. Now, wait for the delivery from the Blockchain network, and that’s it. See a sample below.
Click to View Transaction if you want, else, let’s continue.
How to Receive Bitcoin & Other Managed Cryptocurrencies on your Coinbase Wallet
<I mean Ethereum, Litecoin, and Bitcoin Cash (more coming — Cardano, Stellar, and Basic attention — if approved)
1. Visit Coinbase.com and click on Sign in.
2. Enter your email and password and click sign In
3. Click on Accounts from your top left margin of your wallet.
Based on the coin wallet you want to use. Click on receive.
4. Copy the wallet address to the enquirer or the merchant site you wanted to make use of.
Note: Bitcoin wallet addresses always start between 1–3, so, check very well.
How to Secure Your Coinbase Crypto Wallet
Securing your web wallet is as important as opening it in the first instance. So do follow the DIY-S let’s get it done.
• Do Not Share Your Bitcoin Wallet ID With No One.
First, you need to know that Coinbase would never ask you of your password, 2-factor authentication codes, or other login credentials. So, do not give anybody.
• You Want to Use a Complex Password
This is how to go about using hackers private keys.
• Store your wallet ID and password in the 2-step processed enabled email.
You need to take advantage of the 2-fa authentication process. Although, sometimes is boring, however, it is sure helpful.
:arrow: This will guide you through.
How to Get $110 on Your Coinbase Account
As a new user on Coinbase, if you buy or sell just $100 worth of Bitcoin, ETH, LTC, and BCH, then your wallet will be apportioned a $110 Bill.
Steps to getting it.
• Buy or Sell $100 bitcoin or any other coins.
• Wait for some minutes.
• Your account will be credited with $10. Total — $110.
HOW TO TRACK YOUR TRANSACTION ON THE BLOCKCHAIN
At a certain point, after sending relevant cryptos to a recipient, you might want to track the delivering process on the blockchain.
Does it sound inviting? If so, use the following tools to search the confirmations of different crypto transaction IDs.
Should they ask of your transaction ID, I will show you how to go about it.
Using Bitcoin now…
1. Copy the Bitcoin wallet address
2. Now, go to Blockchain.info
3. Go ahead and click the HASH/IP Address tap.
4. Enter the BTC address there.
5. Click on Search
The next page will; show up a long stringed number. I think it is about 42 or so. That is your Trx ID.
Just copy it out to the requester. If you have seen it, then, call ya a Coinbase pro
If other Cryptos, repeat the same thing using the following Blockchain Identifiers.
I…think https://neotracker.io/ can work for these other coins — RPX, GAS, DBC, and QLC. Just try it out.
A Step FURTHER TO Securing your Digital Assets
(Coinbase is my NO. 1 crypto exchange startup, but see the truth). This may also be applied to other Government recognized exchanges.
While you must keep your Coinbase login and account password safe like every other exchange, you need to realize that vault accounts can also be shut down. (A need to take action).
As a matter of fact, Coinbase can hold your account in suspicion of any fraud acts.
They are careful in order not to breach the US law, so, for you to avoid embarrassment, the best option is to transfer much of your money to a physical wallet.
While I recommend using Coinbase wallets accounts to manage your assets, like myself, you have to note that you are responsible for what happens to your funds.
No doubt, Coinbase is good and the best in terms of security indices, however, if anything happens to your funds, you will be the one to console yourself.
So, what I’m I saying?
I always recommend keeping not more than $5,000. With that, you can trade as you want. Else,
If you want to keep more than $20,000 on Coinbase, let it be an amount enough to do your normal day trading transactions, else, you need to transfer it to your own personal wallet.
If you ask me, Ledger Nano S is cheap for everyone.
FAQs using Coinbase Cryptocurrency Exchange
What is the best way to invest or buy Cryptocurrencies on Coinbase?
The best way is to first of all invest/buy Bitcoin (BTC), from which you can use the purchased BTC in buying other available digitals assets.
More so, if you buy up to $100 in your first order, you will get $10 extra as a welcome bonus.
How Can I buy Bitcoin on Coinbase?
To buy bitcoin on Coinbase, firstly you need to sign up, verify and set up your account ready for deposit. When done, go ahead and use either a Credit/Debit card or Bank account and make your buying order.
Is Coinbase Safe?
Yes, Coinbase is safe. For instance, if you want to buy cryptos by linking your bank account, Coinbase goes to great lengths to keep all of your sensitive information safe. That is, your account numbers and routing numbers are stored using bank-level AES-256 encryption on its servers.
To be proactive, you may want to use a temporary password without still losing access to Coinbase buy and sell services using the verified bank account.
Be it as it may, while I have used Coinbase for 4 years now without issues, I recommend you store a big sum of your crypto assets in a cold wallet like Ledger Wallets or Trezor Cold Storage Vault.
How Do I Get My Money out of Coinbase?
You can simply withdraw your digital assets from Coinbase using either “Bank Account (ACH)”, “Debit Card”, “Wire Transfer” or PayPal.
For instant withdrawals, you want to use either Credit Card or PayPal.
How do I Contact Coinbase?
You can use this page and reach out to the support team. Sometimes I recommend you contact them on Twitter for a more instant reach out.
I truly know Coinbase is secure and the best crypto exchange — Government recognized and investors backers. In fact, I used it since 2 years ago without setting up two-factor authentication, Yet, you want to take all actions in order to avoid the red brand of crypto wine — compromise.
All in all, I hope this guide was worth a complete beginner steps to setting up Coinbase account and buying your first cryptocurrency?
If you think you need more help, I will be willing to help out. Just leave a remark below and I will respond to you.
Thanks for reading and Sharing.