Tuesday, September 17, 2019

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the top ranked cryptocurrency by market cap, bitcoin, using a wide range of options.

By options, this means being able to buy Bitcoin on Coinbase website or the Coinbase app with PayPal, USD wallet, and Visa or MasterCard credit/debit card. A number of people have had to rely on YouTube videos to get their first purchase through but in the end, it’s all about finding a tutorial that breaks down each step to cover the tiniest details.

Requirements To Buy Bitcoin On Coinbase

Coinbase serves as a cryptocurrency exchange and a wallet for storing cryptocurrency assets. What this means is that you can either trade on it, or take advantage of its wallet to accumulate funds. Before we head on to show you the best way to buy Bitcoin on Coinbase, let’s give you an idea of what’s required to get your first purchase in. You need to:

  • Create an account on Coinbase if you haven’t before this time.
  • Verify your identity using a Photo ID, driver’s license, or passport which is in a bid to prevent identity theft.
  • Then finally, buy bitcoin on your Coinbase account.

These are the major steps involved in buying Bitcoin and if you can scale through each, you would’ve successfully found one of the easiest and safest means to make the purchase.

So, how long does it take to buy bitcoin on Coinbase?

You are instantly funded with your bitcoin on Coinbase once your payment is successfully processed. However, the speed depends on whether you’ve set up an account and verified it before this time because if you haven’t, it may take some additional time.

How to Instantly Buy Bitcoin on Coinbase

To fund your Coinbase wallet with Bitcoin, do the following:

Step 1: Register and Verify an Account on Coinbase

How To Buy Bitcoin On Coinbase: Create Account

  • Verify your email address.

How To Buy Bitcoin On Coinbase: Verify Email Address

  • Verify your phone number.

How To Buy Bitcoin On Coinbase: Verify Phone Number

  • Also proceed to verify your account either using a passport, photo identity card, or a driver’s license. All you have to do is hold either of these in front of your computer’s camera or you can optionally upload either of these documents.

How To Buy Bitcoin On Coinbase: Verify Identity

Once your account has been set up, proceed to do the following:

Step 2: Add a Payment Method

If you want to buy Bitcoin using a credit card, then you need to add the card prior to your purchase.

  • You can do this by clicking on the payment methods page.
  • Click on ‘Add Payment Method’ at the top of the page.
  • Choose ‘Credit/Debit Card’ at the payment selector region.
  • Next, you’ll have to carry out an ID verification if you have not verified your account.
  • Once the verification is complete, you will be returned to the payments section where you can enter your card’s billing information (note, the address you input must correspond with your card’s billing address).
  • Accept the prompt that your account will be billed.
  • Access your cardholder’s account and check for two small charges that have been made to your card.
  • Verify that the card is yours by entering the two amounts that were debited.
  • Once you’ve verified successfully, you can then proceed to make your first purchase.
Related Article:  How To Create A Coinbase Account - Step-By-Step Guide

Step 3: Buy Bitcoin on Coinbase Using a Web Browser

  • From your Chrome, Firefox, or Safari web browser, go to  Buy/Sell Digital Currency page. You may be asked to login into your account to access the buy page.
  • Once you’ve logged in, enter the local currency equivalent of the amount of Bitcoin you want to buy.
  • Choose a wallet where your funds will be sent to.
  • Select your desired payment method from the drop-down menu.
  • Cross check that your order is correct and then click on ‘Buy’.

How to Buy Bitcoin from Coinbase Using the iOS & Android Apps

In order to buy Bitcoin directly from Coinbase using a smartphone running iOS, do the following:

  • Click on the menu icon that is located at the upper left corner of the screen to access the Navbar.
  • Click on ‘Buy’ from the navbar.

How To Buy Bitcoin On Coinbase: Buy On Mobile App

  • Choose the virtual asset, in this case, ‘Bitcoin’ which you’ll like to purchase.
  • Enter how much worth of bitcoin you’ll like to purchase in your local currency.
  • Choose the wallet which you will like your bitcoin sent to and click on ‘Continue’.

How To Buy Bitcoin On Coinbase: Continue Transaction

  • Finally, select ‘Payment Methods’ and choose either credit/debit card or bank account. If you’re based in the United States, Europe, UK, Singapore, then you’ll be able to make purchases directly using your credit card.

How To Buy Bitcoin On Coinbase: Choose Payment Methods

  • Once you’ve reviewed your order, click on ‘Buy’.
  • Your Bitcoin will be credited into your account instantly.

What You Can Do With Your Bitcoin After Purchase?

If you’ve successfully funded your Coinbase wallet, there are several things you can do with the bitcoin you’ve just purchased. Some of these include:

  • Spending your bitcoins for goods and services online and offline, i.e. paying for food at restaurants, buying books, shopping on Amazon, etc.
  • Giving out as donation especially in countries where access to financial services is difficult.
  • Transfer your bitcoin overseas to a family or friend within a matter of seconds.
  • Trade your bitcoin on Coinbase for cash. You can make withdrawals into your bank account through PayPal.
Related Article:  How To Create A Coinbase Account - Step-By-Step Guide

Conclusion:

These are the simple steps on how to purchase bitcoin on Coinbase with a credit card or straight from your bank depending on which is most convenient for you. The advantage of using an exchange like Coinbase is that you are dealing with the U.S. based company itself and not third parties as is the case of peer-to-peer exchanges.

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