Do you want to know how to buy bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally? Coinbase cryptocurrency exchange has enabled its customers to 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 the 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 broker, 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 from your Coinbase account.
These are the major steps involved in buying Bitcoins on Coinbase, and if you can scale through each, you would’ve successfully found one of the easiest and safest means to make the purchase.
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 Bitcoins, do the following:
Step 1: Register and Verify an Account on Coinbase
- Create an account on Coinbase if you haven’t done so before this time by accessing https://www.coinbase.com/. Here’s a full guide dedicated to creating a Coinbase account.
- Enter the registration details required.
- Verify your email address.
- Verify your 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.
Once your account has been set up, proceed to do the following:
Step 2: Add a Payment Method
If you want to buy Bitcoins 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.
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 Bitcoins 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 On Coinbase Using the iOS & Android Apps
In order to buy Bitcoins 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.
- 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’.
- 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.
- Once you’ve reviewed your order, click on ‘Buy’.
- Your Bitcoins will be credited to your account instantly.
How much bitcoin can I buy on Coinbase?
The amount of bitcoin you can buy on Coinbase is determined by how many details you have verified on the platform. In order words, a fully verified user in the United States can purchase up to $50,000 worth of bitcoin daily. On the other hand, European-based customers can have up to €30,000 in their accounts to buy bitcoin and other crypto-assets.
However, the payment method available to you could also limit how much bitcoin you can get at any point in time. For instance, Your debit card could limit you to spending a total of $7,500 per week. Accumulatively, you can also do a $25,000 daily limit with ACH transfers, while wire transfers allow for unlimited transfers.
How much bitcoin can you buy for $100?
Bitcoin price fluctuates as a result of demand and supply. As of the last update of this article, bitcoin is priced at $19,083 per bitcoin. This means that you can only buy a fraction of bitcoin for $100, about 0.0052 BTC to be precise.
What You Can Do With Your Bitcoins After Purchase?
If you’ve successfully funded your Coinbase wallet, there are several things you can do with the bitcoins 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 bitcoins overseas to a family or friend within a matter of seconds.
- You can turn your bitcoins into cash on Coinbase. You can make withdrawals into your bank account through PayPal.
How do I send bitcoin from Coinbase instantly?
Sending bitcoin from Coinbase is very easy. You need to follow the guidelines as specified below.
Before you get on with that, you need to create a coinbase.com account and have some bitcoin to end. With those out of the way, you can proceed with the steps below.
From a PC
- Sign into Coinbase.com
- Click the send button at the top of your screen.
- Enter the amount of bitcoin you’d like to send in BTC or fiat value.
- Enter the email or cryptocurrency wallet address of the receiver.
- At the “Pay with” section, choose the asset you’ll like to send.
- Click the continue button to verify and send the desired crypto.
From a Mobile device
- Sign in to the Coinbase app. Click here to download one for Android if you don’t have the app installed already. IOS users can click here.
- Click the blue icon at the middle of the menus at the bottom of the screen.
- Choose the send option.
- Enter amount to send.
- Enter the email or cryptocurrency wallet address of the recipient.
- Choose a crypto asset to send.
- Then click the “Send now” button.
Is it safe to hold bitcoin in Coinbase?
A lot of people ask this same question that is Coinbase wallet safe? It’s not advisable to have all your cryptocurrencies on the web/online wallets. However, Coinbase has proven itself to be a secure wallet, broker, and exchange. Nevertheless, if you have to have some of your bitcoins or any other crypto asset stored on Coinbase, make sure it’s something you can afford to lose, and not all of your assets. You can always send back and forth from a more secure bitcoin or cryptocurrency wallet.
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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