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How to Buy Bitcoin with Coinbase

How to Buy Bitcoin with Coinbase

Get £8/$10/€10 free with your first £100/$100/€100 through this link is the industry leader for easy buy and sell cryptocurrency exchanges. Established in 2012 the company is now the world’s largest Bitcoin exchange thanks to its beginner-friendly user experience.

Coinbase users can start buying Bitcoin, Ethereum or Litecoin from as little as £1/$1/€1.

Get £8/$10/€10 free with your first £100/$100/€100 through this link.

Coinbase Key Facts

LocationSan Francisco, CA, USA
Established2012
Buy OptionsCredit Card, Bank Transfers
Sell OptionsBank Transfer, Paypal
Cryptocurrencies AvailableBitcoin, Ethereum, Litecoin

Click here to get £8/$10 free with your first £/$100

Pros and Cons of Coinbase

Pros:

  • The Coinbase team have built a trustworthy brand within the industry.
  • It is a beginner friendly platform allowing users to make their first Bitcoin buy with confidence.
  • Multiple buy options give flexibility when purchasing cryptocurrencies either by credit card or bank transfer.
  • The selection of cryptocurrencies includes Bitcoin, Ethereum and Litecoin.
  • Coinbase is an experienced, well run service that has served millions of customers.

Cons:

  • Transaction fees are expensive with the minimum buy fee at 1.49%.
  • No directly accessible trading market in the Coinbase platform.
  • Due to their enormous growth in the past 18 months due to the boom in the cryptocurrency market, they can sometimes be slow to respond to customer queries. However, this is a key issue they are working on rectifying.

Is Coinbase Safe?

Coinbase works to the highest industry standards to ensure it operates within the law and keeps customers funds secure. The majority of client funds are kept in offline cold storage making them inaccessible to hackers. Multiple paper and hard wallets are stored in vaults and safety deposit boxes around the world.

A Lloyds of London syndicate also insures any funds stored in online hot wallets. Their US Dollar wallets even have FDIC insurance cover of up to $250,000.

Coinbase is careful to comply with any applicable laws, particularly in the US where they are licenced to partake in money transmission under most jurisdictions.

Personal account security is also stringent at Coinbase with two-factor authentication required to access an account. This means no one can enter your online account or wallet with just a username and password.

How to Buy Bitcoin with Coinbase

The signup process is really straightforward with Coinbase and you can be verified and buying Bitcoin, Ethereum and Litecoin within 10 minutes. You can buy Bitcoin on Coinbase with your credit card or buy using bank transfer to deposit money into your account.

Step 1: Create a Coinbase account

(you can do so here and get £8/$10/€10 worth of Bitcoin free)

Step 2. Enter details and a strong password

Step 3. Verify your details including a photo ID

You can upload a quick photo of your driving licence direct from your smartphone!

Step 4. Add your payment method

Bank transfers will take longer but will cut fees significantly.

Step 5. Buy some Bitcoin

Once you have chosen how to fund your purchase you’re ready to go.

How to Buy Ethereum with Coinbase

Buying Ethereum and Litecoin is exactly the same with Coinbase. All you need to do is select your chosen cryptocurrency on the buy tab.

How to Sell Bitcoin with Coinbase

Selling Bitcoin will feel very familiar if you have already purchased some through Coinbase. It is done through the same page but you need to select the sell tab.

Simply choose your sell currency and deposit currency before inputting how much you want to sell. You can decide this amount based on either fiat or Bitcoin amount.

The same process is used for Ethereum and Litecoin all you need to do is change the ‘Sell From’ option to the desired wallet.

What Countries Is Coinbase Available In?

Coinbase tries to be a worldwide operation but still has some limits on where you can buy and sell from.

The US, Canada, Europe and the UK all have the option to buy and sell currency with full functionality while Australia and Singapore only have buy methods available.

Users anywhere around the world can use the Coinbase wallet for storage although little else can be done.

Coinbase Fees

Coinbase fees vary depending on how you buy and sell currency.

It is almost instantaneous if you purchase with a credit card but you will have to pay a 3.99% card fee plus a 1.49% transaction fee.

If you are willing to wait a few days and deposit via bank transfer then you can cut fees transaction fees to just 1.49%.

How Much Can You Buy and Sell with Coinbase?

To start with there is a $1,000 buy limit a week with credit card transactions. Buys and sells via bank transfers should be chunky enough for most users with $10,000+ available limits. Some users may need to add more bank verification, particularly for the higher $50,000 limits.

Using Coinbase as a Wallet

Coinbase offers users an all in one solution where they can buy, sell and store funds.

This makes life real simple but using the Coinbase wallet is not great for long-term storage. It leaves you at the mercy of their security methods and whilst these are strong your account is still at risk to hackers. Coinbase also retains control of your private key which is what makes up your cryptocurrency. In effect, there is more 3rd party control and trust that you can negate with other wallet solutions.

It is usually recommended that users try a hardware wallet that stores your Bitcoins offline when you are not using them. Cold storage wallets such as Ledger or TREZOR are the industry leaders for this with low price points for the product coupled with high functionality.

How to Send Bitcoin from Coinbase to Your Bitcoin Wallet

To send Bitcoin to a wallet outside of Coinbase you can access the send option from each wallet under the accounts tab.

Then all you need to do is select your Bitcoin wallet and the input the recipient address. It is advisable to simply copy and paste this to avoid mistakes. Add the amount you are sending and click send funds.

How to Send Ethereum from Coinbase to Your Ethereum Wallet

The process of sending Ethereum and Litecoin is identical, similar to the buy and sell options. All you need to do is select the desired wallet and complete the process as you would with Bitcoin.

How to Send Bitcoin to Your Coinbase Wallet

Receiving Bitcoin on Coinbase is the same as any other wallet. You simply need to provide the sender your public key or QR code for the transaction.

Alternatives to Coinbase

There are many alternatives to Coinbase many of which offer varying degrees of functionality.

BitPanda and Coinmama provide quick buy options with credit cards similar to the Coinbase service.

Local Bitcoins makes brings buyers and sellers together to try and match people with similar transaction needs.

CEX.io is a platform for more advanced traders who want to work on a trading market with low fees on large orders. You could also try GDAX which is an advanced exchange owned by Coinbase.

Summary

It is easy to see why Coinbase is so popular with Bitcoin newcomers. You can create a verified account and be ready to buy in under 10 minute which is pretty impressive. The option to use a credit card or bank transfer provides the option of high-speed convenience or slower cheaper deposits.

Coinbase has seen the ups and downs of the cryptocurrency industry and managed to establish itself as one of the most trusted names. The platform brings Bitcoin to the world in an easy to understand user-friendly manner.

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Neal

Neal

Interested and invested in Bitcoin since 2016. Sports trader and matched bettor since 2014. Loves the new, developing financial world. This is our second chance.

Ease of Use
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Fees
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Security
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Overview

Coinbase is the world's most popular place to buy and sell Bitcoin. Fast and simple, it makes buying your first Bitcoin a breeze.

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