In the steadily developing money landscape, digital currency has become a big player. Beginners and experienced financial traders are both captivated by it. Among different digital trading platforms, Coinbase is one of the most user-friendly and commonly used.
If you are fresh learner to digital currencies and excited to start trading, here’s a complete guide on how to use Coinbase platform for cryptocurrency trading effectively.
Understanding Coinbase
In the dynamic world of digital currency, Coinbase is still a big name. Customers can buy, sell, and store different digital currencies, like Bitcoin, Litecoin, Ethereum, and others, on a safe and easy website. Brian Armstrong and Fred Ehrsam started the Coinbase Company for the first time in 2012. Since then, it has become a one of the leading and most trusted online money trades.
Customers of more than 100 countries are using it. A lot of people know it for its strong safety measures and natural way of interacting. How to use Coinbase on website or mobile app, follow the guidelines below.
How to Create an Account
- To open an account, first visit the Coinbase website or mobile app. You’ll need to provide essential personal information. This includes your first and last name, email address, and password.
- Coinbase conforms to regulations. You need to verify your identity for fully use the platform. This normally includes transferring a picture ID. For example, a driver’s permit or visa. Verification typically takes anywhere from a few minutes to a few hours once submitted.
- Setting up security measures is important. It safeguards your Coinbase account. Allow two-step verification for extra safety. You need to provide mobile number associated with your device to get a verification code through SMS.
Prior to begin trading, you will have to store money into your Coinbase account. Following are the steps to put money in your Coinbase account:
- Coinbase upholds different payment techniques. These include bank moves, check cards, and wire moves. Open your Coinbase account and go to the “Settings” section. Add your preferred payment method.
- When your payment method is connected, you can start a deposit. Specify the amount you wish to deposit and adhere to the on-screen directions to finish the transaction. Deposits can take few minutes to a few business days to reflect in your Coinbase account. The time depends on the payment method you choose.
Buying Cryptocurrencies
How to use coinbase account to buy cryptocurrencies when you have funds in your Coinbase wallet? The answer is to follow these steps:
- To select a cryptocurrency, open your Coinbase account and go to the “Purchase/Sell” tab on the dashboard. Select the digital currency you want to buy. You can choose from famous options like Bitcoin or Ethereum. You can also explore other available choices.
- Specify the purchase amount. Enter how much cryptocurrency you wish to buy or specify the amount in your local currency. Before you confirm the transaction, Coinbase will display the current market price. It will also show any applicable fees.
- Review the transaction details wisely and affirm your buy. When affirmed, the cryptocurrency will be credited to your Coinbase account.
Selling Cryptocurrencies
If you choose to sell your cryptocurrency, Coinbase makes the process direct.
- To choose a cryptocurrency, open your Coinbase account and go to the “Purchase/Sell” tab on dashboard. Then, select the cryptocurrency you need to sell from your Coinbase wallet.
- Specify the sale amount. You can enter how much cryptocurrency you wish to sell, or specify the amount in your local currency. Coinbase will show the current market price and any applicable fees.
- Confirm the sale by reviewing the details of the transaction. When you affirm, Coinbase will credit the funds from the deal to your account.
Storing Your Cryptocurrencies
Coinbase provides a convenient platform for trading cryptocurrencies. It’s essential to consider the security of your digital assets. Leaving your cryptocurrencies on the trade is advantageous for trading. However, it’s not prescribed for long time storage because of the gamble of hacking or other security issues.
For increased safety, you might want to move your cryptocurrency holdings to a reliable software wallet or a safe hardware wallet. Hardware wallets, such as Trezor or Ledger, offer offline storage solutions. They protect your digital assets from online threats.
Conclusion
At first, exploring the universe of cryptocurrency trading can appear overwhelming. However, platforms like Coinbase make it accessible to beginners and experienced traders alike. By following this guide, you can effectively use Coinbase to buy, sell, and store digital currencies securely.
It focuses on security and best practices. Make sure to stay informed about market patterns. Only invest what you can afford to lose. You can use cryptocurrencies to enter this exciting financial frontier. Be diligent and cautious when diversifying your investment portfolio.
