Coinbase is the first big player in cryptocurrency buying. Arrived in 2012 in the United States, Coinbase manages more than 100 billion dollars of assets. The platform has more than 55 million users and is getting bigger by the day. A lot of cryptocurrency users start with a Coinbase account. It must be said that the platform is very instinctive and easy to use, even for novices.
To use Coinbase, all you have to do is register on the platform. Registration is fast and secure. The service is rather comprehensive and offers, for example, to order a Coinbase bank card to spend your cryptocurrencies in shops. In addition, you can use Coinbase Wallet, the solution to get paid in cryptocurrency in the context of an activity.
1) Inscription
Go to this link to begin the registration process. Fill in the information in the appropriate boxes. Choose a strong password and activate the two-step login. However, you can also choose to activate it later for better security. Once you have filled in the information correctly, certify your majority and click on the "Create an account" button.
A confirmation email will be sent to you and a link inside will allow you to continue the registration.
2) Verification
On the major cryptocurrency providers, you will quickly be required to verify your identity. That is, you will need to send a copy of your ID. Not all platforms require identity verification from the start. This is for example the case for Binance, which offers $150 deposit without verification. In the case of Coinbase, the American law requires you to fill in your information when you open your account. This step is therefore mandatory and you will save time by validating your account as soon as you open it.
Make sure that the photo on your ID is legible, unobscured and whole. Once you have submitted your official document, you will then be asked to take a selfie. This is also to protect your account. If you lose your credentials, facial recognition could save your wallet.
Wait up to 30 minutes for the documents to be processed. Verification, once all your documents are sent, is usually very fast.
3) Buy
You are literally just a few clicks away from being a lucky cryptocurrency holder. Now you need to buy crypto. This action is like exchanging your government currencies for Bitcoins. To do this, click on the "Buy/Sell" button in the upper right corner of your web page. This should open a popup allowing you to make the purchase.
Before, you had to deposit euros and then exchange them for Bitcoins. Now you can directly "buy" Bitcoin in one step.
Select the amount by clicking on one of the boxes. You can also choose a specific amount with the "custom" box. It is important to understand that the purchase will be made at the current price, i.e. at the time of payment, your Bitcoin equivalent will be subject to market fluctuations.
To avoid fluctuations, you can choose to buy a stablecoin. For example you can choose to buy USDT (Tether). This is an asset that is pegged to the dollar, so you don't experience any fluctuations.
Here is the preview of your order. At the price of the image, the bitcoin was at 31 729,35€. That is, for an amount of 50€, I get 48,01€ of Bitcoin.
This represents 0.00151311 BTC.
All you have to do is click on "Buy Now" to finalize your order. This is the last step. You will then be invited on the next window to enter your credit card information to validate the payment.
Once the payment is complete, you are a Bitcoin owner!
The fees on Coinbase are 1.5% on bank transfer purchases and 3.99% fees for credit card transactions. Cryptos purchased by credit card are credited directly to your account, while bank transfers take between 24 and 72 hours.
We'll see how to use your crypto-currencies later. In the meantime, they can stay safely in your Coinbase account. If you are in a "Hold" strategy, i.e. keeping your Bitcoins for the long term, you can largely trust Coinbase to be there for you over time.
Sources :
https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/id-doc-verification
https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
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