Today’s tutorial will cover how to buy and sell cryptocurrency on Coinbase
Before starting this tutorial on how to use coinbase if you are not familiar with the app feel free to check my review. First we will go over the desktop interface on the computer secondly, covering the mobile app in another article. Once you create an account on coinbase and login this how the dashboard will look like on the desktop version.
As you can see there is a chart with price breakdowns and changes over the last hour, day, week, month, year and all time. Also see different price fluctuations for bitcoin, ethereum, litecoin, bitcoin cash and ethereum classic. Underneath that you’ll see the recent activity with transaction of buying selling or transferring bitcoin and other cryptocurrencies from coinbase. On the right side you have the portfolio with breakdown of the amounts of cryptocurrencies.
Buy and Sell Cryptocurrency from the coinbase desktop exchange, choosing your favorite one.
Let’s say you want to buy bitcoin in this example, underneath finding the available payment methods.
Here you can choose to buy with your bank account, credit/debit card up to you. Purchasing with credit/debit card, cryptocurrency are delivered instantly to your coinbase account. But it carries a higher fee of 4%. Purchases with bank account has lower fee 1.5% fee but it takes 45 business days after purchase.
Let’s say you buy with your credit card for instant delivery choosing $50 worth of Bitcoin. Type in 50 and it will convert it instantly to the equivalent bitcoin amount delivering it to your coinbase account. There are limits when you first join and decide to buy cryptocurrencies, but these limits can be raised. Verifying your coinbase account can be done by providing AML (anti money laundering) and KYC (know your client).
Sell tab very similar process you can choose to withdraw your money to your bank account or to your PayPal account. PayPal account is instant withdrawal but it’s a 4% fee where’s the bank account it’s 45 business days but it’s a 1.5%.
Request, Send tab
Where you go to send or request cryptocurrency to your coinbase account. Basically you’re going to your mobile wallet or desktop acquiring the receiving address and paste it in the blank space. After choose how much you want to send. Assuming you want to send $25 worth of Bitcoin underneath select bitcoin wallet and you can write an optional message. Funds requests are done similarly, paste the BTC address and the amount, clicking on request funds to your coinbase account.
Next is accounts tab
This page is the breakdown of all your cryptocurrency wallets in coinbase. As you have your bitcoin wallet, ethereum wallet, USD, EUR wallet and the BTC vault. Not going in too much detail on the BTC vault but essentially it’s just a further layer of security for your bitcoins. Transferring money from your bitcoin wallet to your BTC vault it makes it more secure. Which gives you time to cancel the transfer, if it’s in your bitcoin wallet and someone hacks your account, it can transfer instantly. So it’s just a layer of security, but there’s a further layer of security that we will go over in a bit, even better than the BTC vault.
Next up is the Tools Page
This page will showcase address as you may have sent and received from in the past. All recurring transactions that you set up any other reports as well as history of your buying and selling cryptocurrency on coinbase.
The Settings Tab
Is where your setup user profile or any changes to your personal preferences here and security. This is the one secure platform so I really appreciate implementing the two factor authentication.
Also through an identification app such as the Google authentication app. Because if someone ever hacks they gain access to your username your email and your password in your coinbase account. They will be able to transfer any cryptocurrency without the second Authentication Factor which will be your phone. Definitely want to go into security under the settings tab verify your phone and setup the Google authenticator app to get data level security.
Another features can include Privacy Rights, Linked Accounts API access and Limits
Limits can be increased as mention above. For API access you actually need to be a developer to understand what they mean and purpose.
Linked accounts is where you can import other wallets to your coinbase account like a hardware wallet. This will conclude the basic guide for coinbase wallet.
If you have any questions, please comment bellow.
Like always I wish you Happy Trading and Every Success!