Coinbase is one of the most popular apps/websites to buy cryptocurrencies now. They have an app which makes it easy to buy your first cryptocurrencies. It’s also probably one of the most safe options out there. They have been having some trouble with the huge influx of new users, and both the website and app have been slow or not working well. Still, I think this is one of the best options to start buying into cryptocurrencies until more options become available.
You start by signing up here. You can also sign up through the app, but I would recommend the website as it makes the process easier. (note: this is a referral link, when you sign up and buy over $100 worth of cryptocurrencies you and cryptobasixx.com both get $10 extra worth of bitcoin!)
On the Coinbase homepage look for the ‘Sign Up’ button on the top right. When you click the ‘Sign Up’ button you will get a screen where you have to put in your email address and desired password:
After you fill everything in and click ‘Create Account’, then you will get a notification by email. Please check your email and click the url in the e-mail to complete the registration.
Next you will have to choose your country code and fill in your phone number. You will get a text message with a code, fill in the code and continue.
After finishing the phone verification you will get to the dashboard page of Coinbase where you can start buying.
Click the ‘buy/sell’ button on top and you will get to the screen where you can start buying. In the box below ‘Payment Method’ you will have to add a payment method.
Now you have two choices to buy: Bank Transfer or Creditcard. Bank Transfer is cheaper but slow (2-3 days on average but can be longer). Creditcard is instant but fees are higher. Our suggestion is to set up both just in case you want to use them.
Let’s start with the bank account. After you click on the button you have to fill in your bank details. Next you have to verify your bank account. Send a small amount to the bank account noted on your screen. I just send 1 cent which is enough, as long as they can confirm your bank account and name match. Also you have to fill in the reference number, please do not forget otherwise they cannot verify your account.
PLEASE NOTE: In below pictures it shows a bank account in Europe and payment has to be made in Euros. For other countries the bank account and currency could be different so please make sure to follow the instructions on your screen.
Now you will have to wait until you get contacted by coinbase (by email). This could take a day or two.. Then to make a deposit it will take another day or two. So better set up that credit card in the meantime. First fill in your address (the address connected to your creditcard) and then fill in the credit card details. It should instantly connect and you should be able to buy your first cryptocurrency now!
Now you should be able to make a buy with your creditcard, let’s try it out! If you go back to the ‘Buy/Sell’ screen your credit card data should be under ‘Payment Method’ now. Say we want to buy 100 euros or dollars worth of Ethereum, just fill in 100 and the rest gets filled in automatically. Click ‘Buy Ethereum Instantly’ and confirm the transaction. Done!
It happens sometime that the next screen will freeze on ‘processing transaction…’. In reality the transaction has already been made and if you click on ‘Accounts’ on the top you should be able to see the Ethereum you bought in your wallet. The amount in ETH should match with what was shown on the confirmation screen earlier. The EUR/USD amount is sometimes a bit off but of course it’s not 100 because you pay for transaction fees.
That’s it, you have made it and bought your first cryptocurrency!! Now you want to start trading and find all other projects out there.
We will explain how to set up a trading account and make transactions in Step 2.