Beginners Step by Step Guide on How to Trade on Coinbase

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Shreya Kapoor
Shreya Kapoor is a writer for Thecoinrepublic. She has been a keen admirer of the crypto sphere. She enjoys writing and covering news related to the latest happenings in the blockchain industry. Shreya is a 20-year old budding journalist, with a tinge of good vocabulary.

With coinbase, trading in cryptocurrency is now your cup of tea!

Coinbase is a cryptocurrency exchange founded by Brian Armstrong and Fred Ersham. Its base is in San Francisco, California.

Trading on Coinbase has its advantages. It stores the majority of its digital assets in secure offline storage; the cryptocurrency on its servers is covered by insurance; it supports the most popular digital currencies in the cryptomarket; it makes it possible to invest in cryptocurrency gradually by scheduling the purchases daily, weekly or monthly; it is also possible to store funds in a vault with time delayed withdrawals for added security. All these factors make it a safe and easy place to buy, sell and manage a cryptocurrency portfolio. It is user-friendly and convenient for beginners.

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Trading on Coinbase is a fairly easy process. You have to create an account. You need to enter a few basic personal details, confirm that you are above 18 years of age and agree to the User Agreement and Privacy Policy.

Signup using our referral link, you can get $10 worth of free Bitcoin

To start trading, you will be required to click on the trade button, coinbase specifically requests that you perform the identity verification process before making your first purchase.

It will ask you to choose your desired payment method to start buying cryptocurrency from the exchange. You can enter credit/debit card details. There won’t be any charges or purchases required at this step.

 

Source: The Coinbase Blog

 

You will be asked to verify two pending holds and you will need to do this through your bank website or app to verify your card.

For security reasons, a mobile number needs to be registered. A verification SMS will be sent to the registered mobile number to confirm the account.

Prior to purchasing cryptocurrency, you will have to verify your identity. This is for the security of your transactions and to prevent identity fraud.

You can set up the two-factor authentication for added security. When you try to transact for the first time, it will prompt you for a formal ID which can be your passport or driving license. Coinbase stresses on KYC for the protection of its users. Once this step is completed and the formal ID verified, an email will be sent to you informing you that you are now ready to transact on Coinbase.

You can put in any amount from your local fiat currency and choose to trade in any of the 9 popular cryptocurrencies supported by Coinbase. You can purchase any of the cryptocurrencies by paying the amount with fiat currency at the current rate and the cryptocurrency will become available for you to trade in or send to other addresses.

Selling involved converting a specific amount of cryptocurrency back into fiat currency. Withdrawing is easy with the help of the wallet of an exchange related to your country.

Trading in cryptocurrency on Coinbase is simple, easy and safe. Coinbase is the perfect platform to join in the crypto movement.

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