Owning a crypyocurrency isn’t only a trendy economic thing to do, but also a wise decision to make. But how does one buy cryptocurrencies with their fiat money?
Through exchange platforms like CoinBase.
In this article, I will be walking you through how you can open an account with CoinBase, register your bank account and purchase crytopcurrency. Acquiring Cryptocurrencies with fiat money can be a herculean task for the crytpocurrency illiterate, but coinbase has made it easy for everyone.
What makes CoinBase different?
Coinbase was launched in 2012 and has since then served 12 million customers. They have exchanged 40 billion dollars in digital currency since the San Francisco company started its operation.
It is one of the first exchanges to accept credit cards and bank transfers in purchasing coins. Coinbase charges fees for every transaction. However, compared to its competitions, its charges are lower, ranging from 1.49% to 3.99%, credit card transactions ranking highest in transfer fees.
Coinbase is very secure, using the 2FA system before registration is completed. The platform has an insurance policy that backs the currencies stored on their server.
How to register on CoinBase
Owning a Coinbase wallet is very simple
Step one: Log in to the website, either from your phone or computer. www.coinbase.com
When you log in to the website, the home page welcomes you with a tab to input your email address to get started.
Also on the homepage, your local currency equivalent of the coins on their platform is displayed, letting you know which coin has fallen or risen in price.
The local fiat currency equivalent of each coin – bitcoin, bitcoin cash, ethereum, litecoin and ethereum classic – are displayed on the homepage. The coins are arranged in order of decreasing prices, ethereum classic being the cheapest and the last on the list.
Step two: You are directed to a page that asks you whether you want to register an individual or business account.
If you click on the individual account, it shows a demand for your first name, last name and password.
After typing in your names and preferred password, you click on the recaptcha box to verify your are human and not a robot.
Step three: A mail is sent to your mail box with A link to verify your account.
Click on the link.
The link takes you to another page that demands you input your phone number.
A tab by the left from which you select your country and the country’s code pops up before your phone number is imputed.
Having supplied the phone number, a one time password, an SMS, is sent to your phone.
You type in the password on the tab and click on submit.
Stage one of the registration is complete.
Stage two begins.
A mail is sent to your mail box requesting you verify your ID for the next level security.
This second verification stage is so you can upload a means of identification. This is the second verification process. You can choose to upload a photo or a drivers license, or any other official form of identification that has your name and age on it. That is why it is important you register with your real name and not an alias.
Click on the link sent.
It takes you to another new window where a page displays a tab requesting a password
Having supplied your phone number initially, a one-time password is sent to you, via SMS. You type in the password and click on verify.
After verifying, you are directed to the page where you upload your picture for verification.
Snap the photo or either your drivers licence or a verified ID card.
Click on “Take photo”
After taking the photo, the system scans it and when it is satisfied, you click on upload. This can take days to to be verified.
You can then fill in your personal details in the “profile” tab.
Having done this, you need to fund your coinbase wallet.
You can either use a bank transfer or a credit card transfer. PayPal is also accepted, but when you want to withdraw from the wallet.
When you click on credit card, it requests your credit card details. It confirms your account days later.
Most use bank account as a means of funding their accounts because it charges less than the credit cards and also can allow for bigger transactions.
To buy your first coin after linking your account, click on the “Buy/sell” tab.
You will see the different coins and how much they being sold.
Click on the coin you want to buy and how much of it you want to. The exchange rate displays real time as you input the amount of coin you want to buy.
Type in the amount.
When the transaction is confirmed by your financial institution, your account is credited with the Cryptocurrency. You can check back later by clicking on the “account” tab at the far right corner of your personal homepage to see the Cryptocurrency in your wallet.
Welcome to the world of Cryptocurrency.