Step by Step Guide Buying Cryptocurrencies at CoinBase

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How to Buy Cryptocurrencies: The Easy Step-by-Step Guide for Beginners

Don’t worry if you missed out on buying into Bitcoin during its early years; the rise of cryptocurrency has only just begun. The best time to invest was years ago, but the next best time is right now! With new cryptocurrencies constantly being released and massive real-word corporate partnerships being formed all the time, the crypto scene is about to blow up in a big way. So don’t worry, even if you invest now, there are still some great returns to be made – Here’s how you can join in.

For this guide, we will be using Ripple (XRP) as an example of a cryptocurrency we want to buy. You can replace Ripple with whichever cryptocurrency you want to buy!

This guide will walk you step-by-step through the process of purchasing cryptocurrencies.

” data-medium-file=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Buy-CryptoGuide.png?fit=300%2C157&ssl=1″ data-large-file=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Buy-CryptoGuide.png?fit=512%2C268&ssl=1″ src=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Buy-CryptoGuide.png?resize=512%2C268″ alt=”Buying Cryptocurrencies.” width=”512″ height=”268″ srcset=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Buy-CryptoGuide.png?w=512&ssl=1 512w, https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Buy-CryptoGuide.png?resize=300%2C157&ssl=1 300w” sizes=”(max-width: 512px) 100vw, 512px” data-recalc-dims=”1″ /> This guide will walk you step-by-step through the process of purchasing cryptocurrencies.

New – A Simplified Method for Australian Visitors

If you’re visiting from Australia, you can now use CoinSpot, an all-in-one crypto exchange, to purchase a huge variety of cryptocurrencies directly with AUD – Follow this guide to get started. CoinSpot streamlines the crypto purchasing process and makes getting your cryptocurrencies much easier.

There are two steps to purchasing Ripple and other cryptocurrencies:

    Buying an intermediate cryptocoin, such as Bitcoin or Ethereum, with your local currency using Coinbase.com . The link I have provided will give you a $10 discount on your first purchase of $100 or more.

  • Converting this cryptocurrency to XRP with binance.com
  • This method is the most newbie-investor friendly, while also minimizing any wait times and trading fees. If you don’t have any cryptocurrency, start with Step 1. If you already have some Bitcoin, Ethereum, Litecoin, or other cryptos, you can go straight to Step 2.

    Step 1: Buying an intermediate cryptocurrency from Coinbase

    Coinbase is a website which allows you to purchase and sell Bitcoin, Litecoin, or Ethereum using your local currency with either a credit card or bank transfer. Like any other cryptocurrency exchanges that involve fiat (non-crypto) money, yes, you do have to get verified. But don’t worry, verification is simple and is processed almost instantly.

    Get verified. This is simple, just upload a picture of your driver’s license or similar ID and you will be quickly verified. While you wait, head to step 2 and set up your next account.

  • Spend the money you want to invest in cryptocurrency on Ethereum. This is done by clicking the “Buy/Sell” tab, selecting Ethereum, and entering the amount you want to purchase before pressing “Buy Ethereum Instantly” as shown in the picture guide below. Ethereum is preferable over Bitcoin as the transfer fees and times for Bitcoin are much higher than Ethereum.
  • Once you have your Ethereum in your Coinbase wallet, you can move on to Step 2!

    Purchasing Ethereum Steps

    ” data-medium-file=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?fit=223%2C300&ssl=1″ data-large-file=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?fit=497%2C670&ssl=1″ src=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?resize=497%2C670″ alt=”Purchasing Ethereum Steps” width=”497″ height=”670″ srcset=”https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?w=497&ssl=1 497w, https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?resize=223%2C300&ssl=1 223w, https://i0.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Coinbase-Steps.png?resize=312%2C420&ssl=1 312w” sizes=”(max-width: 497px) 100vw, 497px” data-recalc-dims=”1″ /> Purchasing Ethereum on Coinbase is simple. Enter the amount you want and press “Buy”.

    Step 2: Converting your other cryptocurrency to Ripple

    To buy Ripple, we will be using Binance. This exchange is great because it does not require identification, has free deposits, and has minimal transaction/withdrawal fees.

    After registering, go to the “Balances” section under the “Funds” tab (or click this link to automatically take you there) and search for the currency you wish to deposit.

    Press deposit on the crypto you purchased earlier and the site should display your deposit address. Copy this address to your clipboard.

    Follow these steps to find your Ethereum deposit address on Binance.

    ” data-medium-file=”https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?fit=300%2C98&ssl=1″ data-large-file=”https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?fit=1024%2C335&ssl=1″ src=”https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=1068%2C350″ alt=”Binance steps” width=”1068″ height=”350″ srcset=”https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?w=1282&ssl=1 1282w, https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=300%2C98&ssl=1 300w, https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=768%2C252&ssl=1 768w, https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=1024%2C335&ssl=1 1024w, https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=696%2C228&ssl=1 696w, https://i1.wp.com/theripplecryptocurrency.com/wp-content/uploads/2020/06/Binance-Steps.png?resize=1068%2C350&ssl=1 1068w” sizes=”(max-width: 1068px) 100vw, 1068px” data-recalc-dims=”1″ /> Follow these steps to find your Ethereum deposit address on Binance.

    Go to your Coinbase Ethereum/Bitcoin wallet under the “Accounts” Tab and press send. Paste the deposit address into the “BTC/ETH address” box that pops up. After confirming, this will send your cryptocurrency to the Binance exchange, ready to be traded. The transfer may take some time, depending on how busy the exchanges are, so be patient.

  • Once you have your BTC/ETH in your Binance wallet, head back to the main page and click either BTC markets, or ETH markets, depending on which currency you have. In this list, find XRP/ETH or XRP/BTC (Replace XRP with the cryptocurrency you want to buy). Alternatively, use the links below to take you straight to the exchange.
    1. Now, in the “Buy XRP” section, type the price you want to pay, or leave it as the current price.
    1. Press the 100% button if you wish to convert all of your crypto to Ripple.
    1. Press “Buy XRP” and wait for your order to be filled!

    Congratulations, you now own some cryptocurrency! As a final tip, I recommend using 2-Factor Authentication on each site you register for to ensure the security of your investments. Happy trading, lets ride this wave together!

    Securing your investment

    Now that you’ve got your cryptocurrency, you should start thinking about how you’re going to keep it safe. For small quantities, or short-term holdings, you could keep it in your Binance account. But cryptos that you wish to hold for the long-term should be moved to offline hardware storage. This will protect you in the case of a security breach, or if the exchange goes bankrupt. The most popular device for offline cryptocurrency storage is the Ledger Nano S. If you have large investments in cryptocurrencies, I strongly suggest you look into purchasing one of these. The cost is nothing compared to the returns your investments will bring, so keep them safe!

    After purchasing, read the comprehensive setup guide to safely store your coins.

    How to Buy Your First Cryptocurrency on Coinbase

    Starting out in crypto can feel daunting, but purchasing your first Bitcoin (or any other altcoin) is much easier than you think.

    For most first-time buyers, Coinbase is pretty much the cryptocurrency exchange of choice to use because Coinbase is secure, easy to navigate, and packed with decent features that’ll make things easier.

    Here’s our guide to purchasing your first cryptocurrency using Coinbase.

    What Is Coinbase?

    Coinbase is a cryptocurrency broker. Coinbase trades several cryptocurrencies in exchange for regular fiat currency:

    • Bitcoin
    • Bitcoin Cash
    • Ethereum
    • Ethereum Classic
    • Litecoin

    Coinbase is definitely one of the easiest cryptocurrency brokers to use. It is also one of the most popular crypto-brokers. However, before other crypto-users jump on me: Coinbase is by no means the best crypto-broker.

    The thing is, Coinbase has a number of stop-checks in place for new users, and that means it’s forgiving. You can use Coinbase as temporary storage for your cryptocurrency, but you shouldn’t use it for long-term storage. For that, you’d be better off with a cryptocurrency cold wallet instead.

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    Step 1: Create a Coinbase Account

    Head over to Coinbase and hit the Sign-up button in the top-right corner. Or sign up using this link to get $10 of free Bitcoin after buying or selling your first $100 in Bitcoin.

    Enter your details in the account creation panel. Use a strong single-use password. Then head to your email account and verify your email address.

    When you come back to the Coinbase site, you need to add a phone number to secure your account. Coinbase then sends you a verification code. Next up, add your personal information. The information Coinbase requires varies slightly by locale, but you will need to confirm your date of birth, an address, your source of funds, and so on.

    Finally, you need to use an official photocard document to complete your verification. In the US, Coinbase only accepts state-issued driving licenses or identification cards. A US passport is not acceptable. However, outside the US, Coinbase will accept your passport.

    For more information, check out the official Coinbase documentation on identity verification.

    Account verification time varies hugely. Coinbase verified the account I’m using for this tutorial within five minutes, but I have other Coinbase accounts that use the same verification image and phone number. Coinbase may request extra information from you, so be sure to check your email account frequently.

    What Is Coinbase Pro?

    Coinbase Pro is Coinbase’s crypto-exchange, formerly known as GDAX. You use Coinbase Pro for “advanced” cryptocurrency trading. In this case, advanced means more options than the regular Coinbase site. For instance, you can make a purchase order for a price above or below the current market rate for a cryptocurrency, or directly trade your Bitcoin for Litecoin (or the other cryptocurrencies Coinbase and Coinbase Pro support).

    Step 2: Add a Payment Method

    When your Coinbase account finally verifies, you arrive at the Coinbase dashboard. The dashboard displays the current price of the cryptocurrencies available for purchase through Coinbase, your current portfolio, and any information regarding account updates. For instance, you can see in the image below that Coinbase recently added support for several UK bank accounts.

    In the bottom-right corner, select Complete your account. Depending on your locale, you now have two or three options:

    US residents can add: a bank account, their debit card, or add details for a wire transfer.

    UK and EU residents can add: an EU bank account, a UK bank account, or a debit card. Furthermore, UK and EU residents can use SEPA payments or make instant crypto purchases using a 3D Secure debit or credit card.

    Note that Coinbase no longer supports the linking of new credit cards! Also, some credit card providers are refusing cryptocurrency purchases or adding additional charges to existing cards. Coinbase won’t remove existing credit cards but does suggest using a debit card or regular bank account instead.

    Debit cards and bank account come with a small verification charge. Unfortunately, the account verification process can also take up to three business days.

    Step 3: Buy Cryptocurrency Using Coinbase

    Once Coinbase verifies your bank account or debit card, and you have some funds available, you can purchase some cryptocurrency. Coinbase is a crypto-broker that exchanges Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

    Select Buy/Sell from the Coinbase dashboard. Select the cryptocurrency you want to purchase. Enter either the amount of cryptocurrency you want to buy in your local currency. Alternatively, if you have a specific amount of cryptocurrency you want to buy regardless of cost (for example, 1.2 BTC), enter that and then check the cost.

    When satisfied, press the Buy Cryptocurrency button at the bottom of the panel. The description of this button changes depending on your payment method. I’m using my authorized debit card in the UK, meaning I can make an instant purchase of any of Coinbase’s cryptocurrencies. Payment methods have different delays.

    When you head back to your Coinbase dashboard, your portfolio will show your new cryptocurrency, and your Recent Activity panel should show your purchase.

    Step 4: Sell Cryptocurrency Using Coinbase

    Want to sell the cryptocurrency you bought? Head back to the Buy/Sell tab.

    Using the Sell From dropdown menu, select your cryptocurrency. Then, from the Deposit To drop-down menu select the currency wallet where you want to deposit your funds. Note that you have to deposit your funds to a currency account before withdrawing to your bank account.

    Just like the purchasing panel, you can enter either the amount of cryptocurrency you want to sell in your local currency or specify the amount of cryptocurrency. The cryptocurrency box also has a Sell Max button you can use to enter the maximum account of cryptocurrency while accounting for Coinbase’s transaction fee.

    Step 5: Withdraw Funds From Coinbase

    Once your funds clear into your Coinbase local current wallet, you can withdraw them from the site entirely, back into your bank account.

    Select Accounts from the Coinbase dashboard. It will display your current holdings across all of your accounts. Find the local currency you want to withdraw and hit the Withdraw button. The withdraw panel pops up and asks for the amount you want to withdraw. It also has a Withdraw All option. Select the bank account you want to withdraw your Coinbase funds to and press Continue.

    It can take up to five business days before your funds appear in your local currency account. In my experience, it is usually faster than that, but don’t depend on withdrawing funds to pay a pending bill on its due date.

    Congrats, you’ve bought your first cryptocurrency!

    Coinbase Is the Starting Point

    Coinbase is a great place to start your cryptocurrency adventure, even if it does leave a little to be desired in some areas. Its interface is easy to use, it offers the core cryptocurrencies you need to get started, and it’s secure enough that you don’t have to worry.

    Bitcoin is the world’s most popular cryptocurrency. But have you ever wondered how many cryptocurrencies there are?

    We earn commission if you purchase items using an affiliate link. We only recommend products we trust. See our affiliate disclosure.

    Coinbase Signup: A Step-by-Step Guide

    Coinbase is known as one of the most secure exchanges on which to buy, sell, and store cryptocurrency. In fact, their account creation starts with a 3-level verification process. Coinbase supports the purchasing, trading, and storing of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC). If you are ready for your Coinbase signup but unsure where to begin, follow this step-by-step guide to learn how to set up your Coinbase account.

    During the Coinbase signup process, each step will help Coinbase verify your identity and screen for any potential fraud, crime, or danger. Coinbase can deny the creation of accounts or limit the number of accounts a user creates if they feel it’s necessary. Ready to get started? Keep reading.

    1. Get Started With Your Coinbase Signup

    To get started, head to the Coinbase website.

    When you reach the homepage, you will see the real-time prices for Coinbase’s five supported cryptocurrencies.

    On this page, you will see two “Get Started” buttons. One on the left of the screen and one in the top right corner.

    Click the “Get Started” button in the top right corner to proceed to the next step.

    2. Create Your Coinbase Account

    A box will appear prompting you to enter your basic account information. Enter your name and the email address you would like to link your account to and select a password for your account.

    We advise choosing a password that is unique and complicated for others to guess. To do this, use different letter cases, symbols, and numbers.

    Next, select your state. The state you select is important because each has its own set of requirements and regulations surrounding cryptocurrency. Coinbase complies with local legislation in each state that it operates.

    Finally, check the box to verify that you are 18 years of age or older, and click “Create Account.” Note: only individuals over the age of 18 are eligible for Coinbase accounts. During the Coinbase signup process, you will need to verify your identity. Underage individuals will not pass the verification process.

    3. Verify Your Email Address

    Another box will appear. This is the first step of the account verification process. Click the “Verify Email Address” button. Once you click the button, a confirmation email will be sent to the address you provided in the last step.

    4. Follow Your Coinbase Signup Verification Link

    After you’ve clicked “Verify Email Address,” this screen will appear. If you haven’t received an email, try refreshing and checking your spam folder. If the email still has not arrived, click “Email didn’t arrive?” to send another. If you see an email from Coinbase in your inbox, follow the link within to verify your email address and continue to the next step.

    5. Phone Number Verification

    After clicking the link within your verification email, you will move onto the 2nd verification step. This step entails an SMS verification. Select the country associated with your phone number. Next, enter your 10-digit phone number in the box below “Your Phone Number.” Lastly, click “Send Code.” You will receive a text message to the phone number you’ve provided.

    It is important to note that when you provide your email address and phone number, you are linking your electronic devices to your Coinbase account. It is your responsibility to protect any devices that you use to access your email or phone number.

    6. Receive & Enter Your Coinbase Signup SMS Code

    When your text message arrives with a short, numerical code, enter the numbers into the box which appeared after you pressed “Send Code.” This will lead you to the next step of account creation.

    7. Enter Your Personal Identifying Information

    During this important step, you will need to enter your personal information as required by your state (the New York state financial regulations, in this example). Fill out the necessary information and select the most suitable options in each drop-down menu.

    By entering your personal information, you are confirming to Coinbase that it is both accurate and authentic. Additionally, you are agreeing to make any updates to your information if it changes. Once you’ve entered the required information, double check everything for accuracy then click “Continue” in the bottom right corner. The information required may vary depending on your state.

    8. From Dashboard to Accounts

    Once your information is entered, you will access your dashboard. Your dashboard will display the cryptocurrency prices you saw on the Coinbase homepage, your account info, and your portfolio (which will be at $0 as you haven’t bought your cryptocurrency yet). From the top menu on the left, click “Account” to continue the setup process.

    9. Add Funds to your Coinbase Account

    Once in the account tab, this is where you will link your financial accounts to finish the process. On the left side, beneath where it says “No Transactions,” click “Add Funds.” You can add funds during this Coinbase signup to your Coinbase account through wire transfer or by directly linking your bank account to your Coinbase.

    10. Choose to Make a Wire Transfer or Bank Deposit

    Make a Wire Transfer

    Click “Wire Transfer” on the “Add Account” page. This will lead you to the next step.

    Ensure you are in the “Wire Transfer” tab. Enter your bank’s name and your full name. Next, enter the amount of USD you’d like to transfer and click “Continue.” This will transfer funds from your bank account directly into your Coinbase account.

    Make a Bank Deposit

    This is the first screen you would see when choosing the option of bank or wire transfer. If clicking bank account, you would then proceed to the following step.

    If you plan on making frequent transactions, we recommend linking a bank account to speed up the process. To do so, click the “Bank Account” tab in the “Deposit USD” tab.

    Sign In & Wait

    Enter your banking information and wait for your financial credentials to be verified. We have omitted to show you the top of the screen, as this is where your confidential username and password would be.

    All the accounts you hold within your financial institution will appear. Click the account you would like to deposit money from and select “Continue.”

    11. Enable Sending and Receiving Funds During the Coinbase Signup

    Once you’ve linked your banking information, you will move onto the identity verification step of your Coinbase signup. During this process, you will confirm your identity to enable the sending and receiving of digital currency. To do so, click “Enable send and receive.”

    12. Confirm Your Identity with a Photo ID

    The identity verification page will appear. First, you must upload photographs of your government-issued ID by taking webcam photos or uploading photos from your computer. To do so, select if you will be providing a driver’s license or another government-issued photo ID by clicking one of the buttons on the screen.

    13: Upload Photos of Your Government Issued ID

    If you don’t have a webcam, you can upload photos from your computer. To use your webcam, hold your ID up to the camera and take your photos, first of the front and then of the back of your photo ID. Ensure you ID’s photo fits in the border and is clear without glare. You cannot create a Coinbase account without a valid government-issued photo ID.

    14: Take a Selfie

    Next, you will need to take a photo of yourself. This is to ensure you match the photo on your ID. If possible, take your photo in front of a solid background and make sure your photo is clear.

    15: ID Verification Email

    Once your photos are submitted, you will need to wait for verification. You can close out of this browser now. Once your verification is complete, you will receive an email notification. You will be asked to re-take your photos if they are not accepted.

    Finally, follow the verification link in your email. A screen will appear notifying you that your account is ready. If you’d like to buy cryptocurrency right away, click the “Buy Digital Currency” button.

    Completed Coinbase Signup

    Your Coinbase signup is complete and you are ready to purchase cryptocurrency. Coinbase provides users with basic account services including:

    • One or more digital currency wallets with hosting from Coinbase
    • Digital currency conversion
    • A Digital currency exchange platform

    Through your hosted digital currency wallet you will be able to store, track, transfer, and manage Coinbase supported currencies. For example, it will show you Bitcoin price, and that of all other available cryptocurrencies.

    Additionally, your wallet enables you to send, request, and receive cryptocurrency between yourself and third parties. However, Coinbase does not guarantee the authenticity of the third-party. The platform can refuse to process transactions if required by law.

    If you are trying to conduct a transaction with someone who does not have a Coinbase account, Coinbase will invite them to open an account. If they don’t open an account after 30 days, all cryptocurrency involved in the transaction will be returned. It is also worth noting that it is possible to lose access to a digital wallet.

    If this happens to you, there are ways to recover lost or encrypted cryptocurrency wallets. All you need to do is find out how crypto wallet recovery works. Lastly, before you dive into buying, trading, and selling cryptocurrency with your new Coinbase account, you may want to familiarize yourself with their fee structure, in other words, how they make money.

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