If you’re a beginner first getting into cryptocurrency, then the most common and recommended place to start is Coinbase. Coinbase.com is ideal for newbies with its simple and easy buying process for those looking to get their hands on their first Bitcoin. With more than 35 million people in over 100 countries trusting Coinbase to buy, sell, trade and earn cryptocurrency.
What is Coinbase?
Coinbase essentially is built up of 3 individual products or platforms. These are; Coinbase.com, Coinbase Pro and the Coinbase Wallet.
Coinbase.com is a secure online platform for buying, selling, transferring, and storing digital currency. The platform is ideal for new users getting into cryptocurrency, purchasing their first Bitcoin with the likes of a credit/debit card or via bank transfer. It is easy to use, convenient and has easy onboarding.
Coinbase Pro is a trading platform aimed at more experienced traders. Who can exchange a wider range of assets with more advanced trading buy and sell options, using order books, charts and graphs.
They also have their own Coinbase Wallet app which is a place to store your cryptocurrencies securely, where you have control over your crypto assets.
Is Coinbase Safe?
Coinbase which has been around since 2012 is thought as an extremely safe place to buy Bitcoin and has gone through a lot of regulations to be so, they have never been hacked and are considered a well-trusted place to buy and sell your crypto.
How to Buy Bitcoin on Coinbase?
Buying Bitcoin from Coinbase is a nice, simple process if you are new to Bitcoin or other Cryptocurrencies. To buy Bitcoin you’ll need to register for an account. If you don’t already have one Coinbase has an incentive where that if you buy or sell with £100 or more you’ll get $10 free bitcoin, please feel free to use this link; Sign up for Coinbase.
New to Coinbase? Get $10 worth of FREE Bitcoin when sign-up for a Coinbase account and buy or sell with $100 or more, by using this link!!
Add your Debit/Credit card to Coinbase
To be able to buy Bitcoin with Coinbase you will first have to add your Debit or Credit Card
From the Coinbase dashboard, click ‘Trade‘
Click Add a Payment Method
Select Credit/Debit Card & Enter Billing Address & Postcode
Enter Card Details & Click “Add Card“
The card will then be set up for you to make your Bitcoin purchase.
Buying Bitcoin with your Debit/Credit card
Select “Trade” from the dashboard
Enter the amount of Bitcoin you would like to purchase
Select the cryptocurrency you’d like to purchase.
Your credit/debit card details will then show in the “Pay with” section
Preview Purchase will show a confirmation of your order and display corresponding Coinbase fees.
Click “Buy now“
Your purchase will then automatically complete and funds will appear in your Bitcoin wallet.
Buying with Bitcoin Using a UK Bank Account
Click Add Payment Method
Select UK Bank Account
Enter sort code as a 6 digit number (don’t add the ‘-‘)
Enter your account number
The first time you add your UK bank account you will be prompted to verify your account. Coinbase will ask that you send £2.00 to their account to verify this.
Ensure that when you send the funds, you include the reference number, so that Coinbase know the transaction relates to your account.
Once verified the accounts will then show in your GBP wallet
Further funds can then be deposited into your GBP Wallet to make your purchase
Make a note of your reference number
Tick the box “I’ve copied or written down my Reference Number“
You can then transfer your funds from your UK bank account to use for your Bitcoin purchase.
Buying Bitcoin with your UK Bank Account
Enter the amount of Bitcoin you would like to purchase
Select the cryptocurrency i.e. Bitcoin
Select GBP Wallet from your pay with option
Click Preview Purchase
From this screen you can view a confirmation of the purchase, as well as the Coinbase fees associated to the order.
Click Buy now
The funds will then appear in your Bitcoin Wallet.
Withdrawing Bitcoin from Coinbase
If you have a Coinbase account and are currently holding Bitcoin or other cryptocurrencies in there, you may wish to lock in your current profits by withdrawing Bitcoin from Coinbase. Within Coinbase you can withdraw to your chosen FIAT currency. Withdrawing direct from the Coinbase site is a simple process, especially for newbies but it does incur fees for this convenience.
In the UK Coinbase only allows you to withdraw from your Coinbase FIAT wallet which will be in your chosen currency. I’m from the UK so I have a GBP wallet available and a EUR wallet for SEPA transactions. If you want to withdraw GBP to your UK bank you will need to complete an initial deposit of GBP from your bank account to Coinbase.
Before you can withdraw Bitcoin from Coinbase, the first thing you need to is sell your Bitcoin.
How to Withdraw Bitcoin from Coinbase
To be able to withdraw your cryptocurrency from Coinbase you will have to sell your Bitcoin
Click Trade from the dashboard.
Select the Sell tab
Enter the amount of Bitcoin you would like to sell or click “Sell all”
Select the Cryptocurrency you’d like to sell
Select the wallet.
If you preview your sell you will then see your Sell order along with any associated fees.
When the order has completed the funds will then appear in your GBP wallet.
Withdrawing Funds to UK Bank Account
From the Dashboard, click Wallets
If you have not already done, so you will need to link a bank account and deposit an amount of £2.00 to validate your account. Once the account to validated you can Withdraw after 5 days.
Select Your Bank Account from the dropdown.-
Enter the Amount you wish to withdraw or select withdraw all.
A confirmation of the withdrawal will then appear showing all information and associated bank fees.
The amount will then transfer across to your UK bank account within the timeframe stated.
Withdrawing Funds to Paypal
To set up a Paypal account, click onto Settings under your profile picture in the top right.
Select Linked Accounts
Click Link a New Account
Enter your Paypal account details
Your account will then be linked
To withdraw to Paypal, go to Accounts
Select Paypal from the “Withdraw To” dropdown menu
Enter the amount you wish to Withdraw
A confirmation of the withdrawal will then appear.
Click Confirm and your funds will then be deposited into your Paypal account by the date stated.
This is a simple process to sell and withdraw your Bitcoin. However, I would recommend Withdrawing from Coinbase Pro where fees are significantly lower.
Coinbase Wallet & DApp Browser
Coinbase Wallet is a standalone app, that allows users to store their own crypto and explore the decentralized web with a Dapp browser. Not to be confused with the Coinbase app, which is also available on Coinbase.com, the wallet helps users to manage their own private keys and store their crypto assets directly on their devices.
Coinbase Pro Tutorial
Learn how to trade cryptocurrency on Coinbase Pro to reduce fees when buying and selling digital assets such as Bitcoin, Ethereum, and Litecoin. Learn the difference between Market orders, Limit orders and Stop orders