If you’re new to cryptocurrencies and aren’t sure where to begin, we can help you get started investing in your first currency, or multiple currencies today. Put simply, cryptocurrencies are a digital form of currency used as an alternative to other forms of currency including cash, debit and credit cards, and other less common forms of currency. Cryptocurrencies are a cheaper, faster, and safer form of sending money via online, or in person to stores who are capable of accepting this new and improved form of digital money. Please follow the step by step instructions below to get started, with a more detailed instruction underneath in case you have any additional questions:
Once you have both a Coinbase and Binance account, you will need to verify yourself, but this is easy and we can walk you through what to expect. Check out our detailed instructions for getting an account setup on Coinbase, and our detailed instructions for getting an account setup on Binance, or check out an overview below.
Click here to sign up for your Coinbase account. Creating a Coinbase account will allow you to buy another currency with US Dollars, which is really the first step to getting into Cryptocurrencies. You need to change your current US Dollars for either Bitcoin, Bitcoin Cash, Ethereum, or Litecoin to be able to then buy some of the other cryptocurrencies that we will mention on this site. You can’t buy all currencies with the above cryptos but you will need to decide which is best for you after you have read a little more about them here.
Signing in to Coinbase can be a little tricky if you’re a first time user, as they have a 2-step verification process to sign in, every time you sign in, but it gets to be routine. You will enter your username and password, then the next screen will prompt you to enter a 7-digit code that will have been texted to your cell phone immediately after entering your username and password on the previous page. Enter the code and you’re in!
After you initially get signed up on Coinbase you will want to add a payment method to be able to be able to buy the coins that you’re interested in with your USD. You can choose to do this through a bank account directly, or by using a debit or credit card (Visa or Mastercard). A credit card payment method can be verified almost instantly, so is the preferred payment method that I use, however, if you have a week or two to be patient you can get your bank account verified within a couple of weeks and will then be able to buy the digital currency that you are interested in.
Once you’ve followed the instructions to verify your account you are ready to start purchasing your first cryptocurrencies! If you’re patient in waiting for your bank account to become verified, you will only need to pay a small Coinbase fee for the transaction that starts at about 1% of the total amount of the transaction, and can go down to about as low as .006% depending on how much money you would like to add. The more money you add, the less you will pay in fees, so think carefully how invested you’d like to be initially and try to invest everything you are interested in investing right from the beginning in one transaction to avoid paying higher, or additional fees. If you choose to pay with a credit card instead of a bank deposit, in addition to the Coinbase fee you will also have to pay a payment method fee, and you will be a little more limited in the amount you can buy each week. Either way, choose the payment method you prefer and buy your cryptocurrency!
If you have any questions about which cryptocurrency to buy, check out our cryptocurrency buying guide to help you choose which digital currencies you should buy.
Some will choose to stop here after they’ve bought Bitcoin, Bitcoin Cash, Ethereum, or Litecoin because these are the more major cryptocurrencies with the highest potential to increase in value. If you choose to stop here, then you are the proud owner of one or more cryptocurrencies and good luck in your investment! If you are interested in investing in more, then this next part is for you! You will need to set up an account on Binance to start trading your currently owned cryptocurrency for another, or more, and to start your trading strategy.
Click here to sign up for a Binance account where you will then be able to trade for other currencies using your Bitcoin, Bitcoin Cash, Ethereum, or Litecoin that you purchased through Binance. Before you will be able to trade in Binance, you will need to send your cryptocurrency you purchased through Coinbase over to your Binance wallet. This is a very critical moment because you need to make sure you enter your wallet address exactly (it’s a super long character wallet address). If you accidentally enter in any digits or letters incorrectly your money could be lost in time and gone forever.
After you have your Binance account approved and you are ready to send your funds from Coinbase to Binance, make sure to copy the wallet address exactly from your account in Binance, then send it. It takes a few minutes to actually go through, but don’t worry it will get there if you entered the number correctly. Once it’s there, you will be able to go to the “advanced” exchange and then trade your Bitcoin, Bitcoin Cash, Ethereum, or Litecoin into XRP, XLM, or whatever other cryptocurrency you choose, or multiple ones to diversify.