These are more detailed instructions of how to get your Coinbase account created, which will in turn allow you to buy the main cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin currently. There have been talks, at the time this article is being written, about Coinbase potentially adding Ripple (XRP) to their website to allow users to purchase Ripple directly from them. But, things in the cryptocurrency world are very new and uncertain, meaning anything can happen or not happen and we’ll just have to wait and see. For now, let’s help you get your Coinbase account created.
I should note that if you sign up for your Coinbase account using my link, you will receive $10 worth of Bitcoin for free*. Sign up for Coinbase here.
Creating Your Account
Once you visit the Coinbase website, enter in your first name, last name, email address, and a password. Certify that you’re not a robot, then click the checkbox to accept the terms of the site, and click Sign up! Coinbase requires a 2-step verification process in order to sign into your account, so after you’ve provided your phone number, each time you log in you will be sent a special code that you will need to enter prior to being redirected to your dashboard.
Adding Method of Payment
Once you’re in, you will need to add your method of payment in order to buy your cryptocurrency. In the image to the left below, click on “Buy/Sell” tab at the top of the screen. Once you click Buy/Sell you will be prompted to enter a payment method. The second screenshot shows what your account will look like after a payment method has been added. Once you add your payment method, you will need to verify a couple of small withdrawals in your account that you add. If you use a credit card, it’s almost instantaneous, if you use your bank account it will take about a week. Using a bank as your method of payment will eliminate a credit card fee, but if you’re anxious to get going using a credit card will help you get started within minutes.
Purchasing Your First Cryptocurrency
Once you have successfully added your payment method you should see something similar to the screenshot directly above. You will need to:
1. Click on the type of cryptocurrency that you wish to purchase (currently Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are the only options, but others are likely to be added in the future)
2. The payment method should default to the payment method that you just added to Coinbase
3. Under the “Amount” section you will see what the default limit is for adding to your account. This is limited in the beginning and can increase the more you spend over time.
4. Underneath the weekly limit amount you will see two boxes. The box on the left is the one that you will use to enter in how much you plan to spend in USD. You can enter in a custom amount, or once you click in the box you will see the optional “max funds” button that will allow you to buy the maximum limit you have available to spend.
5. You can then choose whether you want to repeat this buy on a recurring basis, or you can leave this area alone and it will default as a single, one-time purchase.
6. Click “Buy *** Instantly” button at the bottom. The *** will actually display as the type of cryptocurrency that you’re buying so you can ensure you’re buying the correct cryptocurrency according to your investment strategy.
7. Lastly, you will be prompted to confirm your buy, and then you will need to enter in a special code that is texted to your mobile device to confirm the purchase. Almost instantly the funds will be added to your wallet.
***Note: Which wallet your newly purchased cryptocurrency will be added to depends on which one you buy. Clicking on the “Accounts” tab at the top of the screen will take you to your different wallets available. The wallet that your money will be going into should have the available amount of cryptocurrency added to it pretty quickly. You can click on the individual wallet to see your funds available. See the screenshot below for reference.
Viewing Your Cryptocurrency In Your Coinbase Wallet
As you can see in the image above, the Bitcoin wallet currently has approximately $20.73 added into it, and the section on the right shows the transaction history.
Congratulations! You have successfully created a Coinbase account, added a payment method, purchased your first cryptocurrency, and viewed it in your wallet! From here you could potentially stop and just be an owner of the cryptocurrency that you’ve purchased, or you could then use your newly purchased Bitcoin, Bitcoin Cash, Ethereum, or Litecoin to then purchase other cryptocurrencies that can only be bought using one of these currencies. If you are interested in purchasing an altcoin (an alternate type of cryptocurrency) then please see our guide to creating an account on Binance where you can then trade your newly purchased cryptocurrency for an altcoin (there are TONS of altcoins that you can buy with your Bitcoin, Bitcoin Cash, Ethereum, or Litecoin).
*You will need to spend at least $100 with Coinbase to receive your free Bitcoin at the time this article is written. The terms are subject to change if Coinbase changes this in the future, but as of the time of this article you need to spend $100 with Coinbase to receive your free $10 worth of Bitcoin instantly.