Coinbase - How to sign up and buy
COINBASE
Coinbase is the top trusted crypto exchange in the US. Sign up on the website or download the phone app. All cryptocurrencies on Coinbase are covered by insurance. Only 2% are held online. However, individual accounts are NOT insured, so use a strong password and secure email. It may ask you to download an app called Google Authenticator for extra security (2FA), or you can scroll down and click "skip for now" (this is more secure than nothing, or the other option of using SMS text codes, so you may want to set up 2FA soon).
Sign up here for Coinbase:
https://www.coinbase.com/join/5a3bd9efed784c05a7823d03
Using referral links gives bonuses on most exchanges and/or saves fees. That’s mine above. I believe Coinbase offers $10 free Bitcoin to us both on your first purchase of $100 of any coin. Woohoo! (Thanks, I appreciate it!)
Type in your name and email. I use the same name that is on my bank account so there is no confusion. Make your password with capital letters, lower case, numbers...make it complex. I write mine down first and then type it in. As a general safety practice, I don’t use the same password for any accounts I create, I always make new ones. Otherwise a hacker can get one password and get into all your accounts.
Then they will text you a code. Click send code and check your phone so you can type in the number they send you (it is not the number they text you from, check the text and see the actual # code).
Next, I would say that I use Coinbase for investing, etc etc.
Then we will add a payment method. Hook up your bank account (to do ACH transfer). It has less of a fee than the debit card option I believe. They use Plaid to hook up your bank. You need to enter in your online banking details (username etc). It should verify and link your bank quickly.
You may need to verify your identity next. Take a photo of your license front and back. Make sure it has good lighting and isn’t blurry. Get the photo onto your computer and uploaded into Coinbase. If you are on the Coinbase app, you can simply take the photo with the phone in the app directly.
If you are able to buy without verifying your ID then expect to verify it later on when you may want to withdraw your coins to a wallet.
You can buy a coin right away with the Buy/Sell button, or deposit funds first and then buy (takes 4-5 business days for funds to arrive, sometimes it is instant).
To buy: click the Buy/Sell button and select the coin from there. You will be able to enter in the amount you’d like to purchase. Click preview buy and then confirm. Easy!
You will be able to trade around your coins immediately if you like, but cannot withdraw them to another exchange or wallet for about a week usually.
Sometimes I buy some “USDC” (USD Coin, like USD but a crypto version of USD) then wait a few days and send it out to another exchange to buy coins not on Coinbase. There are no fees to buy USDC.
