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How to use Coinbase – Our Comprehensive 2018 Guide

How to use Coinbase – Our Comprehensive 2018 Guide

Coinbase is the most popular cryptocurrency exchange in the world. This guide will teach you how to use it, so that you can start trading cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

The how to use coinbase app is a comprehensive guide that covers everything from the basics of cryptocurrency, how to buy and sell coins, and even where to spend your coins.

The following is information about this guide: So you’ve done your research and are ready to enter the cryptocurrency market. Coinbase is the most popular platform for converting dollars, euros, and pounds into cryptocurrencies and selling them for cash. This makes it an excellent choice for newcomers to the market. Coinbase will allow you to purchase four of the most popular cryptocurrencies: Bitcoin, Bitcoincash, Litecoin, and Ethereum.

You’ll most likely have two fundamental questions: how to create a Coinbase account and how to utilize Coinbase. This post will provide you with an easy-to-understand response to each of these concerns, as well as instructions on how to minimize Coinbase costs. If you want to invest in a more exotic AltCoin, you’ll need to purchase Ethereum or Bitcoin on Coinbase and transfer it to a Cryptocurrency exchange like Binance.

Terminology on TotalCrypto.io

Any cryptocurrency that isn’t Bitcoin is known as an altcoin. The term ‘Alternative Coin’ stands for ‘Alternative Currency.’ Because Bitcoin was the first cryptocurrency, any other cryptocurrency is referred to as an alternative by the community.

What Is Coinbase and How Does It Work?

 

Coinbase, which was founded in 2012, is the world’s biggest cryptocurrency exchange platform, allowing users to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin cash using fiat money (USD, EUR, GBP).

Coinbase was accepted into the renowned Y Combinator incubator in Silicon Valley, and received a further $100 million in series D financing in August 2017 at a value of $1.6 billion. IVP, the venture capital company that spearheaded the current financing round, was an early investor in Dropbox, Netflix, Twitter, and Slack. The New York Stock Exchange, for example, has invested in previous Coinbase financing rounds. It’s simple to understand how Coinbase has grown into the behemoth it is today with such support.

Coinbase has a reputation for regulatory compliance and a user-friendly interface. Customer money are insured and separated, and clients in the United States are covered up to $250,000.

How to use Coinbase – Our Comprehensive 2018 Guide

The Basics of Coinbase

  • Simple to Use: Coinbase is known for its user-friendly UI. This makes it the ideal cryptocurrency exchange for beginners.
  • Small Minimum Deposit: On Coinbase, you may deposit as little as €6 in bitcoins.
  • Coinbase is a regulated cryptocurrency exchange, making it one of the few.
  • Insurance and segregation of money: Customer funds are insured and separated. Customers in the United States are even covered up to a balance of $250,000.
  • For US consumers, deposit methods include credit/debit card, bank transfer, and PayPal.
  • Cryptocurrencies that may be traded include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
  • Email and FAQs are two methods of customer support.

Using Coinbase to invest more than $100 in cryptocurrencies? There’s good news! By joining up via Total Crypto, you will also get a $10 bonus!

How Do You Create A Coinbase Account?

The first step is to click the “sign up” button on the Coinbase website. Make sure you can see the padlock and “Coinbase, Inc. [US]” in the URL before creating an account to verify you’re on the official Coinbase website.

How to use Coinbase – Our Comprehensive 2018 Guide

Step 2: Fill in the required information to create your account:

How to use Coinbase – Our Comprehensive 2018 Guide

Third, you’ll get an email asking you to confirm your email address. Simply click the “Verify Email Address” button to return to Coinbase and finish the account setup procedure.

Remember to check your SPAM folder as well.

How to use Coinbase – Our Comprehensive 2018 Guide

Step 4: Select your nation and enter your phone number.

Step 5: Complete your profile by filling out the form with your personal information.

Sixth Step: Verify your phone by sending an SMS. Go to your Coinbase account’s ‘Settings’, then to the ‘Security’ tab, then to ‘Verify a phone.’

How to use Coinbase – Our Comprehensive 2018 Guide

Seventh Step: To increase your daily limitations beyond $500, just do the following: Click “verify your identity” > “Upload your ID” > “Upload your ID” > “Upload your ID” > “Upload your ID” > “Upload your ID” > “Upload your ID” > “Upload your ID

Top tip: If taking a picture using a laptop webcam fails to get your passport approved, take a photo with your phone and submit it via the Coinbase app. When holding an open passport to a camera, most individuals have shaking hands, which may result in a blurry picture and you failing ID verification.

How Can You Make Your Coinbase Account More Secure?

To make your Coinbase account as safe as possible, Total Crypto advises using 2 Factor Authentication. To begin, install an authenticator app on your phone, such as Authy or Google Authenticator.

Terminology on TotalCrypto.io

Coinbase’s Two-Factor Authentication adds an additional degree of protection to your account. Even if someone else knows your password, it is intended to guarantee that you are the only one who can access your account. Only your trusted devices may view a 6-digit number generated by an authentication app. This means that accessing your account requires your phone number and password, which is much more secure than basic password security.

IOS:

Android:

Then go to your Coinbase account’s “settings” and choose “security.” Then, press the “Enable Authenticator” button.

How to use Coinbase – Our Comprehensive 2018 Guide

Make a note of your Authenticator secret code, then click to enable 2FA and scan the QR code shown on the screen with your authenticator app. The QR code informs Coinbase that the phone that was used to scan it is a reliable device. You can only access your Coinbase account using codes generated on this device.

How to use Coinbase – Our Comprehensive 2018 Guide

Your authenticator app will produce a 6-digit number when you scan the QR code. To set up 2 factor authentication, just input the 2-step verification code into Coinbase.

How to use Coinbase – Our Comprehensive 2018 Guide

On your phone’s authenticator app, you’ll see a six-digit code.

You’ve completed the task! Your Coinbase account has been secured to the greatest extent feasible. You may now get down to work with depositing and lowering costs.

How Can I Lower My Coinbase Fees?

Congratulations, you should now have a working Coinbase account. After successfully depositing money into your Coinbase account, you may begin the process of purchasing bitcoin.

The Most Economical Way To Deposit On Coinbase

The most cost-effective way is to make a manual bank transfer from your account.

  • How much time does it take? Bank transfers may take up to one to three days in Europe and five to seven days in the United States to show in your Coinbase account.
  • How much does it set you back? Coinbase does not impose fees for bank transfers for clients in Europe and the United Kingdom. Your bank, on the other hand, may charge you extra exchange rate and/or foreign payment costs. Fees for bank transfer deposits on Coinbase are 1.49 percent if you live in the United States, Singapore, Canada, or Australia. Non-European users will soon be able to avoid the Coinbase charge.
  • What if you want to deposit using a credit or debit card? This technique will cost you 3.99 percent on Coinbase. You will, however, be able to purchase bitcoin immediately. It’s up to you to decide whether or not this is worthwhile.

What Is The Best Way To Deposit On Coinbase?

  • Navigate to your Coinbase account’s ‘Buy/Sell’ page. How to use Coinbase – Our Comprehensive 2018 Guide
  • To your Coinbase account, add a payment method. How to use Coinbase – Our Comprehensive 2018 Guide
  • Select a deposit method: You may make a deposit via a ‘Bank Account’ transfer, which offers reduced deposit costs but takes 2 to 5 days to credit to your Coinbase account. You may also make an immediate deposit with a credit or debit card. Simply input your payment information and complete the transaction to fund your account using any method. Simply sit back and wait for the credit to be credited to your account after it has been filed. When your deposit is successful, you will get an email notification. How to use Coinbase – Our Comprehensive 2018 Guide

Limits on Coinbase and GDAX for Fully Verified Customers

  •  Customers may purchase cryptocurrency valued $50,000 each day.
  •  At any one moment, clients may hold a maximum of €30,000 in their accounts.

Payment Methods Accepted by Coinbase and GDAX

  •  SEPA bank account or Euro credit/debit card
    • Note: Coinbase is working on enabling UK clients to transact in GBP via UK bank wires.
  •  SEPA bank account or Euro credit/debit card
    • Note that Coinbase no longer allows users to connect new credit cards, and some credit card companies are refusing to process bitcoin purchases. Can’t make a deposit? Use a debit card or a bank transfer to make your payment.
  •  Bank transfer or debit Or debit card
    • Note that Coinbase no longer allows users to connect new credit cards, and some credit card companies are refusing to process bitcoin purchases. Can’t make a deposit? Use a debit card or a bank transfer to make your payment.
  •  It’s a debit card.
    • Customers from Canada must undergo ID verification before purchasing bitcoin.
  •  Xfers is a company that handles bank transfers. Customers from Singapore must, regrettably, go through extra hoops in order to make a deposit. We’ll go through them in more detail below:

The first step is to gather information. By entering your phone number, you may create an Xfer account via Coinbase:

How to use Coinbase – Our Comprehensive 2018 Guide

Second Step: Coinbase will give you a code through SMS, which you must input in the box below:

How to use Coinbase – Our Comprehensive 2018 Guide

Third Step: After passing phone verification, you’ll see your new account’s deposit information, which you may use to purchase bitcoin on Coinbase.

Step 4: You will be requested to submit a scan of your Singapore ID provided by the government.

How to use Coinbase – Our Comprehensive 2018 Guide

Finally, after your Singapore ID is approved, you may fund your third-party account and begin purchasing bitcoin.

  • BTC, ETH, XRP, LTC, BCH, BAT, XLM, ZEC, DAI, ZRX are all available cryptos.

  • Credit/debit card, bank transfer, and PayPal are all acceptable methods of payment.

  • Currencies accepted: AUD, GBP, EUR, USD, CAD, SGD

  • Email and FAQs are available for assistance.

  • Fees are 4% of the total.

    See Also

How Can GDAX Help You Save Money On Coinbase Fees?

What exactly is GDAX? GDAX is Coinbase’s exchange, which has its own website. The first thing to know is that you can use your Coinbase credentials to log in to GDAX (there is no need to create another account).

GDAX Advantages

  • If you live in the United States, Singapore, Canada, or Australia, you may avoid paying the 1.49 percent bank deposit charge by making a deposit on GDAX. Unlike Coinbase, GDAX does not charge fees for deposits (excluding those charged by your bank).
  • Coinbase will charge you an additional 1.49 percent to purchase bitcoin on the site, regardless of where you are located. You’ll just spend 0.3 percent to purchase bitcoin on GDAX, and you’ll save another 1.19 percent in fees. Total Crypto recommends that you take advantage of this opportunity.

Because of the differences in fee structures between GDAX and Coinbase, cryptocurrency investors often perform the following steps:

  • Customers from the United Kingdom and Europe often deposit on Coinbase via a manual bank transfer. Then, for free, transfer their EUR balance to GDAX and purchase their cryptocurrency on the GDAX platform.
  • Customers in the United States, Singapore, Canada, or Australia: Typically, they create a Coinbase account and authenticate it, then deposit and purchase bitcoin on GDAX.

Information about TotalCrypto.io

Because Coinbase and GDAX are owned by the same firm, validating your Coinbase account automatically verifies your GDAX account. Both accounts will use the same login information and 2FA code.

Now is the time to start saving money with GDAX!

What Is The GDAX Login Process?

  • To begin, go to the GDAX site and click the login button. How to use Coinbase – Our Comprehensive 2018 Guide
  • Then log in to your GDAX account using your Coinbase credentials. Use the same code for Coinbase if you have two-factor authentication enabled. How to use Coinbase – Our Comprehensive 2018 Guide

How Do I Make A Deposit On GDAX?

If you live in the United States, Singapore, Canada, or Australia, you should deposit via GDAX rather than Coinbase to save money on fees.

  • Once you’ve signed in, choose “Accounts” from the bullet point symbol in the upper right corner.

How to use Coinbase – Our Comprehensive 2018 Guide

  • After that, you’ll see a list of accounts. Select the currency account you wish to deposit into using the down arrow. We suggest using the same currency as your bank account wherever feasible. How to use Coinbase – Our Comprehensive 2018 Guide
  • You’ll next see the bank information for making your fee-free Gdax deposit. Simply make a bank transfer using the information given by Gdax, and the money should be in your account within a few days.

How to use Coinbase – Our Comprehensive 2018 Guide

I’ve made a Coinbase deposit – How Do I Transfer My Assets To GDAX?

You’ll see a Coinbase account tab if you complete the instructions above to deposit on GDAX. Select the Coinbase wallet in which you have money by clicking on “Coinbase Account.” Simply click “deposit” after entering the amount you wish to send, and your money will appear on GDAX immediately.

How to use Coinbase – Our Comprehensive 2018 Guide

What Is The Best Way To Buy Cryptocurrency On GDAX?

Check to see whether you’re on the trading screen. Then, on the BTC/USD button, you’ll see all the markets for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The best choice for you is determined by the currency in your GDAX account. You should choose the USD market for the cryptocurrency you wish to purchase if you have USD.

How to use Coinbase – Our Comprehensive 2018 Guide

We have Euros and wish to purchase Bitcoin. As a result, we’ve chosen the BTC/EUR market. Simply make sure that ‘Market’ is marked in white, enter the amount you wish to spend, and then click ‘Place purchase order’ to buy at the market price. Congratulations on successfully completing your bitcoin purchase!

How to use Coinbase – Our Comprehensive 2018 Guide

What Should I Do Now That I’ve Purchased My Crypto On GDAX Or Coinbase?

The last choice is whether you want to keep your bitcoin on the exchange or in a wallet that you control. We never keep our crypto on exchanges since we don’t enjoy entrusting our money to strangers.

A hardware wallet is the safest storage option money can purchase. The hardware wallet on these devices securely stores your private keys. This implies that your crypto should be secure even if your machine has a virus. Hacking attempts, phishing schemes, and keyloggers should all fail if you use a hardware wallet since the private key is never accessible to the outside world.

The two most popular hardware wallets are Trezor and Ledger. If you’re not sure which one is right for you, see our Trezor vs Ledger comparison.

What Is The Best Way To Withdraw Crypto From GDAX?

  • Log in to your GDAX account, then choose “Accounts” from the bullet point symbol in the upper right corner.

How to use Coinbase – Our Comprehensive 2018 Guide

  • You should be able to view your cryptocurrency balances after seeing a list of crypto wallets. To go to the withdrawal screen, click the up arrow. How to use Coinbase – Our Comprehensive 2018 Guide
  • Make sure you choose the ‘Cryptocurrency Address’ option for withdrawal. You may now transfer your cryptocurrency to whatever wallet you choose. Simply type in your wallet address, the amount of cryptocurrency you want to withdraw, and your two-factor authentication code. Your cryptocurrency will be removed from GDAX after you click the ‘Withdraw Funds’ button. How to use Coinbase – Our Comprehensive 2018 Guide

What Is The Best Way To Withdraw Crypto From Coinbase?

  • Go to the ‘Accounts’ page after logging into your Coinbase account. After that, you should be able to view all of your Coinbase wallets as well as your cryptocurrency balances. To withdraw a cryptocurrency, click the ‘Send’ button. How to use Coinbase – Our Comprehensive 2018 Guide
  • You will then be given the opportunity to transfer your bitcoin to the cryptocurrency wallet address of your choosing. Simply click proceed after you’ve entered this information and the amount you wish to transfer. How to use Coinbase – Our Comprehensive 2018 Guide

Is Coinbase a secure platform?

Coinbase is the biggest and most well-known bitcoin exchange in the world. Coinbase was the most downloaded app on the iOS App Store in December 2017 due to a spike in interest in cryptocurrency.

At Total Crypto, we believe there are a few reasons why Coinbase is the safest cryptocurrency exchange:

  • Coinbase is highly incentivised to guarantee that nothing goes wrong for its clients as the largest participant in the bitcoin industry.
  • Coinbase clients’ funds are protected up to $250,000 in the United States.
  • Coinbase, unlike some of the other participants in the Cryptocurrency sector, is headquartered in San Francisco and is subject to US government regulation.
  • Coinbase has all of the required permits and conducts regulatory-compliant identification checks. In terms of safety, we believe that adhering to government regulations is a positive thing.
  • Coinbase has one of the most prominent investor lists, with names like the New York Stock Exchange among them. We believe the New York Stock Exchange would be unlikely to accept “unsafe” behavior.

Cryptocurrencies Accepted by Coinbase

Are you curious about the Cryptocurrencies available on Coinbase and GDAX? Just have a look at our in-depth information on each cryptocurrency.

Pros and Cons of Coinbase

Pros

  • Exceptional reputation.
  • The user interface is simple.
  • Exceptionally safe.
  • Fully compliance with all applicable laws and regulations.
  • Deposits and withdrawals are accepted by bank / debit card.
  • All digital money stored on Coinbase is insured.
  • Segregated custodial bank accounts hold all client money. This implies that if Coinbase goes bankrupt, neither Coinbase nor its creditors would be able to collect these money, and they will have to be refunded to consumers.

Cons:

  • Customer service is very sluggish.
  • Only four cryptocurrencies are supported.

Support for Coinbase

[ratings id=”1′′ results=”true”] [ratings id=”1′′ results=”true”]

DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.

The how to buy bitcoin on coinbase is a guide that will help you get started with Coinbase. It will explain how to use the exchange, what are the fees, and how to move your coins off of Coinbase.

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