If this is your first time loading money to purchase cryptocurrencies on Coinbase or just need a refresher of all the features, this is a great guide on how to load money, the costs and any down time required for verification to using Coinbase.
To get the best out of this how to guide, we have included photos of each click step. To see the photo for the click step, click on the click step and it will bring up a photo with where to click. For a sample, click here.
If this is your first time, please make sure you use or referral link here to get $10 in BTC for free. This helps support this website site and help create new content. As a reminder, we donate 10% of our income to the foundation of the cryptocurrency we receive the funds in. For more info, please click here.
This is what the front page of Coinbase looks like. To create a new account, click Sign Up.
On the Sign Up page, you will need to fill out all requested information which includes:
- First Name
- Last Name
- Password (must be 8 characters and contain a capital letter, number and a sign)
- Click the reCAPTCHA
- Certify that you are 18 or older.
Now, go to your e-mail and verify your account by clicking “Verify Email Address”. A new window will open with the next steps for setting up your account.
Most users will select “Individual” as this is their personal trading account. Select the Individual icon and hit “Next”.
Next, you will enter your phone number number to link the account to you. Coinbase asks for this number to send you a verification code when you log in or send large transactions. If you would like to follow our recommendation on how to secure your account, we will show you below.
Once you have entered your number, click “Next”. Coinbase will text you a unique seven digit code. Each time you log in, Coinbase will text you a new code. There is no need to keep this code once you have entered it and selected “Verify Phone Number”.
Now you are at the Coinbase Dashboard. The Dashboard shows you the following:
Have a photo of the Dashboard with numbers.
Provide description of each one below.
Before you start buying and entering your personal information, we highly recommend increasing the security of your account. If you wish to do this, please click here. (Takes you to the security section of Coinbase how-to).
Now that you have generated your account, you will be required to finish completing your profile before uploading fiat. This is required by most exchanges, especially exchanges like Coinbase which accepts fiat, they are required to follow the AML/KYC regulations. To learn more, about the AML/KYC regulations, click here.
To complete your profile, click Settings. Scroll down and enter the following information:
- Date of Birth
- Street Address
- Postal Code
Once complete, click “save”
Next, click “verifying your identity”.
On this screen, it will auto populate the information from your profile. You will need to add the following information.
- Last 4 digits of SSN
- What you are using coinbase for
- Source of funds
- Current Occupation
- Current Employer
Once submitted, it will ask you four very specific questions about your past. All four must be answered correctly, or else your account will be locked for 24 hours! (I did this while creating this guide)
- These questions include:
- Address by where you lived in the past.
- State you Driver’s License was issued.
- State your Social was issued.
- Closest Street to where you live now
- Closest Street to where you lived in the past
(Stopped due to not answering questions right)
Verifying with ID
Next, You will then be required to verify your ID by uploading your Driver’s License. You can upload with a webcam or File Upload. Since more people use the File Upload feature, we will show these steps.
Take a photo of the front side and back side of your ID and email them to yourself. Note you cannot redact, watermark or make any obstruction on your ID. It will be rejected if done. Once received and downloaded on your desktop, upload the front of your ID to the front frame and the backside to the back frame. Select “Continue”.
Add a payment method to Coinbase
There are two payment methods for adding funds are Credit/Debit Card and Bank Account. Both have their benefits and drawbacks. Below is a summary and how to guide:
The benefits of a Credit/Debit Card
- Instant Purchase to Bitcoin, Litecoin or Ethereum
The drawbacks of a Credit/Debit Card
- Lower Limits
- 2.5% charge plus the possibility of other bank fees.
To link your Credit/Debit Card from the Dashboard, click Settings, Linked Accounts, Link a New Account, Credit/Debit Card.
Enter you Credit/Debit Card:
- Name on card
- Card Number
- Postal Code
Select Add Card.
It will then withdraw three sets of transactions. The first one will be a $1.00 charge, two $1.xx charges and an immediate $1.00 credit. Use the two $1.xx charges on your card. Into the next screen and select “Verify Your Card”.
The benefits of a using a Bank Account
- No fee’s
- Larger Limits
The drawbacks of a Bank Account
- Takes 4-5 days to process
To link your Bank Account from the Dashboard, click Settings, Linked Accounts, Link a New Account, Bank Account.
Once prompted, select your banking institution. It will ask you to log on on-line through the site.
How to Buy and Sell Cryptocurrency on Coinbase
Now that you have registered your payment information, you can now purchase your first cryptocurrency.
Coinbase offers Bitcoin (have reference to our website link), Litecoin and Ethereum for sale with fiat. You can buy them directly when you make your transaction (i.e. using your bank account you buy Bitcoin) and then wait 4-5 days to receive it or upload your funds to US Dollars and then purchase once your funds are available (recommended).
For our directions, we will be buying Litecoin.
To purchase one of the three above mentioned cryptocurrencies from the Dashboard, click Buy/Sell, select from one of the three cryptocurrencies (Litecoin), select payment method (bank account credit card or US Wallet), enter the dollar amount you would like to purchase, and click Buy Litecoin Instantly.
You will then receive a prompt to confirm your transaction. Verify that your payment method, the cryptocurrency you are purchasing and select “Confirm Buy”.
CONGRATIONATIONS!!!!! You have just now purchased your first cryptocurrency. When you select Dashboard, the amount of cryptocurrency you purchased should now be on the left side of the screen under Your Portfolio.
So what now?
If you would like a further review of what Coinbase offers and how to use the site, click here.
If you want to move your cryptocurrency to a wallet, click here.
If you want to move your cryptocurrency to an exchange, click here.
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