Beginners Guide - How to Trade on Coinbase: 3 Simple Steps
Coinbase is a cryptocurrency exchange founded by Brian Armstrong and Fred Ersham. Its base is in San Francisco, California.
Trading on Coinbase has its advantages. It stores the majority of its digital assets in secure offline storage; the cryptocurrency on its servers is covered by insurance; it supports the most popular digital currencies in the cryptomarket; it makes it possible to invest in cryptocurrency gradually by scheduling the purchases daily, weekly or monthly; it is also possible to store funds in a vault with time delayed withdrawals for added security. All these factors make it a safe and easy place to buy, sell and manage a cryptocurrency portfolio. It is user-friendly and convenient for beginners.
Step 1 - Create Account
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To start trading, you will be required to click on the trade button, Coinbase specifically requests that you perform the identity verification process before making your first purchase.
It will ask you to choose your desired payment method to start buying cryptocurrency from the exchange. You can enter credit/debit card details. There won’t be any charges or purchases required at this step.
Step 2 - Account Verification
You will be asked to verify two pending holds and you will need to do this through your bank website or app to verify your card.
For security reasons, a mobile number needs to be registered. A verification SMS will be sent to the registered mobile number to confirm the account.
Prior to purchasing cryptocurrency, you will have to verify your identity. This is for the security of your transactions and to prevent identity fraud.
You can set up the two-factor authentication for added security. When you try to transact for the first time, it will prompt you for a formal ID which can be your passport or driving license. Coinbase stresses on KYC for the protection of its users. Once this step is completed and the formal ID verified, an email will be sent to you informing you that you are now ready to transact on Coinbase.
Step 3 - Start Trade
You can put in any amount from your local fiat currency and choose to trade in any of the 9 popular cryptocurrencies supported by Coinbase. You can purchase any of the cryptocurrencies by paying the amount with fiat currency at the current rate and the cryptocurrency will become available for you to trade in or send to other addresses.
Selling involved converting a specific amount of cryptocurrency back into fiat currency. Withdrawing is easy with the help of the wallet of an exchange related to your country.
For more information visit official site coinbase.com
Read more about cryptocurrency trading: How to Start Crypto Trading: A Four-Step Guide