Coinbase, the easiest platform to buy and sell Bitcoin
Coinbase, a digital assets exchange based in San Francisco (California), called “the PayPal of virtual currency” from Wired, is a platform that allows you to buy and sell Bitcoin and several other cryptocurrencies, such as Litecoin, BitcoinCash, Ethereum, Ethereum Classic, 0x, Zcash, BAT, USDC, Ripple (XRP) and, the new arrived, Stellar Lumens (XLM). However it is constantly evolving so new cryptocurrencies are added very often.
In this guide I will help you step by step on how to use this platform, in particular on how to buy and sell bitcoin.
Create a Coinbase account
Registering an account is very simple, just go to the official website or on the image above, enter a real email address, first and last name, password and mobile number to verify the account.
Once this is done, proceed by submitting an ID to verify your identity and registration is completed.
What can you do with Coinbase?
Once all the previous steps have been completed we can use Coinbase to:
- Buy and sell Bitcoins through our Coinbase account
- Receive Bitcoins directly on our Coinbase Wallet
- Convert Bitcoin into euros (or your local currency)
- Do some trading online
Note: To convert Bitcoin and to do trading online I suggest to use Coinbase PRO, the Coinbase official digital assets exchange, of which I made a detailed tutorial. This is to avoid the high fees that Coinbase charges for conversions.
Buy and sell bitcoin
Now let’s explain in details how to buy and sell bitcoin with Coinbase.
Once you have successfully verified your account the next thing you need to do is to submit your bank account, or you can use a Credit Card or Paypal. Then you will have to make a first deposit in order to be able to buy your digital assets.
After you have deposited some USD or Euros in you Coinbase account click on Buy Crypto and you will see the Buy and Sell Bitcoin Panel.
Hence, choose the amount, and click Buy Bitcoin. Then you will be given the information for the purchase of Bitcoin through Coinbase: it is very important to be careful about the purchase reference number that must be inserted as the reason of payment to have the Bitcoins credited to our account.
After confirmation Coinbase will take care of the finalization of the purchase and will give you the Bitcoin by crediting them on your wallet (you will receive a confirmation email from Coinbase when the Bitcoin are added to your wallet).
Now let’s explain how to sell bitcoin with Coinbase.
As we did before, click on the Buy Crypto button and the Buy and Sell panel will appear.
Click on Sell, choose the amount in FIAT currency or in BTC as you prefer and then Preview Sell (Left picture). Then the Preview panel will appear (Right picture) where you can check all the purchase details, such as amount and fees. Finally click on Sell now and you are all done!
Selling Bitcoin with Coinbase is expensive due to the high fees they charge. Due to that I strongly recommend to sell bitcoin through Coinbase Pro, which is the Coinbase official echange, where you can buy and sell bitcoin at very low fees! I wrote a full tutorial about Coinbase Pro.