Coinbase Tutorial – Buying Bitcoin, Ethereum or Litecoin

(Last Updated On: November 11, 2021)

What is Coinbase?

The Coinbase platform is a virtual wallet / purse where you can operate (buy, sell, send, receive and store) with cryptocurrencies, currently with Bitcoin, Ethereum and Litecoin. Operations that can be carried out and followed from anywhere in the world with very low commissions or in some cases without any charge.

coinbase priceYou can spend and trade cryptocurrencies between online wallets on Coinbase for free, and to transfer your bitcoins to your local currency, whether it is dollar, euro or pounds they charge you only 1%.

It was founded by Brian Armstrong and Fred Ehrsam in 2012. It currently has more than 3.5 million users and is backed by large groups of companies and banks, such as BBVA Ventures, which is a project promoted by the well-known bank BBVA to invest in startups. They put approximately 75 million on this platform. Although the platform is generally very simple, we have compiled the necessary steps to fully operate on this website.

Create an account on Coinbase

  • Just enter the main page of Coinbase
  • Then establish the fields that appear directly to us (name, Surname, Email and a secure password …)
  • And once validated, we must verify our identity in order to operate safely.

coinbase create account

They will offer you 3 options:

  1. Passport (government approved)
  2. Driving license (Valid and approved)
  3. DNI / photo identification

Important Data:

  • First they will request a photo (file or via webcam) of the identification that we select.
  • From the computer it may fail with some browsers or we may not have a webcam, so I recommend, and it is the method I used, to carry out the operation directly from the mobile on your website or in your app.

Register and confirm your mobile number:
In “Settings / Configuration”, you have to enter the “Security / Security” section and you will see a button “+ Verify A Phone / Verify phone”

coinbase phone verification

Phone Verification: It is necessary and sure that you add it since they will send you an SMS with a confirmation code. This is so that every time you enter your Coinbase account they can confirm that it is you, they will send you an SMS if you establish it. It can be configured so that it is not necessary every time you enter, only every 30 days, but security in these cases never hurts.

Setting up your payment method

  • Coinbase offers you different options, specifically for Spain there are 3 methods
  • Bank account
  • From a bank account that allows you to make SEPA transfers, currently the majority.
  • Deposit
  • Credit or debit card

To add your payment method and start operating, you have to, Go to “Settings / Configuration”, then “Payment Methods” and hit the button “+ Add Payment Method / Add”.

We recommend making the purchase directly with a card at the moment that we see the low value or want to enter since it is instantaneous and we do not risk the price change, but if we are not in a hurry, the transfer is the best method, since we can have money on the web and use it at the right time.

Verification of your payment method.

  • When adding the bank account, they have to verify it like many other sites do, such as paypal. Click on the “Verify” button and something like this will appear
  • You have to make a small transfer to a specific account number, to verify that the account exists and is operational. You will receive the confirmation within 1 or 2 business days.

Preferences

  • Here we can configure our time zone or our preferred currency, so that operating is much easier for us.
  • We are now ready to start buying Ethereum, Bitcoin or Litecoin.
  • Buy any cryptocurrency with Coinbase
  • After all the steps, and with the Coinbase account perfectly configured and verified, we can buy any cryptocurrency we want.
  • In the Panel / Dashboard, we can see the charts and the current price of each coin.

To buy you have to access from the “buy / sell” button and there will be the purchase and sale options of Bitcoin, Ethereum and Litecoin. Select the currency you want, in this case Ethereum.
Obviously, it lets us select the amount we want and its corresponding cost.
Once decided, click on “Buy Ethereum instantly” and voila, we are already in the world of cryptocurrency.


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