Introduction to our Coinbase Guide
What does our Coinbase Guide include? Coinbase is a stock exchange for cryptocurrencies, which is considered to be particularly transparent and enjoys a good reputation. Coinbase is a US company that operates its own trading platform.
This trading platform deals exclusively with cryptocurrencies. This means that famous currencies such as Bitcoin, Ethereum and Litecoin are also available. It is also possible to exchange cryptocurrencies directly into fiat currencies.
Coinbase was founded on 1st June 2012 by Brian Armstrong and Fred Ehrsam. The basic idea was laid out in a competition known as Y Combinator. Well-known startups such as Reddit and Airbnb were also founded thanks to this competition.
Coinbase is now regarded as one of the most popular trading platforms and boasts high levels of traffic. In the global ranking of the most visited websites, Coinbase occupies 221st place. The largest market is the USA.
In addition, users spend an average of 5.25 minutes per day on Coinbase ,with many users checking daily price trends. Coinbase is mainly used by men, but women are also part of the target group.
In this breakdown of Coinbase you’ll find a little background about the stock exchange and advice on how to get started there. With a little guidance, even complete novices can enjoy a positive first experience at this exchange.
Coinbase Guide Tutorial – who should use Coinbase?
Before going into the actual ins-and-outs of using Coinbase, we’ll cover the basics. First off, you’’ll need an interest in cryptocurrencies and some level of need for it. At Coinbase, US dollars or euros can be deposited in return for cryptocurrencies.
This makes Coinbase the perfect platform to invest money in well-known cryptocurrencies such as Litecoin, Bitcoin and Ethereum. The site is also ideal for users who are interested in other currencies. Exchange of Altcoins for fiat currency isn’t always possible, so the more popular currencies have to be purchased first.
Furthermore, Coinbase’s functions are designed for professional trading with limits and stops in place. This functionality is guaranteed by GDAX, a professional exchange with many buy and sell functions. Two-factor authentication also allows you to use the same password as Coinbase, making it very convenient to access.
Finally, it should be noted that Coinbase is an ideal choice of platform for those looking to invest in major cryptographic currencies. But even users who want to invest in Altcoins are covered with Coinbase. However, a more mainstream currency like Bitcoin will need to be purchased beforehand and then exchanged for Altcoins.
Coinbase Guide – Registration
After deciding to join the community at Coinbase, registration can begin. A valid email address, name and password are required here. Basically, a long password consisting of upper and lower case letters, as well as special characters and numbers should be chosen.
The characters selected should not be directly related. According to the system guidance, the minimum length of passwords is eight characters, but a minimum of 20 characters is advised. After registration is complete, a confirmation email will be sent to the user.
If this does not arrive, it’s worth checking spam folders for it. After confirming this email, you will be prompted for your personal mobile phone number. This should also be used to secure the account and transactions via SMS. After entering your number, an SMS code will be sent which will then be used to verify identity. Including our Coinbase Guide.
Coinbase Guide – Identity Verification
The identity of individuals must then be verified. For this step, a copy or scan of an identity card, passport or driving license must be forwarded to Coinbase. It is important that both the front and back of such documents are visible.
To simplify the entire verification process, the webcam of the smartphone or computer will be used in conjunction with the Coinbase app. After this data has been transmitted to Coinbase, it takes around 30 minutes for a confirmation of your account to clear.
Finally, a payment method must be defined. In principle, conventional transfers and credit card payments can be used. When using normal transfers, it takes around two days before credit is actually credited to a Coinbase account.
It is also advisable to only execute the first transaction with a small starting volume of a single euro. If the transaction is successful, the data used will then be saved as a template. One of the most important facts about the Coinbase Guide.
Coinbase Guide Tutorial – How to Purchase Ether or Bitcoins
Let us continue with the Coinbase Guide. After the money has been cleared on the account and the balance updated, the purchase of BTC, ETH or LTC can be made.
All you have to do is click on the menu item for “Accounts” to display relevant wallets. These digital wallets each have their own digital currency. Note, each wallet is specialized for a single cryptocurrency and will therefore only display the funds appropriate to that particular wallet.
To buy new currencies, click on the “Buy/Sell” menu button and select your appropriate currency. Now you can select the payment method from which credit will be charged. The amount is then entered and the system checks whether any charges levied can be executed. After clicking on the “Accounts” menu item again, an updated status should be displayed.
Now the coins can be held for safe-keeping or invested. What’s more, the purchased coins can also be sent to other wallets so that an investment can be made in other currencies. However, it is important that ETH Coins are only sent to an ETH address.
If not, errors may occur. In order to practice the correct procedure, beginners should only send a small amount initially as a first test. If this proves successful, larger sums can subsequently be transferred. There are important facts about our Coinbase Guide.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.