There are many ways to purchase Bitcoin today, as I outlined in my article “Your First Bitcoin (How and Where To Buy It)”. I mentioned there that I often set up my friends with a “starter pack” of what I think are the two most accessible platforms for purchasing and trading crypto. Coinbase, for purchases and Binance for trades.
In this article, I’ll give you a step-by-step guide for exactly what to do and expect when purchasing Bitcoin on Coinbase.
In a nutshell, here is what we will be doing:
- Creating a new account
- Verifying your identity
- Adding a payment method
- Making your purchase
- (optional) Withdrawing your Bitcoin to a wallet or exchange
What you’ll need:
- An email address
- A phone number that can receive an SMS (Google Voice seems to work)
- Your passport or other ID (possibly depending on your country/state of residence)
1. Creating Your Account
First things first, you’ll need to sign up else. I highly recommend using a referral link to sign up, as you and your referrer will both receive a free $10 of Bitcoin after your first purchase of at least $100. My referral link ishttps://www.coinbase.com/join/594a48c47f0f770b359109c2 and I would be grateful if you used it, but of course you can also get a link and the same deal from any friend you might have who already has a Coinbase account.
2. Verifying Your Identity
The signup process for Coinbase is fairly intuitive, though it has changed several times and may vary according to your geographical location.
Some people find the number of steps involved annoying, which is understandable. You will probably have to verify your email, a phone number (by receiving an SMS code), and possibly even show your passport via webcam before you can start your purchase. While this can be a little tedious, Coinbase’s interface keeps it simple and friendly, and it appears they’re doing everything they can to keep your account secure.