Coinbase has been known as an app that allows you to buy and sell cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Dogecoin, Litecoin and many other cryptocurrency variants.
Prices of cryptocurrencies are skyrocketing these days, and with that, the startup company behind Coinbase went public on Wednesday, becoming the first major cryptocurrency company to do so.
Coinbase stock started trading at $381 on the Nasdaq with the ticker symbol COIN. The move pushed the valuation of the company close to $100 billion, according to a news story published by the National Public Radio, Inc.
Coinbase app enables users to invest in cryptocurrencies in a way similar to using stock trading apps. The cryptocurrency app shows the current prices and trends for cryptocurrencies, industry stories, and, most importantly, a view of the users' holdings portfolio.
You must have heard about Coinbase, but if you haven't used it yet as another source of passive income, it is now the right time to start using it.
Coinbase Sign Up: How to begin?
Coinbase is easy to download and install, but you must input personal details, such as your legal name, birth date, home address, and social security number. Below are the steps, according to CNBC:
- Download the Coinbase app via Apple App Store for iOS devices and Google Play for Android devices.
- Launch Coinbase on your smartphone or tablet then tap "Get Started."
- Create a Coinbase account using your email address then tap "Start."
- Check your inbox and tap the link for email verification.
- Input your mobile phone number then enter the code texted to you for phone verification.
- Put your home address.
- Coinbase will ask you how you intend to use the app. It could be for investing, online transactions, or other exchange investments.
- Verify your source of income then tap "Let's Go."
- Search for your bank to link your bank account to Coinbase.
- Enter your bank account by using your username and password.
- Choose the bank account that you prefer to be linked to the app then tap "Continue."
Once these steps are done, you are now ready to buy cryptocurrencies.
Buy and Sell Cryptocurrencies on Coinbase: How to start?
Coinbase presents a simplified user interface (UI) on which you can buy cryptocurrencies. Bitcoin, for example, has already breached the $60,000 price mark, but that doesn't mean that you should have that amount of money to buy. In the guide by CNBC, the publication provided steps how to buy just a fraction of one bitcoin on Coinbase.
- Tap "Get Started" on top of the Coinbase app UI.
- The app shows a list of cryptocurrencies you can buy. Choose bitcoin at the top.
- Determine how much crypto you want to buy. You can buy a fraction of bitcoin for as low as $1.99.
- Tap "Preview buy."
- Verify the order. Similar to other cryptocurrency apps, Coinbase takes a percentage when you buy.
- Confirm by tapping "Buy now."
While you can trade your bitcoin instantly after the purchase, note that it will take eight days before you can send it to someone.
Selling crypto assets is as easy as buying them on Coinbase. Here are the steps:
- Tap the blue circle symbol with two arrows on the Coinbase main page.
- Choose "Sell."
- Pick the asset you want to sell, such as bitcoin.
- Determine the amount you want to sell. You may also sell it all by tapping the "Max" button on the left.
- Verify the action. Again, selling cryptocurrencies on Coinbase requires a fee.
- Tap "Sell now."
How to Withdraw Money from Coinbase
Linking your bank account to app after the Coinbase sign up allows you use your money to buy cryptocurrencies and transfer the accumulated profits after eight days. Here are the steps:
- Tap your portfolio balance on the top of the Coinbase app home page.
- Select the US dollar option.
- Tap "Withdraw."
- Select "Preview withdraw."
- Pick your bank account. Note that the transfer will take one to three business days.
Start downloading the Coinbase app, begin buying and selling crypto assets, and withdraw money for a new source of passive income. Meanwhile, watch this video why Coinbase going public is a big deal.