In this Coinbase tutorial for 2021, they explain how to buy and sell Bitcoin using Coinbase & Coinbase Pro to reduce fees.
Before summarizing the video, Let’s talk about what is Coinbase and how does it work?
What is Coinbase?
Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more. It is based in the USA. Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange supporting all USA states except Hawaii.
Coinbase has a solid number of options to invest and trade in and has plans to add more to the list. Coinbase does not offer any downloadable trading software and it is all browser-based, including its more advanced trading platform, Coinbase Pro.
How does Coinbase work?
Coinbase users can purchase crypto using market orders that experience high fees compared to other exchange options out there. When a user purchases cryptocurrency on an exchange, it is stored in a wallet that Coinbase has control over. Coinbase also keeps users’ data off of servers and disconnected from the internet to make it more difficult for hackers.
In this Coinbase tutorial for 2021, they explain how to buy and sell Bitcoin using Coinbase & Coinbase Pro to reduce fees. Further they will explain how to exchange it for another cryptocurrency plus how to sell and cash out from the platform.
There are three individual platforms that make up Coinbase. Firstly, there’s coinbase.com which is ideal for newbies with its simple and easy buying process for those looking to get their hands on their very first bitcoin.
Coinbase is extremely safe to buy bitcoin and it was founded in 2012.
It is the most trusted place to sell, buy and trade cryptocurrency because it has never been hacked. Coinbase have their own Coinbase wallet app which is a place to store cryptocurrencies securely and where a person has control over his/her crypto. Coinbase has a sign-up bonus where people get $10 of free bitcoin by signing up for an account and buying or selling a hundred dollars or more on Coinbase.
Initially the user will be presented with the home page and they will be able to see their portfolio balance represented as a chart over time then they will see a watch list as some of the available crypto assets to purchase showing the current price and the 24 hours change. Coinbase is great for beginners because there aren’t really any minimum deposits and users can get started with minimal risk and investment.
The users can buy all of these cryptocurrencies with their credit or debit card. To buy bitcoin a person has to choose any cryptocurrency on Coinbase’s exchange then he/she has to press bitcoin. Afterwards he/she needs to use a bank account linked with Coinbase’s account to send money through a middle man, that permits to connect bank account with these platforms.
The next step is to click the preview and check bank details afterwards the buyer needs to press the buy now option. The buyer needs to ensure that they have copied exactly the reference number and they put that into their references on their payment. That’s how they will have instant access to their assets.
Purchasing exchanging or selling in Coinbase Pro can definitely save the user some fees and depositing their funds from coinbase.com is really easy and it is too simple go to deposit. The user needs to deposit funds from bank account to but crypto from Coinbase Pro. The user can also pull funds straight through coinbase.com.
Firstly, the user needs to enter in the amount or to click onto max.
The buyer clicks on to max button to put the amount. There’s no fees and no limits either in Coinbase Pro. They need to click on to deposit see their balance, appearing at the top. Once a person has his funds to trade with, he can choose the crypto that the user would like to trade from and to from markets. They buyers buy the crypto at the current market price here. However, the market price in Coinbase Pro constantly changes. In Coinbase Pro the buyer can reduce some fees by using this method of buying crypto.
The buyers can also save money by creating different types of orders. Once the buyers have their Bitcoin, they can then send them across to an external wallet. The most trusted place to store crypto is in a hardware wallet like a treasure or a ledger where crypto is stored offline.
To transfer funds a user needs to click on to the amount afterwards enter in a note and select the crypto then enter the address where they would like to send the funds then give Coinbase wallet address and it is transferred in this way.
To sell a bitcoin with Coinbase Pro the users have to deposit it into their cash account on Coinbase Pro then they will preview the sell. In this process they have to verify their bank account. After that Coinbase Pro will take fee again and the buyer has to press sell now. It is done this way. To get exposure to more coins but by not using their own money as collateral they do have to use queen based earn option.
2:56 How we can buy crypto with coinbase.com?
4:47 How to buy your first bitcoin?
7:50 How to buy crypto by using Coinbase Pro?
11:42 How to transfer funds in Coinbase Pro?
15:07 How to sell crypto with Coinbase Pro?