Coinbase is an online exchange platform that lets you buy and sell various cryptocurrencies like Bitcoin & Ethereum from fiat (like USD, EUR) currencies. Coinbase is amazing because it exists as an exchange between traditional finance like banks and the crypto currency world! Decentralized Exchanges (DEXs) only let you exchange between crypto currencies, but Centralized Exchanges (CEXs) like Coinbase lets us exchange our fiat into crypto we can use or hold, and back into fiat. 🎈
🤿 Now let us dive into how we can buy our first crypto!
First things first, you are going to want to set up a Coinbase account. Click Get Started on their homepage, and visit their help guide here for a step by step.
Click here to watch the video version if you would like!
🌟 How to Buy Bitcoin (BTC) and Ethereum (ETH)
💃 Once you have created your account and signed in, you are ready to buy BTC or ETH!
Click Buy/Sell in the top right corner.
A menu will open asking how much Bitcoin you would like to buy! Enter the amount you would like to exchange, and select your payment method.
Once you have entered how much you would like to exchange, click Preview Buy to see your order preview.
Note: Coinbase and most other exchanges take a small fee for using their platform to buy/sell
The Order preview shows how much crypto (BTC) you will be receiving, the price of the BTC at the purchase, Coinbase fee, payment method, and total.
Confirm by clicking Buy now.
🥳 And that’s it!! You have officially exchanged fiat for your first crypto currency!!
To buy Ethereum (ETH) and the other crypto currencies offered on the exchange:
Go back to the Buy/Sell menu, and click the toggle next to Bitcoin.
It will open a menu that will let you select a cryptocurrency, let’s click ETH for now.
Enter the amount you would like to exchange, click Preview Buy,
Click Buy now to confirm.
🌱 Congratulations! You bought your first BTC and ETH!! Welcome to crypto!!
💎 How to Sell Bitcoin (BTC) and Ethereum (ETH)
Now that you own some crypto, it’s time to look at how you would sell BTC and ETH.
Click on Buy/Sell to open the menu, and click on the Sell tab
Enter how much BTC you would like to sell
Note: Hitting the arrow on the right side changes whether you want to enter your sale in fiat amount or crypto. The sale processes are the same, it’s just how you want to enter the amount.
Click Sell Bitcoin to open the Order preview where you can see your Total payout
Click Sell now to confirm!
🤩 To sell ETH or other crypto, the process is the same!
Just click the toggle next to bitcoin to view the other cryptocurrencies you hold, and click ETH.
Enter the amount you would like to sell, and click Sell Ethereum to open the order preview and view your Total payout.
Click Sell now to confirm!
😎 That’s it!
You can now use your exchanged fiat to buy more crypto, or transfer it to your bank.
That’s all for today! I hope you enjoyed this little guide down the rabbithole. 🐇🕳
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