There are a lot of questions related to bitcoin, many of those concern the investing part of it. Here we are going to tackle questions such as “How to buy Bitcoin?” “Best wallet for Bitcoin”, etc.
How to buy Bitcoin on Coinbase – The easy way
The funny thing is that the best place to buy Bitcoin (and easiest) is also the best wallet for bitcoin. For all those people asking how to buy Bitcoin my answer will always be to go to Coinbase.
Using the link in the present article would allow you to obtain 10 $ in bitcoin when you purchase 100$ worth of bitcoin. Which means an instant 10% return)
Coinbase is literally the best place to buy Bitcoin as this a pretty simple and straightforward.
Once you have created an account and you are logged in, on the top of the screen you can see different menus. Here we will first need to fill our account with some money so click on “Accounts”
In the “accounts” section you have an overview of your account total balance. Here, select the option “Deposit” in your EUR wallet (the process is similar for USD transfers).
A pop-up will appear asking you to enter different information concerning the bank transfer that you will be doing. Just fill in the relevant information and hit the “Continue” button.
After that, copy your reference number which you will have to put as a reference code in your transfer. Make sure to copy it in your transfer!
In the end, you receive all the information regarding the bank transfer to execute to send your money to your Coinbase account.
After a day or two, you should have your cash on your Coinbase account. Basically you’re probably wondering “Yeah, that’s nice but I want to know how to buy Bitcoin, not how to transfer cash”. I know and we’re coming to that point in a minute.
The easiest way
The easiest way to buy Bitcoin on Coinbase is to simply click on the “Trade” button on the top right corner of your screen
A pop-up will appear for the amount of cash (EUR or USD) that you’re willing to exchange. For the current example, I wanted to buy 5 EUR worth of Bitcoin. Just click on “Preview Purchase”.
On the next page, you have a summary of the transaction you’re about to perform. This includes the quantity of Bitcoin you will actually receive, the exchange rate, the amount of purchase and the fees that Coinbase will receive for performing the transaction.
Once you have clicked on “Buy now”, you will have to exchange your cash to Bitcoin. Congratulations on buying your first satoshis, which are fragments of 1 bitcoin, the same way cents are to a dollar (1 bitcoin being worth 100.000.000 satoshis). This method is simple and allows you to have your bitcoin on the best wallet for Bitcoin (at least online).
How to buy Bitcoin on Coinbase – The cheap way
As you may have noticed the easy approach described previously is far from being the cheapest. Indeed the fees for the purchase are significant. Therefore, I would like to explain to you how to buy Bitcoin on Coinbase in a cheaper way.
The reason why the easy approach is more costly is that Coinbase takes fees for performing a simple task on its second platform. In a minute I will explain to you how to do this task yourself and avoid paying those fees.
As a matter of fact, Coinbase has a second platform called “Coinbase Pro” on which you can directly trade crypto-currency but do require a little more knowledge. I’m about to show you how to buy Bitcoin on Coinbase Pro, just know that you will have to use the same account you had created on Coinbase those two platforms are indeed linked.
How to buy Bitcoin on Coinbase Pro
Once you’re logged in, you will have a page similar to the one below. Do not panic, I will guide you through it.
Just click on “Deposit” as shown in the above picture and it will open a pop-up. On this one, just click on “Coinbase Account” and you will obtain the same window like the one below
This is where the magic begins because you can import the money you previously transferred to your Coinbase account. The transfer will be instant and free. Deposit this cash from Coinbase to Coinbase Pro will be necessary for the next steps. Once done, you will see your Cash balance here :
To make it easier, I will use numbers in blue on the below screenshot explaining in detail the key points here to make your first purchase on Coinbase Pro
- The current Bitcoin price: This should be the price you will be using. Don’t worry, it is constantly fluctuating due to the permanent exchange of Bitcoin within the world
- You want to create a “Limit order”. This way, you will choose a price at which you want to buy Bitcoin (in this example, we chose the current price identified in point 1.
- You select the amount of Bitcoin you want to purchase and the exchange price at which you want to buy (See step 2)
- You can observe the total amount you will pay and the fees. For the current example, we took the same amount of bitcoin we purchased in an easy way. As you can observe the fees are significantly lower than they were in the easy method (0,02 EUR vs 0,99 EUR)
- Just press “Place Buy order” to make your order available on the market. Once your order matches the one of someone selling at the same price, it will be executed and you will have purchased the same amount of Bitcoin as in the previous method but for much lower fees.
Throughout this article, I have described to you the different steps on how to buy Bitcoin in two different ways (easy and cheap). You may have also noticed that the cheap approach is not especially complicated. However, Coinbase remains the best wallet for bitcoin. You should definitely give it a chance and check how easy it is.