How to use Coinbase? In this video, I am going to quickly walk you through the Coinbase interface and explain the most important features of this digital asset broker. Coinbase is the broker that allows its users to purchase Bitcoin, Ethereum, and Litecoin.
Once you sign up and complete the verification process, you will get access to your user interface. On the top panel, you can see the list of your online tools (buttons). And I am going to quickly walk you through them.
The dashboard button is chosen by default every time you log into your account. You have access to the prices of the featured cryptocurrencies and their graphs. You can see the growth progression of each crypto by narrowing the timeframes to 1 year, 1 month, 1 week, 1 day, and 1 hour. I am not going to spend too much time on this part, as I am sure it’s pretty self-explanatory.
I like the user interface of this section of the website. Very minimalist and also self-explanatory. First, you need to link your account (you can link several accounts if you want). On the very top, you will be required to select the desired crypto (bitcoin is always chosen by default). Under "the amount", you will have to input the amount (in USD) that you are willing to spend or the amount of the desired coin you are intending to buy. Whatever is easier for you.
Coinbase made it simple for you. On the right sidebar, you can see how much money you are paying in fees, as well as how many days you will be required to wait until the digital coins are available in your wallet. You claim the price first, and the coins appear in your wallet later.
Selling is just as easy as buying coins. All you have to do is select the coin that you would like to sell and choose the account where you would like your money to be sent. The money is transferred instantly, although you have to pay fees for withdrawing.
Under "accounts", you can see the list of all your accounts. From my ETH wallet, I can send my ether to a friend, for instance, by clicking on “send” and choosing the address of the recipient. Or I can receive money from people by providing them with my ETH wallet address.
Under here, you can see a collection of the addresses used in the past.
Recurring transactions is an interesting function. Let’s say you have intentions to invest $100 of your spare money into Bitcoin on a monthly basis and you would like this to be repeated. You would be able to do it here.
The reports section is self-explanatory. Here you can see your transaction history. The history includes the info regarding your deposits and purchases. It looks sort of like a bank statement. So, you may want to use it while filing taxes. FYI, in one of our video, we offered tax tips to cryptocurrency fans. Feel free to learn more about these nuances.
The last button I am going to mention is the Settings button. This user interface is very simple, so I won’t spend too much time focusing on it.
Under "my profile", you can upload your profile picture and change your email address, name, and address.
Under "preferences", you will have a choice to change your local currency and time zone, as well as set up the email notifications.
Under "security", you can set up the security of your account. Thus, if you are super paranoid like me, you can make your account more secure. If losing money does not scare you, you can keep it on the least secure mode. My advice is that you keep it as secure as possible though. If the inner voice tells you that something is not right with you account, and some stranger has access to it, look through the activities and the list of the devices here. Perhaps, there is a reason to be worried.
Under "Linked accounts", you just have a list of your bank accounts. You have an option to link a new account or remove the old ones.
API access is a cool feature. If you have an online store and you would like your customers to pay you in bitcoins, this feature may be helpful. Again, this tool is mostly for those of you who are planning to use Coinbase for business purposes.
Under "buy limits", you can see the buy and sell limits of your account. In addition, the information on how to apply for higher limits is on the bottom of the page. It’s for those of you who are planning to use Coinbase for high volume trades.
That is pretty much it. One last thing I would like to mention is the $10 you can receive in a form of reward for bringing more people to Coinbase. The web platform is growing and needs more people, so feel free to take advantage of this reward. I hope you found this tutorial helpful. Learn more about cryptocurrencies and exchanges on YouToken.io.