1. Setting Up Coinbase
1.1 Creating a Coinbase Account
- Visit the Coinbase website or download the Coinbase mobile app.
- Click on "Get started" and enter your email address.
- Create a strong password and agree to the User Agreement and Privacy Policy.
- Verify your email by clicking the link sent to your inbox.
- Provide personal information, including your full name, date of birth, and address.
- Upload a valid government-issued photo ID for verification.
- Wait for confirmation; this process may take a few minutes to a few days.
1.2 Adding Payment Methods
Coinbase supports various payment methods, including debit cards and bank accounts (ACH) in the U.S.
1.2.1 Adding a Debit Card
- Log in to your Coinbase account.
- Click on your profile icon and select "Settings."
- Navigate to "Payment Methods."
- Click "Add a payment method" and choose "Debit Card."
- Enter your card information and billing address.
- Complete any verification steps as prompted.
1.2.2 Adding a Bank Account (ACH)
- From the "Payment Methods" section, select "Add a payment method."
- Choose "Bank Account."
- Enter your bank account details.
- Verify your bank account through micro-deposits or instant verification, depending on your bank.
*Note: The availability of payment methods may vary by country. For detailed information, refer to Coinbase's Help Center.
1.3 Purchasing Ethereum
Once your payment methods are set up, you can buy Ethereum:
1.3.1 Using Debit Card
- Instant purchases with higher fees.
- Funds are available immediately for trading.
1.3.2 Using Bank Account (ACH)
- Lower fees compared to debit cards.
- Funds may take 1-5 business days to clear, but you can lock in the price at the time of purchase.
Steps to Buy Ethereum
- Log in to your Coinbase account.
- Click on "Buy/Sell" at the top of the dashboard.
- Select "Ethereum" as the cryptocurrency to purchase.
- Enter the amount you wish to buy.
- Choose your payment method (debit card or bank account).
- Review the transaction details, including fees.
- Click "Buy now" to complete the purchase.
1.4 Understanding Fees
Fees vary based on payment method:
1.4.1 Debit Card
- Higher fees due to instant processing.
- Convenient for immediate access to funds.
1.4.2 Bank Account (ACH)
- Lower fees but longer processing time (1-5 business days).
- Suitable for larger purchases where immediate access isn't crucial.
*Note: Specific fee structures can change; always review the fees displayed during the transaction process.
1.5 Coinbase One
Coinbase One is a subscription service offering benefits such as:
- Zero Trading Fees: No fees on trades made through the standard platform. A spread applies, and limits may apply.
- Boosted Rewards: Higher interest rates on holdings like USDC. For example, up to 4.5% on your first $30,000 of USDC.
- Priority Customer Support: Access to dedicated support with faster response times.
- Insurance Coverage: Up to $250,000 in coverage for unauthorized account access.