How to Buy Cryptos on Coinbase and Kraken
If you are new to cryptocurrencies, you may wonder how to buy crypto in the safest and easiest way? Well, this article is here to guide you in finding the best way to buy bitcoin or other cryptocurrencies. Although there are multiple platforms for you to make your first crypto purchase, we will review only Coinbase and Kraken as these are the two major platforms which can be accessed from most of the countries around the world.
First, it is advisable that you go to coin market. You won’t be able to buy crypto there, but you will see all the different cryptocurrencies that are currently listed. The biggest one – Bitcoin – and all the other ones which are called altcoins (alternative coins). Keep that website in mind, as this is a great platform to gather general information before purchasing any cryptos.HOW TO BUY CRYPTO ON COINBASE
The first thing you need to is to sign up on Coinbase by filling in your personal details. To be able to make cash transfers on Coinbase, you will need for your information to get verified by uploading your passport or other identification document. Verification process might take up to two days.
After you have signed up, you will have to deposit money (fiat) first. Click -Account- and select -Deposit- on any of the fiat (EUR, USD, GBP) wallets that you prefer. You will need to fill in your personal information and bank details to make the transfer. Just make sure you use bank account under the same name as registering. Otherwise you will not be able to deposit or withdraw cash from or to your bank.
Coinbase will provide you with the details of their bank account for you to make transfer to. Usually it takes one day for the money to appear on your Coinbase account.
The process of buying crypto on Coinbase is very easy. Go to -Buy- section and choose the crypto you prefer to purchase. Type the amount of money you want to convert into that specific coin, then click on -Buy- and -Confirm-. That’s it, you bought your first coin on Coinbase at the current market price.
HOW TO BUY CRYPTO ON KRAKEN
The way you buy crypto on Kraken is fairly similar to Coinbase. First you need to sign up and get verified. You will be able to do that by following the registration process explained in the section above.
To deposit cash (fiat) you will have to go -Funding-, -Deposit- and select the currency supported by your location (EUR, CAD, USD). As ‘Wire Transfer’ takes longer, is more expensive and has a minimum transfer limit of 50 EUR – we highly recommend using the ‘SEPA’ deposit method.
Please, make sure you have read all of the deposit instructions carefully before transferring the money. As always, the key information is highlighted in bold. However make sure you tick all of the points as your transfer may end up stucking in the system which may take weeks and even months to be resolved.
Below on the deposit page you will find the bank transaction details. Once again, make sure you read it thoroughly and follow it exactly. After you make a bank transaction you should receive the funds to your Kraken account within 24 hours.
After receiving funds, you can go ahead to buy crypto on Kraken. First of all, on the top right corner you will need to select the trading pair you like to use. In the example below we use ETH/EUR, however there are multiple options you can choose from.
To enter the exchange, select -Trade– and -New Order-. You will need to enter either the amount of ETH you want to buy, or the amount of EUR you want to spend. The ETH price will show up automatically according to the recent last price used in the market. You can change the coin price to a lower value, however it may take some time for the market to go down to the price you have set. Or you can set it up a bit higher value if you want to buy it straight away.
After you enter the amount of ETH you want to buy, press -Buy- and confirm the trade on the next step. Depending on the price you have set, the transaction should be completed immediately. You can always check the status of your trade on the -Orders- tab.
HOW TO TRANSFER CRYPTO TO A TRADING PLATFORM TO BUY ALTCOINS
If you want to buy an altcoin that is not listed on Coinbase you will have to do that on a crypto trading exchange. The biggest trading exchange platform right now is Binance. If you want to use Binance you will have to sign up the same way as you did on Coinbase and Kraken. The verification of your account on Binance should take no more than couple of days.
You will have to use Binance, or other similar trading exchange like Bittrex or KuCoin, to trade the major cryptocurrencies (Bitcoin, Ethereum) with altcoins. In that case, you will have to transfer the crypto you bought on Coinbase/Kraken into Binance account.
First, you need to find your selected coin deposit wallet address on Binance. Go to -Funds-, -Balances- then type the coin name you want to transfer and press on -Deposit-. You will be given a deposit address that you will need to enter on Coinbase/Kraken.
HOW TO SEND CRYPTO ON COINBASE
Go to Coinbase and press -Accounts- , choose the selected coin wallet and press -Send-. Copy the deposit address from Binance wallet and paste as a -Recipient- on Coinbase.
Make sure you transfer coins to its designated wallet, which means that ETH from Coinbase has to go to ETH wallet on Binance. The same applies to all other coins.
If you want to transfer the entire amount press -Max amount- and -Continue-. After that you will have to confirm your identity by doing a two factor authentication. You will get a message to your phone, where you will have to type in the matching numbers.
After that’s confirmed, wait around 10-15 minutes (to transfer Bitcoin it might take up to 30 minutes) until your coin arrives to your Binance wallet.
HOW TO SEND CRYPTO ON KRAKEN
Kraken has a very similar process. Go to -Funding-, press -Withdraw- and select the coin you want to transfer.
Select an already existing wallet address or press ‘Add address’ if it is the first time you are withdrawing to this deposit address. Enter a memorable description and the deposit ETH wallet address taken from Binance.
-Save the Address- and press -Review Withdrawal- to finalise the transaction. You will need to pass authentication steps and wait until the funds will reach Binance account.
WHERE SHOULD YOU START?
Hope this article will help anyone who is interested and wants to invest in crypto for the first time. If you are not sure which cryptocurrency to invest first, please read our article on the best crypto to invest in 2019.
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