What to know about Buying and Selling Bitcoin on Coinbase
Coinbase is one of the leading digital currency trading platforms in the world, particularly in Germany, with many years’ experience.
Friday July 05, 2019,
4 min Read
Coinbase is one of the leading digital currency trading platforms in the world, particularly in Germany, with many years’ experience. The reliability, market experience, and the community of the platform’s members make people coin out a peculiar terminology for the platform Coinbase Erfahrungen, which literally translates as Coinbase Experience. Coinbase trades in cryptocurrencies such as Bitcoin, Ethereum, Dash, etc. If you are considering buying and selling of bitcoin on Coinbase, then here are some things that are worth knowing.
First, you have to register yourself as a user and a customer of the platform. This is the only way you can be a part of the operations happening on the website. It shows that you are a prospective member, worthy to be trusted. After you have filled out the details requested during registration, you are expected to wait for a little while to have your account screened and verified for operations. It takes a relatively short period of about 15 minutes.
Security and seriousness:
As one of the largest digital currency trading market, Coinbase provides experience and different exchange options for their customers. Data and transaction security are of primal importance as well as the seriousness with trade. If you are within Germany, it is even better because it is a very popular provider and there is full German content available.
Coinbase allows the exchange and trading of bitcoin with other cryptocurrency options including Dash, Etherium, Litecoin, Neo, and even liquid cash among other tokens. This flexibility shows that you do not have to be committed to having just one coin, you can diversify by having a proportionate and valuable exchange for any of your currency into bitcoin.
What makes Coinbase many people’s choice is because, first, the language accommodation, and secondly because there are tutorials and materials that provide tips about cryptocurrency trading on the website and in general. In cases of complications or issues that seem tough to handle, Coinbase has a customer support system that helps to provide solutions to queries, promptly and adequately.
Coinbase’s price is quite a competitive one; some reckon that the fees are cheaper with the platform.
Having seen the bright side, of Coinbase, here are some things you should also know.
Possible price fluctuations:
The price cum valuation of bitcoin with a real-time or digital currency does not get stable for so long. This is not because it is how Coinbase works; generally, the market (price) value of bitcoin drops and rises against other currencies as other currencies also do against one another. Therefore, this conversion rate between different currencies is something to watch out for before initiating a trade. The fact that you made a bitcoin exchange or purchase some days ago does not mean it would be traded at the same conversion rate today.
Moreover, there is the need to make a minimum deposit into your account on the platform. This is to the end that a trusted community of serious crypto traders is built.
From the side menu option, click “Buy” which has the bitcoin logo right beside it and enter the amount of bitcoin you will like to buy. As you impute the amount of bitcoin you want to buy, the calculator automatically shows your currency equivalence. Once purchased, click on the “Bitcoin wallet” option to confirm the purchase.
Before making your bitcoin purchase, you should look at the “Chart” option to see the performance of bitcoin by price. Use the chart to follow trends on when you can buy. Though it is difficult to tell the low point of the price, when you notice a steeply or sharp decline in price on the chart, then is a good time to make a purchase, so that you will be able to sell at higher price whenever the price rises again.
Click the “Sell” option. It can also be directly reached below the “Chart” page. You will have to type in the amount of Bitcoin that you want to sell and the equivalent amount of money would be shown on the opposite side of the calculator. Once sold, you will have the funds deposited into your Euro or dollar (or your preferred) currency wallet. You can then withdraw to your local bank or buy more bitcoin.
Tip: Consult the ‘Chart’ before you sell.