I'm new to Bitcoin. Which wallet should I use?
We strongly recommend using Coinbase as your first Bitcoin wallet.
In fact, Coinbase is an all-in-one place for all your Bitcoin needs, as it's a trusted cryptocurrency buy/sell service, a cryptocurrency exchange and a wallet provider - all within your Coinbase account.
Coinbase lets you buy bitcoins directly from them using bank transfers (ACH, EFT, Bank wire transfers, etc.), credit/debit cards and other payment methods.
To buy bitcoins or any other cryptocurrency they support, here’s what you’d need to do:
- Click here to open an account with Coinbase.
- Quickly verify your email address and contact phone number.
- Coinbase abides by strict Know Your Customer policies, so they have to verify your identity before you can do business with them. The most convenient way to do so is by linking your personal bank account to your Coinbase account. To do that, go to “Payment Methods” tab in your Coinbase account and click “Add a bank account”. You’ll be asked to enter your bank’s routing number, your bank account number and your name on account.
- After that you’ll be asked to choose a verification method – Instant Account Verification or Deposit Verification.
- If you choose Instant Verification, you’ll be asked to enter your bank account login info (username and password). This is done using a totally secure industry-standard one-time form and Coinbase won’t see your bank account login info. This verification process takes from 1 to 3 minute.
- If you do not want to use your online bank account login info, go for Deposit Verification. In that case, Coinbase will send 2 random micro-deposits to your bank account that will show up in 2-3 days. Once the amounts are credited to your bank account, you'd need to enter these 2 amounts to confirm ownership of the account.
- Once your bank account is linked to your Coinbase account, you can send a bank transfer using the instructions you will see in your Coinbase account. It would typically take 2-3 days to arrive.
- Please note that with bank transfers you’d have a weekly buy limit ($2,000 to $5,000) which can be raised later on.
- Also note that you can instantly buy Bitcoins using a credit or debit card, in which case there’s normally a $300-$500 weekly limit and you’d need to verify your personal ID first.
- Once your payment clears, the bitcoins will be credited to your Coinbase account (which is a Bitcoin wallet, too). You can then freely transfer them to any Bitcoin address.