I'm new to Bitcoin. What's the best way to buy it for the first time?
We strongly recommend using Coinbase for first-time purchases. It's a reputable and well-funded cryptocurrency company with focus on security and great user experience.
To buy bitcoins or any other cryptocurrency Coinbase supports, 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. 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-strandard 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, you can use 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 raisedlater on.
- Also note that you can instantly buy Bitcoins using a credit or debit card, in which case there’s typically 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.