If you’re getting started for the first time, I usually recommend CoinBase as a friendly crypto exchange to get started with.
What is a cryptocurrency exchange?
An exchange is where you can trade FIAT money for cryptocurrency.
What is FIAT money?
If you are getting into crypto, you’ll start seeing references to FIAT money more and more often.
Fiat money is what most people know and understand money to be. Dollars. Yen, Euros, etc.
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver.
What do I need to open an account?
You will need to complete a KYC (Know Your Customer) registration process. This usually includes uploading a copy of your passport or official identification. This helps to ensure that you are a REAL person and not a part of the nefarious underworld participating in illicit activities!
For your convenience, you have the option of attaching your bank account to your CoinBase account. This makes it easier to transfer funds to your CoinBase account so you can buy various cryptocurrencies within the exchange. When you want to sell a cryptocurrency you own and CASH OUT, the funds can be transferred from CoinBase back to your bank account.
How do to get started?
If you click on this link and deposit $100 into your new CoinBase account, you will receive an extra $10 worth of BTC (bitcoin). Plus, you’ll be helping out the CryptoBurrito site to pay its bills. Thank you in advance!
What do I like about CoinBase?
CoinBase is a US-based company headquartered in San Franciso, California.
If you use traditional banking, you are accustomed to rules and regulations. The Crypto World is the wild wild west! CoinBase and a few other exchanges straddle both worlds making it easier to get started.
What else do I like about CoinBase?
CoinBase offers STAKING on various coins. Staking allows you to earn extra crypto just by holding onto the coins. You might be surprised at the percentage you can earn, especially when compared to a traditional bank or savings account.
Coinbase offers tutorials on various cryptocurrencies as well as ways to earn FREE crypto by watching tutorial videos on crypto projects.
Here are a few links for FREE Crypto:
- $10 of COMP (Compound) https://coinbase.com/earn/comp/invite/cf05gs94
- $10 of BAND (Band) https://coinbase.com/earn/band/invite/6xqgp1bj
- $10 of XLM (Stellar Lumens) https://coinbase.com/earn/xlm/invite/4z7fv8bg
What I don’t like about CoinBase.
The fees are on the higher side than what I like to pay, but I understand that I am paying for convenience.
Here is a link to the CoinBase Fee Schedule: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
Overall, from what I get with CoinBase, I am happy to use them and recommend them to new users. Plus, the FREE crypto helps to offset the higher fees I might have to pay.