Investing in USD Coin or USDC can be a lucrative regimen for those individuals who want to make money through cryptocurrency. USDC is available on most crypto exchanges, including coinbase, allowing you to use your credit card or bank account to buy digital currencies. Most crypto exchanges require you to own bitcoin or ethereum to trade on a crypto exchange to buy USDC.
While you can buy cryptocurrencies like bitcoin, ethereum, dogecoin, and USDC from various online sites, this guide will focus on how you benefit from Coinbase to invest in digital currencies.
Let’s find out the steps necessary to invest in USDC on a reputable crypto exchange like Coinbase.
Setup Your Crypto Account
Although Coinbase is accessible through Android and iPhone apps, using its web version tends to be the easiest medium to set up your crypto account on the site to use their services. You can get started with setting up a crypto account by entering your email address. Make sure to use a valid, secure, and accessible email for your Coinbase account.
The cryptocurrency exchange allows you to set up an account either as an individual or a business. If you are signing in as an individual, it is essential to use your real name as you have provided for your bank account or other identity documents. Coinbase will use your provided information to verify your account. Therefore, your data need to be accurate and the same as your identity.
Coinbase will email you to verify your electronic address. Click the link given in the email to follow the security step. It will allow you to sign in to your cryptocurrency trading account on Coinbase, although you need to complete a few more verification steps.
The exchange will verify your mobile phone number to set a 2FA (Two Factor Authentication on your crypto account to ensure more security for your account. It will also allow Coinbase to send you notifications for each change to your crypto account, such as purchasing cryptocurrencies. Other details like payment modes and financial sources like bank account or credit card will also require verification to enable you to trade with Coinbase.
Buy Bitcoin or Ethereum
The second step involves buying BTC or ETH that will allow you to get some USDCs for yourself. Coinbase enables you to choose any virtual currency using its BUYS pages. While most crypto exchanges prefer their users to buy bitcoins to invest in USDC, you can always choose between BTC and ETH based on your insight about its market value.
Make sure to know your buying limit and invest accordingly. Remember, you do not need to buy a complete coin as you will only purchase a portion of it. Of course, this step will help you do well with your future crypto investments. Coinbase will charge a 3.99% as a small fee for purchasing BTC or ETH and notify you before checkout.
Use You BTCs or ETHs to Buy USDC
Finally, you can buy USD coins with your cryptocurrency investment on your crypto exchange platform. For this, you will sign up with another crypto exchange that trades USD coins and transfer your bitcoins or ethereum there through a wallet system. Some users may feel overwhelmed with this step, but it involves a straightforward process to trade in USDC.
You will need to obtain your bitcoin or ethereum wallet account ID on the crypto exchange where you want to trade USD Coin. It is vital to get the correct wallet ID for the currency you bought from Coinbase. Ethereum, for instance, can only go into ethereum wallets. After getting a wallet ID for your cryptocurrency, wait for your money to transfer. It might take several minutes or even a few hours to send your digital assets via the cryptocurrency ecosystem and get verified several times.
The crypto exchange will send you a link for tracking the transfer of your digital assets. Once transferred, your exchange account will display the amount, allowing you to use it to buy USDC without a further delay. If you purchase ETH through Coinbase, you will head back to the platform to look for the Ethereum/USD Coin investment. You will follow the same process to carry out BTC/USDC investment.