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How to make money using Coinbase?

Coinbase is a veteran cryptocurrency exchange that was founded in 2012 in San Francisco and has been leading the space ever since. It has served over 30 million customers to exchange over $150B in digital currencies and raised $217M from world’s leading investors. This record-high capital raised from investors such as the New York Stock Exchange (NYSE) and the Spanish bank BBVA has helped build the brand and stable business foundations.

Coinbase is not only the most popular trading platform in the world, it is also a company offering its users several alternative methods of making money.

Coinbase logo

4 easy ways to make money on Coinbase in 2020

Thanks to the wonders of cryptocurrency, it is completely possible to bring in a steady side income from the comfort of your own home. If you want to know how to make money online using Coinbase, consider these possibilities:

#1: Use the referral program

Coinbase is the only platform that rewards its users with the equivalent of $10 for joining the cryptocurrency family. The bonus is available under one simple condition described below.

#2: Invite friends to use Coinbase

The reward can be multiplied – once you have an account you can recommend Coinbase. It works in such a way that both you and your friend get $10 each. It’s fairly easy to calculate your gain: ten successful invitees mean $100 in your pocket.

#3: Learn about new cryptocurrencies

The company has launched Coinbase Earn Academy to educate users on how cryptocurrency works. To encourage greater activity, it has introduced the principle that it rewards anyone who completes a programme consisting of lessons and a simple summary test.

All you need to do is watch an educational video about a given cryptocurrency and then complete a simple quiz about it. As a result you get a bit of this cryptocurrency deposited in your wallet so that you can try out yourself.

#4: Trade bitcoin and other cryptocurrencies

The above methods are nice additions, but they won’t give you much money. If you think of a really satisfying income you have to try your hand at trading. Price volatility on the cryptocurrency market is still very high and many people are able to generate profits of several hundred percent. Investment strategies can vary from HODL through day trading on a single cryptocurrency to building a diversified portfolio of several cryptocurrencies. The decision is yours.

Supported coins on Coinbase
Supported cryptocurrencies

How the Coinbase Referral program works

If you are considering setting up a Coinbase account, it is worth doing so via the referral link. You can get this link directly from your friend or from a Coinbase review site like ours. If you like our article, follow our link here.

By registering directly through coinbase.com you will gain nothing. By registering through the referral link you will receive the equivalent of $10 in bitcoins. The only condition is to make a transaction – buy or sell cryptocurrency worth $100 or more (or the equivalent of US$100 in your domestic currency) within 180 days of creating the account.

Coinbase has conditions that are really very user friendly, it has to be mentioned that there are cryptocurrency exchanges in the market that require a minimum deposit of $1000 to start up and do not offer any benefits upon registration and first transaction.

How to invite friends?

Have you checked? Do you know how it works, all good? Now you can recommend the platform to others and enjoy the bonus offered by Coinbase many times. There is no limit to the number of friends you recommend the website to, each one who makes a transaction in a sufficient amount means another $10 in bitcoins on your account. The best ones get a few hundred or even a few thousand dollars from the referral program only.

You can recommend Coinbase on your Facebook profile, Instagram, Twitter, website or send an email with your referral link (no additional registration needed, invitation codes are provided in the private area). It is not allowed to use paid advertisements with the Coinbase keyword (or similar words). This rule is strictly respected and those who engage in illegal activities will have their referral link disabled and no rewards will be granted to them.

How to earn free crypto with Coinbase Earn Academy

As part of its mission to create an open financial system and increase the availability of blockchain technology, the exchange operates the educational portal Coinbase Earn, which allows users to earn cryptocurrencies while learning about them in a simple and engaging way..

Coinbase Earn aims to encourage users to gain a deeper understanding of digital content and its underlying technology, after all, one of the most important principles is “never invest in an asset you don’t understand”.

Verified users can earn free cryptocurrency by performing a variety of educational tasks, such as watching videos and completing quizzes.

You can currently participate in courses on digital currencies such as Orchid (OXT), Dai (DAI), EOS (EOS), Stellar Lumens (XLM), Tezos (XTZ) and Basic Attention Token (BAT).

In addition to watching the tutorials and answering questions from the quiz, users are also rewarded for sharing their unique referral links and inviting other eligible friends to complete the course.

How much I can earn from Coinbase Earn Acadamy
Watch video > Complete a quiz > Earn

Pros and cons of Coinbase Earn

The main advantage of the in Coinbase Earn is that you can earn up to $186 – that’s quite a lot of money for watching videos and filling in quizzes that broaden your knowledge about the world of cryptocurrency.

Is it difficult to get a bonus? There’s nothing to be afraid of, a few very short videos with a duration of 2 to 4 minutes are provided on every cryptocurrency. If you watch them carefully you will have no problem answering questions.

The downside is that the rules are not the same for everyone. It all depends on your country of origin.

For example, customers from countries such as the United States, the United Kingdom, some European Union countries (Belgium, Denmark, Germany, Iceland, Ireland, Luxembourg, the Netherlands, Norway, Sweden, Switzerland), Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea and Taiwan will be able to be verified immediately and thus will be able to start earning money as soon as it is certain they meet other Coinbase eligibility criteria.

Customers in all other supported countries may indicate their interest and join the waitlist. It may take some time to be able to start earning – even if you are an eligible customer.

Remember that the number of available rewards is limited. If you are considering taking part in this educational game don’t hesitate too long. Free cryptocurrency is not going to wait for you forever.

How to Trade on Coinbase

Trading on Coinbase is extremely easy. It is a platform designed for beginner traders, according to many experts Coinbase has the most user-friendly interface of all available platforms for digital currency exchange.

In order to trade, registration and verification is necessary, filling out forms does not take much time. The whole process requires you to complete only these several straightforward steps:

Step 1: Sign up and create an account

Step 2: Set up 2FA

Step 3: Verify your identity

Step 4: Add payment method and deposit money

Step 5: Buy cryptocurrency!

Sign up

First, you must create an account. Reminder, if you use the referral link, you and the person that has given you the link both get $10 for free right after you make your purchase.

After clicking on the link you need to fill in the first form with your name, surname, password and email address, which you will have to confirm later on.

After you click on the verification link you will be asked for your phone number. From that moment on, your account will be protected by one-time codes, which you will receive in text messages each time you log in.

Coinbase sign up form

Secure your account

It is worth considering the possibilities offered by two-factor authentication (2FA). This method ensures much better safety. In order to introduce appropriate changes, go to the settings (Settings>Security>Two-Factor Authentication).

Note that the default 2FA setting is SMS. This is not the safest form in case you lose your phone. A better solution is an application generating temporary codes, which you can download depending on your device from Google Play or App Store.

With the help of such an application you can easily regain access to your account on another phone.

When you click on the “Enable Authenticator” button, an instruction will appear with information about the next steps you need to take. We strongly recommend that you follow all the instructions step-by-step.

2-factor authenticator

Verify your identity

Before making a purchase, you must verify your identity by sending a photo of an identity document, for example an identity card, driving licence or passport. There is no need to prepare documents beforehand – you will take a picture during verification by choosing one of two methods: webcam or mobile camera.

In the case of Bitstamp, CoinDeal, BitBay and other cryptocurrency exchanges you need to provide one more document confirming your address. The advantage of Coinbase is that a driver’s license or an ID is sufficient to proceed to purchase cryptocurrency.

Add payment method and make a deposit

Finally, you must add a payment method to buy coins. In the settings menu, go to the “LINKED ACCOUNTS” tab and click on “LINK A NEW ACCOUNT”.

A window with several options will appear.

Depending on where you live, the options for depositing FIAT currency will vary.

Coinbase has prepared special, separate payment methods for users from the USA, Canada, Australia, Singapore, Europe. UK users have special payment methods that are different from those offered to the citizens of the rest of European countries.

For details, please visit:

https://help.coinbase.com/en/coinbase/getting-started.html#adding-a-payment-method

In most cases, options such as “Bank Account”, debit/credit card or PayPal are available.

Are Coinbase fees insane?

The fee schedules are a little confusing and unclear at first sight. Fortunately, the exact cost will be known just before the transaction is approved.

Is the commission high? Are the fees on Coinbase really insane?

Not necessarily. Remember, when considering the amount of fee, you should take into account all its components, such as:

commission for deposit and withdrawal of FIAT currency – and those on Coinbase are extremely low, for example SEPA deposit is free of charge and withdrawal costs are only EUR 0.15. Almost nothing compared to other cryptocurrency exchanges that often have high rates for this service

transaction fee – here, in fact, the Coinbase fee is higher than average

bonuses and benefits that affect the overall result – here Coinbase is unbeatable, no one has such attractive educational Earn and referral programs. The earnings from these two sources generally far exceed the transaction fee. In other words, your first bitcoin purchase does not involve any costs.

You can also reduce your trading fee by using the Coinbase Pro Exchange, a cryptocurrency exchange designed for advanced traders.

Coinbase Pro Exchange

All Coinbase customers automatically have an account on Coinbase Pro, you login with the same credentials as you would on the Coinbase website.

For many, Coinbase Pro Exchange is simply the next step: a natural consequence of the gained experience. After the first trades on the basic platform that is Coinbase your needs will increase, you will want to buy and sell at a better price, you will need better graphs, other types of orders, clearer transaction history.

You can either stay with Coinbase and move to their Coinbase Pro trading platform or open an account on a different cryptocurrency exchange like Binance or Kraken.

Coinbase Pro Exchange interface
Coinbase Pro interface

Coinbase review: conclusion

Coinbase is probably the most trustworthy exchange available at the moment offering the best possible safety measures.

Due to its characteristics, it is recommended mainly for two types of investors:

  • for beginners – if you are buying your first bitcoin or ethereum, you will have to start with Coinbase. It has a very friendly user interface and there is a lot of information available on how to use the platform.
  • for traders investing large amounts of money – as you may know, cryptocurrency exchanges work to ensure the security of their users’ funds, but it is not perfect yet. If you are to entrust someone with really big money, you will be better off doing so with the most recognized brand with a long history on the market. Coinbase matches this description perfectly.
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Coinbase

Coinbase is a veteran cryptocurrency exchange with 30 million customers that was founded in 2012 in San Francisco.

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