Cryptocurrency is ‘in’ these days. Virtual money has gained popularity over the past couple of years. With Bitcoin crossing the $50,000 mark recently, many people thinking of investing in it. Here’s how you can buy bitcoin or other cryptocurrencies on your iPhone and iPad.
Before you invest in Bitcoin or any other cryptocurrency, make sure to read about what they are and how they function.
Trading cryptocurrency is as simple as downloading an app, registering on the service, and start buying and selling. With so many apps on the App Store, it becomes difficult for one to settle down on one app before you start trading. We have found Coinbase to be reliable and one of the fastest ways to trade cryptocurrencies. Here’s how you can trade cryptocurrency using Coinbase on iPhone and iPad.
Buy Bitcoin or Other Cryptocurrencies Using iPhone
Coinbase is one of the trusted platforms to buy and sell cryptocurrencies. It allows you to trade 25 different cryptocurrencies and works across over a hundred countries worldwide, including the United States, United Kingdom, Canada, and Singapore. It’s one of the longest-running cryptocurrency exchanges and has over 25 million users on board.
There are some caveats, though. In some countries like India, New Zealand, and Brazil, it only allows you to convert cryptocurrency into the local currency. It doesn’t allow you to buy cryptocurrencies. Coinbase has a really helpful page regarding whether your country allows buying and selling of cryptocurrency. Check it out here.
➤ Download – Coinbase
Step 1: Sign up on Coinbase
First, you’ll need to sign up on Coinbase. You can sign up via both the official Coinbase iOS app and by visiting the Coinbase website. There are a few things to note before you sign up for the service. You must be at least 18 years old before you sign up on the platform, you’ll need to verify your account via a One Time Passcode sent to your mobile number, and you’ll need to submit a government issues photo ID to verify yourself.
Note: Use this link to signup for Coinbase. Once you buy or sell $100 of digital currency or more, you will get $10 worth of free Bitcoin.
Step 2: Verify Your Coinbase Account
Once you’ve signed up, you’ll need to verify your Coinbase account by submitting a government-issued photo ID. To do this, follow these steps on your iPhone.
- Open the Coinbase app, and click on Settings at the bottom right.
- Select Limits and Features
- Tap on Enable send and receive. If you can’t see the option, you’ll need to head over to the Coinbase document verification page.
- Select your document type
- Follow the prompts to upload your ID document
Once the documents are submitted, you need to wait for Coinbase to verify your account. In my case, it took a little over 30 minutes before my account was verified.
Step 3: Add a Payment Method
To buy cryptocurrency on iPhone, you’ll need to add a payment method (like a credit card, debit card) to the app. To link a payment method:
- Tap on Settings on the bottom
- Select Add a payment method.
- Select the type of payment method you want to add. In the United States, Coinbase offers payment methods like Debit Card, PayPal, Wire Transfers, and Bank Account.
- Depending upon the payment method you’ve added, the speed of the top-up will vary. For example, wire transfers take 1-3 business days, and debit card payments are instant.
- You’ll also need to complete verification depending on the type of payment method being linked.
Step 4: Buy Cryptocurrency
- Tap at the bottom.
- Select Buy, then select the cryptocurrency you would like to buy.
- Enter the amount in your local currency.
- Click Preview Buy to review your purchase
- After checking all the details, click Buy now to complete your purchase.
Read: The Best Stock Trading Apps for iPhone
Just in case Coinbase doesn’t work in your country, or if you’re having problems using it, these are the alternatives to look for.
Cash is one of the most used peer-to-peer payment platforms in the United States. Not only it allows you to invest in cryptocurrencies, but it also allows you to invest in stocks and even ETFs, thereby diversifying your portfolio. It has one of the best user-friendly interfaces and is simple to use.
Using the Cash app, you can even withdraw your cryptocurrencies to an external wallet. Cash is a good alternative to Coinbase if you’re looking to enter the cryptocurrency trading world. The only con, though, with the Cash app is that it only allows you to buy and sell Bitcoins. Other cryptocurrencies like Etheruem and Litecoin be supported later on.
➤ Download – Cash
Binance is one of the world’s most popular cryptocurrency exchanges. It was launched in 2017 and has gained millions of users since. One of the key distinguishing factors of Binance is that it offers trading in more than 50 cryptocurrencies. That’s more than both Cash and Coinbase. However, there are some limitations too. Binance isn’t supported in 13 U.S. states, and you cannot deposit USD directly. You have to make the purchase via debit or credit cards.
➤ Download – Binance
Have you invested in Bitcoin or any other crypto currency so far? Which app have you used for purchasing Bitcoin? Please drop a comment and let us know!