As promised, we present a step-by-step image guide on How to buy Litecoin, on Coinbase, one of the most notorious crypto-currency exchanges.
The below-listed steps are pretty straightforward and will also be described in detail for anyone’s reference.
The first thing you need to do in order to buy Litecoin on Coinbase is to create an account. To create an account on Coinbase, click on the button below and follow the instructions.
Click “Sign up” at the top right-hand corner of the page.
You will then receive an email with an activation key. You will need to click the link in the email to get started.
Once you do this, Coinbase has a 2-step verification process. The next step needs your mobile number.
Once you enter your mobile number you will receive the OTP (One Time Password) you will have to click on ‘Send Code’.
Once the code is verified you will be logged into the dashboard of Coinbase
After you sign up, connect your bank account. You’ll need to complete some verification steps before you can use the account.
Once the verification steps are complete, you can start a purchase.
Two-factor authentication (also known as 2FA) is a type (subset) of multi-factor authentication. It is a method of confirming a user’s claimed identity by utilizing a combination of two different factors: 1) something they know, 2) something they have, or 3) something they are.
An excellent example of two-factor authentication is the withdrawing of money from an ATM; only the correct combination of a bank card (something that the user possesses) and a PIN (personal identification number, something that the user knows) allows the transaction to be carried out.
In the case of exchanges what the user knows are the login details username and password and what he possesses is the 2nd factor for the authentication which is a code. The code can be either received through SMS on users personal mobile phone or found in an application like Google Authenticator or Authy.
So, from your Settings available on your dashboard, https://www.coinbase.com/settings/ select Security.
Click on the Two-factor-authentication tab.
You will then get an option to scan a barcode which you can use the Google authenticator or any other authenticator for it.
Either manually enter the key in the Google Authenticator app or scan the QR code. Either way, please write down for Safekeeping the OTP ( one time password for Google Authenticator ) so that in the event you need to reset it you have this ( please note that in the image it is blurred for safety reasons. Please consider this as a master key. Without it, you cannot reset in case it whoever.
Once you do this scan or manual input a single time, a one time password will be generated, that you need to write/copy in the One-time password empty field.
Now you should be good to go so whenever you log in to your account or perform any other operations you just open the Google Authenticator app and insert the one time password given shown there.
More details on how to use Google Authenticator here.
Now that you are safe, the next step is to fund your Coinbase account from your bank account.
Click the Accounts tab and select your preferred cryptocurrency as per image below.
Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
If you are sending funds Please make sure that you are sending funds to the correct address, either BTC or ETH
Once your payment details are verified, click ‘buy/sell’ on the top menu.
Select ‘Buy/Sell’ for any coin that you wish to purchase, and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
After you connect your bank account, you will be able to make purchases up to and not exceeding your limit. You are able to increase your banking limit by providing further forms of identification.
Once you’re happy with the amount, click the big ‘Buy’ button.
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