Following the thrill of buying Bitcoin for the first time, you may now be wondering how to convert cryptocurrency on Coinbase?
Beginners Crypto Guide have created a list of simple-to-read 'how to' posts to help get you started on your crypto journey!
Let's find out how quick and simple it is to convert cryptocurrency on Coinbase!
How can I learn the safe way to convert cryptocurrency on Coinbase? How do I convert to other types of cryptocurrency on Coinbase?
This post explains step by step how to safely convert cryptocurrency on Coinbase guided with photos taken on the mobile app. We also explain the process for those using the online website. The interface on the website will look very similar to the mobile images, and we will explain in detail how the process works online.
We’ll also throw in some beginner tips and tricks too!
For this post we will be changing Bitcoin BTC to Chainlink LINK. However, during Step 3 you will have the option to switch whichever crypto you like, i.e BTC – ETH, BTC – XRP, ETH – XTZ and so on.
How to Convert Cryptocurrency on Coinbase:
Step 1 - Click the 'Trade' button
First you will need download and install Coinbase. Log in to your account either online at www.coinbase.com, or by downloading the mobile app.
You will be guided through various security and verification steps, after which you can connect your bank account to your crypto wallet, which will be covered in another post.
Once you are verified and your bank account is linked, you can deposit funds and you are ready to begin!
On the mobile app, tap the blue centre button with arrows at the bottom of your screen.
The Trade button is located at the top right hand corner on the Coinbase website.
Step 2 - Confirm you want to convert
After you have clicked ‘Trade‘ you will have the option to ‘Buy‘, ‘Sell‘ or ‘Convert‘.
Select the 3rd option at the bottom of the screen to convert your crypto if you’re on the app.
If you’re using www.coinbase.com make sure CONVERT is highlighted in the top RIGHT.
Step 3 - Choose the assets you want to change to
In this step you have the choice of converting many different types of cryptocurrencies. For the example in the post we want to change Bitcoin BTC to Chainlink LINK.
You will arrive on the mobile app with the a central bar displaying the currencies which are being exchanged. Coinbase will have a default choice set once you have hit ‘Convert’.
Select the “convert to” drop down menu to be greeted with a choice of cryptocurrencies which you can scroll through (image on the right).
The online website pop up will look similar to the mobile app. When you select the convert bar you will have a choice of cryptocurrency as above. Choose which crypto you would like to the funds to transfer to.
TIP: Press the swap arrows on the right hand side to switch the cryptocurrency (circled on the right image above)
Step 4 – Confirm the amount you want to convert
Once you have chosen your desired cryptocurrency, you need to type in the amount you would like to purchase.
Transaction fees between digital currencies are usually a lot lower than the fee you pay for converting fiat money.
If you plan to purchase several different cryptocurrencies at one time, it will likely be cheaper to purchase one single cryptocurrency initially and then convert it to other cryptocurrencies, rather than making several deposits from your bank account.
TIP: If you’re thinking about transferring crypto, it’s worth checking how the market has behaved a few days before. There may be a particular trend you notice that could be a more economical time for the best conversion rates.
Step 5 - Preview your transaction and convert!
Once you have typed in the amount you would like to transfer, press the ‘Preview Convert‘ button. This will take you to the penultimate page pictured above.
- Check and check again that you have the correct cryptocurrency selected for both sides of the transaction.
- Double check the amount selected is correct
If you're happy with the preview - Hit 'Convert Now!'
Congratulations! You now know HOW TO CONVERT CRYPTOCURRENCY ON COINBASE!
So now you know how easy it is to convert Bitcoin and other types of cryptocurrency on Coinbase…
Wondering what to invest in next? Read our Bitcoin vs Altcoin Market post!
Or if you’re wondering how to keep your new digital assets safe – see our 7 Tips for Keeping your Bitcoin Safe!
Feel free to drop us a comment below and ask us if there’s anything else Beginners Crypto Guide can help with!
Let us know if you’ve shown anybody else how to convert cryptocurrency on Coinbase!
Disclaimer: Please note that this post includes affiliate links which provide a small commission to us at no cost to you. This helps fund the running of this blog so we can maintain generating great content and improve your experience. For more information, you can read our affiliate disclosure in our privacy policy.
This is NOT financial advice. Beginners Crypto Guide does NOT OFFER formal nor informal financial advice and accepts no liability for such service. You should always do your own research before making any financial decisions.
