How to Buy Cobinhood (COB) | A Step-By-Step Guide
How to Buy Cobinhood (COB)
Cobinhood was launched in 2017 with the unique drawcard of offering zero fees to cryptocurrency traders around the world. In this article, we’ll walk you through the steps you’ll need on how to buy Cobinhood coin (COB) using the Cobinhood exchange. If you’d like to learn more about the project, you should check out our Cobinhood beginner’s guide.
Please note that trading on Cobinhood is not available to New York State or Japanese investors at this time.
Crypto or Local Currency?
The Cobinhood roadmap has promised trading in USD and other fiat currencies on their platform. However, at this stage, they only offer crypto-to-crypto exchanges. Cobinhood has not given an exact date when fiat currency exchange will be available but hopefully, the team will add it soon. Bitcoin is the most popular and liquid (easily exchangeable) cryptocurrency out there so your best bet is to get hold of some Bitcoin first.
You have a few options to choose from when purchasing Bitcoin. Coinbase and GDAX are excellent exchanges for beginners. You may find a more suitable exchange in your country if these 2 don’t meet your exchange requirements. Check out our Bitcoin buying guide for a more detailed process.
Once you’ve purchased some Bitcoin, set up an account on Cobinhood:
Cobinhood Account Registration
Step 2: Click on either “Create Account” in the center of the screen or “Sign Up” in the top right.
Step 3: On the next screen follow instructions and enter in your account information.
Step 4: After submitting your information, you’ll receive an email to confirm your registration. Click the “Activate Your Account” button.
Step 5: After the system verifies your account, you’ll be taken directly to the exchange. You may want to set-up some additional security. To do this, hover your mouse in the top right corner of your screen and select “Account.”
Step 6: Navigate to the “Security” tab and select a process of authentication which suits you. We recommend Google 2-factor authentication.
Funding Your Account With Bitcoin
Step 7: Click the menu button and select “Funds.”
Step 8: Scroll down to find the Bitcoin row and click on the corresponding “Deposit” link in this row.
Step 9: A pop-up will display your Bitcoin deposit address and a QR code you should use to deposit funds into your Cobinhood account. You can follow along with our guide on how to receive Bitcoin if you need help with this.
Please ensure you only send bitcoin to this address. You may lose your funds if you send other cryptocurrencies to this address. You can use a site like Blockchain to verify that your transaction has gone through.
How to Buy Cobinhood (COB) on the Exchange
Step 10: Once you have verified that your Bitcoin transaction was a success, click the menu again. This time select “Exchange.” Are you ready to get hold of your first COB?
Step 11: In the top left corner, next to the Cobinhood logo, click on “Select Product.” Here, you can scroll down to select the COB/BTC pair or search for it.
Step 12: The exchange view will now display data specifically for COB/BTC. Find the order book in the middle of the exchange view. The order book shows you price and volume data for the selected trading pair.
In the example below, we can see sellers offering the price of 0.00000575 BTC for 1 COB. Buyers, on the other hand, are offering 0.00000570 BTC for 1 COB. This difference in the two prices is known as the spread.
If you simply wish to buy at the latest sellers price, locate the “Order Form” and make sure you have the “Market” tab selected. With that selected, type in how much Bitcoin you would like to use for this trade and hit “BUY.”
In some cases, there may not be enough COB available at the latest price. Consequently, the exchange will fill the remainder of your trade at the next best price. But don’t worry, this is all handled by the system for you.
Step 13: Cobinhood has a more extensive guide for advanced users if you’re interested in trading with limit, stop, and stop-limit orders.
There you have it, you are now the proud owner of your very first Cobinhood coin. Don’t go spending it all at once.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Ryan is a web designer, writer, and cryptocurrency trader who hails from sunny South Africa. He eats, breathes and lives crypto. With personal experience in foreign exchange & crypto market trading he is always trying to understand the bigger economic picture. When not meticulously looking over charts he can be found planning his next road trip or running around a 5-a-side soccer field.