Bitcoin has received a lot of public attention as of late. Because of this, new apps like Coinbase have gained popularity in the Play Store for letting Android users buy and sell Bitcoin and other cryptocurrencies right from their phones. Additionally, other apps like Robinhood and Cash App have been updated to allow for these sorts of trades. Here’s how to buy and sell Bitcoin with all three apps!
STEPS TO BUYING BITCOIN ON YOUR PHONE WITH COINBASE, CASH APP, OR ROBINHOOD
- Locate your banking account information
- Buy Bitcoin with Cash App
- Buy Bitcoin using Coinbase
- Buy Bitcoin with Robinhood
1. Locate your banking account information
As regulators treat cryptocurrencies like actual stocks and income, you will need to have some personal and financial information on hand when you sign up. This can include your legal name, address, social security number, as well as routing and account number for your bank. This is information is necessary so the IRS can track earnings and so you can securely transfer money in and out of your bank accounts. Note that Bitcoin/cryptocurrency gains are taxable like other investment gains.
2. Buy Bitcoin with Cash App
The Cash App is the latest app to join the cryptocurrency scene. The app is a free download on the Google Play Store. From there, enter your phone number or email address once installed. A confirmation code will then be sent via text or email.
Just like the others, you’ll be asked to add a debit card to your account. This is the quickest way to get money into your Cash App account, however, it is totally optional. You’ll then be asked for your first and last name. You will then set up a “$Cashtag.” This is your username others will use to either send or request money. Lastly, you will need to confirm your zip code.
Before you can purchase any Bitcoin, you’ll need to transfer money from your bank to the Cash App. To do this, tap on the icon in the top left corner of the main screen, then tap ‘Funds’, and Add Bank. This process will walk you through linking your bank account with the app.
Once complete, head back to the main menu. At the top of the screen, you should see a button labeled ‘Cach & BTC.’ Tap on that and then select BTC in the top right corner. The first time you visit this page, you will see a warning you about the risks of buying and selling Bitcoin.
At the bottom of the screen, select Buy. The Cash App will ask you to deposit money into your account before it lets you buy anything. Once finished, you will have the option to buy a percentage of a Bitcoin using the money you deposited.
3. Buy Bitcoin with Coinbase
First, Download the Coinbase app from the Play Store, which is a free download. The first time you open the app, you will be asked to create an account. For this step, you’ll need your email address, legal first and last name, and a password. You’ll need to verify your email address before you proceed so keep an eye out for one from Coinbase. Once done, you will be able to continue to the next step in the Coinbase application.
For legal reasons, you’ll need to indicate in which state you live and file taxes. Accept the Terms of Service once you’ve read through everything, and you’ll be taken to the app’s home screen. Here, you can see the current price of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
On the homepage of the app, you should see a green button asking you to complete your account setup. This step requires you to first verify your phone number and enter a payment method. After verifying your phone number, you should receive a text message with a code that gets entered into Coinbase.
When inputting a payment method, you have a couple of options such as using a bank account, credit/debit card, or both. The benefit of adding a bank account is that you can invest more money, with a limit of $5,000, while with credit/debit cards you can only invest a maximum of $400.
Once everything is set up, head back to the homepage and tap the Buy button found on the bottom bar. You’ll be prompted to choose which cryptocurrency you wish to purchase. Then, you’ll be asked to type in how much money you’d like to invest or the percentage of a coin you want to purchase. If you have multiple forms of payment set up, choose where you wish the money to come from. Hit the next button in the top right corner and confirm the trade. Note that Coinbase charges 1.4% per transaction.
To verify the purchase, head over to the Prices tab and you will be able to see how much money your different coins are worth and monitor the prices of the various cryptocurrencies.
Sign up here on a mobile device to get started with Coinbase.
Unfortunately, Coinbasedoesn’t allow users to take screenshots, so showing the process is difficult.
4. Buy Bitcoin with Robinhood
Despite Robinhood already announcing support for Bitcoin, the functionality isn’t quite ready for the primetime. Sign up for Robinhood here on a mobile device to get your name on the waiting list, and get a FREE STOCK.
This Android Basics post will be updated soon with detailed instruction on how to buy Bitcoin using the Robinhood app when we gain access.
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