Some cryptocurrencies, like Defactor, can only be purchased with another cryptocurrency on decentralized exchanges. To buy Defactor, you’ll need to first purchase Ethereum (ETH) and then use ETH to buy Defactor. And to do that, you need what’s called a self-custody wallet. Here’s how to do that using Coinbase Wallet for U.S. residents.
1. Download Coinbase Wallet
A self-custody wallet like Coinbase Wallet is required to purchase Defactor. Coinbase Wallet is available as a mobile app and browser extension. Download Coinbase Wallet here.
2. Choose a Coinbase Wallet username
As part of setting up your Coinbase Wallet, you will need to choose a username. This username lets other Coinbase Wallet users easily send you crypto. You can keep your username private, but you will need one to access the account.
3. Securely store your recovery phrase
When you create a new self-custody wallet, you’ll be given a recovery phrase that consists of 12 random words. The recovery phrase is the key to your crypto, meaning anyone with your recovery phrase has access to your crypto. Do not share your recovery phrase with anyone.
We strongly recommend writing these down on paper and storing them securely, as well as using Coinbase Wallet’s cloud backup feature.
Remember, do not share your recovery phrase with anyone. Coinbase will never ask you for your recovery phrase. And if you lose your recovery phrase, Coinbase cannot help you access your wallet.
4. Understand and plan for Ethereum network fees
Fees vary based on how busy the network is, how complicated the transaction is, and how fast you’d like the transaction completed. Plan to set aside some money for fees. Learn more about Ethereum fees here.
5. Buy and transfer ETH to Coinbase Wallet
If you don’t have a Coinbase account, you’ll need to create one to buy Ethereum (ETH). Learn more about how to create a Coinbase account and buy Ethereum (ETH) here. The way you transfer ETH to your Coinbase Wallet varies depending on whether you’re using the mobile app or the Chrome extension. See detailed instructions here.
6. Use your ETH to buy Defactor in the trade tab
If you’re using Coinbase Wallet on your mobile phone, you can purchase Defactor right in the app. Tap on . Then tap on the “Trade” tab, where you can swap ETH for any token that runs on the Ethereum standard (called “ERC-20 tokens”). Tap “choose coin” and select Defactor. Input the amount of ETH you’d like to exchange for Defactor. Remember to leave enough for transaction fees. Confirm your purchase and follow the instructions on the screen to finalize.
If you’re using Coinbase Wallet extension, tap the “Convert” button. Search for Defactor and input the amount of ETH you’d like to exchange for Defactor. Remember to leave enough for transaction fees. Confirm your purchase and follow the instructions on the screen to finalize.