Coinbase is one of the highly renowned crypto exchanges where millions of transactions take place every day. On this exchange, one can buy and sell multiple supported crypto assets using the fiat currency as well as other crypto assets. However, there are some tokens that cannot be purchased through fiat currencies and with every cryptocurrency. And today we going to talk about one such currency i.e. ERC 20 crypto tokens that can only be purchased through ETH tokens. This means, that first, you need to purchase ETH through your Coinbase.com account, and then you can go ahead with purchasing ERC 20 tokens.
But, before you start the procedure, make sure you have access to a self-custody wallet. If you believe you have one with you, then you can start the procedure right away. Please note that this procedure can only be implied by U.S. residents.
So, here we are going to list all the necessary steps required to carry out this task. Please make sure that you do not miss out on any important step, else you will not be able to purchase ERC 20 tokens successfully.
The process to buy ERC 20 tokens
- To initiate the process, please download the Coinbase wallet via Coinbase.com
- Now, set up your wallet and choose a username along the process
- When provided with the recovery phrase, please save it securely
- Remember not to share this recovery phrase and make several copies of it
- Then, go through the network fee structure you'll be charged for buying ETH
- Now, using your Coinbase.com account, you can go ahead with buying some ETH
- When you own some ETH, you can start the process to buy ERC 20
- To do so, you can click on the "Trade" icon followed by selecting the "Trade" tab
- Select the "Choose Coin" option and then select the ERC20 token
- Enter the amount of ETH you want to exchange for buying this token
Post this, you just need to follow some on-screen instructions to finally confirm the transaction.
Although the process to buy ERC20 tokens is not straightforward, upon following some easy steps as explained above, you will be able to get these tokens into your account. Please make sure you keep enough ETH funds aside to pay the transaction fee. Along with that, you need to be ready with a Coinbase account and a wallet to get started with the process.