When it comes to buying crypto, there are a lot of factors that come into play, such as location and protocol. Defi is not currently available on Coinbase’s centralized exchange. However, you can still buy Defi on Coinbase Wallet, your key to the world of crypto. Here’s how you can buy Defi using Coinbase wallet:
Download Coinbase Wallet
A self-custody wallet like Coinbase Wallet is required to purchase Defi. Coinbase Wallet is available as a mobile app and browser extension.
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.
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.
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.
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). The way you transfer ETH to your Coinbase Wallet varies depending on whether you’re using the mobile app or the Chrome extension.
Use your ETH to buy Defi in the trade tab
If you’re using Coinbase Wallet on your mobile phone, you can purchase Defi right in the app. Tap the (+) Buy on the Assets tab. 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 Defi. Input the amount of ETH you’d like to exchange for Defi. 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 Defi and input the amount of ETH you’d like to exchange for Defi. Remember to leave enough for transaction fees. Confirm your purchase and follow the instructions on the screen to finalize.