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Some coins, like Phantom Protocol, can only be bought with another coin on decentralized exchanges. To get Phantom Protocol, you must first buy Ethereum (ETH), which you can then use to buy it. To do this, you’ll need a special wallet called a “self-custody wallet.” Here’s how to do it with Coinbase Wallet if you live in the US.
- Get a wallet from Coinbase.
Phantom Protocol can only be bought with a wallet that you control yourself, like the Coinbase Wallet. There is also a mobile app and a browser extension for the Coinbase Wallet. Here is where you can get the Coinbase Wallet.
- Choose an account name for your Coinbase Wallet.
As part of setting up your Coinbase Wallet, you will need to choose a username. With this username, people who have a Coinbase Wallet can quickly send you cryptocurrency. You can keep your username a secret, but you’ll need it to get into your account.
- Don’t let anyone see your recovery phrase.
When you set up a new self-custody wallet, you’ll be given a 12-word “recovery phrase” that you can use to get your money back. The recovery phrase is the key to your encryption, so anyone who knows it can get in. Your recovery phrase shouldn’t be known to anyone.
We strongly suggest writing them down and saving them in a safe place. You can also use Coinbase Wallet’s cloud backup feature.
Don’t tell anyone what your recovery phrase is. Coinbase will never ask you for your recovery phrase. If you forget your recovery phrase, you won’t be able to get into your wallet on Coinbase.
- Know how much the Ethereum network costs and plan for them.
Fees depend on how busy the network is, how complicated the transaction is, and how quickly you want the transaction to be finished. Plan out how you will save money for fees. Here, you can find out more about Ethereum fees.
- Buy ETH and send it to your Coinbase wallet.
To buy Ethereum, you will need a Coinbase account if you don’t already have one (ETH). Here, you can find out how to get a Coinbase account and how to buy Ethereum (ETH). Whether you use the mobile app or the Chrome extension to add ETH to your Coinbase Wallet, the process is different. Here, you can find out more.
- Use your ETH to buy Phantom Protocol in the trade tab.
You can buy Phantom Protocol right from the Coinbase Wallet app on your phone or tablet. Tap on the picture of the Coinbase Wallet App. Then, you can trade ETH for any token that uses the Ethereum standard on the “Trade” page (referred to as “ERC-20 tokens”). From the “choose coin” menu, choose Phantom Protocol. Enter how much ETH you want to trade for Phantom Protocol. Don’t forget to plan for the costs of doing business. Confirm your purchase, and then follow the instructions on the screen to finish.
If you are using the Coinbase Wallet plug-in, tap the “Convert” button. Look for “Phantom Protocol” and type in how much ETH you want to trade for it. Don’t forget to plan for the costs of doing business. Confirm your purchase, and then follow the instructions on the screen to finish.