Learning how to buy WAX for the first time requires having multiple accounts and knowledge of how the blockchain works. Purchasing Crypto doesn’t have to be difficult or confusing, instead it should be easy. Therefore, we wanted to share a simple way of buying wax for first-timers.
Why can’t I buy WAX on Coinbase?
Wax isn’t available in Coinbase at this time, so you have to convert your dollars into a digital cryptocurrency first like Bitcoin or ETH, which are available on Coinbase, then convert it to WAXP.
What makes a whole friction experience with WAX is buying wax coins in the first place because they only accept credit cards with VISA or MasterCard. If you have a Discover card, you can’t use a credit card to buy wax, which can be frustrating.
Learn more on 5 Reasons Why Wax Coin is Worth Buying instead of ETH and other crypto coins you could find on Coinbase.
Luckily there’s a workaround to this by using digital currencies to purchase wax directly.
How To Buy WAX: Step by Step Guide
This article will dive into how to buy WAX cryptocurrency as a first-timer and what you’ll need to start purchasing NFTs.
Of course, we all want to enjoy digital collectibles as quickly as possible and hope this article can guide how to do precisely that.
Let’s dive in:
Step 1: Get all the accounts you need to convert crypto.
- Create a Wax account
- Get a digital wallet using Coinbase or MetaMask
- Sign up for a Paypal account
We use PayPal to buy Bitcoin because of its convenience since it has an extra layer of security from your bank account. You can also use the Coinbase Wallet app, which allows you to buy directly from your phone.
Setting up these accounts could require multiple verification forms to properly secure your accounts, such as a photo of your license and a 360 photo of your face. Most will have 2-Step verification.
Specifically, when opening up a digital wallet account like the coinbase wallet app on your phone, you’ll need to create a seed password.
This seed password will be 12 words or phrases that only you will know, as Coinbase does not keep this. You have the option to save a backup of these words or phrases into your iCloud if you are on an iPhone. However, Coinbase will not be able to retrieve it for you in the event you forget it. So make sure to write this down and keep it in a safe place.
If you already have bitcoin or ETH in your account and these accounts set up, great! You can move to the next step.
Step 2: Start purchasing crypto coins.
- Using PayPal, purchase bitcoin or ETH – Put the amount you are comfortable with above the fees. There’s a $1,000 limit usually in place; however, starting with $20 to $50 is plenty.
- Go to WAX account and click on the ‘Buy WAXP’ Button.
Once you click on the ‘Buy WAXP’ button within WAX.io, you’ll get multiple options.
- Binance – Which is not available in the US
- Bittrex – Available worldwide
- KuCoin – Available worldwide
- Upbit – Korea Only
- Huobi Global – Which is not available in the US
- Bithumb – Korea Only
- ChangeNOW – Available worldwide
- Simplex – Which is not available in the following US states: Alaska, Hawaii, Louisiana, Nevada, New Mexico, Washington, Vermont, or New York
- MoonPay – Which is not available in the US
For those in the US, use ChangeNOW because you can easily convert your bitcoin into WAXP. Then, an option comes up which asks you to determine what you’d like to exchange.
First, be sure to copy your WAX address to a safe location on your computer; likely, a notepad would work since you’ll need that to start the exchange process.
Step 3: Exchange Bitcoin or ETH for WAX using ChangeNow
Put in the number of Bitcoin or ETH you plan to exchange for WAX, and it will automatically calculate the values for you.
The next screen will place you in a ‘recipient address,’ paste the WAX address you saved earlier in this box. You must paste the correct and accurate address because you send money over the blockchain, and you can lose it if it is incorrect.
Next, confirm that the WAX address is correct before proceeding.
The ‘recipient address’ says, ‘lets send this Bitcoin or ETH to our WAX account.’ Here’s a great video explaining the process in more detail than you’ll find helpful.
Step 4: Go to Your Digital Wallet To Send Coins for Exchange
Once you’ve hit ‘exchanged,’ you need to send the bitcoin to a new ‘address’ that the converter provides. Also, just as important to make sure you have the correct address. Copy and paste that safely as well before proceeding.
Now go to Coinbase or Meta Mask; either digital wallet will work for this. Make sure you have enough funds in your account to ‘send’ to that new address you have.
Here are a few tips on what to look for when attempting to exchange bitcoin or ETH for WAX:
- Did the address populate correctly? It should!
- Perform a quick google search of the conversion rate to prevent a failure due to lack of funds. For example, Google ‘Bitcoin to WAX’ should show you a calculator that you can copy/paste how much you’d like to convert.
- Do the numbers match? Double-checks will save you from losing money when sending bitcoin to a WAX address.
Step 5: Check If it Converted Your Bitcoin or ETH Into WAX.
Once you’ve hit ‘send,’ you can then go back to your WAX account and should see a successful transformation message if done currently.
Start buying NFTs with Your WAX On The Secondary Market.
It’s always exciting when you refuel your WAX account with money and the exchange process goes smoothly. WAX has many advantages and grows in popularity, primarily because of its instant and free transactions. In addition, you won’t have to worry about gas fees, which can overwhelm the majority of collectors.
Using Paypal to buy Bitcoin or ETH makes buying WAX easier because the credit cards allowed to use on the platform are minimal. Additionally, there are nine other exchange options; however, the options remain limited for the USA.
If you enjoyed our guide on buying WAX cryptocurrency, follow us on social @NFTSGURU to get more information like this. Also, read more about tracking your NFTs: How To Use TokenHead To Track Your Digital Collectibles