Step by step guide on how to buy DeFiChain (DFI) Cryptocurrency
To purchase DeFiChain (DFI) on the majority of the cryptocurrency exchanges, you will already need to have Bitcoin (BTC) or Ethereum (ETH) to trade with. The good news is that you can easily purchase either cryptocurrency at Coinbase using your Credit Card or even Bank Account.
NOTE: There are other places to purchase BTC and ETH online, but I'm going to focus this guide using Coinbase as it's the easiest to use for new investors in cryptocurrency.
Step One: Setup your Coinbase account
Although Coinbase has both iOS (iPhone) and Android apps, I have found the easiest way to setup your exchange account with them is to use their website.
2) Next enter your email address in the get started box. Please MAKE SURE that the email address you enter is one you have access to and is your most secure email as this is how you will always sign in to your Coinbase account.
3) Then Coinbase will ask you to select if you are an INDIVIDUAL or BUSINESS. I'm assuming you are an individual so I will skip the whole business account setup. MAKE SURE to use your real name as Coinbase will use this for account verification.
4) Next Coinbase should send you an email to verify your email address. Open the email and click on the link. I have to say although email verification emails are somewhat annoying, since you plan funding your account with actual money, this security step is very comforting.
5) You should now be signed into (or be able to sign in) your Coinbase account. Again, since you will be using your hard earned money to fund your Coinbase account, there are a few more verification steps you need to complete. The first being verifying a mobile phone number.
Coinbase uses your mobile phone number to setup Two-factor authentication (2FA) on your account making your account even more secure. Basically Coinbase will text you for each major change to your account including making purchases.
Don't worry, I've been using Coinbase for a while and they have NEVER spammed me. They seriously just use this as a way to add another layer of security to your account.
6) Now you need to setup your funding sources (i.e how you plan on purchasing your Bitcoin or Ethereum). Your options are either using your Bank Account or Credit Card. Since you are reading this guide now and the plan is to use your BTC or ETH to purchase DeFiChain (DFI), I'd suggest using the Credit Card funding option.
When you purchase using a Credit Card, you will be able to purchase immediately and have access to trade your coins right away. Only downside is that your weekly purchase limit on a Credit Card will be around $750 when you first open your account.
To learn about setting up a credit card to fund your Coinbase account, click here. No need for me to walk you through this portion as Coinbase does a great job of doing that on their website.
If you want to fund your account using your Bank Account, your purchased cryptocurrency will not available for trading for 4 to 5 business days. Granted you will have locked in your purchase price at the time of purchase, but this means you won't be able to easily use your purchase to start buying DeFiChain (DFI).
To learn about setting up your bank account with Coinbase, click here. Coinbase does a great job of walking you through this setup as many banks have instant account verification.
Step Two: Make your first purchase of Bitcoin (BTC) or Ethereum (ETH) at Coinbase
Now you should be ready to make your first purchase of Bitcoin or Ethereum that you will then use to buy DeFiChain (DFI).
As I mentioned at the beginning of this guide, Coinbase makes it very easy to start investing in cryptocurrency. All you need to do is head over to your BUYS pages and select the currency you wish to purchase.
Since I'm not a licensed professional and the cryptocurrency market is so volatile, deciding between which one to invest in based upon value will be up to you. What I can tell you is that the majority of exchanges that offer investing in DeFiChain (DFI) will allow you to purchase using Bitcoin (BTC).
Decide how much you want to invest. This is a dollar amount. Realize you don't have to purchase a full coin, rather you will be investing a portion of a coin. Knowing this will actually help you with your future cryptocurrency investments.
Next select your funding source (i.e Credit Card).
And click BUY.
NOTE: When you make your purchase of BTC or ETH you will notice that Coinbase has a small fee (3.99% for credit card purchases). The nice thing is that they alert you before you make your purchase of the total purchase price.
CONGRATS! You are now an investor in cryptocurrency.
Step Three: Use your Bitcoin or Ethereum investment to purchase DeFiChain (DFI)
Now it's time to purchase DeFiChain (DFI) using your investment from Coinbase.
Since Coinbase only allows for the purchase of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, you will need to transfer your BTC or ETH investment to another cryptocurrency exchange. I know this sounds painful, but it really isn't.
Right now you can buy DeFiChain (DFI) at a good number of cryptocurrency exchanges including KuCoin.
As each exchange has their own way of setting up a trading account, I will have to skip that portion of this guide but the majority of the exchange (like first affiliate) have a similarly easy setup process like Coinbase. Plus since your funding will be doing using the Bitcoin or Ethereum your've already purchased, the setup should take less time.
Once you have your trading account setup at one of the exchanges that trades DeFiChain (DFI), you will need to transfer your BTC or ETH from Coinbase to that specific exchange. This is done via a wallet system.
Don't get overwhelmed as this is pretty straightforward.
At the exchange where you are wanting to purchase DeFiChain (DFI) you will need to get your account's BTC or ETH wallet ID. On most exchanges you'll see a DEPOSIT button next to either BTC or ETH. When you click on it you should see (or be given a button to click to create) your wallet ID. This wallet ID is specific to your account.MAKE SURE that you are getting the wallet ID for the correct currency you purchased as Coinbase. Bitcoins can only go into Bitcoin wallets, Ethereum can only go into Ethereum wallets.
Once you have your specific currency's wallet ID, head back over to your Coinbase account. Since I don't want to miss any steps in this important process, click here to view the official how-to guide from Coinbase on transferring your currency to another wallet.
Now you play a short waiting game as your transfer has to go through the cryptocurrency ecosystem and be confirmed multiple times. There is nothing on your end to do except wait for this to happen. Depending on the day this could take 5 minutes or even up to a few hours.
The good news is that in your Coinbase account they give you a link to track the transfer.
Once your transfer has been confirmed it should show in your exchange's account and will be immediately ready to be used to buying DeFiChain (DFI).
If you purchased Ethereum (ETH) at Coinbase, you are going to want to look for the DFI/ETH investment.
For Bitcoin look for DFI/BTC.
If DeFiChain (DFI) doesn't have an investment option using the currency you purchased as Coinbase, don't worry. All you need to do is trade into the specific currency.
Let me reiterate, I am not a licensed professional so I can't give you any investment advice on how to handle the next step.
Once you are ready to buy DeFiChain (DFI), most likely you will have a couple ways to do so.
The first is buying at the market price. This is the current price DeFiChain (DFI) is trading at. There is nothing wrong with purchasing at this price, but if you think the price will drop or wanted to get it at a lower price, then look at the limit price.
Limit price bascially says you want to purchase a certain amount of DeFiChain (DFI) at a specific price. If the price of DFI gets to that price your order will be processed. Remember, with how volatile the market is, there is no guarantee the price will drop to your limit price.
NOTE: No matter which trade option you select, the price will be purchasing DeFiChain (DFI) at will be based upon the currency you are trading with (BTC or ETH). Some exchanges don't convert this over to your local currency, so you can always use Google and type something like "0.0025 BTC to USD" and Google will tell you the USD value.
You are a proud investor in DeFiChain (DFI)!
NOTE: Here is a guide on how to buy DeFiChain (DFI) with USD if you ever need it in the future.
We've also created a directory of all of our crypto buying guides.
If you are interested in crypto mining at home, I wrote up my story on How I started mining Bitcoin at home in 2021 which details out various easy to set up at home crypto mining rigs. Right now I'm generating around $12 USD per day.
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A word of advice, now that you've made your first investment in DeFiChain (DFI), you should MAKE SURE to track your investment. Even though the exchange you purchased DeFiChain at does this for you, using a third-party website or app makes it a whole lot easier. Here is a list of some best cryptocurrency investment tracking websites and apps that you can use.
Also if you are interested in investing in other cryptocurrencies you more than likely can do that at the exchange you used to invest in DeFiChain (DFI). If not, just follow the same steps as before except skipping the whole setting up a Coinbase account since you already took care of that.
NOTE #3: It took me almost 5 years of investing in cryptocurrencies before I realized I should be using a crypto VPN. I've put together The Ultimate Cheat Sheet on Crypto VPNs to help you understand the importance of using a VPN for your crypto trading.