How To Buy HEX Cryptocurrency
Are you looking to buy HEX cryptocurrency? HEX is a new cryptocurrency that has been gaining traction in the cryptocurrency market. It is a decentralized smart contract and has benefits such as staking to earn yield. In this article, we will discuss how to purchase HEX cryptocurrency.
The best way to buy HEX crypto is to use a decentralized wallet. That means you actually own the HEX yourself, and aren’t leaving it on centralized exchanges. Cryptocurrency was invented to remove corrupt middlemen who are always losing billions of customer’s funds like we just saw in the recent $10 Billion FTX scandal. In REAL crypto, we have a saying: not your your keys, not your coins.
However, centralized exchanges are a “necessary evil”. Treat them like a public bathroom — only use them to do your business, then get out! The 3 step process to buying HEX crypto is essentially 1) Buy ETH on a centralized exchange 2) transfer that ETH to a decentralized wallet like Metamask, and 3) buy HEX using ETH on a decentralized exchange like Uniswap. I’ll cover this in detail, but for the fast version read the TL;DR at the end.
Step 1: Buy ETH On A Centralized Exchange
Centralized exchanges are currently the only safe bridge from the traditional finance system to the crypto world. They allow you to connect your bank account so you can trade your old fashioned “fiat” money into crypto money. Choosing one is like picking the lesser of all evils, and the “safest” in the USA are Coinbase or Kraken.
Create an account on one of these exchanges, and use the interface to link your bank account. From there, it is simple. Click “Buy and Sell”, select “Ethereum” as the cryptocurrency you want to buy, then preview/confirm the purchase. If you want to buy larger amounts, you can increase your account limits by going to Settings →Account Limits and following the instructions by providing more personal data like your government ID.
Step 2: Send ETH from Centralized Exchange to Metamask
Exchanges are dangerous and get hacked all the time, so don’t leave your new ETH on there for long. Download the safest and most popular decentralized wallet: Metamask. Click “Install Metamask on Chrome” (or whichever browser you have). The Chrome webstore will pop up — click “Add to Chrome”. Metamask is now added as a browser extension. Now follow the onboarding instructions.
Click “Get Started”, “No Thanks” to data sharing, then “Create Wallet”. When starting a new wallet, choose a password that’s safe but easy to remember, then click “Create”. Now watch the 1-minite video about security. It’s important.
Click “Next”, then click to reveal your seed words. NEVER show these words to anybody, especially scammers claiming to be “Metamask Support Team”. This is a common way people get scammed and lose ALL their crypto. Write these words somewhere SAFE (not on virtual notepad connected to the internet). The clock “Next” and confirm your words back, in order, to let the wallet know you actually wrote them down. Once the words are all in order, click “All done” and congrats! You created a new Metamask wallet. This will store all your crypto and puts you in full control.
Finally, copy your public address by clicking it (see image above), go back to Coinbase/whichever exchange you like, click Send/Receive, and paste your Ethereum public address into the field. Click continue and confirm the transaction. The next step will be easier if you use larger amounts of ETH to pay for gas fees/transaction costs (such as $100 or more).
Step 3: Buy HEX On Uniswap Using Metamask
The final step is to use your newly purchased ETH to buy HEX on a decentralized exchange (a DEX). The most popular DEX is Uniswap, which is where HEX is most liquid. Go to Uniswap and make sure you are exchanging ETH for HEX, just like the image below. If HEX doesn’t appear in the search menu, try copying and pasting the exact contract address into the search field (see images below).
If it is your first time swapping ETH for HEX, then you will need to click the “Approve” button first, then the “Swap” button. You will only have to click “Approve” Once. Both buttons incur a transaction fee (aka gas fee) that must be paid in ETH. When the network is congested, gas fees can be as high as $20 or more (in the screenshot you can se gas fees are $7). This is why you should always leave some ETH left over in your wallet to pay gas fees. For example, if you have .1 ETH, consider only buying .08 ETH worth of HEX in order to cover the fees.
Clicking the “Swap” button will automatically pop up your Metamask wallet. Click “Confirm” in Metamask to pay the fees and complete the transaction. The transaction can take a few minutes to confirm, but usually takes less than 2 minutes.
Congrats! You now have HEX in your Metamask wallet! If you don’t see the HEX automatically appear in your wallet, you can add the coin manually by clicking “refresh list” or “import tokens”, and then searching and adding HEX.
- Make an account at a centralized exchange like Coinbase.com or Kraken.com
- Connect your bank account to the exchange, and buy ETH with your bank dollars
- Download metamask.io and follow the instructions. NEVER lose or give away your secret seed words
- Transfer the ETH from your centralized exchange (Coinbase/Kraken) in to your Metamask wallet (use your public address beginning with “0x…”)
- Once the ETH is in your Metamask wallet, go to app.uniswap.org. Make sure ETH is in the first field, and HEX is in the second field
- If you can’t find HEX automatically in the Uniswap drop-down list, paste this address in the search field and add HEX that way — 0x2b591e99afE9f32eAA6214f7B7629768c40Eeb39
- Enter the amount of ETH you want to swap into HEX. Warning: Make sure you leave enough ETH left over to pay for gas fees. (example: if you have .1 ETH, then try only buying .08 HEX)
- Click “Swap”. Metamask will automatically pop up. Confirm the gas fee costs in your Metamask wallet. If it is your first time, you will have to click “Approve”, then “Swap” (this will cost 2 separate gas fees)
- You now have HEX! If it’s not visible in your Metamask wallet, don’t worry. Just click “Refresh List” or “import tokens” too make HEX visible
- Feel like staking it to earn HEX yield? Go to https://go.hex.com to get started!