How to Transfer Money Into Your Crypto Wallet on a Computer

Getting involved in the cryptocurrency world can be a lot of fun and even potentially profitable. However, it does require some initial setup and a base layer of knowledge. That’s because decentralized applications (dApps) require a cryptocurrency wallet to interact with. Unfortunately, cryptocurrency wallets can not hold regular fiat currencies like the US dollar. That means you need to exchange your fiat money for cryptocurrency and then transfer that to your crypto wallet.

Here’s a quick step-by-step tutorial to onboard your crypto from a centralized exchange to your own crypto wallet.

👉 Create an account on a centralized cryptocurrency exchange (we’ll use Coinbase in this instance)

👉 Once your account is ready to go and you’ve set up a payment method, select Buy / Sell in the top right corner.

👉 Choose the cryptocurrency you want to buy by clicking the Buy field (Let’s say Ethereum for this example).

👉 Add the amount you want to buy in crypto or in your domestic currency.

👉 Choose a payment method.

👉 To complete your purchase, click Preview Buy 

👉 If all of the information is accurate, click Buy to finalize your order.

👉 Click the Send/Receive button in the top right corner once you’ve purchased some Ethereum.

👉 The Send/Recieve screen will ask for the token you want to send, the amount, and the address you’d like to send it to. Be sure you are on the Send tab and fill in the information.

👉 Download Metamask or another reliable crypto wallet. Go to Metamask and click on your Ethereum wallet; you’ll be able to find your Metamask Ethereum wallet address. 

👉 Copy and paste your Metamask Ethereum wallet address into your Coinbase transaction by clicking the copy button (It is very important to make sure you have the right wallet address here; if not, you risk losing your funds).

👉 When dealing with large quantities of cryptocurrency, it’s best to double-check your address to make sure it’s correct. If you send it to the wrong address, there isn’t any way to get it back. You can also test out the address by sending a small amount first to make sure everything works properly.

👉 When you’re ready to send, click Continue, and another message about the network transaction fees will appear. The Coinbase fee is the cost charged by Coinbase when you withdraw money from the platform. The network charge is the cost of an Ethereum “gas” transaction. The total is the amount that will be deducted from your account.

📩 If everything appears as it should, click Send, and you should have the cryptocurrency deposited into your wallet shortly after.

You now have crypto in your Metamask wallet and can transact with the thousands of DeFi protocols on the Ethereum network at your leisure.

What If I Want to Buy Other Cryptocurrencies?

If you are dealing with other cryptocurrencies such as $BNB, $AVAX, $MATIC, $GLMR, or $IMX, the process is exactly the same, just with differing crypto assets. Depending on the blockchain you want to interact on, you will need the corresponding native token to pay for the network’s gas fees.