Some cryptocurrencies, like Apollo, can only be purchased with another cryptocurrency on decentralized exchanges. To buy Apollo, you’ll need to first purchase, or already own, Ethereum and then use Ethereum to buy Apollo. And to do that, you need both an exchange account and a crypto wallet.
If you would like to buy Apollo using Coinbase, you will need to use two Coinbase products, Coinbase Exchange and Coinbase Wallet. You will need to set up an account for each product.
In general, the steps to buying Apollo with Coinbase are:
- 4.Use the in-app Browser to access Uniswap.
- 5.Swap Ethereum for Apollo on Uniswap.
For steps 4 & 5, you have different options depending on your familiarity with crypto and how much control you want to have over your tokens.
- 1.Buying Eth With Coinbase Custodial Wallet (Recommended for new Crypto holders) - If you are new to crypto this will be the smoothest way to get into Apollo. It is custodial so Coinbase will retain your seed phrase for you. It also is inside the Coinbase app so that all of your crypto can be in one place.
You technically do not “hold” anything on an exchange, because the exchange is holding it for you. You are limited to moving your currencies around within the exchange itself. However, most crypto is not supported by all exchanges. So it's common to have to move your crypto to a Decentralized Finance (DeFi) self-custody wallet, such as Coinbase Wallet, which allows you to trade your crypto for just about anything.
DeFi wallets are directly tied to the blockchain which no single company or group controls. This means you are solely responsible for the security of your DeFi wallet. As part of this crypto journey, you will undoubtedly be introduced to the term “seed phrase”. If you are using a "non-custodial wallet" it is monumentally important that you do not lose that phrase or allow it to get into the wrong hands. If something happens to your wallet (like you lose the device you use to sign in to the wallet or just lose a “cold wallet”), the only way you can recover or sign in to that wallet again is with that seed phrase. There is no helpline or “forgot your password” option. It will be gone forever. Also if someone gets ahold of your seed phrase, they can gain control of your wallet and take everything in it. "Custodial Wallets" will store your seed phrase for you. So that you can reach out to the wallet company to recover your wallet. The downside is that you lose total control over your wallet as now another organization has the "keys" to your wallet.