ShopX Buyers Guide
This guide will teach you best practices for buying crypto and tokens on the most popular exchanges and how to make transfers between them.
What is SHOPX?
SHOPX stands apart for the revolutionary impact it will have on the future of e-commerce. Click to read more..
Solves a Real Problem: As supply chain issues become more difficult to remedy, affiliate and social online or e-commerce growth remains a challenge. Decentralization of e-commerce through blockchain is the best way forward.
Great Team: SHOPX is a cryptocurrency token created by a company called SPLYT, which was founded to solve problems related to e-commerce trust and transparency. Founder, Cyrus Taghehchian, pioneered the NFT (which is a digital proof of authenticity for creators).
Want to learn more about SHOPX and SPLYT? Check out this article on their blog.
How to Buy SHOPX
Buy Ethereum On Coinbase
Ethereum ("ETH" for short) is also a great asset to hold. We also prefer using it to make trades.
Once you have your Coinbase account setup, navigate to your dashboard.
Click the blue "Buy/Sell" button.
Change "Bitcoin" to "Ethereum".
Connect your bank and select the amount to buy.
Coinbase doesn't have all crypto tokens available on their exchange. So, MetaMask helps us invest in the newest crypto while keeping it safe. Click to read more about wallet security..
Your crypto/ token assets are always safer on a wallet (rather than an exchange like Coinbase) because they're protected by a phrase and a password.
MetaMask is what's considered a "hot wallet". Meaning, it's connected to the internet. If you're concerned about security, or are holding a lot of crypto, we suggest getting a "cold wallet" (meaning, it can't be hacked because it's not connected to the internet). Cold wallets we recommend include the Ledger Nano (X or S) and Trezor One. Only buy these directly from the manufacturer's website!
Go to MetaMask.io to set up your wallet.
We like to use the extension on the Brave or Chrome browser, but you can also do this on your smartphone. Make this selection for yourself.
On the next screen, select "Create a Wallet".
Watch the video about how to secure your wallet.
We recommend writing your password and 16 word recovery phrase on a piece of paper and keeping it somewhere safe.
You should now have an Etherum wallet account that looks like this.
Get your ETH Wallet Address From MetaMask
Click the ellipses to see the dropdown and select “Account Details”.
This will pull up your MetaMask Ethereum wallet address.
Copy the entire address.
Double-check the Metamask wallet address (it starts with 0x). You can also use the QR code.
3. Transfer ETH to MetaMask
You've already purchased ETH on Coinbase. Now we're going to transfer it to your MetaMask wallet where it can be kept safe and used to buy/ sell on other exchanges.
On your Coinbase dashboard, click “Send/Receive” to bring up this screen.
We need to change a few things on this screen before making the transaction.
Click "USD Coin" and select "Ethereum".
Paste your Metamask Ethereum Wallet Address into the “To” field.
Enter the $ amount you want to send (where it says $0 and input the USD equivalent amount you want to send).
This is what you should see now. Press “Continue”.
IMPORTANT: DOUBLE-CHECK YOUR ADDRESS MATCHES YOUR METAMASK ADDRESS. Review the transaction and press “Continue” again. The next screen will confirm the amount sent.
Wait about 10 minutes and check your Metamask wallet. It should now show that you have ETH in your Metamask account.
Congrats! Now your coins are in a wallet and off the exchange.
While still on this screen, click the "Add Token" button.
Click “Custom Token”
Add SHOPX to your wallet so that you can see it:
Copy this SHOPX Token Contract Address: 0x7bef710a5759d197ec0bf621c3df802c2d60d848
Paste the address into the "Token Contract Address" field.
The Token Symbol should autoload into the "Token Symbol" field.
4. Swap ETH for SHOPX on Uniswap
Uniswap is an exchange, like Coinbase. There are many exchanges, but we like Uniswap for its simplicity and popularity with the newest crypto.
Click this URL to go to the SHOPX page on Uniswap https://info.uniswap.org/#/pools/0xe4b82df044511a7162bea1f11119f6d1283a43a8
Note: It’s important to make sure you select the right token on Uniswap. We’ve included this URL to make it easy. However, when you’re buying other tokens, I suggest using the CoinGecko Defi 100 list to make sure you are selecting the right token.
On the ShopX / ETH page click “Trade”.
When the popup appears, click “Import” to import ShopX.
The "Swap" popup will appear.
Now we need to make some changes to the swap screen. The current configuration shows you want to trade SHOPX for WETH9, but we need to change it to say you want to swap Ethereum (ETH) for SHOPX.
To do this, click the arrow in the middle. Now ShopX should be on the bottom.
Change the first row to show ETH by clicking the "WETH9" and select "ETH".
Once the setup shows ETH on top and SHOPX on the bottom click “Connect Wallet” and select “MetaMask”.
Your MetaMask wallet will pop up in the window.
Click “Next” and then “Connect”.
Once connected, enter an amount of ETH to swap with SHOPX.
The amount of SHOPX that will be purchased is shown in the next row.
Note: if you try to trade all your ETH for ShopX, it will say you have insufficient funds. This is because there are exchange fees.
Now click “Swap”.
Review your swap and click “Confirm Swap” on Uniswap.
Your MetaMask wallet will pop up and ask you to confirm the swap.
Click “Confirm” on the MetaMask pop-up.
This will confirm the transaction is submitted.
Click “Add ShopX to MetaMask” if you haven’t done so already.
Congratulate yourself for making your first SHOPX purchase. Now you’re ready to buy and sell any token on Uniswap or Coinbase.
Review Your Transaction
Before you go, here’s how to review your transaction details.
In your browser extension or app, click the "Assets" tab to view a list of current assets and amounts.
Toggle to the "Activity" tab to see the latest transactions.
Here you can click on the transaction to see the details.
5. View Your Portfolio
To view your current holdings in your MetaMask wallet, open the menu and click "View on Etherscan".
On Etherscan you can review your transactions, token holdings, analytics and get access to a variety of crypto news.