The world was recently shocked to hear that Elon Musk and Grimes had given their latest child the unconventional X AE A-12. In response to this news, Elon fans launched a new cryptocurrency token with the same name.
In this easy-to-understand, step-by-step guide we will show you exactly what XAEA12 is and how you can purchase and use it in no time.
What is XAEA12?
X AE A-12 (XAEA12) is a community-driven meme-coin, pronounced “X-Ash-A-Twelve”, and based on the name given to the latest child of the famous entrepreneur (and meme-lord) Elon Musk.
The token uses the ERC-20 standard and is built on top of the Ethereum blockchain. It has a limited total supply of 1 trillion coins. In addition to this, 5% of all tokens are earmarked to eventually be donated to a charity, although which charity or cause is yet to be announced.
Whether you’re an Elon fan, or just looking to hop on the meme-coin trend, XAEA12 may be worth taking a look at.
If this sounds interesting to you, read on to learn how you can purchase XAEA12 and join a like-minded community of Elon fanboys (and girls).
How to Buy XAEA12
Unlike other popular cryptocurrencies, it isn’t currently possible to buy XAEA12 crypto directly with fiat money. However, you can still easily buy XAEA12 by first buying another crypto like BTC from any fiat-to-crypto exchanges and then sending it to the exchange that supports the trading of XAEA12. In this section, we will walk you through in detail the steps to buy XAEA12.
Step 1: Register on Fiat-to-Crypto Exchange
If you want to trade cryptocurrencies like XAEA12 you will need an entry point to the crypto universe. This is known as a fiat-to-crypto exchange. These exchanges allow you to trade your fiat money (such as dollars) for cryptocurrencies.
CryptoWallet is an excellent option for a fiat-to-crypto exchange since it is fully regulated and all funds are secured by BitGo, an industry-leading custodian. In addition to this, the CryptoWallet app provides an intuitive and guided registration process and includes unique features such as the crypto debit card which allows you to spend your crypto like cash anywhere that accepts debit card payments.
You can download the easy-to-use CryptoWallet app on both Apple and Android devices. Once you have finished the easy registration process you are ready to begin purchasing crypto.
Step 2: Buy ETH with Fiat Money
Now that you are registered on CryptoWallet you are ready to buy your first cryptocurrency which you will later use to trade for XAEA12. CryptoWallet allows you to purchase cryptocurrencies with your debit or credit card, making the process very familiar to online shoppers. CryptoWallet currently supports Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT).
In the case of XAEA12, we recommend purchasing Ethereum (ETH) to begin with since XAEA12 is currently only available on Ethereum-based decentralized exchanges (DEXs). Decentralized exchanges allow you to trade your crypto directly from your wallet without needing to give up custody to a different exchange.
After purchasing ETH on CryptoWallet you are ready to trade that ETH for XAEA12 which we will cover how to do in the next step.
Step 3: Use a DEX to Trade for XAEA12
Before you can trade your ETH for XAEA12 you will need to find a decentralized exchange that supports XAEA12 as well as a wallet that supports XAEA12 to send your new cryptocurrency to after the trade.
As mentioned XAEA12 is currently only supported on Ethereum-based decentralized exchanges, and decentralized exchanges allow you to swap your cryptocurrencies directly to your own wallet without relying on a centralized entity.
Uniswap is one of the most popular decentralized exchanges and likely your best option to swap between ETH and XAEA12. In terms of wallets, MetaMask is a good option for a wallet that is widely trusted and supports all ERC-20 tokens such as XAEA12.
To make your trade on Uniswap you will need to first send your ETH to your MetaMask wallet and then connect your MetaMask wallet to the Uniswap DEX. Uniswap provides excellent instructions on how to execute trades on their platform here.
Once you have finished executing your trade you will now own XAEA12 which will be available in your MetaMask wallet. Your next step is to consider where you will store XAEA12 for the long term.
Last Step: Store XAEA12 Securely
You have many options to store cryptocurrencies like XAEA12, but the two primary ways are to use either a software (online) or a hardware (offline) wallet. Each option comes with its own set of tradeoffs that must be considered.
Software wallets are easy to use and provide you with fast and easy access to your crypto when you need it. CryptoWallet, for example, stores your crypto in a wallet secured by BitGo, an industry-leading custodian, and allows you to trade, sell, store, and even spend (using their unique crypto debit card) with ease. Unfortunately, CryptoWallet is currently focused on supporting five of the major large-cap cryptocurrencies: Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). Therefore, it is not an option for storing XAEA12.
Another option is to keep your XAEA12 in your MetaMask wallet where it is already stored. MetaMask is very convenient and a great option for small to medium amounts of funds. However, the fact that MetaMask stores your keys online means that it may not be the best option for those who are storing large amounts of a cryptocurrency over long periods of time. If this is the case you should consider using a hardware wallet such as a Ledger or a Trezor, both of which support ERC-20 tokens like XAEA12.
Hardware wallets store your keys offline making them the most secure option for storing crypto. The downside of hardware wallets is that they are an added expense to purchase and that they can be cumbersome for those who want easy access to their crypto regularly.
- You should consider your own circumstances before deciding which of the options highlighted is the best for you.
Other Useful Tools for Trading XAEA12
Price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like XAEA12. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading XAEA12 as well as the trading pairs they support (for example ETH to XAEA12, etc).
Can I buy XAEA12 with cash?
You cannot buy XAEA12 with cash, but you can use your debit or credit card to purchase ETH on CryptoWallet and then swap that ETH for XAEA12 on Uniswap.
Are there any quick ways to buy XAEA12 in Europe?
XAEA12 is currently only available on Uniswap, so the quickest (and only) way to purchase it is to use a fiat-to-crypto exchange like CryptoWallet to buy ETH and then trade ETH for XAEA12 on Uniswap.
Are there any alternative platforms to buy XAEA12 or Ethereum with credit cards?
As mentioned, XAEA12 is only available on Uniswap. You could potentially use a different fiat-to-crypto exchange to buy ETH, however, we recommend using CryptoWallet for a fast, easy and safe experience. If you do choose another exchange be sure to do your research on its safety and reputability.