How to Buy DUST

How to Buy DUST

How to Buy DUST | June 14, 2023

Here’s a step by step guide on how to purchase DUST for a complete beginner.

  1. Buy some Solana (SOL) from a centralized exchange like Coinbase, Kraken, or Gemini. This will require making an account at one of these exchanges and depositing some money. If you deposit via ACH, note that you will likely have a 7-10 day hold on your funds before you can withdraw.
  2. Withdraw Solana to a self custody wallet like Phantom or Backpack.
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Self custody simply means that you own and control the funds on the Solana blockchain without any third party involved. When you hold SOL or any other crypto token on an exchange, the exchange is actually holding it for you on your behalf, making them the custodian of your money.

Let’s use Phantom for this example since they have an in-wallet swap feature that will make this easy, plus you can do it on mobile OR desktop.

In order to withdraw SOL from your exchange of choice to your Phantom wallet, you’ll need to download phantom from the official site here: https://phantom.app/

Walk through the setup process which includes selecting the Solana chain & saving your seed 12-word phrase somewhere safe. Never share this with anyone.

Copy your Solana address:

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Back on your centralized exchange of choice, withdraw Solana (SOL) and paste your Phantom Solana address as the withdrawal address. Make sure you are withdrawing using the Solana Network (do not withdraw to ERC-20, BSC, Ethereum, Polygon, etc.)

  1. Swap SOL for DUST in your Phantom wallet.
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Using the swap tab, swap your desired amount of Salana for DUST. Make sure you leave at least 0.01 SOL or so to pay for gas fees on future transactions.

Congrats you’re done!

Some notes:

The best place to buy DUST in smaller quantities is Jup.ag (Jupiter Aggregator) on Solana.

The best place to buy DUST in larger quantities is Uniswap (higher gas fees) on Ethereum.

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In the image above, Orca is the second most liquid market for DUST, but Jupiter Aggregator simply aggregates liquidity from Orca, as does the swap feature within the Phantom wallet.

If you are interested in buying larger amounts of DUST, you can follow the same guide, using Metamask, ETH, and the Ethereum Network instead of Phantom, SOL, and the Solana Network. Note that transactions fees will be significantly higher.