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A step by step guide on how to buy & store the Decred (DCR) cryptocurrency

What is Decred?

Decred is a cryptocurrency with focus on community input, open governance and sustainable funding and development.

What are DCR coins?

DCR is the currency used on the Decred blockchain.

Disclaimer

This guide is not and should not be interpreted as investment advice, a recommendation regarding a course of action or as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative and complex, and they involve significant risks­—they are highly volatile and sensitive to secondary activity. Performance is unpredictable, and past performance is no guarantee of future performance. Consider your own circumstances and obtain your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators' websites before making any decision. The author may have holdings in the cryptocurrencies discussed. All product names, trademarks, brands, photographs and logos are the property of their respective owners.

How to buy Decred
Important notes: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

It's highly recommended to have quality virus/malware protection on your computer, such as Bitdefender, before buying cryptocurrencies.

Notes: Images can be clicked to see a larger version.

If you're confused by any terms used, a glossary can be found here.

This guide is kept up-to-date as much as possible, but websites & software are being constantly updated- your experience may differ from what is documented.

There are three parts to this guide (click to skip to them): Setting up a Decred wallet, buying Ethereum and then exchanging Ethereum for Decred.

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For this guide we're going to be using the official wallet for storing your Decred coins- downloaded from the Decred website.

Click the 'Download Wallet' button. This will download the wallet installation file onto your computer.

Open this file.

Decred wallet
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Follow the onscreen instructions to install the wallet onto your computer.

Once it's finished open the wallet program, it will be called 'Decred'.

Decred wallet
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Your computer may ask you to approve the wallet accessing the internet through your firewall. You must allow access for the wallet to work correctly.

Decred wallet
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The wallet will ask you to 'Connect to dcrd'. You do not need to change anything here- simply click 'Continue' and the wallet will connect to the Decred blockchain.

Decred wallet
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Click 'create new wallet'.

Decred wallet
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You will be presented with your wallet seed. Read the warnings and be sure to understand them.

This powerful unencrypted private key to your wallet (it's a way of opening your wallet without knowing the password) should be copied down and kept somewhere very safe.

Note: if you lose this seed you may lose access to your wallet and coins.

Press 'Continue'.

Decred wallet
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You will now have to write the seed back into the box to prove that you have an accurate copy of it.

Press 'confirm' when done.

Decred wallet
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You will now be asked to enter a password for your wallet so it can be encrypted.

Enter a password that would be hard to guess (but which you won't forget!).

Note: if you forget this password you can possibly lose access to your coins.

Decred wallet
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Your wallet is now open.

Click 'Request Payment' and then 'Generate Address'.

You will be given a wallet address, which looks like a long string of numbers and letters. Copy this down somewhere safe as we'll need it again soon.

Decred wallet
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Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Decred (if you already own Ethereum you can skip ahead).

Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
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Cex.io
  • Worldwide coverage, 99% of countries.
  • Accepts debit/credit cards and bank transfers.
  • High initial buy limits compared to other exchanges.
  • ID verification required.
#
Coinmama
There are also some other exchanges (but without step by step guides) listed here.
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If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
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Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email and a password.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

Signing up to Coinbase
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Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Ethereum on Coinbase
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You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Ethereum on Coinbase
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Click here to go to Coinmama.

In the sign up form, enter your email address and first and last name (make sure these are exactly the same as on your photo ID).

Enter a strong password (that you won't forget!).

Select your country, tick the box to show you understand their terms and conditions and press 'Register'.

Coinmama
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You will be sent an email to confirm your email address.

Go find that email and click the link in it.

You will be informed that your email is now confirmed. Press 'Continue'.

You will be prompted to log in. Enter your email and password and press 'Login'.

Signing up to Coinmama
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You won't be able to buy any Ethereum until you verify your account.

In the left-hand menu, click 'Verify your account'.

You will be asked to fill in your personal details. Once you have, press 'Next'.

Signing up to Coinmama
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Here you need to upload some pictures of your ID.

You're also asked to take a selfie of yourself holding your ID, as well as writing 'Coinmama' on a piece of paper with today's date.

Make sure none of these pictures are blurry, or they will be rejected.

Once you've uploaded the files you'll be informed your documents are under review- unfortunately you'll have to wait until you're verified to continue your purchase.

Signing up to Coinmama
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Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
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Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
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You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
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Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
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Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
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Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
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Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
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Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
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You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
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Congratulations- you now own some Ethereum!

Press 'Ok'.

Signing up to Cex.io
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While you're waiting to be verified, we'll sign up for Kucoin, so you'll be ready to exchange your Ethereum for Decred.

We'll use the site Kucoin to exchange your Ethereum for Decred.

We'll use the site Kucoin to exchange your Ethereum for Decred.

We'll use the site Kucoin to exchange your Ethereum for Decred.

Click here to go to Kucoin, and click 'Sign Up' on the top right menu.

Enter your email address, and a strong password (that you won't forget!).

Press 'Next'.

You will be informed that a confirmation email has been sent to your inbox. Go find that email and click the link in it. If you don't see the email check your junk folder.

Kucoin exchange
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The link in the email will log you into your Kucoin account.

Before you can deposit your Ethereum into the exchange you must set up two-factor authentication on your account.

Press 'Google 2-Step' in the left side menu and follow the instructions in setting up Google Authenticator on your mobile phone/computer (though we recommend using the Authy App instead).

Setting up a Kucoin account
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Once your 2-step is set up, press 'Assets' on the top menu.

In the list of coins, find Ethereum (ETH) and press 'Deposit'.

Note: Double check you've actually selected Ethereum (ETH)- if you send your coins to the wrong wallet you will lose them.

Note: Kucoin has a minimum withdrawal amount for Decred, so if you're only making a small purchase you may not have enough coins to withdraw them to your personal wallet, and will have to store them on the exchange. You can quickly check this minimum by finding Decred in the list, pressing 'Withdraw' and checking the 'Min withdrawal amount'.

Setting up a Kucoin account
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On this screen you will be given a wallet address (a long string of numbers and letters) to deposit your Ethereum to.

Copy this address down as you'll need it soon.

Setting up a Kucoin account
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Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.

Click 'Send'.

Sending Ethereum on Coinbase
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In the 'Recipient' box, paste the Ethereum wallet address we just copied from Kucoin.

In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

Sending Ethereum on Coinbase
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Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.

Input the amount of Ethereum you're sending.

In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Kucoin.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
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You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
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You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
5

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Kucoin.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
6

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
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You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
19

Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.

You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.

Once you're satisfied with the amount, press the 'Buy Ethereum' button.

Signing up to Coinmama
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You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Kucoin.

Press 'Go to payment'.

Signing up to Coinmama
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You will be asked for your credit/debit card details. Input them and press 'Pay Now'.

Signing up to Coinmama
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You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.

Signing up to Coinmama
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Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Kucoin. When you're happy, click the confirmation link in it.

Coinmama will now send your coins to your wallet address.

Signing up to Coinmama
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Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Kucoin wallet.

Kucoin will update automatically so there's no need to refresh the page. You will also be sent an email when the Ethereum hits your wallet.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about Decred, encouraging its popularity and value to grow.

Here's some share buttons to make it easy:

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Once the Ethereum shows in your 'Available ETH' balance we're ready to trade it for Decred.

Click here to jump straight to the DCR/ETH exchange market on Kucoin.

Setting up a Kucoin account
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This page will look overwhelming at first, but don't panic as we'll only be using a small part of it.

First, look to the box marked 'Buy/Sell' and enter a 2-factor authentication code from your phone/computer to enable it.

On the 'Buy DCR' side of the box, click the number beside 'Best price'. This will input the lowest price that DCR are currently selling for. Below that, it will also show you how much this price is in dollars (this is price per coin).

In the box marked 'Amount', click the blue symbol beside 'Max', and this will show you the maximum amount of DCR, at this price, that you can buy with your Ethereum.

If you don't want to spend all your Ethereum right now, you can manually type the amount of DCR you wish to buy in the box, or use the slider below it to change the percentage of Ethereum spent.

Once you're happy with the amount, press 'Buy'.

Setting up a Kucoin account
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Your buy order has been placed.

You will soon see your new Decred balance appear in 'Available DCR' on the sell side of the Buy/Sell box.

If your order didn't completely fill (because there wasn't enough Decred for sale at the price you asked to pay) then the remainder of your order will appear in 'Active orders'.

You can choose to wait and see if the order fills (which will happen if more coins become available at that price), or you can cancel the order and place a new one with a higher price.

It might be useful to take a look at the order book in the top right of the page to see how many coins are available at what price- the ones marked in red are the 'for-sale' coins.

Setting up a Kucoin account
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If you're comfortable with it, you could just leave your coins on Kucoin and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Click the Kucoin logo in the top left of the screen.

Click 'Assets' in the top menu.

Find Decred and press 'Withdraw'

In the boxes that appear, fill in this information:

Address: Put the wallet address that you copied from Decred wallet (in step 9).

Amount: Type the number of coins you wish to withdraw (there is a minimum amount for a withdrawal so make sure you enter a number above that).

You will also be required to enter a 2-step authentication code. Enter it and press 'Confirm'.

A pop-up will inform you the withdrawal is confirmed and has been submitted for processing. You will also be sent an email to confirm the withdrawal.

Setting up a Kucoin account
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Go back to your Decred wallet.

You should soon see your new coins appear in the balance.

Decred Wallet
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What about when you're ready to sell your Decred?

You simply reverse the order of tasks you performed in this guide.

For example, you send your Decred to Kucoin, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Coinmama Local Bitcoins and sell it for your preferred currency.
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