How to buy Ethereum
The rising value of cryptocurrencies may be dominating the news, but if you are considering them as an investment, bear in mind that they’re a highly volatile asset.
But even bearing this in mind, you should diversify your portfolio with popular coins. In this article, we will explain how to buy one of the most valuable altcoins – Ethereum.
What Is Ethereum?
Since its debut in 2015, Ethereum has consistently been a top choice for investors, after the market leader Bitcoin (BTC). In terms of global market value, the coin has experienced its fair share of ups and downs. The integration of digital money with the Ethereum Network is its main selling point.
Ethereum Network provides several prospects for development, and it is viewed by many as a more attractive investment than BTC. Ethereum is also vouched for by several Fortune 500 firms and is used by many financial institutions and investors that increasingly prefer to diversify their portfolio with the coin.
How can you buy Ethereum?
Here are five steps to buy Ethereum (also known as Ether):
1) Find an exchange
It is vital to select the best trading platform that meets your requirements. Coinbase, Kraken, Bitstamp, Gemini, Binance, and Changelly are the most popular cryptocurrency exchanges, and all of them support Ethereum. The last one, Changelly, allows you to access 150+ other cryptocurrencies via a user-friendly mobile app or site.
When choosing an exchange, you should pay attention to its type. Does it allow you to convert fiat to crypto or crypto to crypto like ETH/BTC?
2) Create an account
Choosing a crypto account is similar to opening a brokerage account:
- Provide your name, address, email, and phone number.
- Set up your login and password.
Verification is the final stage. Most exchanges will want you to confirm your account in one or more steps. This is where you will most likely be required to upload documents to verify your identity and confirm that your account complies with regulatory standards. Verification can take anywhere between an hour and a day or two, depending on the exchange.
3) Make a deposit
Next, deposit your funds. If you want to buy Ethereum for fiat, simply make a transfer from your bank account, debit card, or Apple Pay. Because most exchanges charge a fee for each deal, swapping large funds at once may be profitable.
Cash deposits in C2C exchanges may be more difficult. These exchanges need you to use a code to transfer crypto from your wallet.
You’ll be able to buy Ethereum and other cryptocurrencies via an exchange once your account has been verified and funds have been placed into it. Each exchange has a slightly different interface, but expect to confirm transactions and then allow for processing time, which can vary based on the number of transactions requested.
5) Transfer your profits
You can transfer ETH from the exchange to a wallet. Just enter the wallet address, confirm the transaction, and wait for it to be completed.
Take your time when buying Ethereum
While you can buy Ethereum via numerous exchanges, you should never hurry up when making your choice. It’s essential to check if the platform accepts deals in your preferred currency, offers convenient payment methods, and has an intuitive layout.
What is more, you may need to check the customer support and FAQ. These two will be essential if any questions arise and you need help immediately. That’s why you should never underestimate the importance of a 24/7 approachable support team.