Ethereum and bitcoin are the two most popular cryptocurrencies that traders prefer for investment. When we look at the history of these digital currencies, we find out that they have proven to be quite beneficial for users. So, if you have decided on buying Ethereum for trading purposes, then you can rely on this article for learning how to buy Ethereum and more about it. In case this is your first involvement with cryptocurrency then the process might seem tricky to you but in the end, you will realize that it was quite easy.
Thus, this article will be of complete help to the users who are new to the crypto world and are going to buy Ethereum for the very first time. So, let’s begin.
Stepwise guide to buying Ethereum
Step 1- Choose a trading platform
First of all, you need to identify one of the best and reliable platforms, to begin with, the trading purpose. There are a lot of such platforms available in the marketplace including Gemini, Binance, Kraken, Coinbase, and so on. Based on their security factor, reliability, and fee, you can choose the most appropriate platform among these.
Step 2- create an account on the chosen platform
Our next step on how to buy Ethereum would be to create an account on the platform that we have chosen for exchange. For example, if you have chosen Coinbase for buying Ethereum, then you need to sign up for an account on over it. For signing up on this brokerage platform, you need to provide your Social Security Number, name, address, etc. do not forget to verify your account before moving on.
Step 3- Now, deposit the preferred amount of currency in your account
Since there is no minimum specified amount for making this deposit, therefore, you can choose to deposit as low as $5 to the maximum you can. You can deposit the preferred money using your bank account as well as your debit card.
Step 4- start the trading process
Now that your account has the currency for buying Ethereum, you can start with the trading process. Here, we shall take the example of buying Ethereum on Coinbase:
- First of all, go to the official portal of Coinbase
- Log in to your account using the registered credentials
- Now, go to the “Buy/Sell” tab
- Then, choose “Ethereum” from the currency drop-down
- Enter the amount in one of the two columns i.e. ETH or local currency
- Now, choose how you wish to pay for purchasing Ethereum
- Review and confirm the order
- And, hit on the “Buy Ethereum” option
Step 5- Get your ETH into a wallet
You need to get an external wallet for storing the purchased cryptocurrency. This is one of the most important steps because if your account gets hacked, you will not lose the purchased ETH if you have stored them in a wallet.
The Bottom Line-
So, if someone asks you how to buy Ethereum, then you can narrate the whole process and use this article for buying ETH yourself as well. The first-time buyers will require comparatively more time in order to get started. However, once you choose the exchange platform and set up your wallet, it will no longer be much time-consuming.
Frequently Asked Questions-
How much does it cost to buy Ethereum?
Along with paying the actual value for buying Ethereum, you need to pay an additional fee for it as well. The fee for buying Ethereum varies on different platforms. Therefore, before you proceed to buy ETH, make sure to check the trading fee which is usually around $20.
Where is the best place to buy Ethereum?
If you are wondering about what could be the best place from where you can buy Ethereum, then you should note that there are several platforms that allow you to trade in ETH. Some of the best exchange platforms include Coinbase, Gemini, CEX.IO, Bittrex, Coinmama, Kraken with 4.6, 4.4, 4.2, 4.2, 4, and 4 ratings respectively.
What is the current value of Ethereum?
If you wish to know the current Ethereum Price, then you can make a Google search about the same. As of 20th May 2021, 1 ETH is equal to 2,699.72 USD but this value keeps on fluctuating with the fall and rise in its price.
What was the highest price of Ethereum till now?
As of April 2021, the highest recorder price of ETH was $2,800 to date and it has not seen any rise above it after that. Since Ethereum holds the second-largest cryptocurrency value, therefore you never know when its price rises more than this.
Do I need a wallet to store Ethereum?
Not only ETH, but you will need a wallet to store every variant of cryptocurrency. As soon as you buy ETH, you need to withdraw it either to a bank account or to an external wallet. There are numerous online wallets available for users to choose from.