Due to a much diverse and practical real world use, it’s a smart choice to invest in Ethereum as it is powering a multitude of applications and solutions. Here is how you can buy it in a few simple steps.
Step 1 – Get an Ethereum Wallet
Just like you need a wallet to store bitcoin, you’ll need one for Ethereum too. For storing Ethereum, cold or physical wallets are most secure. If you already have purchased a Ledger Nano, it can be used to store Ethereum. Another good hardware wallet is TREZOR one.
If you are looking to store on a digital wallet, you can either go for free software wallets but they aren’t as secure since they are always online. You can also buy MyEtherWallet or Exodus for your PC or Edge for mobile.
Step 2 – Choose Your Ethereum Exchange
To buy Ethereum, you will need to sign up on an exchange that deals in cryptocurrencies. Some of the top and most reliable exchanges include Coinmama, eToro, Coinbase, and CEX.io. Every exchange has its own set of features as well as advantages and disadvantages.
If you are just a newbie in the cryptocurrency world, it’s recommended to stay away from lesser known exchanges and start out trading with reliable ones who have established concrete reputation over the years. Another aspect you need to consider is the payment method which can include wire transfer, credit card and more. Check out the charges on deposit and withdrawal as well to ensure you are not spending too much in the way of transaction expenses.
Step 3 – Take Required Precautionary Steps
For the most part, cryptocurrency exchanges, especially the established ones, are secure and offer
multiple features to keep your digital assets safe. However, there are no regulatory bodies since all cryptocurrencies are decentralized and you need to be a responsible trader. There are some steps you can take to strengthen the security of your Ethereum coins.
• Use a separate email ID with a strong password to register yourself as a trader on an Ethereum exchange
• Run an anti-virus software and scan all your devices including PC, laptop, tablet and
smartphone to ensure there aren’t any viruses or malware that may give access
• Use a password with special characters, a combination of upper and lower case
letters, and spaces. Don’t forget to enable two factor authentication.
• Once you’ve acquired Ethereum, transfer it to your wallet immediately
Step 4 – Buy Ethereum from the Exchange
After you have taken all the above steps, you are now ready to buy Ethereum. Sign in to the exchange that you’ve picked and go to the market section where you will be asked to type in the quantity of Ethereum you want to buy. Simply enter the quantity and hit the buy button. Ethereum coins will be transferred to your exchange account in a while.
Remember that cryptocurrency is a volatile digital asset with fluctuating price. If you’ve seen Ethereum
selling for a certain price, it’s almost guaranteed that within a few hours the price would’ve moved. This is why you need to think on the feet and be a quick decision maker. The exchange will automatically execute the transaction on your behalf buying the coins at the best available price.
Step 5 – Store in the Wallet
Unless you are looking to tradeor use your Ethereum coins immediately, it is recommended that you transfer your cryptocurrency to your digital or cold wallet. In this way they won’t only be secure but will always be accessible to you regardless of what’s going on your exchange.