How Can You Buy and Store Ethereum (ETH) – All Steps explained

Investors have been trading Ethereum in the crypto trading market since 2015. According to expert analysis, the cryptocurrency has attained a 2800% price increase since its launch. Although it went down by 87% after getting as high as $1500, Ethereum is still a viable investment given its decentralized nature.

From what is happening in the crypto community, it is evident that many players are looking favorably to Ethereum than Bitcoin. They believe that the network will be the platform for next-generation applications & monetary transactions.

Also, from the data we gathered, some Fortune 500 companies & financial prefer Ethereum more than other cryptos. Due to this growing trust, lots of investors are already investing heavily in ETH.

If you’re also planning to invest in ETH and wondering where to buy it, let’s help you with that.

Buy Ethereum from Crypto exchanges

  • Choose a well-established exchange

If you want to get Ethereum tokens faster, visit a popular and reliable crypto exchange. Due to the popularity of Ethereum, you will find it to buy n every well-established crypto exchange. However, before you use any platform to buy ETH, you must conduct a thorough investigation to avoid scammers.

The crypto market is characterized by volatility. Sometimes it is profitable, and other times it is not. Due to the fledgling space, many fraudsters are constantly duping unsuspecting investors. So, never trust any exchange without doing your due diligence.

Make sure you pick a genuine exchange, have a well-established headquarters, offer the security of trading funds, provide responsive support, etc.; in the industry today, we have many exchanges, but the few we can recommend include, Coinbase, eToro, Binance, and Bitfinex.

  • Register on the Exchange

After selecting the exchange, you prefer, you’ll proceed to register on the platform to prove your legitimacy. During the registration process, the exchange will require that you provide some important details about yourself. This is part of their KYC (Know Your Customer) process as directed by the global Anti-Money Laundering (AML) regulations.

After providing your details, the exchange officials will go ahead to verify you. Once they’ve done that and confirmed your identity, you can now buy ETH with your new account. However, before you can do that, you must deposit some fiat money. But don’t worry, since you submitted your details and the officials approved it, you’re set to go.

  • Deposit Fiat currency.

The amount of money to invest can be anything between $5 and $1000. Start by adding money to your wallet through your debit card or bank account. Once you add the money, you can wait for a little for the funds to turn into the exchange’s fiat currency.

The time it will take to happen depends on your bank and the processing protocols and speed of the exchange. Immediately after your fiat currency drops, you can now buy Ether.

Buy Ethereum with other crypto assets

For some time now, there has been a lot of improvements in crypto to crypto purchases. One of the reasons behind this development is the increase in fiat-backed stablecoins such as Tether (USDT).

Another reason is the increasing restrictions that banks were putting on purchasing crypto with credit and debit cards. Even the banks were very restrictive of wire transfers as well. So, instead of facing too many challenges and restrictions, the crypto community leaned towards purchasing crypto with stablecoins or other cryptos.   

So, if you want to take the crypto-to-crypto method to purchase Ethereum, first get some Bitcoin since it is the benchmark for that kind of transaction. You can also use a stablecoin backed by USD, such as USDC or USDT, which you can find on P2P trading exchanges. On these platforms, you can get fiat with your fiat stablecoins and then use it to buy your ETHER.

Safeguard your Ethereum

After buying your Ether from a crypto exchange, the next important step is to withdraw it into your Private Wallet. The reason behind this step is to safeguard your crypto where you can control it and avoid hacks. Many crypto exchanges have suffered one hack or exploit in recent times. So, keeping your Ether on them is very risky.

Recently, Binance was hacked, and this platform is popular for being the largest exchange in daily trading volume. This goes to prove that these exchanges are unsafe to store your Ether. So, you need a crypto wallet that can give you the private keys which you can use to control it. Some of the popular companies where you can buy such wallets include Ledger, TREZOR, KeepKey.

Apart from these cold wallets, you can use any software wallet such as TrustWallet, Exodus, etc. Other light clients’ wallets which Ethereum investors use include Atomic Wallet, MyEtherWallet, etc.