Do you want to start investing in Ethereum but are lost in the process you should follow to buy it? Here is the ultimate guide to buying Ethereum.
Ethereum, the second most popular cryptocurrency, has a unique technology, features, and qualities that might threaten Bitcoin as the number one crypto. It is a source of many open-source applications based on blockchain technology. It allows anyone to build decentralized apps and generally use the network, with Ether being a part of the process. This article highlights the process of buying this digital asset.
Choose a Cryptocurrency Exchange
The easiest and most popular way of buying this virtual asset is through a crypto exchange. As the second most popular cryptocurrency, finding a crypto exchange that works for you should be easy. Before anything else, choose a crypto exchange that operates within your jurisdiction, allowing customers from your region and then registering with the crypto exchange. Perhaps you could consider visiting Trust Pedia. It is a safe and secure platform with the information regarding crypto trading.
Ensure you research your chosen exchange and if it accepts the cryptocurrency with which you wish to trade. The registration process can vary slightly based on the crypto exchange you choose. Some will require significant personal information and identification documents, while others will require much less. However, those with fewer identification requirements will need additional information when unlocking certain activities, including expanded withdrawal limits.
Fund Your Account
The platform might require you to provide personal information and verify your identity to sign up for an account with a crypto exchange. Afterward, you can connect your bank account or debit card to fund your account. Various crypto exchanges have different options, including bank wire transfers or credit and debit card payments. The number of fees you will incur will vary based on your chosen method. You will find the fees details at the footer of the exchange website, or you can Google the name of the exchange in combination with the name fees, and the end finds the exchange fees details quite fast.
Funding your account does not mean you have purchased Ethereum yet, and like with any investment, you don't want to leave your uninvested money sitting in your account. To invest, you have to purchase this virtual asset.
Place an Order for Ethereum
Right after funding your account, you will be able to trade your US dollars for Ethereum. First, check the current Ether's market price and determine how much of this digital money you want to buy. Even if you don't have $500 to purchase an entire coin, your exchange will allow you to purchase infractions. Some even allow you to invest using a dollar amount.
When you place an order, be mindful of the order type. There are multiple types of orders, and the order you choose can affect how much you pay per coin and how quickly the platform fills your order.
Store Your Ethereum
You can leave a small amount of crypto in your exchange account. However, a digital wallet can offer more security if you plan to move your holding to more secure storage. There are different types of digital wallets, and they provide different levels of security. Sending your Ethereum to the chosen offline wallet is an essential and easy step that protects your holding.
Parting Shot
Buying this digital asset requires one to follow the above four steps keenly. This digital asset is a cryptocurrency running on the blockchain and can do everything else that Bitcoin did for money. Investing in this digital money comes with several benefits, including enjoying fewer transaction fees, fast transactions, no cases of chargebacks, and transactions are secure.