The world has been in digital transformation for the past few decades. Ongoing digital developments have amazed humankind up to the core. Cryptocurrency is a digital currency that is continuously increasing at a sharp rate. Ethereum is one of the top cryptocurrencies in terms of valuation. Therefore, every new investor looks to invest in Ethereum. However, most people do not have sufficient knowledge to buy digital currency.
Keep on reading the article if you are not well versed with Ethereum and how to buy it. Ethereum is a blockchain technology that produces digital currency for the masses. It is one of the most highly valued cryptocurrencies. Therefore, it is the right choice for every new investor.
Buying Ethereum is a simple process. You cannot purchase it from any bank since it is a digital form of currency. There exist several online exchange platforms for cryptocurrency purchases. You can use any of those exchange platforms to purchase Ethereum. Follow the steps below to understand the complete process for purchasing Ethereum.
Create an Account on Crypto Exchange Platform
The first step in purchasing Ethereum is to select the desired exchange platform for digital currency. There exist hundreds of exchange platforms across the internet, each having its pros and cons. However, it is advisable to choose those with a track record of safer transactions.
Ethereum is the second-highest crypto coin in terms of market capitalization. Therefore, almost every exchange platform will surely have Ethereum up for sale. Moreover, it is pertinent to mention that these exchange platforms allow users to make accounts free of cost. However, there may be different fees for making transactions.
Binance, eToro, Coinbase, and Gemini are some of the most famous crypto exchange platforms. Your first step is to make a free online account at any of these exchange platforms. It takes a few minutes to make an online account on the exchange platform. Furthermore, the best thing is that there is no fee for making an account.
Once you have made the account, you are all set to go and purchase Ethereum.
Link Your Crypto Exchange Account with Payment Method
The next important step in purchasing Ethereum is to link a contactless payment method with your online crypto exchange account. You have to use the digital payment method only since the whole purchase process of Ethereum is over the internet.
Top up your payment method for the price of crypto coins you wish to purchase. You can connect your debit card with it. Moreover, you can use your funds in PayPal or Venmo to purchase Ethereum. Linking the payment method with your exchange account paves the way for purchasing Ethereum.
It is also highly critical to mention that there may be a fee for the transaction of Ethereum over the exchange platform. This fee varies from platform to platform. Therefore, do some research regarding the transaction fee and select the exchange platform at your convenience.
Once you have connected your exchange platform account with a payment method, you are ready to make your first Ethereum investment.
Purchase Ethereum Using Desired Payment Method
Now is the time to roll your funds and own this digital form of currency. You can purchase any amount of coins you want if you have the required funds. The whole transaction for purchasing Ethereum over these online exchange platforms takes a few minutes.
Use your digital payment method to purchase Ethereum. Choose a valid number of coins you wish to purchase. You also have to ensure that you have sufficient funds to cover up the cost of Ethereum and the transaction fee. Now proceed with the payment method.
Now, select your preferred payment method as per your choice. Double-check the total amount of the transaction, including the purchase amount and the transaction fee. Once you have confirmed the transaction amount, validate the payment. In a matter of a few seconds, you will have your Ethereum in your online exchange account.
Meanwhile, you can also sell your Ethereum over the same platform in the near future. The price of Ethereum fluctuates sharply. Therefore, keep an eye on exchange rates, and once it hits the bull’s eye, you can sell your Ethereum for a higher price. The selling process is also as easy as the purchasing process.
Store Your Ethereum
After purchasing Ethereum, the next important step is to store your digital currency. If you have a small quantity of Ethereum, it is better to keep it in the online exchange amount. Smaller amounts are better off within an exchange platform.
However, storing a larger amount of Ethereum in the exchange account is not preferable. There may be chances of a possible cyberattack, and you may lose your Ethereum from the exchange platform. Therefore, the digital world relies on the digital wallet for the safety of their cryptocurrency.
There are various digital wallets available over the internet. You may select any one of them depending upon the users’ comments. These digital wallets are the safest place to store your Ethereum. The digital wallet is free to use by making an online account and linking your exchange account with it.
Upon successful linkage, you can transfer your Ethereum to your digital wallet. Moreover, you can transfer them back to the exchange platform whenever you wish to trade them. It is very easy to do these transfers, and it usually takes a few seconds.
Value of Ethereum
Ethereum has long been in the digital market. It has seen ups and downs during the trading period. However, Ethereum has proved to be a successful investment since its value has increased drastically.
Currently, Ethereum stands at $3,350, and it has achieved this height in one year only. If we go back 12 months, the price was approximately $1,000. Hence, keeping in view the Ethereum market trend, it is a safe and secure investment. It will yield significant profit in the near future if you invest today.
Ethereum is one of the topmost cryptocurrencies in value and market capitalization. Therefore, many new investors wish to invest a major chunk of their investment in this digital currency. However, people often face difficulty when it comes to purchasing Ethereum.
To purchase Ethereum, you first select any online exchange platform for digital currencies. After that, you can make an account on the exchange platform free of cost. In addition, you have to link your payment method with the online exchange account. Once you add the payment method, you are set to make your first digital purchase.
After purchasing the digital currency as per your requirement, you can either keep them in the exchange platform or use the digital wallet to store them.