How to Buy Ethereum?

/How to Buy Ethereum?

How to Buy Ethereum? 2018-04-11T13:22:18+00:00
How to Buy Ethereum?

Quick inner navigation:

  1. Buying Ethereum in 5 easy steps
  2. How to choose an Ethereum Exchange?
  3. How to keep your Ethereum safe

Before you ask “How can I buy Ethereum?” perhaps it’s better first to ask ourselves what Ethereum is.

The most straightforward definition of Ethereum is that it is an open source blockchain based platform that allows innovative software developers to build decentralized applications.

How does it work?

Well, it utilizes the EVM (Ethereum Virtual Machine) to make it easier to create blockchain applications by using its Turing programming language. With Ether as the reward for proof of work, Developers have the potential to design hundreds of useful applications, all in one system.

Is Ethereum useful?

So far it has been. For the past few years, the Ethereum blockchain has made it easier to develop decentralized applications in numerous areas like loan systems used by banks, tax application, and digital voting. There are thousands of possible ways of applying the Ethereum platform.

Another question we can seek to explore is how Ethereum has grown over the past year or so. To do this, let’s consider some facts:

  • The value of Ether, Ethereum’s cryptocurrency rose in value by 10,655% in 2017 alone.
  • Ethereum is the 2nd most valuable cryptocurrency after bitcoin, with speculation that it will overtake bitcoin.

What makes Ethereum so valuable?

Consider the following factors:

  • Immutability– A third-party can’t roll out any changes to the source code.
  • Corruption and tamper-proof– Apps depend on a system conformed to the principle of consensus, making censorship almost impossible.
  • Secure – With no essential reason for application disappointment that is secured utilizing cryptography.
  • Zero downtime – Apps have an excellent runtime, i.e, never go down

So, how do you buy Ethereum, or Ether, for that matter? There are several ways, and we will look at how you can buy Ethereum from exchange sites around the world.

A Beginner’s Guide to buying Ethereum in 5 easy steps

To purchase Ethereum, follow the steps below that apply to most trading sites.

  • Identify your exchange of choice
  • Sign up for an account
  • Complete verification where applicable
  • Add payment method
  • Buy Ethereum in Euros or US Dollars

Another FAQ is ‘where can I buy Ethereum?‘ well, below are Exchange sites that will allow you to buy Ethereum.

Cex.io >>

It’s a simple and beginner-friendly site, from which you can buy Ethereum and mostly any other cryptocurrency.  All you have to do is:

  • Login at cex.io
  • Scroll down to ‘buy Ethereum’
  • Click on the link to get to a page where you can choose your preferred cryptocurrency
  • Click on Ethereum
  • Choose your payment method
  • Select payment mode (Euro, USD, and BTC) and ‘BUY.’

Pros

  • It gives exact details about the market value of Ethereum and recalculates the bundles every 120 seconds.

Cons

  • It doesn’t give you the chance to buy Ethereum with other cryptocurrencies but Bitcoin; It doesn’t give you more options than EUR and USD.

Coinmama >>

A simple-to-use site

You need to follow the next steps to buy Ether on coinmama:

  • Login to the site
  • Click on ‘BUY’
  • Choose the value of Ether you want to buy
  • Click “Buy” and enter all the credentials requested

Pros

  • It allows you to choose a different value rather than the given ones.

Cons

  • It only allows you to pay in EUR or USD.

BitPanda >>

This site is quite attractive.

  • Login to account or register
  • Click on trades/buy
  • Click on “Ethereum”
  • Select the amount of EUR you want to spend and convert to Ether

Pros

  • You can choose any value you want; You have a variety of payment methods to choose from.

Cons

  • Maybe confusing for some people.

Coinbase >>

The site is quite easy to use and to buy Ether.

  • Login to the site
  • Complete account registration
  • Verify the account
  • Buy Ethereum

247exchange >>

A pretty easy site to understand if you follow these steps:

  • Select the currency you want to pay with
  • Select the cryptocurrency you wish to convert in
  • Click “Order & Pay” and done!

Pros

  • You have a large variety of currencies with which you can pay.

Cons

  • They have a pretty hefty fee of 3%.

Bitcoin.de >>

To buy Ethereum on Bitcoin.de, follow the steps below.

  • Login to the site
  • Select Ethereum
  • Click on market then buy
  • Select the amount of Ether you want
  • The purchase price in EUR/ETH
  • Choose from the suitable sales offer that showed up and buy

Pros

  • It gives you a lot of opportunities that may be to your advantage as you have to choose from a list of sales offers

Cons

  • It’s not beginner-friendly and may be an endeavor for new-comers.

LakeBTC >>

Follow these steps to buy or sell Ether on LakeBTC:

  • Log in or Register
  • Go to buy/sell and select buy
  • Put in the amount in EUR/USD
  • Choose what you want to the convert the amount into
  • Press “Convert”
  • Buy Ethereum

Pros

  • It’s an incredibly user-friendly website and easy to navigate through.

Cons

  • With too many cryptocurrencies from which to choose from, it’s a little confusing.

How to choose an Ethereum Exchange?

Ethereum has gained in value, and internet criminals look for every opportunity to reap from unsuspecting investors. The same applies to scam sites that will steal from you.

To find out if the website you want to sign up with is genuine or fake, check the following.

  • Check their SSL certificate; if ‘s’ in URL (https) is missing that site is not secure. Such sites will defraud you.
  • If the site’s address bar (the page URL) is green and has a lock icon, it’s secure.
  • Charged fees- if a site’s fee is meager or zero, don’t sign up.
  • Rating – a good website will have high positive ratings from its customer base.
  • Limitations – most serious sites limit the ether you can buy. If it’s limitless, it’s possible, they may be scammers.
  • The speed of transactions- if a site takes hours to process the transactions, it’s a sign they could be reaping from you.

How to keep your Ethereum safe

Which Ethereum wallet would it be a good idea for you to utilize? There are several options out there on the market. However, we advise that you keep your ether in offline storage. The reason is to secure them against possible hacking and theft.

MyEtherWallet >>

MyEtherWallet is a quick and simple choice to make your wallet with full control. I recommend this wallet if you prefer not to spend much time for the setup.

Mist >>

Mist is a better choice as I would like to think. It is a standout among the most secure ways to store the coins.

Apart from the above options, there are others that could offer you protection from losing your Ethereum:

Mobile wallets >>

Mobile wallets allow you to store your Ethereum reserve on your Smartphone.

The mobile wallets have private keys that are stored on your Smartphone and can be an excellent way to keep you ether safe.

Pros

  • They are easy to operate; You can add security features to ensure that your ether is secure.

Cons

  • You can lose your ether if you lose your phone or it gets formatted.

Hardware wallets >>

They are the safest storage for your Ethereum. They come with enhanced security features that make it difficult for anyone to access your Ethereum.

Pros

  • Very secure; Easy to use; You control your transactions.

Cons

  • Expensive.

Online web wallets

These are exchange platforms that offer wallet services. You will need to open an account with the trading platform of your choice.

Pros

  • Your Ethereum is safe from situations like device theft; Ease of use; You can buy, sell, and transact all on the same platform.

Cons

  • Your wallet can be hacked; A third party has access to your private keys, leaving you open to theft.

The conclusion

Ethereum has gained in value so much in recent weeks. This prospect makes it an excellent investment opportunity.

However, there are risks involved in any business venture, and buying Ethereum is not an exception. Organize yourself before choosing to buy this cryptocurrency.

I welcome you to check out our site for more articles that will prepare you further before you delve into buying Ethereum.

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