Ethereum is one of the most popular blockchain platforms in the digital market today. It is known for its smart contract functionality and such platform was invented by a person known as Vitalik Buterin in 2013. Since its emergence, it created a mark in the digital community and has gained immense popularity over the years.
Having said that digital currencies are becoming a trend in the market today, the need to know on how to buy digital assets like the Ethereum is very much important. As a beginner in the digital space, gaining some level of information about these facts is vital for you. Check out the basic information below and gain some guides as to how easy it is to buy the Ether in no time.
What is Ether and How to Buy it?
The Ether is the popular currency of the Ethereum platform and in order for you to build your own platform, getting such token is highly required. Just like other cryptocurrencies like the Bitcoin, the Ether is also an asset that can be traded in the web and can be mined at the same time.
Despite having known as the “Ether”, most people have popularly called such as the Ethereum. As of this writing, most of the investors and token holders are dying to learn about how to buy an Ethereum successfully. It is a basic fact that purchasing an Ethereum is easily done if only people are able to follow the steps set upon.
Once an Ether has already been purchased, the funds will then be directly stored on a certain exchange or into a particular digital wallet that is owned by the investor. The Ethereum can either be purchased into a small and large form.
For the small purchases, the Ether users can wish to store their digital asset on a certain exchange to experience the ease of use. meanwhile, for the large purchases, it is highly recommended for a person to have his or her own digital wallet. The digital wallet will be a secure place where he or she is able to keep his or her funds for good.
Buying Ether with these Few Simple Steps
The process by which a person buys Ether varies from one kind of exchange to another. However, you have to consider that principles and concepts in buying the token are just the same. Here is a list of steps below and make sure to read them carefully in order for you to understand how to buy Ethereum in the most convenient way.
#1 Register into a particular exchange – This is the very first thing that you need to do if you wish to buy an Ethereum. Make sure that you have a registered account to your chosen exchange such as Binance. This can simply be done by submitting some of your personal details in order to complete the registration. Further, as you have provided your details, they will have to check your full identity as it is one of the security processes that they have set upon in order to secure deposit and withdrawal transactions in the future.
#2 Make sure to comply with the “Know Your Customer” Checks – As part of the security measures, each one is required to complete the KYC checks. Basically, exchanges will require you to provide proof of address and a particular photo that will verify your identity. This has to be done prior to making further withdrawal and deposit into the exchange. In order to proceed to the next process, make sure to carry out certain requirements that the exchange will ask from you.
#3 Select your preferred deposit method – It is important that you have to select for a particular deposit method if planning to buy the Ethereum. It has been learned that each Ethereum exchange will offer their distinct banking methods in order to complete this process. Most of the time, the deposit method includes bank wire transfer, credit card or debit card procedure, and any transaction made via a PayPal. You have to take note that each exchange will require you for a particular charge or fee and most probably, the fee details are found within the exchange’s website.
#4 Make a Deposit – It is advised for you to make your first deposit in US dollars or in Euros. Normally, it takes 24 hours and more before such deposit will arrive in your exchange account. Sometimes, it will take a little longer since it may also vary from the kind of deposit method that you choose.
#5 Buy Ether with your deposited funds – Whenever the deposited funds have arrived at your exchange account, you can now start buying your Ether. The process flows as easy as that. If you are a beginner, it would be best if you are able to choose a very user-friendly platform in order to make your first transaction as smooth as possible.
What are the Other Means of Buying Ethereum?
The above-mentioned list is a detailed instruction of buying an Ethereum. However, there are still other options where you can buy this digital asset and one of which is buying an Ethereum with cash. Apparently, this has been one of the most popular routes for some users in which buying through exchanges has been restricted.
There is a so-called decentralized marketplace where users are able to purchase the Ether through cash and it is commonly known as the LocalEthereum. Accordingly, it is an unknown marketplace where users can buy and sell Ethereum using various methods of payments including cash. Thus, if you wish to get such token without much of a hassle, then, you can have the option to purchase the Ethereum in the manner that you are most convenient about.
As of this writing, it has been recorded that there are only very few of these exchanges which have facilitated Ethereum purchase through cash. Nevertheless, with the help of this notable marketplace, making such a transaction is still possible for you.