How to buy ethereum

How Do I Buy Ethereum?

Nathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016.

The ethereum blockchain token known as ether (ETH) is one of world’s top three cryptocurrencies. As of April 2019, it has the third highest market value at $16.34 billion, falling behind bitcoin at $92.56 billion and ripple at $29.35 billion.

Cryptocurrency assets have dwindled since their peak in December 2017 but there is still a great case for buying them as the market continues to see innovation. ETH’s value is trading at around $152 in April 2019. The primary appeal to the digital currency is its integration with the Ethereum Network. Essentially, ETH is the driving force behind the capabilities of the Ethereum Network overall. With the Ethereum Network offering vast opportunities for development, ETH is an investment that many see as more promising than bitcoin. Ethereum is also backed by multiple Fortune 500 companies and is being used by multiple financial institutions. For all of these reasons and more, many investors are rapidly adding ETH to their portfolios.

Here is how you can incorporate Ethereum into your investing.

1. Identify a Platform for Trading

As the basis for placing any trades it is important to identify the best trading platform for your needs. There are a few options when it comes to cryptocurrencies with some of the top platforms including: Coinbase, Kraken, Bitstamp, Gemini, Binance, and Bitfinex. All of these exchanges offer ethereum.

One of the biggest considerations for choosing a cryptocurrency trading platform is the type of exchange. Cryptocurrency trading platforms can be either fiat exchanges or cryptocurrency to cryptocurrency exchanges (C2C). As one of the three largest cryptocurrencies in the world, investors can trade ethereum easily on fiat exchanges. Some investors who want to trade multiple currencies or have the option to convert other currencies easily into ethereum may want to consider the C2C exchanges more closely. A lot of investors also have multiple accounts with both a fiat exchange and a C2C exchange.

Keep in mind that cryptocurrencies are highly unregulated with rapid innovation. This can create a great market opportunity but also increase the risks of fraud so it’s important to be sure you are confident in the credibility of the trading platform exchange that you choose. A few key questions to ask when considering an exchange include: Where is the headquarters?, Do they have a license?, How secure is their website?, How secure are your funds?, and Who are the managing executives?

Worldwide, Binance is the leading exchange by trading revenue. In the United States Coinbase tops the list.

2. Create an Account

Once you have decided on a trading platform that fits your needs then the next step is to open an account. This process is similar to opening an account with a brokerage platform. You will need to provide your name, address, social security number, specified forms of identification, and more. Once you are confident with a site, the account opening process can usually be done pretty quickly

Verifying the account is usually the final step in the account opening process. Most all exchanges will require that you verify your account in one or more ways. This is where you will likely need to upload documents to verify your identity and ensure that your account passes regulatory muster. Verification can take anywhere from approximately one hour to potentially a day or two depending on the exchange.

3. Deposit Currency

You’ll next need to deposit currency into your account. For fiat currency platforms this can be relatively easy after verification of your payment information. Simply add money through your bank account or debit card on file. Cryptocurrency exchanges do not generally have high minimum investments so you can invest as little as $5 or as much as $1,000 or more. Most exchanges have fees per trade so it can be best to trade large amounts at once.

Depositing currency in C2C exchanges can be slightly more difficult. These exchange require you to send cryptocurrency by code from one location to another. Ethereum is a popular depositing currency for many C2C platforms so holding large amounts of it can be beneficial. Code transfers take slightly longer to complete, typically up to an hour.

4. Begin Trading

With a verified account and money deposited into that account, you’ll be able to begin purchasing ethereum and other cryptocurrencies via the exchange. Each exchange has an interface that works somewhat differently but be prepared to confirm transactions and then allow for processing time, which can also depend on the total number of transactions requested.

5. Withdraw ETH into a Wallet

Once you have purchased ETH through the exchange, you can withdraw that currency into your bank account or a wallet that you control. Fiat exchanges make it easy to withdraw ETH by simply selling and sending the proceeds to your bank account. C2C platforms take a longer amount of time. On a C2C platform you would need to code transfer your ETH to a fiat exchange and then sell to cash out. On all platforms you also generally have the option to send ETH to a wallet.

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How to Buy Ethereum (ETH)?

Where To Buy Ethereum?

So, you’re ready to jump into the world of cryptocurrency and wondering where to buy Ethereum (ETH)? Let us at Kriptomat be the first to welcome you to the new decentralized internet powered by ETH – dubbed web3. At Kriptomat, it is our life’s mission to bring the benefits of blockchain and cryptocurrency to everyone – and do so in a manner that’s safe, secure, and incredibly user-friendly.

Analyze and Buy ETH at Current Price

The Kriptomat platform is built to provide a fast, easy, secure way to grow your crypto portfolio – in just a few clicks. We also provide the data and tools you need to make informed, effective trading decisions. Check out the Ethereum price graph on the right, and when you’re ready to pounce just hit that “Buy Ethereum” button!

How To Buy Ethereum on Kriptomat?

Buying Ethereum (ETH) is as easy as can be with Kriptomat. Become a proud owner of ETH in 3 simple steps:

Your secure portal to the world of cryptocurrency, Kriptomat accounts are completely free and only take a few moments to create.

Before purchasing Ethereum, you must first verify your account. In order to comply with regulation (and offer enhanced account security), you are required to submit a national ID or passport in order to authenticate your identity.

That’s it – you’re good to go! Prepare to enter the new digital economy with your very, first purchase of Ethereum (ETH) on Kriptomat!

Ethereum Calculator

Calculate the price.

Payment methods

When purchasing cryptocurrency with EUR on Kriptomat, there are multiple completely secure options available: funding your account via SEPA bank transfer, instant credit card purchases, and Skrill / Neteller payments.

Buy Ethereum with a Bank Transfer (SEPA)

Looking to make a large Ethereum purchase? A secure SEPA bank transfer provides a low-fee way to deposit as much cash as you want in a single transaction.

Buy Ethereum with a Credit/Debit Card

No SEPA account? No problem!
Kriptomat customers are able to purchase Ethereum for cash with either a credit or debit card. Card transactions also provide an instant solution to get you into the cryptocurrency game immediately – no waiting for funds to settle.

Buy Ethereum with Skrill or Neteller

Credit and debit card purchases not your style? Skrill and Neteller both offer yet another alternative payment method for purchasing Ethereum. Here at Kriptomat, we’re thrilled to support both of these electronic options.

How do I Store Ethereum (ETH) Purchased on Kriptomat?

After purchasing Ethereum, your coins will be sent directly to your ultra-secure Kriptomat ETH Wallet. Kriptomat automatically generates a unique, secure wallet for each user on the platform – free of charge.

Equipped with this powerful resource, you’ll be able to buy, sell, send, deposit, and hold various cryptocurrencies on Kriptomat.

Buying Ethereum: Conclusion

Now that you know how to buy Ethereum, you should now be armed with all the knowledge you need in order to maximize your Ethereum trading experience with Kriptomat. This platform has been painstakingly designed to make purchasing Ethereum (ETH) an effortless, enjoyable experience – while at the same time delivering powerful, industry-leading security.

Learn everything about Ethereum in our extensive ETH guide.

Start buying Ethereum Now

Now that you know how easy (and secure) it is to buy Ethereum with Kriptomat, the only thing left to do is make a ETH purchase!

What can you do with your Ethereum?

Whether you’re an experienced trader or this is your first purchase, Kriptomat makes the buying process simple with a choice of payment methods.

Or, if you prefer, HODL (a typo turned acronym meaning Hold On For Dear Life). Ethereum (ETH) is a powerful speculative investment tool, so many customers buy and hold in the hopes of gaining massive profits.

Selling your ETH on Kriptomat is easy, and we provide all the tools you need to optimize your exit strategy. Withdraw your funds/profits to your bank at any time.

Want another crypto? You can easily exchange any portion of your Ethereum balance for another cryptocurrency of your choice.

Send your ETH to any address at any time, 24/7. The blockchain never sleeps.

Receive payments or deposit your own ETH to securely store and trade it with Kriptomat.

Why is Kriptomat the best place to buy Ethereum?

We work diligently to provide the lowest fees possible, and your entire transaction is completely transparent — meaning no surprise charges.

Kriptomat is 100% compliant with all government regulations and is fully licensed under EU legislation. Rest easy knowing you’re in good hands.

Want a lot of crypto? SEPA bank transfers offer a cost-effective way to fund your account for large crypto purchases

Can’t wait to buy? Purchase crypto instantly — at any time — with a credit or debit card.

Kriptomat is designed to provide the most comprehensive yet easy-to-use trading experience on the planet. We accomplish this by actively listening to our customers — and working to deliver exactly what they want.

Everybody deserves crypto. Our entire platform — including the website, mobile app, documentation, and support — are all available in more than 20 different languages.

Frequently Asked Questions

How much Ethereum should I buy?

Everyone must of course make this decision for themselves, based on their own personal finances and investment strategy. At Kriptomat, we simply provide the tools needed to make joining the world of Ethereum and other cryptocurrencies as simple and safe as possible.

Is there an order minimum?

Yes, due to the fees that can be associated with transacting on the Ethereum blockchain, there is a minimum purchase amount of 25 EUR.

Is there an order maximum?

There is a maximum credit/debit purchase amount of EUR 1,000. If you fund your Kriptomat account with SEPA bank transfers, then your purchase is only limited to the amount of EUR in your Kriptomat account.

How long does it take for Ethereum to show up in my wallet?

When you purchase Ethereum (ETH) on Kriptomat, it is instantly and automatically added to your secure Kriptomat Ethereum Wallet and is immediately available for trading and converting to 30+ other cryptocurrencies.

Can I purchase Ethereum using someone else’s bank account?

No. You must be the account holder in order to initiate a SEPA bank transfer and purchase Ethereum on Kriptomat.

Is Ethereum easy to sell?

Though it can be difficult to bring yourself to part with any cryptocurrency, Kriptomat has made it as easy as possible to sell your Ethereum whenever you so choose – 24 hours a day, 7 days a week, 365 days a year. For insight and analysis of Ethereum’s fundamental and technical data, check out our Ethereum Price Page.

Is Ethereum a PoW or PoS blockchain?

Ethereum is a Proof-of-Work blockchain that has begun to transition to a Proof-of-Stake blockchain. This evolution is planned to take place over multiple stages, but for the time being the Ethereum mainnet is currently being run as a PoW blockchain.

Kriptomat To Go!

Our mobile app and mobile-friendly website keep you connected to the world of crypto. Tap in to the new digital economy — no matter where you are.

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5 Best & Easy Ways to Buy Ethereum

This guide shows you all the best ways to Buy Ethereum.

Don’t worry — we’ll only show you ways to buy ETH that we’ve actually tested.

So…if you’re looking to buy Ethereum quickly, easily, and cheaply, look no further!

Quick Info: Popular Choices to Buy Ethereum

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

• Exchange based in Canada
• Very high buy and sell limits
• Supports Interac & wire

Chapter 1

Steps to Buy Ethereum

Before we get to the specifics, let’s briefly cover the steps required to buy Ethereum.

After that, we will get into specific platforms to use depending on how you want to buy the ETH.

1. Determine a Payment Method

This step is really simple.

You need to decide how you’d like to buy the Ethereum.

Common methods of buying ETH include:

• Credit or Debit Cards
• Bank or Wire Transfers
• Bitcoin or other cryptocurrency
• Cash

2. Choose a Platform

Once you’ve decided which payment method you want to use, you’ll need to find a platform that supports that payment method.

There are tons of platforms to buy Ethereum on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.

3. Create Your Account

After you’ve chosen a platform, it’s time to create an account.

Signing up on Coinbase is really simple — it’s like making an account on Amazon!

The process of creating an account is slightly different on each platform, but for the most part it will consist of:

• Creating a Username and Password
• Protecting it with Two-Factor Authentication
• Going through a “Know Your Customer” process where your identity is confirmed
• Occasionally a waiting period before you can buy

4. Deposit Money

Now that your account is set up on your preferred platform, it’s time to deposit money.

Usually you can find this setting in the “Deposit” or “Buy/Sell” section of the platform.

5. Buy your Ethereum

With your money on deposit, its time to do what you came to do: buy Ethereum!

Chapter 2

Best Platforms for Each Payment Method

Buy Ethereum with Bank Account

There are many ways to buy Ether with a bank account – and this usually comes with the lowest fees.

Swyftx, established in 2017, aims to make crypto buying super simple for beginners with an easy to understand user interface, great guides, fast chat support, and an app for every device.

They also support over 230 trading pairs, including those with ETH, which makes buying and selling ethereum a breeze.

This is an ad. We may receive compensation when you use Swyftx. Please visit Swyftx for its exact pricing terms.

• fast chat and phone support
• Many ETH trading pairs
• multiple payment methods
• Supports automatic recurring purchases
• Instant verification

• ID verification required when depositing AUD

Swyftx, established in 2017 and targeted at New Zealand users, aims to make crypto buying super simple for beginners with an easy to understand user interface, great guides, fast chat support, and an app for every device.

They support deposits with credit card.

This is an ad. We may receive compensation when you use Swyftx. Please visit Swyftx for its exact pricing terms.

• fast chat and phone support
• Many ETH trading pairs
• multiple payment methods
• Supports automatic recurring purchases
• Instant verification

• ID verification required when depositing NZD

CoinSpot, established in 2013, is a popular Ethereum & cryptocurrency exchange based in Australia. CoinSpot provides a simple and easy to use interface with a wide selection of features. Users can deposit via POLi, PayID, BPAY, cash deposit or direct deposit.

The exchange supports Bitcoin, Ethereum, Litecoin & 100+ other coins. OTC trading is also available.

This is an ad. We may receive compensation when you use CoinSpot. Please visit CoinSpot for its exact pricing terms.

• Local exchange based in Australia
• Wide range of cryptocurrencies
• Free & instant deposits
• Supports automatic recurring purchases
• Support available 24/7

• ID verification required when depositing AUD

Established in 2013, CoinJar is the easiest way to buy, sell, store and spend digital currency. CoinJar’s iOS and Android apps allow users to trade cryptocurrencies on the go, while CoinJar Exchange and CoinJar OTC Trading Desk cater for professional traders, as well as SMSF, individuals and institutions looking to make larger transactions.

This is an ad. We may receive compensation when you use CoinJar. Please visit CoinJar for its exact pricing terms.

• Low fees at just 1%
• Clean interface makes it easy for first-time buyers
• Instant bank transfer with NPP / Osko / PayID
• Australian crypto exchange established in 2013

• Offers a Bitcoin wallet that should not be used to store bitcoins

EasyCrypto.ai is a non-custodial exchange that supports over 40 cryptocurrencies including Bitcoin, Ethereum, and XRP. They also offer a full OTC desk for Corporate and SMSF trading. Best of all is their simple 1% fees with no hidden costs added at checkout.

This is an ad. We may receive compensation when you use easycrypto.ai. Please visit easycrypto.ai for its exact pricing terms.

• Non-custodial
• low 1% fees
• Fees are easy to understand — no hidden fees

• Few payment options, but more coming later this year

bitbuy is a cryptocurrency exchange based in Canada. You can buy ethereum, litecoin, bitcoin and other coins with credit card or Interace e-Transfer for 0.75% fees, or sell for 0.5%. The exchange has good support available through its live chat, or via phone & email.

Get a $10 bonus when you buy or sell at least CAD $100. T&Cs apply.

• Fast way to buy bitcoins
• Very high buy and sell limits
• Can handle large buys through OTC desk
• Easy to use mobile app

CoinSmart is a Canadian exchange. It allows users to buy and sell Bitcoin and all major cryptocurrencies in Canada.

Customers can buy and sell bitcoin and ether using Interac e-Transfers, bank transfers, SWIFT, and credit/debit card. New users will receive $20 CAD in BTC once they deposit at least $100 CAD.

• Many payment methods accepted
• Many coins offered
• Fast verification

Netcoins is a Canadian exchange based in Vancouver. You can buy and sell Ethereum, Bitcoin, Litecoin and other major cryptocoins with Interac e-Transfer, online bill payment or wire.

They charge 0% on funding and FIAT withdrawal fees and .5% on trading. Customers receive support during business hours through live chat, email or phone call. Getting started and verified takes a couple of minutes.

New users will receive a $10 CAD bonus once they complete $100 in cumulative transactions.

• Deep liquidity with no slippage
• Instant withdrawals
• Fully audited
• Fast verification
• Great customer support
• Regulated and compliant MSB under FINTRAC

Rain is a crypto exchange focused on serving UAE, Saudi Arabia, Bahrain, Oman and Kuwait. They offer 24/7 support and meet all CCSS requirements as a crypto custodian and is licensed by the Central Bank of Bahrain as a Crypto Asset Brokerage.

This is an ad. We may receive compensation when you use Rain. Please visit Rain for its exact pricing terms.

• Middle East Exchange based in Bahrain
• Low fees
• 24/7 customer support
• Licensed by Central Bank of Bahrain

• Brokerage only — order book coming soon

Bits of Gold is an Ethereum broker in Israel. You can buy Ether and Bitcoin directly from the company with bank transfer, cash, or credit card. The fees for buying with Bits of Gold are higher than Bit2c, but it is easier to use for first-time buyers. They also operate a Bitcoin ATM in Tel Aviv which requires no identification and charges a 5% fee.

• Clean interface makes it easy for first-time buyers
• No identity verification for amounts under 1000 ILS

• Not private since identity verification is required for amounts over 1000 ILS

eToro is a trading platform and crypto exchange. It supports Ethereum and many other coins.

Deposits can be made quickly via bank transfer, credit card, SEPA, NETELLER, PayPal and more. It also offers unique features like copy trading.

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

• Offers unique copy trading feature
• Trusted exchange that has been active in traditional finance
• Interface is clean and easy to use

• You cannot deposit cryptocurrency, but you can deposit with other payment methods

eToro USA is a trading platform based in the USA that allows you to buy Ethereum. It accepts deposits via ACH.

It offers unique features like social trading. It also supports other coins like Bitcoin, litecoin, and about 10 more.

Limited time offer: Get $50 free once you trade $1,000 worth of cryptocurrency.

Your capital is at risk.

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

• Offers unique copy trading feature
• Trusted exchange that has been active in traditional finance
• Interface is clean and easy to use

• You cannot deposit cryptocurrency, but you can deposit with other payment methods

Bitpanda is one of Europe’s most popular and reliable Bitcoin brokers. They allow you to buy Ethereum with a credit card if you live in Europe.

You can also buy other coins such as bitcoin, litecoin, Ripple, DASH and a few more.

• One of Europes most trusted Bitcoin brokers
• Customer support is helpful and fast

• Fees are low but not displayed clearly. They are included in price

In the USA, Europe, Canada, and the UK, Coinbase is the easiest way to buy Ethereum with a credit card or debit card.

The fees will amount to 3.75% and you can buy instantly.

• Easiest and fastest way to buy Ether in the USA, Europe, UK and Canada
• Signup process is fast and website is easy to use
• Coinbase is one of the most trusted cryptocurrency exchanges

• Some reports of trouble getting answers from Coinbase support

Coinmama is a reliable Ethereum broker that has been operating since 2014. They allow customers from nearly any country to purchase ether with a credit card or debit card. Coinmama has some of the highest credit card buying limits among all credit card brokers.

The company offers excellent customer support and has very fast response times. Coinmama also supports bitcoin and litecoin.

• One of the fastest ways to buy Ether with credit card from most countries
• Trusted broker that has been around for 4+ years
• Excellent customer support

• Fees are somewhat higher than Coinbase at around 6%
• Buying with credit card is not private

Buy Ethereum with Bitcoin

You can buy Ethereum with Bitcoin at nearly any cryptocurrency exchange. This is because most of the global Ethereum trading volume is actually done in the ETH/BTC pair, and not the ETH/USD pair.

Coinbase Pro

For US customers, Coinbase Pro has some of the highest volume and is a convenient way to turn your BTC into ETH, especially if you already used Coinbase Pro or Coinbase to initially buy Bitcoin. If so, you won’t even need to create a new account. You can just immediately start trading your bitcoins into ETH.

In order to use Coinbase Pro, you have to sign up for a Coinbase account first.

Coinbase Pro had a flash crash of Ethereum a while back, but Coinbase paid everyone back for any losses.

Buy Ethereum with PayPal

Paypal has finally made it possible to buy Ethereum on the platform directly.

There are some serious limitations on Ethereum purchases in Paypal though. You cannot withdrawal the Ethereum to your own wallet and you cannot even send it to other Paypal users. It is mostly just a way to speculate on the price of Ethereum. You can only sell it back to Paypal.

If you want to buy Ethereum using Paypal but be able to withdrawal it, you can now use eToro to buy Ethereum and hold the keys, unless you live in the United States.

If you don’t live in the US, here are the steps to Buy Ethereum with Paypal on eToro (the same steps apply to Neteller and Skrill as well).

Create your account.

Select “deposit funds” on the main dashboard, and then choose your preferred payment method, entering the amount of you want to deposit.

You’ll be redirected to Paypal to login (the same if you choose Neteller or Skrill) — log in to your account.

Within a few minutes, your funds should be showing in your account and you can proceed to buy Ethereum.

If you live in the US, the only way to buy Ethereum with Paypal is to buy Bitcoin using PayPal, and then use the Bitcoins to buy Ethereum. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Ethereum.

Buy Ethereum with Cash

The best way to buy Ethereum with cash is to use Localcryptos.com. It is the same as localbitcoins.com, but with support for Litecoin and Ethereum sales.

All you have to do is input that you are looking for Ethereum, tell LocalCryptos your location, and tell it how you would like to pay (in this case, cash).

Chapter 3

Other Methods to Buy Ethereum

Ethereum Decentralized Exchanges

Decentralized Ethereum exchanges are probably the best option for you if you’re looking to swap only between coins and ERC20 tokens.

You can swap tokens without the need to actually store your coins on an exchange, which removes the chance that you will be hacked or lose your coins in any similar way.

Watch out for fake “decentralized” exchanges which are not actually decentralized.

We’ve highlighted some of the best decentralized ETH exchanges below.

Uniswap

Uniswap is one of the fastest growing and most popular DEXs on the market in 2020.

On Uniswap, users can trade between various trading pairs via Uniswap’s smart contracts without handing over their coins to centralized exchange. Instead they are deposited into the smart contract which then handles the trades.

Trading fees on Uniswap can be quite high, but these high fees encourage more users to deposit coins into the exchanges liquidity pools which brings down the fees.

What are liquidity pools?

To solve the issue of liquidity that many decentralized exchanges experience, Uniswap created liquidity pools where a user can deposit coins from each side of the trading pair and they can earn fees in exchange for the service. For instance, if I own ETH and BAT, I can deposit equal parts ETH and BAT into the ETH/BAT liquidity pool, which then helps makes other trades between ETH and BAT easier to execute.

It is worth nothing that Uniswap has experienced issues with stolen coins in some of the smart contracts, made possible by coding errors during the creation of the contracts. This is unfortunately quite common in ETH and in smart contracts generally, so it’s not at all surprising and users should beware.

ForkDelta

ForkDelta is the most popular decentralized Ethereum exchange. It allows you to trade ETH for other ERC20 tokens. So, you can’t really buy ETH if it’s your first time but if you already own some tokens it’s a nice way to exchange them for ETH.

ForkDelta is somewhat complex, so here is a good video explainer:

Note: ForkDelta is a fork of an exchange called EtherDelta. It uses the same code. But many people were having issues with Etherdelta so someone forked the code and made a new exchange.

ERC dEX

ERC dEX is a new decentralized Ethereum exchange. It has an excellent UI and makes swapping tokens in a trustless manner very easy.

ERC dEX also works well from your phone, which adds convenience to your trading. Its fees are 0.1% for maker and 0.2% for taker.

IDEX is new but has decent volume for some lesser known tokens. It’s currently doing about $8 million in volume per day, but has coins you cannot find anywhere else.

Withdraw your Ethereum

Now you have your Ethereum in your account on the platform.

Congratulations — mission accomplished!

But we really aren’t done yet.

You see, exchanges aren’t very secure. Your ETH could easily get hacked!

To prevent this, you should withdraw it at this time.

To do so, you’ll need an Ethereum Wallet.

Never store your ETH on an exchange! Instead, always withdrawal your Ethereum to an offline crypto wallet like the Ledger Nano X or any other wallet that you control.

Getting started with Ethereum wallets is a confusing process.

Luckily, we’re making it easy to decide which Ethereum wallet is best for you.

Safest ETH Wallets

Ledger Nano X

Trezor T

Ledger Nano S

The Ledger Nano X and TREZOR are the best options for secure long term storage.

Don’t Forget to Back Up Your Ethereum Wallet

The best way to backup an Ethereum wallet is to create a recovery seed. The recovery seed is a 12-24 word series of words that you input into a new wallet to retrieve coins at an address. If you lose your wallet or it gets destroyed, then you need this phrase to get your coins back.

There are some warnings to be aware of when it comes to backing up any wallet.

Anyone who knows or finds this recovery phrase can take your coins. You need to hide it somewhere other people won’t find it. That means you shouldn’t write it down on any electronic device, especially if that device connects to the internet.

You also want to protect it against fire and flood. If you lose your wallet in a natural disaster, you want the backup to be written down on something stronger than paper. This is where steel wallet backups come in.

Steel backups let you write down your seed in fire and corrosion resistant metal. You can find our top picks below:

Exchanges are not Wallets

And, just one more reminder, your exchange account–like Coinbase or Binance–is NOT a wallet! Do not leave cryptocurrency on an exchange. If you need to do so for more than a day use two-factor authentication.

Once you send to your wallet you can check the status of your payment in your wallet or by pasting the transaction ID into a block explorer like EtherScan.

Chapter 5

Frequently Asked Questions

This section will answer the most common questions about Ethereum and how to buy it.

What is Ethereum?

Ethereum is more than a cryptocurrency. It’s an open source shared world computing platform. A ‘world computer’ that allows for the decentralized verification of transactions for any Turing-viable implementation. Thanks to Ethereum, Blockchain technologies are now easy to employ without having to reinvent the wheel.

Ethereum right now uses PoW mining to secure its chain.

Ethereum vs Bitcoin

Vitalik Buterin, the creator of Ethereum, stressed that his idea was fueled by the desire to “ Avoid the swiss-army knife protocol ”. That is to say that use-case specific Blockchain solutions were expending unnecessary effort on the building of equivalent infrastructure. Here Ethereum enters the picture.

With Ethereum, Buterin created the first universal application of the principles underlying Bitcoin. Instead of using Blockchain just as a way of establishing/providing value, Ethereum offers the ability to use that technology in a Turing complete environment. Where Bitcoin implements Blockchain technology in combination with proof of work to form a currency, Ethereum’s value is derived from the ability to create universal applications.

We also see differences between the way that Ethereum and Bitcoin implemented their decentralized currency. Most notably, BTC supply has a universal cap whereas ETH supply is capped yearly at 18 million ETH but is otherwise unbound.

Ethereum vs Ethereum Classic

Ethereum and Ethereum Classic are different versions of the same Blockchain. The fork served as damage control to the issue caused by the DAO hack in 2016 and was ultimately fueled by ideological differences between early Ethereum workers. As DAO collected 150 million USD worth of ETH but almost 50 million USD in ETC were hacked, about 80% of miners decided to hard-fork the Blockchain. The other miners remained with the initial Blockchain which we now call Ethereum Classic. That is why there now are two Ethereum-based currencies that can be used to trade.

Who created Ethereum?

Ethereum was created by Vitalik Buterin, who also helped start Bitcoin Magazine.

When was Ethereum Launched?

Ethereum launched on July 30th, 2015 by Vitalik Buterin.

What is an Ethereum Wallet?

Ethereum has a standard wallet, called Mist, that is used as a gateway for developers to use ÐApps. Ethereum wallets act much like BTC wallets. You can use the tools integral to the system or use the convenience of other wallets that wrap the software in a more user friendly way.

A legal disclaimer on the Ethereum page jokingly requires you not to be a ‘jerk’ and to be responsible for your own computer security. So there is the caveat of exposing yourself (although securely) to a massive network of active computers. But that’s a risk you’re exposing yourself to anyway by using the Internet.

Other than the Mist Wallet, you can also handle Ethereum with online wallets like MyEtherWallet.com, EthereumWallet.com and EthAddress. CLI (Command Line Interface) wallets like Geth provide power-user functionality. An Ethereum hardware wallet is also an option, like Ledger’s Nano S.

When is the right time to buy Ethereum?

Like any market, it’s impossible to know the right time to buy.

One strategy you can use is dollar cost averaging. This means you split your buys over a period of time to even out in case the price rises or falls substantially.

What are the risks with buying Ethereum?

Ethereum is more volatile than Bitcoin. That makes it even more risky.

Ethereum is also a much more complicated codebase than Bitcoin’s which means there are a lot more things that could go wrong or be exploited.

What is the price of Ethereum?

Like all tradable assets, the value of Ethereum changes all the time. The value of Ethereum is also different from country to country and exchange to exchange. You can find the most up to date US price on Coinbase.

Why can buying Ethereum take so long?

The reason buying Ether can be slow is because the traditional banking system is very slow. Credit card and bank payments are all very slow and most exchanges must wait for these payments to clear before you can get your Ether.

Can you sell Ethereum?

Of course, you can use most of the exchanges mention above to sell Ether.

Can you buy partial Ethereum?

Yes, Ether is divisible to many decimal places so you don’t have to buy an entire Ether.

Can anyone buy Ethereum?

Anyone is free to use Ethereum. If you can find an exchange in your country, there is no reason you should not be able to buy.

Is it better to mine or buy Ethereum?

It depends what your goals are. Mining Ethereum has more up front costs, while buying is the fastest way to acquire some/

What is the best payment method to use when buying?

It depends what your goals are. For low fees, try a bank transfer. For privacy, you will have to buy bitcoins privately and then buy Ether on an exchange. For speed, try credit card.

What should I do with my Ether once I buy?

If you plan on storing your Ether long term, move your coins immediately to a secure Ether hardware wallet.

Best Options

Ledger Nano X

Trezor T

Ledger Nano S

For small amounts you can use any online wallet although they are less secure.

How Long Would it Take to Buy Bitcoins with Cash and then Trade for Ethereum?

It depends on how you are buying with cash.

If you have a Bitcoin ATM in your area, then the process can be very fast since once you arrive to a Bitcoin ATM your purchase is basically instant. Note that ATMs have very high fees at around 5-10%, although purchasing Ethereum with that Bitcoin can be very cheap. Also note that if you buy from an ATM you are buying in a very private way, if you care about that.

If you buy with cash using something like LocalBitcoins or Bitquick, the speed can depend on the availability of sellers in your area. Using these two sites you can buy with cash deposit in the USA and most of Europe. The fees are usually about 1%, so much lower than ATMs although sometimes less private since some buyers on LocalBitcoins may require ID, and BitQuick also requires ID verification from the start.

Do Bitcoin ATMs Support Ethereum?

Some Bitcoin ATMs do not support Ethereum, but these are somewhat rare. For the most part, Bitcoin ATM’s only let you buy (and sometimes sell) Bitcoin. The best way to check is to use our Bitcoin ATM map and then select Ethereum as your desired crypto and see if anything comes up.

What are the Benefits of Buying with Cash?

The main benefit is privacy. If you don’t care about that, then try to buy Ethereum using your bank account or credit card, where you can buy larger amounts, buy faster, and also pay less in fees than buying bitcoins with at an ATM and trading that in for Ether.

Why is Ethereum Valuable?

Ethereum is one of the most heavily debated cryptocurrencies. Some claim it’s useless and some say it will power the internet in 10 years.

No one knows. However, many people are buying Ethereum and speculating that it will turn out to be a success. No one knows what will happen in the end.

What were some of Ethereum’s biggest failures so far?

The DAO was one of Ethereum’s defining moments and set some bad precedents for its future.

About $34 million of ETH was lost in the DAO bug. The Ethereum devs decided to “fork” the ETH network to create a new network and unlock the lost funds. This is, essentially, a “bailout”.

Since Ethereum claims to have unstoppable applications, many are questioning what the point is if the developers can decide at any point to reverse transactions that they don’t like.

Issues with Parity Wallet?

Another main issue raised about Ethereum is the Parity wallet bug.

$169 million worth of ether was locked when a contract went wrong and resulted in a loss of funds. Now, once again, there is talks to bail out the money with a new “fork” of the Ethereum network.

This would be the second time the Ethereum developers have decided to reverse a transaction. This is what has many people claiming Ethereum is controlled by developers and not actually decentralized.

When will Ethereum switch to Proof of Stake?

No one really knows. Vitalik and his team are working on Eth 2.0 to make the switch, but he keeps delaying the release.

Only time will tell when the switch is made — if ever. Some think it will never happen because Ethereum is too complicated.

What are ERC20 Tokens? Are they Ethereum?

ERC20 tokens are assets that are issued on top of the Ethereum blockchain. ERC20 tokens are NOT Ethereum, but separate assets.

What is Gas in Ethereum?

Gas is essentially the equivalent of a network fee in Bitcoin. It is the fee miners charge to include your transaction in a block. Gas is denominated in gwei, which is sub-unit of ether, much like satoshis are a sub-unit of Bitcoin. One Gwei is equal to 0.000000001 ether.

Which is the best Ethereum exchange?

There is no “best” ETH exchange. You will have to research and find out which one is best for you based on your country and payment method. Some exchanges only work in the USA, for example, so you’ll have to make sure that the ETH exchange you are trying to use works in your country.

How Much Ethereum is there?

As of this writing, there are currently more than 110 million (110,000,000) Ether in existence. However that number is constantly growing.

According to Bitrates,

5 New Ether are created with each block, meaning 5 Ether are created about every 14-15 seconds. There is no cap to the Ethereum Blockchain.

Is Ethereum a Stock?

Stocks are commonly searched with reference to Ethereum. Truth is, Ethereum is not a stock. However, as it represents value based on a free-market supply-demand structure, Ethereum, just like other cryptocurrency blockchain implementations, effectively acts the same way a stock would. There is, however, an important difference to stress. Unlike stocks, Ethereum’s decentralized nature makes it less malleable by specific market forces and fluctuations, making it act more like a diversified asset. Even if Ethereum’s core team disappeared from the face of the earth, Ethereum tokens should, in principle, retain their value (at least until the lack of updates would make it fall out of date). Stocks, on the other hand, live and breathe by the company of which they hold value.

As a result, stock exchanges all over the world are introducing Ethereum into their trading options.

What is Ethereum Mining and How Does it Work?

Now that Ethereum has taking a seat as the second most dominant cryptocurrency on the market you might be wondering what it means to mine Ethereum.

Here is an overview of Ethereum mining, what it is, and what you should know to get involved (go here if you just want to buy ethereum.

Ether mining is the accruement of ETH via the validation of network transactions. More specifically, mining is the participation in the validation of transactions that take place in order to confirm all activity in the Ethereum Blockchain. This can be done on every platform meaning that it is available to home computers as well as tailored rigs. Note that it’s usually easier to get started with Unix machines than with Windows, especially when it comes to Ethereum.

The challenge in mining is to generate more money by the collection of ETH than is spent on the electricity consumed to do so. As a beginner, the best chance of generating any money by mining is by participating in a mining pool. Otherwise, even the most expensive gaming card will readily be edged out by professionals. There are multiple mining clients that can ease your way into Ether mining. Ranging from the miner provided by the core software and other CLI tools to fully fledged GUI apps that allow fine-tuning and a clear view of all mining activity.

What is Ethereum Mining Software?

Ethereum mining software is what helps you connect your Ethereum mining hardware to an Ethereum mining pool and the Ethereum network.

What’s Required Before Getting Mining Software

Ethereum mining hardware — You need strong GPUs that will allow you to mine Ethereum for a profit.

Ethereum wallet — Your Ethereum mining software will request an Ethereum wallet address to send your mining payouts. For extra security, look into an ETH hardware wallet.

Mining pool — An Ethereum mining pool allows you to share your hashrate so you can receive more frequent payouts, instead of only getting paid when you find a block.

WARNING! Be Careful When Installing Cryptocurrency Software

Be VERY careful when installing any cryptocurrency mining software.

Because there is TONS of malware that is targeted towards cryptocurrency users. Many apps that claim to be “mining” software are really just apps that are out to steal your cryptocurrency.

Quick Tip

Mining is not the fastest way to get ethereum.

Ethereum Mining Software for Windows

Hive OS

Hive OS is a dashboard available on Windows which allows miners to monitor and control all of their ASICs and GPUs from one centralized location.

Hive OS supports Bitcoin, Ethereum, Bcash, Monero and many other coins.

Ethminer

On a Windows computer, one software option is to download Ethminer.

According to the Ethminer Github, its features are:

• OpenCL mining
• Nvidia CUDA mining
• realistic benchmarking against arbitrary epoch/DAG/blocknumber
• on-GPU DAG generation (no more DAG files on disk)
• stratum mining without proxy
• OpenCL devices picking
• farm failover (getwork + stratum)

Dual Miner

Another option on Windows is Dual Miner.

Ethereum Mining Software for Mac

Hive OS

Hive OS is a dashboard which allows miners to monitor and control all of their ASICs and GPUs from one centralized location. It works on Mac.

Hive OS supports Bitcoin, Ethereum, Bcash, Monero and many other coins.

Minergate

Minergate is a good option for mining on Mac. It also easily allows you to switch to mining different cryptocurrencies and will show you which ones are the most profitable at any given time.

Ethereum Mining Software for Linux

Ethminer

Ethminer is also available on Linux.

According to the Ethminer Github, its features are:

• OpenCL mining
• Nvidia CUDA mining
• realistic benchmarking against arbitrary epoch/DAG/blocknumber
• on-GPU DAG generation (no more DAG files on disk)
• stratum mining without proxy
• OpenCL devices picking
• farm failover (getwork + stratum)

Get a Wallet

Some wallets are not updated to send transactions with the proper fee.

Our guide on the best crypto wallets features wallets with good fee estimators. Read it here!

Chapter 6

Conclusion

Buying Ethereum is easier than you might have thought.

This guide is all you need to buy ETH quickly, easily, and cheaply from reliable sources we’ve tested.

If you found this guide useful, we’d love for you to share it with others.

And if we missed a great buying option, we’d love for you to let us know by hitting that contact button!

Learn More

Best Ethereum Wallets

About the Author: Jordan Tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.

He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet’s most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.

To learn more about Jordan, see his full bio.

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