How to buy Ethereum
What is Ethereum:
Ethereum is like Bitcoin in the sense that it can be used as a digitital currency for the payment of goods and services. There are, however, certain core differences between the two. This brief guide will focus on how to go about buying Ethereum to use for online purchases. If you’re interested in the gritty-nitty of this fascinating technology we recommend that you visit ethereum.org for further information.
Ether (ETH) is the currency that is generated by the Ethereum platform. When we talk about buying Ethereum we are actually referring to Ether (ETH).
The easiest and safest way to buy ETH is to do so through an exchange. The process is simple:
1. Register an account with a reputable exchange.
2. Deposit funds into your account. Most exchanges will accept various funding methods such as credit cards, bank transfers and paypal (less common).
3. Purchase ETH directly on the exchange platform using your balance.
Please be aware that all reputable exchanges will require you to verify your identity by providing certain documents such as passport and utility bill scans. The requirements differ slightly from exchange to exchange. Some will allow you to purchase small amounts prior to verification but we strongly recommend you complete the process as soon as possbile to prevent delays further down the line.
The number of exchanges to choose from has grown significantly over the last few years. Some are more reputable than others and we advice you to do some research before sending to your funds to any particular one.
Some of the most popular include:
KRAKEN: Kraken is a top exchange with high security including two factor authentication and PGP/GPG encryption. They accept SEPA , SWIFT and Crypto deposits.
COINMAMA: This exchange has been around since 2013 and they accept credit and debit cards for ETH purchases.
COINBASE: Coinbase is perhaps the most popular exchange and supports 32 different countries including Australia, Canada, the UK and the USA. After verification is completed you can fund your account using your bank account, credit or debit card.
Although you may store your ETH in the wallet provided by your exchange platform, we recommend you create your own independent wallet. . Some exchanges will block accounts who transfer funds to wallets associated with certain types of sites (such as nootropics). To avoid this and for added security, it is good practice to send your ETH from the exchange to your own wallet before using it for online purchases. The downside of this of course, is the fact that you will be required to pay additional fees due to the multiple transfers. The following are recommended ETH wallets:
MyEtherWallet: Open source wallet with no third party servers. Anonymous registration.
MetaMask: Easy to access browser extension created to make ETH as accesible as possible.