We know you are searching for the best way to buy Ethereum and a clear step by step guide on how to buy Ethereum (ETH). We have received this request many times in the past since we did our “How to Buy Litecoin?” guide.
Ethereum is one of the largest and most recognized virtual currencies in the market. This blockchain network is powering the future decentralized world through the Decentralized Finance (DeFi) market.
If you want to get exposure to Ethereum, in this guide we will explain to you how to buy Ethereum.
How to Buy Ethereum?
In this step by step guide on how to buy Ethereum, we will tell you how to do so by using the Binance exchange. However, there are many ways to acquire Ethereum, but this is the easiest way to do so.
Step 1 – Create an Exchange Account
If you want to know how to buy Ethereum, then you will have to create an exchange account. There are different exchanges in the market that are currently working on different regions of the world. Binance, however, is one of the most used exchanges in the world, meaning you could use this platform right now without any issues.
You can buy Ethereum using debit or credit cards and also deposit funds with your bank account in just a few simple steps. Everything will depend on the way you prefer to acquire your Ethereum cryptocurrency.
Some other platforms in the market include Bithumb, Bitstamp or Coinbase. All of them offer different services but they will allow you to buy Ethereum. Be sure that you always double-check the site of the exchange you are using to avoid being scammed.
Step 2 – Deposit Funds to the Exchange
This is the second step. We need to deposit funds to the platform to buy our ETH cryptocurrency. Once you create your account, we need to select the option that will allow us to buy ETH.
As you can see, in the “Buy Crypto” section in the main Binance menu, you will have a wide range of options that would allow you to buy Ethereum. You can currently use a bank deposit, a credit or a debit card and many other ways.
Once you select the deposit method, you will be able to buy Litecoin. Indeed, if you selected to buy Litecoin with debit or credit card, then your LTC will take just 15 minutes to appear in your account without any further step. However, if you deposit EUR or other currency, then you will have to exchange for it in the trade tab.
Step 3 – Buy Ethereum
Here we go, we can now buy Ethereum if you decided to deposit your local currency to the exchange. Please, note that not all the currencies are available and supported by Binance. If your deposit is now on the platform, you will have to buy Ethereum.
Go to the “Trade” tab in the main menu and select the exchange you want to use. The difference is just going to be the interface you will have. The classic and advanced are going to be very easy to use but if you really care about ease of usage and fast transactions, the best way to go is using the “Basic” option. Although this has higher fees, it will help you to buy your first ETH coins.
Step 4 – Store your Ethereum
Remember, when you use an exchange you are not going to be the real owner of your funds. The exchange is going to be the custodian of your Ethereum coins. This is why you want to withdraw your funds to your Ethereum wallet.
There are different Ethereum wallets available in the market right now. Each of them will be offering different degrees of security. This is why it is going to be important to select the wallet that will offer you the best services that fit your needs.
If you want to secure your assets for the long term, the best will be to withdraw your funds to a Ledger Nano wallet. If instead, you want to use your funds for other investments, you can use MetaMask or any other desktop or smartphone wallet available.
If you want to withdraw your funds from Binance take into account that there is a small withdrawal fee. To withdraw your funds go to the “Fiat and Spot” wallet option and select the asset you want to withdraw.