How to Buy Ethereum (ETH)
Buying, selling, and trading Ethereum has become a daily activity for many crypto enthusiasts, thanks to the immense popularity of this coin.
ETH is widely recognized as the second-largest cryptocurrency by market capitalization, only surpassed by the almighty Bitcoin.
So, having a cryptocurrency investment portfolio of this coin seems like a must these days.
In order to start investing in Ethereum or other cryptocurrencies, it’s fundamental to know how to perform the buying process efficiently.
Therefore, this blog post has been written with the goal of answering your key questions related to the following topics:
- How to buy Ethereum;
- Things you need to know before performing a crypto investment;
- Step-by-step guidance for buying Ethereum on Binance’s trading platform.
What Do You Need to Purchase Ethereum in Cryptocurrency Exchanges?
First, it’s important to differentiate things.
The Ethereum Blockchain is an open-source project that has its own coin, ETH, which runs on the Ethereum Network and is based on the decentralized finance concept.
In order to buy Ether, you need to go to crypto exchanges.
In these centralized exchanges, you can buy and sell Bitcoin, ETH, and other cryptos by reading a trading account.
For practical purposes, we are going to choose the Binance cryptocurrency exchange.
Most cryptocurrencies can be found in Binance.
Besides, the trade and withdrawal fees are usually cheaper than in most platforms.
For that reason, starting your crypto investments in Binance seems like an accurate decision.
How to Buy Ethereum
Let’s start your Ethereum investment in Binance crypto exchange! Since Ethereum is now kind of a “mainstream crypto,” some financial institutions and companies are using this currency to power up different processes.
Hence, the idea to buy Ethereum is now more present than ever before, all thanks to the widely granted trust that the crypto community has provided to this coin.
Read Also: If you want to buy Safemoon, can only do so via decentralized applications, such as PancakeSwap.
Binance has a partnership with Trust Wallet as well, where you can store your asset’s private key safely. Learn how to connect Trust Wallet to PancakeSwap here!
Step 1: Log In to Your Binance Crypto Exchange Account
First, log in to your Binance account.
If you don’t have one, create it right away - it’s really easy!
Step 2: Choose Your Payment Method (Bank Account, Debit Card, Etc.)
In order to buy Ethereum with fiat currencies, you need to add a payment method to deposit money into your Binance profile.
Nonetheless, keep in mind that in order to do this, it is fundamental to complete Binance KYC Verification.
Completing such a verification process ensures that your account is safe and you have more control of your assets.
If you want to trade, buy, sell, or exchange Ethereum, you can’t ignore this step.
Later on, you’ll be able to make a bank transfer or pay with your card to fund your account.
Step 3: Click on “Buy Crypto”
Assuming that you have already added a payment method to Binance Exchange, you are almost ready to go.
On Binance’s home page, click on the button that says “Buy Now.”
Step 4: Select the Buy ETH/USD Trading Pair Option
Binance’s menu is so intuitive that you’ll hardly have any problem from now on.
Look for ETH, and a screen showing Ethereum’s price will show.
There, choose the amount of Ethereum you want to buy.
Assuming you live in the USA, the platform will immediately give you the ETH/USD trading option.
Step 5: Confirm the Different Fees Before Buying ETH
Later on, a confirmation screen will appear where all the fees will be shown on the screen.
Confirm the Ethereum purchase, and you’ll be ready to go.
Keep in mind that these fees might vary depending on the fluctuations of the market.
Besides, sometimes the Ethereum price can increase or decrease, so it’s vital to fully understand what’s happening at the moment, so you don’t end up making a bad investment decision.
Step 6: Receive the Funds on Your Crypto Wallet
The Ethereum funds will arrive at your crypto wallet set in the exchange.
You can trade with it, or do whatever you want!
Note: If you want to have complete control of your Ethereum assets, we recommend moving the funds to a hardware wallet like Ledger Nano X.
Hardware wallets are safer and more efficient to store large amounts of Ethereum.
What to Do After Buying Ether
Ethereum firm believers consider that holding ETH is a great way to proceed with the funds.
If you decide to hold ETH in your overall portfolio, then you will have to wait for the right time to cash them out.
Also, you can donate, trade, or spend your coins all across the crypto universe.
There you go - you just purchased ETH in Binance! It’s elementary.
At the end of the day, you can do whatever you want with your recently purchased Ethereum.
For more crypto-related content, you can always count on GrowFollowing.
How To Buy Ethereum FAQ
How Does Smart Contract in Ethereum Work?
The Ethereum smart contracts are meant to decentralize products and services in a way that all users have full control of their assets.
Learn more about Ethereum Smart Contracts here.
Where Can I See Ethereum’s Current Market Cap?
You can check the market capitalization, as well as the coin’s price, on Binance’s official website.
There’s also the possibility of doing this by going to major websites dedicated exclusively to providing cryptocurrency information, such as CoinMarketCap.com.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.