Bitcoin was one of the first and most successful mean of cryptocurrency since its introduction. It saw huge success, attracted millions of investors and raised its value to the place where no one could ever expect and ruling the digital market until “Ethereum” was introduced. Similar to Bitcoin, Ethereum is also a huge crypto success and attracted a large crowd. Today, it is the second largest and most popular cryptocurrency after Bitcoin. Also, Ethereum created new mods of trading, possibilities, and applications.
These are the reasons a number of people are attracted and wanted to trade or buy Ethereum. Although the process is not much complicated, some precautions must be taken so that our funds must not be wasted or we may not get scammed. In this article, the simple procedure will be shown on how to buy Ethereum through common currency e.g. Dollar, Euros, etc. or other means like a wire transfer.
1. Create your Ethereum Wallet.
If you want to buy Ethereum or trade it on online exchanges, you must have an Ethereum wallet where you can securely store it. Step by Step guide was shown in the last article. Also, there are a number of wallets types like hardware wallets and software wallets. I would prefer “hardware wallets” as they are more secure.
Note: The security like keys and passwords of your wallet is your responsibility and must be kept safe as no one takes guarantee and passwords can’t be recovered.
2. Buy Ethereum via direct Money. (Credit or Debit card)
Once you have a secured Ethereum wallet, 50% of the process is complete. Afterward, select the website/exchange of your choice, create and verify your account.
*verification may take 2-3 days and will need the following:
- Email address.
- Full name, cell phone number, and home address.
- ID card.
- Bank account. IBAN / account number.
- Picture of yourself.
- Sometimes bank statement or utility bill. (for address verification).
After your account is verified, you can easily buy Ethereum just like you make any other online purchases by simply providing your credit card details.
Many cryptocurrency websites offer not only to exchange Ethereum but also offer to buy Ethereum directly with funds. There is a number of websites available on the internet. The most preferred website to buy Ethereum is “Coinbase”. Here you can buy Ethereum instantly via your credit or debit card and is regarded best for Europe and North America. The fees charged by them are also very low around “3.75%”. other sites include:
Buying from these sites with a credit card, Ethereum will be instantly in your wallet (you might have to transfer to your personal wallet).
3. Buy Ethereum via Bank Transfer or Wire Transfer.
The way other than instant deposit is via Bank transfer or wire transfer. This process usually takes 2-3 business days and slow as regarded to credit cards. For this you will need:
- An active bank account. Before making any transition, first you will have to:
- Link your bank account to your exchange account by providing all the necessary information like account number, account holder name, swift code and bank name.
- Your exchange staff will verify your details and approve your account, that may take some time.
- After the approval, your bank account will be shown in the deposit or withdrawal menu and from there you can easily send funds to buy Eth.
Although all the exchanges do not provide this service, some of the websites including “coinbase” offer this. All you have to do is:
- Click on your Ethereum/Bitcoin wallet,
- Click on “deposit”
- Here you will see two options, Bank Transfer and Wire transfer,
For wire transfer, you will be shown a “reference number” which you will be using for sending funds and you must save it. On next screen, you will be entering your account details. Once the process is completed, the funds will be in your account in 2-3 business days. Then you will able to utilize those funds for your Ethereum purchase.
• Things to keep in mind…
Besides all these, trading and buying Ethereum pose a significant risk. So proper precautions must be taken before stepping into this world. Some of these include:
- Always invest and buy from a safe and renowned exchange/website.
- Beware of scams and third-parties.
- Password and key should be secure and should never be shared or compromised.
- Keep an eye on the market performance and be aware of all trends.