Buy Ethereum in easy steps for beginners

Are you considering buying Ethereum and want to know how to do this? In this article, we will talk generally about the methods of purchasing currency currently available and the advantages and disadvantages of these methods. Let’s learn more about ways to buy Ethereum.

Where to buy Ethereum?

The financial asset you want to invest in must be easy to purchase. This is because if it is easy to buy, it will also be easy to sell in most cases.

Ethereum is considered one of the easiest currencies that can be purchased in the cryptocurrency market. The currency is also available on many centralized and decentralized platforms.

We must not forget that Ether is the currency of the Ethereum network, the largest ecosystem in the crypto world. Therefore, it is very natural that purchasing this currency is available and very easy.

For this reason, you will have several options to purchase this currency:

  • Directly from central platforms via a bank card.
  • Bank transfer on central platforms and then purchase the currency.
  • Transfer cryptocurrencies on hot wallets or centralized platforms to buy the currency.
  • Purchase with a hot wallet on a decentralized platform.
  • Purchase from the free market p2p on central platforms.

You can also sell using these same methods if you want to exit the trade. Let us learn more about these methods.

Buy Ethereum on decentralized platforms

The first way to buy Ethereum is through decentralized platforms. This method was the first available way to purchase the currency since 2013. Centralized exchanges did not allow the purchase of Ethereum at this time.

Here, what you will need to purchase on these platforms is a hot (i.e. connected to the Internet) wallet that supports the Ethereum network.
You will have many choices, including Metamask, Rabby, Trust wallet… After this, you will need to send stablecoins to your hot wallet to purchase.

Buy Ethereum on decentralized platforms

But you will face the problem that you will need to pay the gas fee in the form of Ethereum coins to complete the transaction.
So this means that to buy Ethereum on a decentralized platform you must have Ether coins to pay the gas fee.
Therefore you may need to purchase through a central exchange first to pay the gas fees or transfer some of the currencies you hold elsewhere to this wallet to pay the fees.

Finally, you can purchase through some hot wallets with a bank card, but not all countries and all banks support this feature. Also, you will need to do KYC procedures first to solve this problem.

Therefore, this method is not considered an example of buying Ethereum, as it may be better for buying any other currency. This takes us to buy via centralized platforms.

Buy Ethereum from centralized exchanges

Through centralized platforms, Ethereum can be purchased in more than one different way. But in all of these methods, you will need to create an account on the platform and then confirm your phone number and email.

After this, you will need to go through KYC procedures, and then finally you will be able to link your bank card or account to the platform.
But the country you live in may not allow the trading of cryptocurrencies, so make sure of this first. After this, link your card if your bank accepts transactions with cryptocurrency platforms.

1. Purchase directly via bank card

This method is considered the fastest method ever, but it also has relatively high fees. It will cost between 2-4% of the transaction value as platform fees in addition to the card fees. Therefore, it may not suit some people.

You can enter the central platform, link the card, and then purchase Ethereum currency directly, and you will receive the coins in your wallet on the platform within minutes.

We talked about this method in preference in an article entitled: Buy Ethereum with a credit card.

2. Bank transfer

This method takes a long time for the money to be deposited on the platform, but it is the cheapest method in terms of fees.
But here you need to be careful, as many countries prevent their banks from dealing with platforms, so this method may not be available in your country.

3. Purchase with cryptocurrencies

If you have stablecoins on the platform or another platform or hot wallet you can send coins on the platform.
But make sure you are also using the correct network and address. Below is an example of the OKX platform for sending USDT.

USDT

After this, you will enter the spot market on the platform to easily buy Ethereum, and you will pay the trading fee, which is very simple and usually approximately 0.1% on most platforms.

Buy Ethereum Spot

In this interface, like the one above, you can easily buy currencies. You can buy via limit, and here you place a purchase order to buy the currency when it reaches a certain price. Or you can buy instantly at the market price via Market.

If you are going to buy with a lot of money, it is preferable to divide the money into parts and buy with the limit feature. This is so that you do not face liquidity problems.

4. Purchasing via P2P in the free market

You can buy Ethereum coins directly from other sellers like you. This is done through the free market, which is known as Peer to Peer.
You will find this market available on more than one central platform, but it is especially popular on Binance and OKX.
However, on OKX, if you use this feature, we recommend that you only deal with those who have passed the second level of KYC.

Advantages and disadvantages of ways to buy Ethereum

In the end, you should always remember the advantages and disadvantages of each method of purchasing Ethereum currency.

The decentralized platform preserves your privacy and does not require you to reveal your identity at the time of purchase. But if you don’t have the Ether to pay for the gas fees, how will you buy it? You should think about this carefully.

The central platform is easier to use and cheaper, but you will need to give the platform your data. Many people do not prefer this matter due to the risk of sharing personal data with others.
But on the other hand, there is high liquidity on these platforms and it is easy to buy and sell on them.

In addition to this, purchasing through the free market (P2P) is suitable for small amounts, but if you want to buy for $100.000, for example, it will not be suitable at all.

Therefore, think carefully about all these things first before you buy Ethereum or any other cryptocurrency.

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