How To Buy – Store Ethereum – The Beginner Guide – Sebfor – Bitcoin, Ethereum – Blockchain News
If you’re fresh to the crypto-currency space, you may find the idea of how to buy and store Ethereum is fairly disconcerting. You’re not wrong, it might be confusing.
The good news is, you’re te the right place!
Very first, you need to understand Ethereum – you can begin overheen here.
Now that you are sure you want to buy some Ethereum, let’s explore your options.
WHERE AND HOW TO BUY ETHEREUM WITH FIAT CURRENCY
There are several ways you can purchase Ethereum directly with fiat currency such spil USD, EUR or GBP. All you need is a debit or credit card or just a handelsbank account that facilitates international transfers.
You simply register an account on one of the recommended exchange platforms below, verify your identity, add a method of payment and you’re good to go to buy some Ether. I will discuss how to store your Ether securely below.
The verification process that you have to go through te order to buy Ethereum takes now much quicker that it used to and the purchasing process is leisurely becoming hassle-free.
That’s a good news!
Just two years ago, you had to take extreme measures to buy Ether. For example, you had to purchase Bitcoin very first, then create an ETH wallet, then convert your BTC to ETH – seems like it’s not too complicated, but then you would have to switch roles this process if you wished to convert your Ether into fiat currency.
All thesis conversions would have costed you dearly te transaction and exchange fees (and of course time!)
Now, all you have to do is just open an account on one of thesis recommended exchange platforms to purchase your ETH:
Pros: effortless to use, minimalist layout, accepts credit cards
Cons: often down due to maintenance, slow customer support
I would also advise to visit CEX.io – it’s another exchange that accepts credit cards to buy Ethereum spil well spil Bitcoin. It offers pretty much exactly the same services spil Coinbase, but also features margin trading. CEX is certainly one of the major and established players on the market right now.
Pros: effortless to use, good customer support, accepts credit cards
Cons: verification process can take longer than 48h for non-US users
WHY ARE THERE DIFFERENT PRICES ON DIFFERENT EXCHANGES?
Oftentimes I come across questions such spil “why is there a different price for the same coin on different exchanges?”.
It’s fairly elementary, yet it might be confusing when you’re just kicking off out ter the crypto-world.
The reaction is: the price is different for the precies same reason why bread is priced at different rates ter various bakeries!
Each exchange podium has their own price mark-up which ultimately results te higher or lower prices for the same digital asset.
It’s wise to compare the prices before you determine which exchange you’re going to use to buy and store Ethereum.
The price differences might seem insignificant and you might just tell yourself “it’s just a few dollars more”. Let mij pauze it down!
That might be right if you want to buy less than $50 worth of Ether and hold on to it for another two years. However, if you project on trading your ETH fairly regularly and you’re ter the crypto-business for the long haul and you will be making a few transactions a week or month, then you should certainly pay attention to the price you’re paying to purchase any digital coin.
It will add up to enormous amounts overheen time and it’s a big no-no ter the trader’s book!
WHERE AND HOW TO BUY ETHEREUM WITH BITCOINS
It’s lighter to buy Ether if you already have some bitcoins.
That’s because you vereiste have gone through various verification processes already, which makes you a legit customer. Albeit, there are certain ways to buy Bitcoin totally anonymously, but you can’t truly do it with large quantities.
Once you were verified to purchase BTC, it’s just a matter of opening an ETH wallet and using the cheapest exchange podium that can convert Bitcoin to Ether.
You don’t indeed have to look far, because both Coinbase and CEX permit that.
Te addition to that, you can use thesis exchange platforms to buy Ether with Bitcoin:
Poloniex is a excellent choice to use for buying Ethereum spil well spil 63 other altcoins. The toneel offers in-depth insights into the crypto-currency world and provides a good range of useful instruments to anatomiseren and margin trade all coins.
Pros: buy any major alt-coin, effortless to use, features margin trading
Cons: both the webstek and customer support could be slow at times
Another option to obtain some Ethereum is to use Kritiseren which is also established on the market spil a reliable exchange verhoging. Its layout, however, might come across spil confusing and not-so-clear-to-deal-with. It’s certainly workable if you spend some time on it, but it’s certainly far from intuitive spil its developers keuze it to be.
Pros: buy major alt-coins, features margin trading
Cons: takes time to get hold of, customer support might take time to react
GDAX is Coinbase’s brother. Basically, it’s best to look at it this way spil it might be confusing to some: Coinbase exists so it’s effortless to buy, sell and store Ethereum and other cryptos, whilst GDAX is there for professional traders that speculate on digital assets on a regular onderstel. GDAX is an excellent podium where you can purchase ETH or BTC. It offers professional trading contraptions spil well spil margin trading.
Pros: for professional use, features margin trading
Cons: limited availability to non-US users
HOW TO STORE ETHEREUM Securely AND SECURELY
Buying Ether is just one side of the equation – now, you have to learn how to store your Ether securely and securely.
It might sound straight-forward and insignificant, however, it’s imperative to take it earnestly spil you might end up losing your hard-earned coins.
WHERE TO KEEP ETHEREUM
ETH, and other coins for that matter, are stored on crypto-currency wallets. You can compare wallets to bankgebouw accounts. That’s where you keep your funds, that’s where you receive coins to, and that’s where you spend your coins from.
Now, there are several types of wallets and each of them have different levels of security.
Here’s a quick summary to illustrate this, kicking off with the most secure wallet:
- Paper wallets – most secure
- Hardware wallets – most secure
- Desktop wallets – good security
- Hot wallets – average security
ETHEREUM WALLET REVIEW AND COMPARISON
ETHEREUM PAPER WALLETS
Paper wallet is the most secure way of storing Ethereum that exist today. Thesis are simply private keys written down or printed out on a laminated lump of paper and locked away te a safe or secure deposit opbergruimte. You can make spil many copies spil you wish and store them securely ter different locations. The trade-off inbetween accessibility and security is of the highest inconvenience tho’.
They are used for long-term investments and to store large amounts of coins.
Cons: impractical for regular use
ETHEREUM HARDWARE WALLETS
Just like paper wallets, the hardware option is on par ter terms of security because they are disconnected from the internet. They are simply hardware devices that you use to waterput your Ether private keys on and lock it away somewhere safe. Because you can’t access them via network, they cannot be hacked. If they cannot be hacked, then your private keys cannot be stolen.
They are popular when it comes to storing large amounts of coins for the safety reasons.
Ledger Nano S is a hardware wallet that stores your Bitcoins, Ethereum and other altcoins. This is an utterly secure option if you project on storing large amounts of coins. The cheapest Ledger goes for €69. It’s a must-have if you’re ter the crypto-currency business for the long haul.
Pros: maximum security, altcoin support, excellent customer support, effortless to use
Cons: no free substitutes
Trezor Hardware Wallet is my 2nd best cold wallet. It serves the same purpose spil the Ledger Nano S. The vormgeving is sleek, albeit the buttons could have bot a little larger. The cheapest Trezor sells for €89.
Pros: maximum security, altcoin support, effortless to use
Cons: more expensive than Nano S
KeepKey Hardware Wallet is a designer cold wallet that stores Bitcoins, Ethereum and other altcoins. It provides sleek vormgeving and futuristic look with maximum security at $99.
Pros: maximum security, altcoin support, good vormgeving
Cons: cheapest option is more expensive than cheapest Nano S or Trezor
ETHEREUM DESKTOP WALLETS
Desktop wallets are 2nd most secure wallets available today. Their security level depends on the lengths you go into to ensure decent security of your own rekentuig. An investment te a good antivirus and firewall could be a priority before you store a loterijlot of coins on your laptop.
Coinbase Wallet wallet stores Ethereum, Bitcoin and Litecoin. Ter addition to that, it provides 2-step verification factor and other services. It’s a good place to commence your crypto-journey, albeit the webstek is down fairly often due to fresh users flooding te.
Pros: altcoin support, accepts credit card, effortless to use, offers hot wallet mobile version
Cons: slow customer support
Leegloop Wallet is a excellent choice that securely stores not only Ether but all sorts of altcoins. All of the coin can be exchanged to other digital assets within the wallet. It’s secure because you don’t host your private keys anywhere else but your pc. Thus, the more secure your laptop, the stiffer it will be to hack it.
Pros: altcoin support, self-hosted, effortless to use
Cons: no mobile version (desktop only)
Jaxx Wallet is one of the most popular wallets that accommodates Ethereum and other altcoins. It’s available on desktops and all sorts of mobile devices. Jaxx features ShapeShift which permits you to convert your Ether or Bitcoin into other coins automatically creating a wallet for them.
Pros: altcoin support, ShapeShift, effortless to use
Cons: least secure desktop wallet
SUMMARY OF BUYING AND STORING ETHEREUM
You should now be able to know where and how to buy and store your Ethereum securely.
Te case any part of the article wasgoed unclear, here’s a quick step-by-step recap of how to do so:
- Open an account via exchange podium such spil Coinbase or CEX
- Verify the account by submitting your ID and photocopy of a utility bill
- Purchase Ethereum directly on the webstek with your credit card or handelsbank account
- Open several Ethereum wallets and distribute your coins inbetween them to dilute risk of keeping too many eggs te one basket
- Purchase a hardware wallet if you project on holding on to large amounts of Ethereum or other coins for an extended period of time
- Avoid storing large quantities of digital contant on hot wallets that are available on mobile devices
- Sell your coins through exchange platforms to convert them into desired fiat currency
If you have any questions regarding buying Ether or storing it, please let us know ter the comment section below! Meantime, feel free to subscribe to our weekly crypto-round up on the bottom or to the right of the screen to stay on top of the Ethereum world!