Ethereum remains one of the most valuable cryptos based on market cap. Only second after Bitcoin, Ethereum has multiple use cases and has consistently performed as the top altcoin.
The token also undergoes various upgrades from time to time, hence making it more reliable and secure. Therefore, if you are looking for crypto to trade, then Ethereum is the way to go. Here’s all you need to know to get started on cryptos.
How to buy Ethereum
Getting started in Ethereum is quite simple. It involves the following:
Understand your risk level
Even though Ethereum is an ideal investment, nothing is assured. It suffers from a volatile crypto nature. Over the years, Ethereum has undergone massive price changes as it mirrors the crypto market movements.
Therefore, if you want to invest in Ethereum, only put an amount you are willing to lose.
Choosing a cryptocurrency exchange
The other crucial step in buying Ethereum is finding the platform where you will purchase the Ether. In Australia, cryptocurrencies are regulated and are therefore more secure to trade. They are available in the various crypto exchanges that support the buying and selling of Ether.
When looking for crypto exchange, choose one that comes with assured security and supports multiple payment methods. It should also have a wallet to store the tokens you purchase. Once you choose the crypto exchange, create an account then provide identification details for verification.
Some popular crypto exchanges to buy Ether include Coinbase, BTC Markets, and CoinSpot. According to many CoinSpot Aussie exchange reviews, it is the best place to trade ETH as it supports an attractive fee scheme, responsive 24/7 customer support and the highest-level security for users. Since its establishment in 2013, there have been no reported security issues with this exchange; thus, you can safely trade ETH on CoinSpot.
Funding your account
Once you have created an account, you need to fund it before you can trade. Most of the above crypto exchanges allow you to top up your account through bank transfers, credit and debit cards, and electronic payments.
Review the transaction costs of the exchange before choosing an ideal payment method.
Now that your account is all set up and funded, you are good to start buying Ethereum. Click on the “buy” icon on the crypto exchange, then select ETH. You will then put the amount you are willing to spend, and then let the exchange process it.
Store the Ethereum
Once you have purchased the Ethereum, the next step is to securely store it. If you are planning to hold the tokens for a short while, then you can store them on the exchange storage. Coinbase has one of the most secure wallets to use. Otherwise, you might have to look for a dedicated wallet for storing the Ether.
There are multiple wallets to choose from for Ether, both cold and hot. For convenience, go for the hot wallets that are accessible online. However, for top security, opt for the cold storage that is available physically and cannot be hacked.
Like buying, selling Ethereum is quite simple. You only need to select the sell icon from the crypto exchange, then go ahead and release the amount you wish to. You can sell Ethereum for fiat currency, other commodities, or other cryptocurrencies.
You can also opt for peer-to-peer transactions. This is where you send your Ether to another person’s wallet address and they send you money.