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Ethereum is a decentralized platform that normally runs smart contracts. It enables users to create their applications, buy goods and services or exchange money without going through a bank. These apps are written in code and run on thousands of computers across the globe. The result is an efficient network with low transaction fees and virtually no risk of fraud.
Since there’s minimal counterparty risk at play here, only you have access to your funds if something goes wrong. This makes using cryptocurrency much more appealing than traditional payment methods, And just like these other currencies, Ethereum can be traded for cash on online exchanges. But before we get into trading Ethereums for USD, let’s first take a look at what exactly Ethereum is and how it works.
How can I buy Ethereum?
There are many ways to purchase ETH from another crypto-currency user. Some people may choose to use credit cards, while others may want to pay by wire transfer. If you don’t trust any of those options, then consider one of our recommended wallets below:
- Coinbase Wallet: This is one of the most popular wallet solutions available today. They allow you to store all of your cryptocurrencies safely within their system. You can download the app directly via Apple Store, Google Play or Windows Store. One great thing about Coinbase is that they offer 2 GB of free storage, which should be plenty enough to hold your entire portfolio. Check out our full review of Coinbase, as well as details regarding their competitive fee structure and customer service.
- MyEtherWallet: MEW offers similar functionality as Coinbase but focuses solely on Bitcoin, Litecoin and Ethereum holdings. For $10 per month, customers receive 1 GB of free cloud storage where they can securely save all of their coins. Additionally, MEW has integrated ShapeShift, so you can easily convert between various altcoins.
- Jaxx: Similar to MEW, Jaxx allows you to manage multiple accounts quickly and efficiently. With Jaxx, however, you will need to fund your account
Do Ethereum use PayPal?
You can use Paypal to send Ether to someone else. However, keep in mind that you must do so outside of the Poloniex Exchange when sending Ether because it cannot be retrieved once sent. This is due to the nature of blockchain technology. When you make a deposit, you are making two deposits; one to the address associated with your balance sheet and the contract itself.
Once deposited, the agreement holds onto them until you decide to withdraw them. At that point, the deal sends back whatever amount was withdrawn plus interest. So, even though you made a withdrawal request, you did not physically remove anything from the contract.
Buy Ethereum with a credit card
If you prefer to avoid dealing with cryptocurrency altogether, you can always go old school and use a debit/credit card instead. Most major retailers now accept bitcoin payments, and some also support Ethereum.
So you don’t have to worry too much about getting scammed. Just remember that, unlike bitcoin, Ethereum isn’t anonymous. Your identity is tied to every single trade you make. That being said, it remains relatively safe compared to fiat currency transactions.
Bank Transfer
Another option for purchasing Ethereum is through bank transfers. The process is straightforward and takes only minutes. After you’ve done that, log into your account and click “Funds” under the tab labelled “Deposits”. Then select “Withdrawal”, enter the appropriate information and wait for the approval. It’s important to note that there may be additional fees depending on how long it takes for the transfer to clear. 2.4- How To Sell EthereumOnce you’ve purchased some Ethereum, selling it is just as easy. Follow these steps below:
Where to buy Ethereum
buying ethereum can be done at various places online, including
- Binance: This platform enables users to create an exchange account by depositing money into their finance account. Users then get access to trading pairs like BTC / ETH, USDT / ETH etc.
- Kraken: This is another popular crypto exchange site that provides its services worldwide. Their website is pretty straightforward and user friendly. If you’re looking to purchase other cryptos apart from Ethereum, Kraken might be what you want.
- LocalBitcoins you can get there here using LocalBitcoins which is peer to peer trading. You’ll find people who are willing to sell or buy bitcoins directly with cash. This method works best if you live somewhere where banks aren’t available.
Conclusion
So, we hope that our guide has helped answer all of your questions regarding how to buy Ethereum. We know that quite a few things were left out, but hopefully, they will help you understand more clearly.
