Interested in investing your money in the hottest cryptocurrency around? If so, you’ll need to buy Ethereum first. Here’s how to do it in 5 simple steps!
Step 1: Open a Coinbase Account
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| Step 1: Open a Coinbase Account |
First, you will need a cryptocurrency wallet. You can sign up for an account with Coinbase. They will ask you for your name, phone number, and some other basic information. The process is very quick and easy.
Next, they will make you verify your identity by sending copies of your photo identification such as driver's license or passport.
It might take them up to 24 hours before they approve it though! Once your identity has been verified, you will be able to purchase Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC).
To purchase ETH, click on the Buy/Sell tab on the top navigation bar and choose Ethereum.
In the box that pops up enter how many ETH coins you want to buy.
Click Buy Ethereum Instantly.
If all goes well, congratulations you now have some Ethereum!
If there are any issues then please contact their customer service team which is available 24/7 If this was successful, go back to Step 2.
Step 2: Connect Your Bank Account
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| Step 2: Connect Your Bank Account |
Connecting your bank account is the easiest way of transferring money.
You can purchase cryptocurrency with a credit or debit card, but it can often be more expensive and have higher transaction fees.
You can also trade stocks for other stocks on an exchange.
If you want to invest in the stock market, you need money for both investment capital and trading capital.
The most important thing about buying stocks is knowing how much risk you are willing to take on.
Investing too little means you won't make as much profit; investing too much means you could lose everything if the company goes bankrupt.
When choosing which stocks to invest in, focus on companies that have been around for at least 10 years and will continue growing.
Step 3: Buy Bitcoin or Ether
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| Step 3: Buy Bitcoin or Ether |
3. Buy Bitcoin or Ether.
You can purchase bitcoin or ether with fiat currency on most exchanges.
(Exchanges like GDAX, Gemini, and Coinbase all allow you to use a credit card.) A few exchanges will require bitcoin instead of dollars, but this is the minority of cases.
If you're using a service that requires bitcoin then you'll need to convert your money into bitcoin at a cryptocurrency exchange before transferring it over.
For example, if I'm using an exchange called ShapeShift that only accepts bitcoin for its transactions, I'd have to first convert my U.S.
Dollars into bitcoins on another site such as Coinbase before sending them off to ShapeShift.
At this point you've either purchased ETH from a crypto market directly with USD/EUR/GBP or acquired some BTC/ETH from a friend or local trader.
Next we want to send our ETH (or BTC) to a reputable ETH exchange. Popular options include Kraken, Poloniex, and Bittrex.
The best option will depend on what country you live in - Kraken tends to be more popular for those living in North America while Europeans often prefer Bitstamp or Bittrex.
Step 4: Download MetaMask
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| Step 4 Download MetaMask |
To start buying cryptocurrency, you'll need a digital wallet.
One popular option is MetaMask, which can be downloaded as an extension for your web browser or as a stand-alone app for your phone's operating system.
Regardless of which version you choose, the process for using it is basically the same.
After downloading and installing it, open up the app and click on create a new account.
The next screen will ask for your email address and password.
After entering that information, click on create account at the bottom of the page.
Next, select either Main Network or Test Network, depending on whether you want to use this browser with that blockchain or not.
Step 5: Move it into Your Wallet
Now that you’ve bought some Ether, it’s time to move it into a wallet.
This is the most important step.
You must keep your private key safe and secret at all times, as losing this key means losing access to your account and funds.
One way of doing this is by buying a hardware wallet, like the Ledger Nano S or the TREZOR.
However, there are other ways too.
If you downloaded MyEtherWallet from their official site (note: don't use any third-party sites), then go to Send Ether & Tokens and paste your public address from earlier.
Enter how much you want to send and click Generate Transaction. Click Yes, I'm sure! Make transaction.
Enter your password on the next page and confirm the transaction. Congratulations, you now have Ether in your wallet