5 Steps to Buying Ethereum Safely
Ethereum has become one of the most popular cryptocurrencies on the market, especially in recent times. Its big waves on the market do not only come from the fact that it has held its head up high as the second most popular crypto on the market but it is also considered a high-value technology that is highly sought-after.
It is a versatile technology, a credible open-source platform for various transactions, and is at the forefront of blockchain technology in today’s world. So if you’re wondering whether you should take the step and put your money on Ethereum, its exponential growth and worldwide recognition make it a wise choice.
Keep reading to find out how to make the most of your investment with these tips to buy Ethereum safely.
How to buy Ethereum in 5 easy and safe steps
Buying Ethereum is not as difficult as it looks. All you need to do is use the following beginner tips to make informed decisions as you plan to purchase the cryptocurrency.
1. Determine your risk level
This is the first and most important step in any cryptocurrency transaction. Because all forms of investments contain some level of risk, the wise thing to do is determine just how much risk you are willing to take.
There are various things to consider, such as the fluctuating price, hikes, and dips. But you can also look at the market trends over time to see how well Ethereum has been doing as you decide how much risk you can take.
2. Decide your preferred cryptocurrency exchange
Buying and selling crypto has become way easier with various cryptocurrency brokerages and exchanges available for your trading. It’s not enough to choose a cryptocurrency exchange but choose one that is tested and trusted.
If you’re unsure of which exchange platform to go for, you can purchase Ethereum on Moonpay for a safer experience. Other exchange platforms allow you to buy crypto as well as other stock options on their platform. Whatever platform you choose, ensure that it meets your needs and has verified security credentials.
3. Sign up on the platform to buy Ethereum
After deciding on the preferred exchange platform, the next step is to create an account and then buy Ethereum. First, you would have to confirm your identity to verify that it is legitimate. You can do this by signing up with a valid ID. Next, you complete the account set up with a strong password and 2-factor authentication.
4. Buy your Ethereum (ETH)
Once your account is set up, you need to deposit money in it directly from your bank or use a credit or debit card. With money in your account, you can now buy Ethereum.
Search for the “buy” option and fill in the amount of money you wish to spend. It will show you how much Ethereum it worths, and you will receive that amount when you confirm your purchase. You can buy as much Ethereum as you can; it doesn’t have to be a whole coin.
5. Look into getting a crypto wallet
Sometimes, you may wish to withdraw your ETH. Then, to ensure that it is safe outside your exchange platform, a crypto wallet is your next option. There are two types of wallets, Hot and Cold.
Hot wallets are free to install and are connected to the internet. However, they may charge a fee if you wish to move your money out of them. Cold wallets are the most secure way to store your crypto. They come in the form of pieces of hardware that are not connected to the internet and cost between $50 – $150.
Conclusion
Choosing to invest in Ethereum now is not a bad idea, seeing as it is well-known worldwide and highly sought-after. This guide is a simple and easy description of what you need to do if you’re ready to put your money in Ethereum.
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