Even though Bitcoin has the highest market cap, Ethereum is no slouch either. Mark Cuban and other high-profile corporate executives have lent their support to this currency, valued at more than $232 billion.
In addition, it's been a smart financial decision. In August 2015, a $1,000 investment in Ethereum would be worth $2.23 million over six years later.
The Best Way to Purchase Ethereum
Investing in Ethereum may not be as difficult as you first imagined. You can get started in just five simple steps.
1. Determine Your Risk Level
You can't avoid it; buying Ethereum is a risk. All investments have risk, but cryptocurrencies are particularly susceptible to market volatility.
Consider the influence on cryptocurrency pricing that only a few hundred characters may have: A 15 percent drop in Bitcoin's value occurred when Elon Musk announced that Tesla would no longer accept Bitcoin as payment.
Since its inception, Ether has had several highs and lows, some of which have occurred within minutes.
2. Pick a Crypto Exchange
Like buying stocks or mutual funds, purchasing Ether using your present brokerage account is tricky. The New York Stock Exchange (NYSE) and many brokerages do not allow investors to invest in cryptocurrencies.
A crypto exchange account is required before you can buy cryptocurrency. In terms of functionality, it's very similar to the brokerage systems you're used to. Fiat currencies like dollars may be exchanged for cryptocurrencies like Ethereum, Bitcoin, and Dogecoin via crypto exchanges.
3. Make a Deposit
A crypto exchange account must be funded before you can buy Ethereum. Depositing money from a bank account, such as a checking or savings account, is the most common way. Wire transfers, debit card payments, and PayPal deposits are all options.
Make sure to check the crypto exchange's costs before deciding on a mode of payment; they might vary according to the method. Gemini imposes a 3.49 percent fee for debit card transfers. However, wire transfers are free on the site.
4. Buy Ethereum
You can't buy stocks, mutual funds, or ETFs outside of the trading hours. Since Nasdaq is only open from 9:30 AM to 4:00 PM Eastern Time, it is not open on weekends or major holidays.
Because they are decentralized, cryptocurrencies like Ethereum operate completely differently. Use your exchange's "buy" form to enter the quantity of Ethereum you wish to acquire.
5. Keep Your Ethereum Safe
Once your Ethereum purchase has been completed, you'll need a place to keep it. Even though certain platforms will store your crypto for you, some people choose to safeguard their investments personally to minimize the risk of a breach.
Despite this, most big exchanges cover their customers' holdings and frequently store the majority of their assets offline to prevent significant theft. This is an essential consideration.
Where to Purchase Ethereum
To buy Ethereum, you first need to decide which cryptocurrency platform to use. For a currency with a market capitalization second to Bitcoin, it seems reasonable that nearly all of the more than 200 exchanges on CoinMarketCap offer Ethereum.
Whatever your Ethereum investment strategy, we can help you find the finest NFTs to buy with your Ethereum.
· eToro
eToro emerged victorious in our evaluation of more than fifty different exchanges and brokers. For the most part, the eToro platform is appropriate for both newcomers and seasoned investors.
This is because you will have access to a safe and low-cost trading environment. eToro is licensed by the SEC, FCA, CySEC, and ASIC to conduct business, among other tier-one financial regulators.
· Crypto.com
After Crypto.com, the next place to buy Ethereum is Coinbase. Additionally, this platform provides a wide range of additional cryptocurrency-related products and services, making it more than just an exchange.
It's possible to earn interest on your cryptocurrency investments and even get a Visa debit card by using Crypto.com's NFT marketplace, which accepts Ethereum as payment. Using a Visa or MasterCard is the quickest way to buy Ethereum at Crypto.com. So, your transaction will be completed immediately.
You should be aware that when using this payment method, Crypto.com imposes a fixed transaction cost of 2.99 percent. However, if you're a new client, you won't be charged this price for the first 30 days of your account registration.
· Binance
Both Crypto.com and eToro may be used by novices to buy Ethereum, but Binance is the ideal platform for experienced traders. It's possible to trade on Binance's sophisticated platform, which offers access to a wide range of tools that experienced investors will enjoy. Advanced orders, customizable charts, technical indicators, and drawing tools fall within this category.
· Coinbase
Coinbase is the best of both worlds regarding convenience and security. For first-time Ethereum buyers, Coinbase is a great option because it was developed with beginners in mind, making it easy to get started. No prior bitcoin trading knowledge is required to establish a Coinbase account, and verified accounts may be opened in less than 10 minutes.
