Translation Royale's Guide to Buying Ethereum
Powered by the Ethereum protocol, the Ethereum ecosystem allows a range of decentralised apps and services. Even though new crypto players might be put off by the prospect of buying Ethereum for the first time, the cryptocurrency is beginner-friendly. Our guide aims to help new gamblers acquire Ethereum with the confidence of seasoned players.
- Go with a Reliable Crypto Exchange
A cryptocurrency exchange is the first option for many when looking to buy Ethereum. The goal here is to choose trusted platforms like Binance, Kraken, and Coinbase and purchase crypto using payment methods like bank transfers or credit/debit cards. To buy Ethereum, sign up with a reputable exchange and verify your identity. This requires providing valid ID documents. Lastly, add a bank card or link a bank account and buy a smaller amount of Ethereum while learning the process.
- Consider Alternative Options
Some players opt for peer-to-peer platforms or crypto ATMs instead of exchanges when purchasing Ethereum. Even though these methods are not as popular as crypto exchanges, they can be considered viable alternatives. When purchasing Ethereum on peer-to-peer platforms, users buy ETH from other people, while crypto ATMs allow players to exchange cash for Ethereum without registering on exchange platforms, but they often charge steeper fees.
- Transfer Ethereum to a Crypto Wallet
The best way to store Ethereum securely is to choose trustworthy hot wallets like MetaMask and Trust Wallet or go with cold-wallet options that include hardware solutions such as Ledger and Trezor. Additionally, players can enhance the security of the crypto they keep by storing their recovery phrase offline and never sharing their private key. Gamblers must provide the right wallet addresses and double-check that they entered the correct information.
- Learn More About Fees and Volatility
Ethereum fees are on the low side. However, that might not be the case when buying Ethereum for the first time, as new crypto users might be working with very little information. Before buying Ethereum, it is essential that players compare gas fees and decide if they might want to expedite transfers by paying higher costs. It is also important to note that all cryptocurrencies' value fluctuates, including Ethereum's, so the amount deposited may change over time.