Cryptocurrency is reaching the vast corners of the globe, and that’s an understatement. People are beginning to see the value in non-fiat currencies. And today, you can buy ethereum (eth) with ease, too. Unsure of how to kickstart your cryptocurrency investment journey? Here’s how.
How To Start Becoming An Ethereum User
- Exchange Registry
The first step you are to take, as with the various types of cryptocurrency, is to register with a cryptocurrency exchange. Specifically, an ETH exchange. Do not base your preference on what seems to be trending at the moment. Remember that the primary feature you are to focus on is that the exchange should operate in your location and that they accept the currency you use.
As simple as that.
The registration process is pretty straightforward, too. It’s almost the same as to signing up for most financial and/or bank applications. You will be required to type in personal information and verify them. Proof of your identification will be asked of you as well. Depending on where you live, this could be anywhere between proof of address, a government I.D., driver’s license, and sources that have passed AML (Anti-Money Laundering) rules.
Larger exchange platforms have a relatively short verification period. Others, no more than 24 hours. But that’s already a stretch. Your account will be verified before you know it.
- Deposit Method
The second step is to select the method of deposit. Credit and/or debit cards, bank and/or bank wire transfers, PayPal, SEPAs (Single Euro Payments Area), etc. Every deposit method varies in their deposit fee. So, be sure to take note of what they are and make your selection for that which you think is the most ideal for your account.
Go over the terms and conditions of the platform’s deposit fees and more, by checking on the site’s services and/or about page. This information may also be listed on the site’s footer section.
In the event that your currency doesn’t seem to be linked to an accredited platform, most major exchanges are accessible through USD, EURO, Chinese Yuan, Japanese Yen, Russian Ruble, British Pound Ruble, etc.
You can choose a major currency and then later, wire it to your bank account. That will be an additional currency exchange fee for you but it’s a quick-fix. Then again, this really is on the rare side of cryptocurrency exchanges. It might not be a factor you’ll have to worry about.
- Wallet And Buying
After signing up on the cryptocurrency platform of your choice, download an Ethereum wallet where you can instantly withdraw cryptocurrency from the exchange platform and into said wallet app.
Experts recommend that you withdraw ETH from your exchange platform and deposit it into the wallet as soon as your fiat currency has been exchanged with Ethers. There’s no use leaving them on the platform long-term. The said platform is not to be treated like a bank account. Nor should it be treated like an Ether wallet.
- Ethereum ATM
A feature that is distinct to Ethereum is the Ethereum ATM. It’s a convenient, albeit innovative even in the brand new sphere of cryptocurrencies, means to buy Ethers. And it is recommended for Ether purchases that are “smaller” in amount.
Ethereum ATMs have a strict limit in the number of transactions and Ethers purchased per user. For this reason, it doesn’t go through the regular stringent processes put in place by the AML and similar regulating bodies. Thus, transactions are quicker through this medium.
***For significantly larger amounts, you can always opt for a 2-step verification option on your chosen cryptocurrency exchange platform AND for your personal Ethereum wallet.