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As the native asset of the Ethereum network and one of the best known digital currencies, Ether (ETH) can be bought and traded on a huge range of crypto exchanges.
With it hitting new all-time-highs in 2021, many buyers are looking to enter the market for the first time. We’ve put together this simple guide to help you do so safely and securely.
The easiest way to buy Ethereum is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
Once verified, you can deposit MYR using the payment method that best suits you – bank transfer, credit and debit cards are all widely accepted.
You can now exchange your funds for Ether. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy.” If you like you can now withdraw your Ether to your personal wallet.
Ether is the native token of Ethereum, a smart contracts platform which developers can use to build and deploy decentralised applications. However, despite this fact, it’s quite common to see the platform’s currency also referred to as Ethereum across crypto exchanges and online.
If you’re new to the world of cryptocurrency, you’ll most likely find that buying ETH direct with Malaysian ringgit is the easiest option. However, we’ve also included instructions on how to buy ETH using another cryptocurrency (in this case Bitcoin) if that is your preferred approach.
There are several exchanges that allow you to buy Ether with Malaysian ringgit, so make sure you compare the features and fees of a range of platforms before deciding which one you’d like to use.
For this example, we’ll show you how to buy ETH with MYR on Luno.
Step 1. Register for a Luno account
You can sign up for a Luno account by providing your email address and creating a password. Before you can trade, you’ll need to verify your account by doing the following:
Remember to also enable 2-factor authentication on your account for extra security.
Step 2. Deposit funds into your account
From your Luno account dashboard, select “Wallet” at the top of the screen and click the “Deposit” button. You’ll then be able to access the necessary details to transfer funds into your account via bank transfer.
Step 3. Buy Ether
Select Ethereum and specify how much ETH you want to buy or how much MYR you want to spend. Take a moment to review the full details of the transaction before you click “Buy”.
If you want to exchange another cryptocurrency for ETH, there are myriad exchanges that allow you to do so. Make sure you compare the features and fees of a range of platforms before deciding which one you’d like to use.
To provide a clear example of exactly how to buy ETH with another cryptocurrency, let’s look at how to complete this transaction on KuCoin.
Step 1. Buy BTC
While Ether can be purchased using a number of popular cryptocurrencies, Bitcoin is the easiest to acquire and trade.
If you already have some BTC, skip ahead to step 2. If you don’t, you can find step-by-step instructions on how to acquire some in our guide to buying Bitcoin.
Step 2. Register for a KuCoin account
Navigate to the KuCoin website and click the “Register” link at the top right of screen. You can then sign up for an account by entering your email address, phone number and creating a password. You will be sent an SMS code which you will need to enter to proceed.
Step 3. Deposit BTC into your KuCoin account
If your Bitcoin is already stored on KuCoin, skip ahead to step 4.
However, if your BTC is stored on another exchange or in a Bitcoin wallet, you’ll need to find the address of your KuCoin wallet so you can transfer the BTC into your trading account.
To send coins, navigate to your KuCoin wallet by clicking on Assets on the top banner. This shows all your available coin balances. Next, click Deposit. By default, it will show KuCoin Tokens. Click on the name to reveal the dropdown menu and select BTC as the coin you want to deposit. Your deposit address and QR code will be revealed.
This is the destination address you must use to send a BTC deposit to KuCoin from your private wallet.
Step 4. Buy Ether
Now it’s time to click the “Exchange” tab near the top left of screen and choose the “Basic” trading view. Use the search box provided to find the BTC/ETH trading pair and then choose a limit, market or stop-limit order.
Enter the amount of Ether you want to purchase, but remember to review all the details of the transaction before clicking “Buy ETH”.
If you want to sell your ETH tokens, the good news is that they can be exchanged for an extensive range of digital and fiat currencies on many different exchanges.
The selling process is similar to the buying process outlined above in step 4, except for the key difference that you’ll need to enter your transaction details in the “Sell” field.
While some people choose to store their crypto tokens in their exchange account, this is not recommended. As exchanges are regular targets for hackers and thieves, it’s generally considered a much safer option to move your ETH tokens into a wallet which allows you to retain full control of your private keys.
Happily, there are heaps of choices available when searching for an Ethereum wallet. Options you might like to consider include:
The global average for ownership is 19% with men much more likely than women to own cryptocurrency.
Launched in 2015, Ethereum is an open-source blockchain platform which developers can use to build and run decentralised applications (dapps). Its key feature is that it allows developers to create smart contracts, which are self-executing contracts that automatically complete tasks when specific conditions are met. As an example, a basic smart contract could say, “pay John US$50 if he emails me a 10-page report on pet obesity by 1st March 2021”.
These smart contracts are executed by the Ethereum Virtual Machine (EVM), which is powered by a decentralised international network of nodes. In the real world, Ethereum can be used to power dapps and smart contracts across a diverse range of industries, including everything from finance and insurance to supply chain management, betting and file storage.
Ether is the native cryptocurrency of the Ethereum network. It is used by developers to pay for transaction fees and services on Ethereum, and can also be traded on a wide range of crypto exchanges.
Cryptocurrencies are complicated and volatile assets, and buying any digital coin or token comes with a high level of risk attached. Before you buy, make sure you do plenty of research and that you recognise those factors that could potentially drive the price of a crypto asset either up or down
If you’re thinking of buying Ether, consider the following factors first:
Icons made by various artists on www.flaticon.com
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
If you’re looking for ways to gain exposure to bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
Bitcoin telah mencapai tahap tertinggi baru-baru ini. Teringin untuk melabur dalam Bitcoin tetapi tidak tahu hendak bermula dari mana? Ikuti panduan langkah demi langkah kami yang mudah.
Sekiranya anda ingin menjual Ethereum (ETH) kepada mata wang fiat atau cryptocurrency tetapi tidak tahu bagaimanakah caranya, anda akan mendapatkan segala bantuan yang diperlukan di dalam panduan yang sangat berguna ini.
Sekiranya anda ingin membeli token Ether Ethereum (ETH) tetapi tidak tahu bagaimanakah caranya, ketahui semua yang anda perlukan untuk memulakannya di dalam panduan terperinci ini.
Ingin menjual Bitcoin kepada Ringgit Malaysia (RM) atau cryptocurrency tetapi tidak tahu bagaimana caranya? Ketahui dengan lebih lanjut apa yang anda harus lakukan melalui panduan lengkap ini.
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