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As the native asset of the Ethereum network and one of the best known digital currencies, Ether (ETH) can be traded on a huge range of crypto exchanges.
If you want to acquire some of this popular cryptocurrency for your portfolio but don’t know how, you’re in the right place. Keep reading for step-by-step instructions on how to buy Ether.
This is our quick guide to just one way to buy ETH. Compare some other options in the table below.
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 New Zealand dollars 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 New Zealand dollars, 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 NZD on New Zealand exchange Vimba.
Step 1. Register for a Vimba account
Visit the Vimba website and click on the “Sign Up” button in the top right corner of the page. You can then sign up for an account by providing:
Make sure you enable 2-factor authentication on your account before moving on to step 2.
Step 2. Deposit NZD into your account
When logged in to your Vimba account, click on the “Deposit” link from the account dashboard. There is only one way to make a deposit with Vimba, and that’s via bank transfer.
Step 3. Buy Ether
Once the funds have arrived in your account, click the “Buy/Sell” tab at the top of the screen and select “Ethereum” from the list of currencies. Next, click the “Buy Ethereum” link and then specify either the amount of ETH you want to buy or the amount of NZD you’d like to spend.
Make sure you double-check the details and total cost of your transaction before clicking “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 Binance.
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 Binance account
Navigate to the Binance 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 and creating a password. Remember to activate 2-factor authentication before proceeding to step 3.
In addition, please be aware that if you want a higher account withdrawal limit than 2 BTC, you’ll need to provide proof of ID.
Step 3. Deposit BTC into your Binance account
If your bitcoin is already stored on Binance, 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 Binance wallet so you can transfer the BTC into your trading account.
To do this, you’ll need to log in to your Binance account, click the “Funds” drop-down menu and then select “Deposits”. Choose bitcoin from the list of supported currencies and copy the wallet address or scan the QR code provided.
This is the destination address you must use to send a BTC deposit to Binance 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:
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 $50 if he emails me a 10-page report on pet obesity by 30 November 2018”.
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:
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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