For so long, some have seen Bitcoin as the future of money. But what about Ethereum, which always stands next to Bitcoin in the news and on exchanges? If everyone is talking about Ethereum, that’s for a reason – the blockchain project has become incredibly popular, and it goes beyond enabling transactions. Ethereum is a decentralized network that allows users to play games, use and store NFTs, and even utilize social media.
What’s more, Ethereum is seen as a catalyst for Web 3.0 – the next-generation web that supports DeFi, DApps, and DEXs. Ethereum offers excellent benefits, like a lack of censorship, smart contracts, decentralization, transparency and security, and so on. Of course, it is far from perfect, but its roadmap for the future is exciting, and it shows its commitment to improving its ecosystem. If you’re interested in Ethereum, you likely want to know how to buy it. Well, the process is straightforward, as there are a few steps you need to follow. But you must also decide whether to buy ethereum with bank transfer, cash, credit card, or ATM. Below we will discuss each of these methods, so you can understand how they work and choose the one that works best for you.
Choosing an exchange to buy ETH
Using a crypto exchange is one of the most straightforward and common ways to buy ETH. Since Ethereum is the second-largest cryptocurrency, finding a platform that allows you to trade the token shouldn’t be challenging. Make sure the exchange is available in your region, and do comprehensive research about it to check its legitimacy and ensure it accepts the digital asset you want to trade.
Depending on your chosen platform, you may be required to identify documents and personal information. Keep in mind that even if the platform doesn’t require a lot of data in the beginning, it can ask for it later (for example, when it comes to expanded withdrawal limits). Once your information is verified, the next step is to select a deposit method to buy Ethereum.
What options are available for buying ETH?
As mentioned, there are different ways to purchase ETH, and we will discuss each of them below in detail.
Buying Ethereum with cash
Some investors prefer to buy Ether from another party. This can be done through a P2P exchange, which enables local currencies to be traded for digital assets like ETH or BTC. P2P services are essentially marketplaces where the exchange happens.
However, there is also the option to meet with someone in person to buy ETH. Of course, this can be risky (after all, you’re making a transaction with a stranger), so it’s essential to be cautious.
Buying Ethereum with a credit card
Buying ETH with a credit card is another option you have, and it’s similar to another online purchase. You have to start by visiting Ethereum’s broker app or website and creating an account. On the platform, you may be required to submit your ID photo to confirm your identity or link your bank account.
Once your account is created, you will then have to fund your account or make a purchase. In the former case, you will need a credit card to fill out an order. Enter the amount of Ether you want to buy, select “credit card” as a payment method, and complete the purchase. Once you do this, you should be able to see the balance of ETH in your account.
Buying Ethereum with an ATM
You can also buy Ether through an Ethereum ATM, which requires some personal information. In order to use an ATM, you will also need an Ethereum wallet, where you can transfer the ETH you purchase. There are different types of wallets, so do your research and choose the best option. After picking an Ethereum wallet, you will have to search for an ATM near you online.
Once you have found the ATM, the process of buying Ether isn’t complicated. You have to scan the QR code in the wallet by holding it up to the camera’s machine. The next step is to insert the money into the ATM and confirm how much Ether you want to buy. Once the purchase is completed, you will receive the Ether to the provided address.
Buying Ethereum with PayPal
Those living in the United States can buy Ether on the PayPal platform. This feature has been available on PayPal since 2020, enabling users to buy, sell and hold their ETH. All you have to do is create a PayPal account, select “crypto” and then “Ethereum” among the options. Before you buy your ETH, you will have to add some funds to your PayPal account (this requires you to link to your debit or credit card).
However, if you aren’t located in the US, you can buy ETH through a crypto exchange, as some sellers accept PayPal as a payment method. You can choose from many reputable crypto exchanges, so we recommend looking into them and weighing their pros and cons. In order to access the PayPal service, you will likely have to register on the crypto platform.
Is buying Ethereum profitable?
Since it was introduced in 2018, Ethereum experienced an all-time high in 2021, showing its incredible potential to investors. Although it experiences significant levels of volatility, Ethereum can also bring substantial profits. Besides, Ethereum has real-world utility, which makes it even more appealing, as buying such a digital asset is associated with several advantages. Not only does Ethereum offer a great return on investment, but it also provides a sense of stability, maintaining its value in the long run through the purposes it serves.
Since Ethereum has seen an upward trend lately, the market will likely be bullish in 2024. This translates into excellent opportunities for investors who believe in Ethereum. Of course, investing in Ethereum has risks, and despite its profitability, it may not be suitable for everyone. Hence, we recommend doing comprehensive research on the asset and making a decision only after understanding how it works.
As you can see, there are different methods you can choose from when it comes to buying your ETH tokens. Hopefully, this guide has helped you understand them so you can pick one that fits your investment journey.