A beginner’s guide on how to buy Ether (ETH)
The crypto market provides traders and investors with a lot of opportunities to make profits. Bitcoin’s price recently reached $50,000, which is an all-time high. Many experts believe that Bitcoin may stop growing and that Ether is going to be the next big thing (or the next big cryptocurrency). It is a very well-known cryptocurrency and many traders and investors have already been observing its growth carefully. It is important to remember that Ether is the cryptocurrency and the network is known as Ethereum. You will have to invest in the network in order to get to the network’s cryptocurrency.
You will have an easy time getting your hands on Ether if you have purchased a cryptocurrency before. Ether is the second most famous cryptocurrency after Bitcoin and most brokers that allow users to trade cryptocurrencies will also allow them to buy and sell Ether. Here are four easy and simple steps you need to know about when you open your trading account.
Open a Brokerage Account
You can not invest in Ethereum without opening an account with a broker that allows trading cryptocurrencies. As we have mentioned before, Ether is a famous cryptocurrency and it is second only to Bitcoin. Therefore, it should not be difficult to find a broker who offers access to Ethereum. If you are looking to trade Ether and make profits, it is important to choose the right broker that will meet all of your needs.
There are a few things that you need to take into account before choosing the broker you want to start your journey with. Remember to ask about security features. Take a look at fee schedules, commissions, and account maintenance fees. Compare the range of cryptocurrencies and the trading platforms that different brokers offer. You could also take into account other assets that the broker has to offer. You should be able to find a broker that focuses on cryptocurrencies along with other assets like stocks. Such brokers will normally offer a widely used electronic trading platform, such as MetaTrader 4. Here is a list of brokers that offer MetaTrade 4 and also accept Ethereum.
Once you have chosen a broker, open an account by completing the process. You might have to provide the broker with some information. This will normally include your full name, phone number, email address, and a picture of your driver’s license, passport or any other piece of identification. You can open your account within minutes once you have verified your identity.
Fund Your Account
Once you have opened your account with a broker of your choosing, you’ll need to link your account with an online payment method to transfer funds. There are a few brokers who allow users to buy cryptocurrencies using a credit card but most of the brokers might require you to fund your account using a direct bank transfer.
Your broker might need some time to verify that you own the bank account that you have linked before you can start investing. Brokers normally do this by making small deposits into your account and asking you to report back the amount of each deposit. With one broker this process could even take days but with another, it might only take a few hours.
Place an Order
Once you have opened an account and funded your account, you can place an order to buy Ether through your broker. You should always check the price value of 1 Ether in the market. You can use the current market price of the cryptocurrency to decide how much you want to buy. There is nothing to worry about if you do not have enough to purchase an entire Ether coin as the brokers always allow users to purchase crypto coin infractions. You could even start investing with less than $100.
It is important to be aware of the type of order you’re using when you’re placing an order with your broker. There are many types of buy orders, and you should know how can the order you choose affects the payment that you will have to make and how quickly your order will be filled. Here are some of the most common order types that you need to know about.
Transfer Your Coins to a Wallet
Once your order is filled, you will see in your brokerage account the amount of Ether that you had placed an order for. If you don’t plan on trading the cryptocurrency anytime soon, we would suggest that you store your Ether in a secure digital wallet that is protected with a private access key. This will help you to avoid falling prey to frauds and scams.
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