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What is the right time to buy cryptocurrency? Well, it is always the right time to research and narrow down your choice to the one crypto that you think will be worth investing in. Although this cannot be stated with certainty, Ethereum is one of the cryptos that many professionals give the most attention to.
If you opted to buy Ethereum, there are a couple of things that you should know. Read on!
Are Ethereum and Ether Different?
You probably came across a term Ether as well in your Ethereum research. To put simply, Ether is a cryptocurrency just like Bitcoin, and Ethereum is a blockchain platform.
It is the platform that sparks interests from all over the world, as it forms a firm basis upon which many different ICOs are made. Furthermore, it is supported by some of the corporate giants such as J.P. Morgan and even Microsoft.
All of these factors make it popular – and this only means that its native cryptocurrency increases in value.
The Best Ethereum Exchange Platform
There are many professional exchange platforms, but CEX.IO is one of the most appropriate for the beginners who are interested in buying cryptocurrency. The platform is very easy to navigate, and you are really just a few clicks away from getting your first Ether. Despite the fact that they market themselves as a Bitcoin exchange, CEX.IO also offers a range of other crypto coins which you can trade against fiat money.
Getting Started
Creating an account on this platform is rather easy. Follow these simple steps:
Step 1 – Sign up by clicking on the “Register” button;
Step 2 – Provide personal data that the platform requests;
Step 3 – Turn on two-factor authentication;
Step 4 – Verify the account.
There’s also one more step, which is perhaps the most complicated, but it is necessary if you want to trade crypto for fiat currency. Now, since different countries have different regulatory frameworks, the process of verification is likely to differ slightly. As a rule, the typical info that you are required to provide during this process is your full name, address, ID picture, proof of address, or even a selfie with your credit card.
What Payment Method to Use?
Now, it is up to you to choose the option through which you will place the initial deposit. You are basically given three possibilities:
- Crypto to Crypto;
- VISA or MasterCard;
- Bank Transfer.
If you already have some cryptos available, you can use them to buy Ether on the platform. This method will require identity verification, but unlike bank transfer, it is much faster and more convenient.
For the second method, you will need to connect your payment card to the platform. This is not a difficult process, but it is the process that requires the verification mentioned above. In essence, just follow the instructions provided on the website and you will set up everything in no time.
Bank Transfer is a slower method, but some people find it more convenient. Depositing via Bank may sometimes take more than a day. This method also requires identity verification and you can find out more about this issue by reading their Identity Verification Guide.
Buying your first Ether
Now that you fixed up everything it is time to do some action. In order to buy Ethereum, all you need to do is navigate to the Buy/Sell section of the website. There you will find a lot of offers which have a fixed price.
Simply look through the offers and find the one that you like the best. Click on the “buy” button below the offer and you are halfway through.
There is also an option where you can buy a custom amount for the value that you enter. As soon as you enter the value in the fiat currency, the value of Ethereum will automatically be calculated and offered to you. Simply click the green “Buy” button and confirm the order in the pop-up that CEX.IO displays.
Simple as that!
How to Withdraw Funds?
There are several reasons to withdraw funds. First of all, you may have converted Ether back to fiat currency and you want to have it back to your card or bank. But you need not only withdraw fiat as you can also have your own Ether wallet where you can keep this cryptocurrency for safety reasons.
The process of withdrawing is quite simple – just navigate to the wallet section of the website and click on the “Withdrawal” button next to the currency that is located in your wallet. Then, choose your withdrawal method and enter the amount that you want to withdraw. Make sure to pay attention to the fees, which will be automatically calculated for you and displayed.
As soon as you click the final “Withdrawal” button, you will have to confirm it with 2FA.
Pay Special Attention!
The way many of the exchange platforms finance themselves is via the fees system. Although CEX.IO has some of the lowest fees in the industry, make sure to check their Fee Schedule page and see how much you will have to pay. There is one standard fee which is active whenever you use your credit card for deposits – up to 3.5%.
Another thing that is usually imposed by the exchanges is the deposit and withdrawal limits. The current limit for a CEX.IO Basic account user is $1,000 per day and $3,000 per month. If you don’t have big plans for the future, this is good enough. However, as soon as you upgrade your account, there will be no more limits.
Conclusion
Buying Ethereum is simple and fun if you do it on the right platform. If you decide that Ether is the crypto for you, make sure to follow the prices and to devote time to the world of crypto.
