Cryptocurrencies are seeing massive, exponential growth at the moment. Bitcoin has been making headlines around the world with its soaring price, but some other cryptocurrencies are growing even faster. Ethereum is one of the most important blockchain technologies, and the price of Ether, the required currency for operating on the Ethereum platform, has grown considerably faster than Bitcoin over the last year. It is much more than just a currency and is capable of more than Bitcoin.
If you want to get in on the action, you’ll need to actually purchase some cryptocurrency. However, those new to buying cryptocurrencies will quickly find that buying them isn’t always straightforward. The simplest, fastest, and safest way to buy Ethereum is on cryptocurrency exchanges such as CEX.IO. Today we’re going through how you can use CEX.IO to buy Ethereum in a few clicks.
The difference Between Ether And Ethereum
Ethereum is the blockchain similar to Bitcoin, but with more functionality. Information can be shared chronologically, publicly, and immutably. You can also create smart contracts that are automatically executed when certain conditions are met. The Ethereum platform itself is not a cryptocurrency.
Ether is the unit of cryptocurrency you need to operate on the Ethereum blockchain. The value of Ether is tightly linked to the growth of the Ethereum platform. Ether is usually listed on exchanges as just “Ethereum”, so that’s what we’ll call it here.
Also, don’t get it confused with Ethereum Classic. That is an entirely different platform and currency that is actually a result of the fork of Ethereum blockchain.
CEX.IO is one of the most trusted Bitcoin exchanges in the world, and you can use the platform to buy other cryptocurrencies, such as Ethereum, too. CEX.IO is based in the UK and provides its cryptocurrency exchange services to 99% of the world. These services include different payment options, professional trading opportunities and are keeping your coins safe.
Today we’ll be focusing on their buy option that lets you get your hands on Ethereum in a few clicks and at a decent price.
Getting Started With Ethereum
The following are the steps you’ll need to go through to buy Ethereum.
1. Setting Up An Account
The first step to buying Ethereum is setting up an account on CEX.IO exchange. The registration is easy and straightforward – all you need to get an account is to follow simple steps on the registration page. It won’t take long. As soon as you created an account and logged in, click the deposit button on the top right to be presented with all the options for depositing funds to further purchase Ethereum.
2. Choosing A Payment Method
CEX.IO users are offered with several options for buying Ethereum:
- Credit/Debit card
- Bank transfer
- Crypto to crypto trading (like BTC/ETH)
2.1 Buying Ethereum With A Credit/Debit Card
With this option, buying Ethereum and other cryptocurrencies will take seconds. However, to make card payments, you’ll first need to link the card or cards to your account and then verify as per instructions outlined on the website.
Card verification takes a few steps. You’ll need to enter some personal details, upload several photos, and prove your card ownership by paying a small charge to your card (it will be refunded afterwards) and checking your credit card statement. Then, just wait for your card to be approved.
There comes a time when you finally make the first purchase. Pick your newly verified credit card, go to the deposit screen again and transfer the desired amount of money. Payment will be instant, and you’ll see the account balance in the currency you deposited.
When you’re verified, you can deposit funds using your bank account and then use those funds to buy Ethereum.
2.2 Buying Ethereum With Bank Transfer
Depositing funds via bank transfer requires you to verify your identity. You’ll need to upload an ID document, fill in some personal and address information, and upload some scans of documents that can prove the info you’ve given. Check out the Identity Verification Guide for more info on the full process.
2.3 Buying Ethereum With Bitcoin
You don’t necessarily have to use fiat currencies, like US Dollars, to buy Ethereum. You can use Bitcoin or other cryptocurrencies, too. You’ll have to verify your identity as with bank transfers, but once you’re done, any Bitcoin in your BTC wallet on CEX.IO can be exchanged for Ether easily.
3. Withdrawing Funds
On CEX.IO platform, it’s easy to trade your Ether tokens against Bitcoin or convert them back to cash. Just use the Buy/Sell page to swap your Ethereum for the currency you want, and then use Withdraw to get your funds.
You can keep your Ether on CEX.IO, but you may want to transfer to your own wallet for safety or some other reason. Doing so is easy, just use the Withdrawal button in the Finance section to send your Ether to your own private wallet.
Terms And Conditions
CEX.IO has specific fees and deposit limits for the users. These will change depending on your payment method and verification level. Using a Credit Card with US Dollars, the fee is 3.5% + $0.25. Check out fee details on the Fee Schedule page. If you verify your identity, your deposit limits will increase.
The price of Ethereum has been skyrocketing for months, and this overall trend could continue long-term. However, cryptocurrencies are still in their infancy, and price volatility is going to continue. Investing in Ethereum or any other cryptocurrency is very risky, so only invest what you can afford to lose.
Buying and selling Ethereum or other cryptocurrencies doesn’t have to be difficult. Sign up for a CEX.IO account to get started.
If you are interested in even more cryptocurrency-related article and information from us here at Bit Rebels then we have a lot to choose from.