Ethereum is a hot topic right now and people are scrambling to buy some of its native token Ether (ETH) in hopes of making a lot of money. Unfortunately, a lot of people stay away from Ethereum because they are under the impression you must be tech savvy to buy it. While that may have been true in the past, it is now easier than ever to buy ETH!
How much do I need to buy ETH?
There is a big misconception that you must buy ETH in whole number increments. This is false because you can buy fractions of it. As of this writing, it is ~$470 for 1 ETH. However, if you only wanted to buy $47 worth, you could do it. Your wallet would then have 0.1 ETH. You can go much smaller than that, but be sure to take fees into account when you are buying!
Where can you buy ETH?
There are a lot of places to purchase ETH, but for the purposes of keeping this post simple and to the point I will only talk about exchanges. Exchanges are the easiest way because most will allow you to link your bank account. Once your bank account is linked you can transfer fiat money to the exchange and then purchase ETH. This is the same process you would go through if you were purchasing stocks.
My top recommendation is to use Coinbase. They have been around for a very long time and have a very friendly user interface, as well as apps for both iPhone and Android phones. Also, if you buy $100 worth of any digital currency on their site using this link you and I both receive $10 in Bitcoin! Not a bad deal considering that $10 back in January would be worth almost 10x now. As of this writing, this is all that is needed to sign up:
Once you sign up you will have options to link a bank account, debit card, or credit card. You can also submit more information to have higher limits on what you can purchase and sell each week.
And if you are worried about security, Coinbase not only has FDIC insurance for your USD, but the digital currencies are also fully insured. This is a major benefit and another reason Coinbase is a very good starting exchange if you are new to this space.
How to buy once you have your Coinbase account
1. Select the “Buy/Sell” option at the top of the screen.
2. Make sure Ethereum is selected (green check mark in the corner of the Ethereum box)
3. Choose your payment method from the drop down. This will be a bank account or card that you have already added.
4. Enter the dollar amount or ETH amount that you would like to purchase. They give an option to repeat the buy, so if you wanted to buy a set amount each month you would set that here. Notice the right side filled out and we can see the account we are using, when the ETH will be available to us, and where it is being deposited. We can also see the fee and final total of our purchase.
5. Click ‘Buy Ethereum’ and that is it. If you go back to your homepage you should see the transaction in the bottom right, and if you used a card the ETH should automatically be there. Congratulations, you just bought your first ETH!
It’s gotten a lot easier to buy ETH. Once you feel comfortable with this, you may want to expand into other cryptocurrencies. I’m sure you noticed the Bitcoin and Litecoin options on the buy page, so be sure to check around this site and learn about those as well! Also, if you are interested in storing your ETH in a private wallet, check out the setting up an Ethereum wallet guide.