How to Buy Ethereum Classic - Beginner’s Guide 2021
How to Buy Ethereum Classic: A Step-by-Step Guide
Ethereum Classic, the original Ethereum blockchain, was released in 2015. Want to buy ETC coins yourself but need a little guidance?
Stay right where you are. In our How to Buy Ethereum Classic - Beginners Guide, we walk you through the various aspects of purchasing this cryptocurrency.
This includes potential fees, popular techniques, and investment plan inspiration.
We are also going to discuss some important considerations to make when you buy Ethereum Classic online - such as how to find a good broker and what you need to do to make a purchase today!.
Buy Ethereum Classic in 5 Steps
Read the following 5 step run-through of how to buy Ethereum Classic right now:
Step 1: Sign up with a trusted and regulated crypto broker
Step 2: Fund your account
Step 3: Choose Ethereum Classic (ETC) from the available list of crypto-assets
Step 4: Enter the amount of Ethereum Classic you want to buy
Step 5: ETC coins will be added to your wallet straight away!
Step 1: Choose an Online Ethereum Classic Broker or Exchange
As is clear from our 5 step run-through of how to buy Ethereum Classic - before you can purchase digital currencies - you need to sign up with an online broker.
If you choose social trading platform eToro, you can buy Ethereum Classic on a direct basis via the brokerage firm. You also have the added protection of various regulatory bodies. More on regulation later.
If you prefer the idea of a cryptocurrency exchange, you can buy Ethereum Classic this way. You can also exchange other crypto-assets like Bitcoin to Ethereum Classic if you wish.
Crucially, it is important to note that such exchanges are more often than not unregulated. This means you are buying cryptocurrencies in a potentially unsafe environment.
We mentioned that eToro is regulated. This safety net comes from various bodies around the world such as ASIC, the FCA, and CySEC. The US eToro website is also registered with FINRA.
The aforementioned regulation means that you can relax and buy Ethereum Classic, safe in the knowledge that the broker is legitimate and under strict supervision.
Not only that, but by using a licensed brokerage firm like eToro to buy Ethereum Classic, you will be purchasing the digital currency in a newbie-friendly environment.
This brings us nicely onto important factors to consider when searching for a suitable broker to buy Ethereum Classic. As we touched on - regulation offers you a safeguard against shady crypto brokers, of which there are many in this industry.
Chances are, you will be offered leverage when signing up at a crypto exchange. However, if the exchange is unregulated, which is highly likely, this should be avoided. Moreover, stories of unregulated third-party exchanges being hacked and robbed blind aren’t unheard of.
There is another option - you can withdraw your Classic Ethereum from a cryptocurrency exchange to your own private wallet. However, there is a downside to this.
Storing your own crypto-assets, as appealing as it might sound, means taking full responsibility for the safety of your wallet. If you are hacked, or you misplace your lengthy personal password - you are pretty much on your own.
Over at eToro, not only will the broker store your Ethereum Classic for you, but you will have no concerns with security - on account of such heavy regulation.
In this day and age, you can buy Classic Ethereum using most payment types. Although of course, each online broker will differ.
If you were on the scene a few years ago, buying cryptocurrencies would have often left you with no choice but to use wire transfer. Even today, this type of deposit is often the most lengthy process of all.
Online crypto broker eToro is compatible with a variety of payment types such as credit/debit card, as well as convenient e-wallets like Neteller, PayPal, and Skrill. All of which are safe, fast and convenient.
Fees and Commissions
As with any business, your online crypto broker is going to need to turn a profit. This is often gained by charging clients commissions and fees for buying and trading.
Everyone wins really, the wheels keep turning for the cryptocurrency provider - and you are able to buy Ethereum Classic from the comfort of your own home.
There aren’t many online brokers who don’t charge commissions. Plus, these fees will vary from platform to platform - but are usually variable based on your stake.
- Coinbase, for example, charges clients 1.49% for each and every trade - entry into the market, and exit too.
- So, if you enter the Ethereum Classic position at $1,000, you need to pay Coinbase $14.90.
- Ergo, if you entered with $100 you would be liable to pay $1.49 - and so on.
You will see below an uncomplicated example of how this particular fee can have an impact on your profits when you buy Ethereum Classic.
- You purchase Ethereum Classic by creating a $2,000 a buy order
- You pay Coinbase a 1.49% commission - this equates to $29.80
- Upon selling your ETC coins they are valued at $2,500
- You again need to pay 1.49%, which is $37.25
- In total, you paid $67.05 in commission alone
Whilst 1.49% might seem like an insignificant amount, fees can nibble away at those gains. For instance, if you had instead headed to eToro to buy Ethereum Classic you would have saved yourself $67.05 - because the crypto provider is commission free!
In terms of deposit fees, eToro only charges 0.5% - and this is only if you deposit using a currency other than US dollars.
On the contrary, at Coinbase you would be charged 3.99% for all debit card transactions. This means if you buy Ethereum Classic with a stake of $1,000, you need to pay $39.90.
Other Important Factors
So far, we have covered regulation, fees and payment methods in terms of looking to buy Ethereum Classic.
With that said, there are other metrics to consider when searching for a crypto platform to buy crypto-assets, such as:
- User-friendliness: It is crucial when looking for a safe place to buy Ethereum Classic that you find the website easy to use, and that creating orders is burden-free. All in all, you want a regulated space that can offer you a smooth buying experience.
- Minimum Investment: Prior to signing up with an online broker, you should check what the minimum investment amount is. For instance, it’s not ideal for beginners if the broker needs a minimum of $150 every time they want to buy some ETC coins. We recommend starting with bite-sized chunks. eToro allows clients to buy Ethereum Classic from $25.
- Storage: Storage is also something worth considering, prior to committing to a platform. After all, there is quite a contrast between using an unregulated exchange and storing the digital coins yourself - and having a respected broker like eToro keeping your crypto-assets safe at no extra charge.
Step 2: Come up With an Investment Plan
At the risk of sounding obvious, coming up with an investment plan is the sensible way to go when you buy Ethereum Classic, especially for newbies.
After all, the cryptocurrency markets are notoriously volatile, therefore, investment plans are utilized by beginners, and well-seasoned investors alike!
If you are unsure where to start with regards to creating a plan to buy Ethereum Classic - see below.
Long-Term or Short-Term
When thinking about how to buy Ethereum Classic - do you see yourself as a long-term or short-term investor?
Short-term investing is all about seeking to make a profit from the short term price spikes in Ethereum Classic. This process involves buying digital currencies at the right time, and cashing out when you see fit. This can be within minutes, days or sometimes weeks.
At some point in time, the majority of cryptocurrencies have fluctuated in price by double digits - showing us again how volatile the market is.
The chances are, you are here reading this guide because you are excited by cryptocurrencies for that very volatility. After all, the bigger the risk you take in life, the more impressive the rewards can be.
Onto the subject of a long-term outlook to buy Ethereum Classic - this is commonly called a ‘buy and hold’ strategy. As you no doubt guessed, this entails buying ETC coins and holding on to them for months, or sometimes years - cashing out when you feel the time is right.
This saves you from having to worry about the short-term fluctuation in the value of Ethereum Classic.
Target Ethereum Classic Price
Coming up with a target Ethereum Classic price is a strategy used by many people but is entirely optional.
For instance, let’s say you bought Ethereum Classic at $6.00 and were looking to increase your investment two-fold. ETC coins would have to rise in value to $12.00. If you were looking to triple your investment in the digital currency, you would have to see the price increase to $18.00.
This might sound as likely as the sun rising in the West. But, consider that Ethereum Classic’s all-time lowest value was $0.45 in 2016 - and just a year and a half later, the digital-asset reached its all-time high of $47.77.
That’s a price rise of over 10,000%. So, as you can see, anything is possible! If you had speculated the market correctly at this time you would have made some impressive gains.
Consider Regular Investments
It is worth considering regular investments when looking to buy Ethereum Classic. As is obvious from above - fluctuations in the price of digital currencies can be quite steep.
As such, you are better advised to invest small amounts regularly - rather than throwing everything you have at it and seeing what sticks.
Making modest investments on a weekly or monthly basis is a tried and tested way to keep your trading emotions in check, as well as your bank balance. This way you can steadily build your portfolio whilst sticking to your investment plan.
Newbie-favourite eToro makes this strategy super simple by allowing clients to buy Ethereum Classic from just $25!
Have you considered buying Ethereum Classic ETC?
Step 3: Open an Ethereum Classic Broker Account
If you have found an online broker you feel happy to buy Ethereum Classic from, you can head over to the official website and sign up. At this point, the process is much the same as if you were to invest in stocks, gold, or a mutual fund.
For those not in the know-how, you will need to fill in some basic details about who you are before you can buy Ethereum Classic. This includes your name, residential address, phone number and email address.
As we’ve said, the regulated broker method of purchasing cryptocurrencies is better for newbies, as it’s just too risky out there in the unregulated space. Not only that, but the online broker arena is swarming with ‘professional scammers’.
Regulated brokers need to obtain your basics as mentioned above, as well as photo ID in the shape of your passport or driver's license. This is legally required by regulatory bodies and is part of KYC to try to stamp out financial crime.
In addition to the aforementioned identification, you will need to send a copy of a bank account statement or utility bill to prove your address.
We have heard of ETC providers taking days at a time to manually check all of the previously mentioned forms of ID.
At eToro this is done using automated validation tech, so you will usually be able to buy Ethereum Classic within 10 minutes of signing up.
Step 4: Deposit Some Funds
By now you will have checked that the online broker accepts your chosen payment method. Now you may deposit some funds into your brand new account.
The most speedy way to fund your account is via debit/credit card or e-wallet. eToro is compatible with both. E-wallet wise, you can choose between PayPal, Neteller and Skrill.
You should note that if you have considered buying Ethereum Classic using wire transfer, this could delay your purchase by days as it’s the slowest to process.
The vast majority of brokers will stipulate a minimum deposit amount. This can vary wildly. whilst some are free, some request no less than $1,000 (sometimes more) for each deposit.
At eToro, the minimum deposit is $200 to buy Ethereum Classic or any asset.
Step 5: Set up a Trading Order
When you have funded your account you can start to buy Ethereum Classic.
As you likely know, you first need to create an order to let your online broker know what your position is.
See below for some inspiration.
The buy order is the order you will use the most, as this is how you will access the relevant market to buy Ethereum Classic.
Put simply, if you think Ethereum Classic is going to rise in value - place a buy order with your ETC broker.
If your crypto platform enables ‘short-selling’, you have the option of placing a sell order if you think the price will fall.
Limit or Market Order
At the risk of repeating ourselves - the price of Ethereum Classic rises and falls with every second that passes. It’s important to remember that, as most people look to make regular gains from these constant short-term fluctuations.
Let’s start with the ‘market order’. This indicates clearly to your broker that you want your Ethereum Classic order executing immediately - at the current, or very nearest price.
As we talked about, there will be a slight disparity between the price you see when you confirm your order - and the price you get. As an example, you might place your market order at $6.2618 but actually, get $6.2610. This is totally unavoidable and tends to be an insignificant amount.
Now, moving onto the ‘limit order’. This indicates clearly to your broker that you want to enter the Ethereum Classic at a very specific price point.
Let's explain further with a quick example:
- Ethereum Classic is priced at $6.2618 - however you want to enter the market at $6.3600
- As such, you place a $6.3600 limit order
- If ETC reaches $6.3600 - your broker will execute your trade
- The order remains outstanding until either a) your price point is reached, or b) you cancel it via your broker
All in all, market orders are super simple yet effective for beginners. While limit orders enable you to be more price specific when electing to buy Ethereum Classic.
It’s all well and good understanding orders when considering how to buy Ethereum Classic. However, your broker will need to know how much you are willing to stake on your position.
As we said, if buying cryptocurrencies is new to you, slow and steady is a sensible approach to buy Ethereum Classic. Of course, you are entitled to buy as much Ethereum Classic as you like, but investing small amounts is often the way to go at the start.
If you think of the bigger picture, by investing the minimum amount required at the platform of your choice, you can add digital currencies to your portfolio in a more risk-averse way. As noted, if you sign up with eToro for your cryptocurrency endeavours you can buy Ethereum Classic from $25.
Once you have checked that the stake you have entered is correct and your orders are as you intended - you can hit ‘confirm’. In a nutshell, this is an authorization from you to your broker to go ahead with your buy/sell, market/limit orders and stake.
Now, if you check your portfolio at eToro, you will see that your digital coins have been added accordingly.
Ready to buy Ethereum Classic ETC?
Step 6: Storing Your Ethereum Classic
The fiat money we all pay our taxes with is quite different from digital currencies. For a start - digital coins like Ethereum Classic are stored on a decentralized ledger.
We touched on exchanges vs online brokers earlier on. But to clarify, the two offer a completely different experience - especially when it comes to storage.
For example, if you choose not to use a broker to buy Ethereum Classic, you will be responsible for storing it yourself - in a personal downloadable crypto-wallet. This means you are responsible for its safety, the contents and your private key. This leaves you rather vulnerable when it comes to hackers and crooks, of which there are many.
If you elect to buy Ethereum Classic via popular broker eToro, you have the extra safety of regulatory bodies the FCA, CySEC and ASIC. This cuts out the need to worry about being vulnerable to scammers. Not to mention forgetting your private key, or even worse, it falling into the wrong hands.
Step 7: Selling Your Ethereum Classic
As is blatantly obvious by this step - the whole point of looking to buy Ethereum Classic is to sell it later for more than you paid originally. That’s your profit right there - of course, you need to correctly time the markets first.
When it comes to selling your Ethereum Classic, regulated brokers are much safer and convenient in this department too.
After all, unregulated third-party exchanges often leave clients no choice but to send cryptocurrencies to the unregulated exchange wallet.
This is followed by having to exchange Ethereum Classic to a fiat currency like Euros - which is highly likely to come with a fee.
If you signed up with eToro to buy Ethereum Classic - you would simply need to ‘sell’ your ETC coins. The money will be added to your original payment method as per KYC ruling. It’s as easy as that.
Other Ways to Buy Ethereum Classic in 2021
We’ve discussed the nuts and bolts of buying Ethereum Classic - but you do have other options.
Buy Ethereum Classic Debit Card
Debit cards are used by millions due to the convenience and security this payment type offers. The same applies if you want to buy Ethereum Classic.
If you want to buy Ethereum Classic with a debit card - simply enter your card details as you would with any other online service. You need to enter the amount you want to buy and confirm your selection. At the time of cashing out, your funds will be sent to the original card.
Do check with the crypto provider what the minimum investment and deposit amount is, as they can vary by a distance.
Buy Ethereum Classic Credit Card
Much like making purchases with a debit card, credit cards are considered safe and convenient. If a credit card is better suited to you, you'll be pleased to know that eToro accepts this type.
It’s crucial to note that if buying digital coins via credit card you might have to pay a ‘cash advance fee’. You might recognize this from ATM withdrawals.
The average fee to buy Ethereum Classic via credit card is around 3%, but we recommend conducting your own research and checking with your provider.
Buy Ethereum Classic Paypal
Paypal has become synonymous with safe online payments. It’s no wonder that more and more people elect to buy Ethereum Classic this way.
There doesn’t seem to be many online brokers enabling payment by PayPal. However, eToro accepts PayPal, as well as other e-wallets Neteller, and Skrill.
Ethereum Classic ATM
Unlike traditional ATMs - cryptocurrency ATMs enable you to insert real/fiat money into the machine to buy cryptocurrencies - which are added to your wallet.
Our How to Buy Ethereum Classic - Beginner’s Guide found that as yet there aren’t any ETC machines. These machines usually charge a large fee anyway, so a regulated crypto broker is your safest and cheapest option.
How to Buy Ethereum Classic 2021 - The Verdict
Throughout this guide on how to buy Ethereum Classic, we have issued words of warning about the potential pitfalls of buying crypto-assets. We’ve also given you some tried and tested advice.
This market is highly volatile, and that in itself can be an exciting environment to make some decent gains. Of course, first, you have to time the market. As such, it’s rational to only sign up with a regulated broker. After all, it’s your hard-earned cash you are parting with.
eToro is approved and regulated by several bodies including the FCA and ASIC. Moreover, you can buy Ethereum Classic without paying a cent in commission. The sign-up process takes less than 10 minutes and you can deposit funds into your account with a variety of payment types.
eToro – Best Broker to Buy Ethereum Classic ETC
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
How easy is it to buy Ethereum Classic?
Buying Ethereum Classic is very easy. All you need is a regulated broker, a supported deposit method, and some knowledge of the market.
What is the safest way to buy Ethereum Classic?
The fastest way to buy Ethereum Classic is via a respected broker holding a licence. eToro, for example, is registered with FINRA in the US and regulated by authorities in the UK, Cyprus and Australia.
Can I buy $100 of Ethereum Classic?
Yes, you can buy $100 of Ethereum Classic. If you wanted to you could even buy $10,000 worth. However, we recommend sticking to small investments, especially if you are a beginner. At eToro you can buy just $25 worth of Ethereum Classic.
Can you lose money on Ethereum Classic?
Yes. You can lose money on Ethereum Classic, and any asset for that matter. If you predict the rise or fall in value of Ethereum Classic and place the right order - you will make money. If you are incorrect, you will lose money.
What is the most Ethereum Classic has been worth
Ethereum Classic hit an all-time of $47.77 in December 2017.