How to buy Ethereum Classic in the UK
A Beginner’s Guide to Buying Ethereum Classic in the UK
Cryptocurrencies have become a highly viable investment vehicle. Many people are turning into crypto despite the high volatility of the market. The bullish trend that has happened since the beginning of the year has made investors more interested in the crypto market as they look for a way to reap huge returns from the sector.
There are many types of cryptocurrencies that an individual can invest in, including Ethereum Classic.
When you read this guide, you will be equipped with knowledge about how to buy Ethereum Classic in the UK and some things you need to consider before investing. However, it would help if you first considered the high risk of investing in cryptocurrencies before diving into the market.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN THE UK
- A step-by-step guide to buying Ethereum Classic in the UK
- How to Sell Ethereum Classic
- Which wallets can I use to hold Ethereum Classic?
- How Ethereum Classic works
- Key things to consider before buying Ethereum Classic in the UK
QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Ethereum Classic.
- Enter how many Ethereum Classic ETC coins you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Ethereum Classic
When you want to buy Ethereum Classic in the UK, follow these simple steps:
Step 1: Open an online account
The first thing you need to do is to open a crypto exchange account. There are several exchanges in the UK, and all these come with different ways for you to buy Ethereum Classic. Before choosing the exchange, you should ensure that it can support Ethereum Classic.
Opening an account is a very easy process. All you need to provide is your names, your contact details, and proof of address. In addition, you may be required to verify some details that you have provided through submitting documents such as your government-issued ID and a proof of address document.
Opening the exchange account will only take a few minutes. To set up the security of your exchange, you need to provide a multi-factor authentication process that will keep the account secure and ensure there is a minimized chance of your account being accessed by someone else without your authorization.
Step 2: Fund the account
The second step is to fund the exchange account, so you can have a way of buying Ethereum Classic tokens. The most basic way of funding your account is by using a credit card or a debit card. You can also link your bank account directly with the exchange and deposit the funds you would like to spend.
If the exchange does not allow the direct purchase of Ethereum Classic using GBP, you can choose to exchange other cryptocurrencies for Ethereum Classic. Some tokens that you can use in the trade include Bitcoin and Ethereum, the most popular cryptocurrencies.
Step 3: Buy Ethereum Classic
After depositing funds into the exchange, the third step is to buy Ethereum Classic tokens. Buying is also a very easy process. All you need to do is go to the buy-side of the exchange account, enter the amount you want to spend, confirm the transaction and you will receive a notification in your email stating that your transaction has been processed.
To buy Ethereum Classic tokens, you can place either a market order or a limit order. The market order will enable you to buy the tokens at the ongoing prices, while the limit order will allow you to buy the tokens when the prices reach a certain low level.
Step 4: Store your Ethereum Classic in a crypto wallet
The fourth step is for you to store the Ethereum Classic tokens in a crypto wallet. There are two main types of crypto wallets: a hot wallet and a cold wallet. The hot wallet is the one that allows you to store your tokens for a short while online as you trade them to earn quick returns.
The other type of wallet is a cold wallet that will store your tokens offline. Cold wallets are highly secure because your tokens will not be available online and will be less susceptible to loss. It is ideal for those who want to store Ethereum Classic for long and those who want to hold large amounts.
Check Out: How to Trade Ethereum Classic
How to sell Ethereum Classic
Selling Ethereum Classic is as easy as the process of buying the tokens. All you need is to go to the sell-side of your exchange account and then enter the amount you would like to sell. Confirm the details, and the transaction will be processed.
There are two ways of selling Ethereum Classic tokens. You can sell them for GBP or other cryptocurrencies. Al you need to do is lookout for the pair that you want to exchange with. Pairs are often named ETC/BTC, ETC/ETH, or ETC/GBP.
Which wallets can I use to hold Ethereum Classic?
As mentioned earlier, there are two main ways for someone to hold Ethereum classic tokens. One can use hot wallets or cold wallets. Hot wallets are usually found in the exchange account, and they will keep your tokens online, so it is easy for you to retrieve them as you sell regularly.
On the other hand, cold wallets are stored in external devices such as USB drives, and they keep your tokens safe away from any online interference.
How Ethereum Classic works
Ethereum Classic works like all the other cryptocurrencies. The token is based on a decentralized system, which ensures there are no intermediaries involved in buying and selling the tokens. Investors of these tokens buy when prices are low and sell when prices are high to earn returns.
Key things to consider before buying Ethereum Classic in the UK
Some things you need to consider before buying Ethereum Classic include:
One of the things you need to assess is the performance of the tokens. Check how Ethereum Classic tokens have been doing in recent months, which will help you make an informed decision.
Cryptocurrencies are highly volatile, so you need to check whether you can manage the high risk of investing in this market.
Check whether Ethereum Classic has other uses other than being traded to make money. When a token has several uses, it ensures that its future price is protected from a large market dip.
Ethereum Classic is one of the most popular altcoins. The token has become very popular in the market because of maintaining a certain price threshold. To buy Ethereum Classic in the UK, follow the steps above and become part of the crypto community.
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Virtual currencies are highly volatile. Your capital is at risk.