A Beginner’s Guide to Buying and Selling Ethereum Classic Cryptocurrency in the USA
If you’re based in the USA and wish to buy Ethereum Classic – the process is very simple. All you need to do is find a regulated exchange that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
There are many cryptocurrencies in the market, and as the crypto boom gained ground around the globe since the beginning of the year, many crypto users have been looking for a way to diversify their crypto holdings by investing in other cryptocurrencies other than the popular ones such as Bitcoin and Ethereum.
Ethereum Classic is an altcoin whose boom comes at a time when crypto investments have greatly increased. Ethereum Classic tokens are readily available for those who would like to invest in the USA.
However, if you plan to take the bold step and invest in the crypto market, you need to note that unlike investing in stocks, crypto holdings are very risky because of market volatility. Therefore, you have to ensure that you hold the right amount of tokens to diversify your holdings and minimize risk.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN THE USA
- Where To Buy Ethereum Classic (ETC) In The USA
- A step-by-step guide to buying Ethereum Classic in the USA
- Store your Ethereum Classic in a crypto wallet
- How to sell Ethereum Classic
- Things to consider when buying Ethereum Classic in the USA
QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN THE USA
- 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.
Where To Buy Ethereum Classic (ETC) In The USA
Are you searching for how to buy Ethereum Classic in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Ethereum Classic (ETC) in the USA:
Looking where to buy Ethereum Classic in the USA right now? Below you will find 4 of the best brokers that allow you to buy ETC in the USA.
- Binance - Best exchange to buy Ethereum Classic USA for asset diversity
- Coinbase - Best exchange to buy Ethereum Classic (ETC) for beginners
- OKEx - Best broker to buy Ethereum Classic USA for low-cost
A Step-by-step Guide To Buying Ethereum Classic (ETC) In The USA
If you want to purchase Ethereum Classic in the USA, follow these simple steps:
Step 1: Open an account
The first step you need to follow is to open a crypto exchange account. The best thing about being a crypto trader in the USA is that many crypto exchanges allow the US dollar. However, you also need to ensure that the exchange supports Ethereum Classic tokens.
The other thing you need to do is look at some features of that exchange, such as how much is the transaction fees. You should also check if the exchange is supporting multiple cryptocurrencies on the platform.
When opening the exchange account, the only details you will need are your names, telephone number, and email address. Depending on the exchange you have chosen, you will also be required to verify your details by uploading documents such as your driver’s license, social security number, and more.
Ensure you set a multi-factor authentication process on the exchange to ensure that you keep your account safe from hacking attacks.
Step 2: Fund the account
The second step is to fund the exchange account using either fiat currency or other cryptocurrencies. For the fiat currency option, all you need to link your credit card or debit card with the exchange and then enter the amount you would like to spend on the transaction will be deposited into the exchange. This is the easiest and fastest way of funding your account.
The other option you can use to fund your account is exchanging other cryptocurrencies for Ethereum Classic. You can buy other tokens such as Bitcoin and Ethereum and exchange these for Ethereum Classic at the stipulated exchange rate. However, this option is not available on all exchanges.
Step 3: Buy Ethereum Classic
The third step is to buy Ethereum Classic tokens. After funding your account, you can now use fiat currency or other cryptocurrencies to buy Ethereum Classic tokens. The purchase process is very easy and straightforward. Enter the amount you would like to spend, confirm your transaction, and in a few seconds, you will receive a notification in your email stating that the transaction has been processed.
Sometimes, the market price of Ethereum Classic may be too high to buy. In such a case, you can set a limit order, which will automatically be fulfilled after the prices of the token fall to a specific price.
On the other hand, you can use a market order if you are comfortable with the current market prices of Ethereum Classic tokens. A market order will be fulfilled instantly at the ongoing market prices.
Check Out: Ethereum Classic Price Predictions
Store Your Ethereum Classic (ETC) In A Crypto Wallet
After you have bought Ethereum Classic tokens, you need to store them in a crypto wallet. There are two main types of crypto wallets. A hot wallet is used for small crypto holdings or when a holder wants to trade regularly. Hot wallets are found online and mainly on exchange apps.
The other type of crypto wallets is cold wallets. Cold wallets are offline wallets that will not store your crypto holdings online. Rather, these wallets will keep your crypto holdings secure from any hacking attempts. Most people who use cold wallets are those holding massive amounts of Ethereum Classic tokens or those who do want to sell their holdings at any time.
When choosing a crypto wallet, you need to ensure that it can support Ethereum Classic tokens.
How To Sell Ethereum Classic (ETC)
If you want to sell Ethereum Classic, you can follow the same process as buying the tokens. Login to the exchange, go to the sell-side of the account and enter the number of tokens you would like to sell. You will receive a confirmation of the transaction after that.
You can either sell the tokens for USD or other cryptocurrencies. Most exchanges offer he two options, so you go for the one you are most comfortable using.
Things To Consider When Buying Ethereum Classic (ETC) In The USA
If you are unsure of whether or not to buy Ethereum Classic tokens, consider the following:
The first thing you need to check is the volatility of the tokens. Cryptocurrencies are highly volatile, given that their prices keep changing daily. It would be best if you had a high-risk appetite to survive the price fluctuations in this market.
The other thing you need to consider is the price performance of Ethereum Classic tokens. Look at how the graph for the rise and fall of the crypto’s prices has gone, and this will help you understand the token better. However, as mentioned earlier, cryptocurrencies can be highly unpredictable, and the price dip can be unexpected.
The other thing you also need to check is how the token can be used for various purposes. The best cryptocurrency is the one that can be used for other purposes aside from trading. Cryptocurrencies can be used in developing DeFi projects.
Ethereum Classic is among the most popular cryptocurrencies. It is an ideal altcoin if you want to diversify your crypto holdings. To buy Ethereum Classic, go to your exchange account and make your purchase. Afterward, you can store your tokens in a crypto wallet or sell them to earn quick returns.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.