What's in This Guide?
- Buying ETH: A step-by-step guide
- How to Sell Ether
- Which wallets are best for buying Ether?
- How does Ether function?
- What to think about before buying ETH
- Key Points
Ether (ETH) is the native currency of the Ethereum network and one of the most well-known digital currencies. It can be bought and exchanged on a variety of cryptocurrency exchanges. Many investors in Australia are going to enter the market for the first time now that it has reached new all-time highs in 2021. This straightforward and helpful guide has been put together to assist you in doing so safely and securely.
Buying ETH: A Step-by-Step Guide
When you’re looking at investing in Ethereum in Australia, you can either:
- Purchase ETH using fiat money, such as AUD
- Purchase ETH using another cryptocurrency, such as Bitcoin (BTC) or Ripple (XRP)
Using Fiat Money to Buy ETH
If you’re looking to buy Ether with fiat currency, such as AUD, follow these steps:
1. Open an account with a cryptocurrency exchange
Since there are so many exchanges to choose from, compare the usefulness and reliability of those that list ETH before deciding on the best site for your needs. As one of the most reputable crypto brokerages eToro makes it simple to buy ETH in Australia. To open an account with eToro, go to their homepage and click “Join Now”. After that, fill out your basic information such as your name, phone number, email address, and password.
Luckily, eToro offers you to sign up using Gmail or Facebook, if you’re looking to save time. Following that, you’ll be asked to provide a POA (proof of address) or POI (proof of identity) once you’re asked to confirm your username.
2. Place a deposit into your account
The first step has been finalized. We’ll now move on to step 2, which is making your first deposit. You’ll be able to fund your account once you’ve finished your profile. To do so, go to the lower-left corner of the screen and select the blue highlighted “Deposit Funds” option.
Keep in mind that the minimum deposit on eToro is just $200. eToro accepts PayPal, credit and debit cards, as well as UnionPay, as a payment method.
3. Buy Ether
From the various cryptocurrency options, you can now pick Ethereum. On eToro, go to the search bar and select “Crypto'' from the “Trade Markets'' section of the navigation bar to purchase Ether. This page will display a list of all of eToro’s existing cryptocurrencies. In this case, we’ll be buying Ethereum (Ether).
Once you have chosen “Ethereum” you’ll have the chance to amend the terms of the trade after hitting “Buy.” In the upper right corner, you can choose between “Trade” and “Order.” You’ll need to place a business order if you want to “Trade,” in which case you’ll settle for the best deal available. Otherwise, by selecting “Order,” you can choose the price you want to pay.
Once you’re satisfied with all of the settings, press “Open Trade.”
How to Sell Ethereum?
Similar to step 3 above, you can also sell your Ethereum in Australia by following these steps:
- Log into your eToro account.
- Go to “Portfolio” under the “Watchlist.”
- Select “ETH” (Ethereum)
- Click the “Sell” button in red.
Which Wallets are Best to Hold Ether (ETH)?
A very important aspect when buying Ethereum is having a reliable digital wallet to store your ETH. The wallet functions similarly to a bank account. It allows you to store your Ether, while also sending and receiving it to and from other users. It’s crucial that you use the right one. Choosing the right wallet can seem impossible due to the large number and variety of options available.
That is why we are here to help you. For your crypto investments, eToro and its own wallet, eToroX, are both exclusive and super user-friendly. When it comes to choosing a digital wallet for your Ether, one of the most important factors is security. The FCA and the CySEC, fortunately, both monitor and govern eToro, ensuring the level of protection that a prospective investor would prefer.
How Does Ethereum Function?
Ethereum is one of the most anticipated blockchain and cryptocurrency ventures. It has a market capitalization of $273 billion AUD, making it the second-largest cryptocurrency platform. But what is Ethereum, exactly? To begin with, Ethereum is a public blockchain network. Anyone can enter and add computing power to the network by mining. Miners are rewarded with Ether (ETH), Ethereum’s underlying token, in exchange for supplying network power.
There are many features that come along with Ethereum, however, there are two primary aspects to it that are often discussed and found to be unique to Ethereum’s blockchain technology. Smart contracts and decentralized applications, or DApps, are examples of the two.
A key feature of the Ethereum platform is that it supports smart contracts on the network. Smart contracts are computer protocols that promote, validate, or implement legal contracts in a digital format. Without the use of a human intermediary, these activities take place on Ethereum’s blockchain network. Smart contracts are being used by governments and banks, among many other industries such as real estate and construction, because of their speed, affordability, security, and reliability.
DApps, the other primary feature of Ethereum, run smart contracts. On Ethereum’s blockchain network, anybody can create new applications or cryptocurrencies. Financial services, games, and even new kinds of cryptocurrencies may be among these applications. The Ethereum Blockchain as a Service, or EBaaS, was created as a result of a collaboration between Microsoft and ConsenSys, which has provided the foundation for the adoption of Ethereum for numerous global companies.
What to Think About Before Buying ETH?
Choosing what cryptocurrency to invest in can be difficult sometimes. There are many reasons to consider, all of which will ultimately impact your decision. You’ll want to make a clear evaluation of what makes a cryptocurrency a good investment, especially considering its volatility. Here are some things to consider when it comes to Ethereum before you invest.
According to CoinMarketCap, the circulating supply of Ether is 115,091,066 ETH in March 2021, (at the time of writing). Unlike Bitcoin, Ether has no maximum supply cap and instead has an annual issuance limit of 18,000,000 ETH per year. The circulating supply is one of the first considerations for investors when choosing whether or not to buy a cryptocurrency. The manufacturing of coins has a profound effect on the coin’s worth due to supply and demand principles. Ethereum is a coin that does not have a finite supply.
Although there’s no set limit on the total supply and availability of Ether, one way to ensure a shortage is to lower the inflation rate. Indeed, if you look back at previous ETH projects, you’ll notice that Ethereum was created with the goal of lowering inflation over time. In fact, the supply of Ethereum expands every year. As a result, year after year, average inflation falls.
Ethereum will soon switch to a proof-of-stake system as part of the Casper update, despite its origins as a proof-of-work cryptocurrency. Casper was created to increase scalability and combat centralization, and its success will have a significant effect on Ethereum’s future. According to Coindesk, the transition to proof-of-stake is expected to lower the annual insurance rate of Ether from around 5% to less than 1%.
The Enterprise Ethereum Alliance (EEA) is a non-profit organization dedicated to accelerating industry adoption of Ethereum’s blockchain technology. If it is effective in increasing the use of Ethereum, this will lead to an increase in ETH demand. The more big multinationals invest in the technology, the more confidence is put in its value. Ethereum is well-known for its numerous partnerships with large corporations, many of which have adopted Ethereum’s technologies into their own activities. The EEA is made up of all of Ethereum’s partners. Microsoft, JP Morgan, and Accenture are just a few of the many companies within the EEA.
Ethereum currently has the highest profile of any of the existing platforms. Ether is the second-largest digital currency in terms of market capitalization, thanks to its early-mover advantage, and the Ethereum platform is synonymous with the development of decentralized apps (DApps).
Check Out: Is Ethereum Worth Buying in 2021?
eToro – The Best Platform to Buy Ethereum
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.
Many investors are going to enter the market for the first time now that it has reached new all-time highs in 2021.
You have two options with how to buy Ether; either with fiat currency such as AUD or with other cryptocurrencies you may already have.
In order to buy ETH with fiat money, follow these three steps: find a crypto exchange such as eToro, put money into your account, and buy your ETH.
The four steps to sell ETH on eToro: log into your eToro account, go to “Portfolio” under the “Watchlist,” select “ETH” (Ether), click the “Sell” button in red.
Ethereum is one of the most anticipated blockchain and cryptocurrency ventures. It has a market capitalization of $273 billion AUD, making it the second-largest cryptocurrency.
Financial services, games, and even new kinds of cryptocurrencies may be among decentralized applications.
Casper update was created to increase scalability and combat centralization, and its success will have a significant effect on Ethereum’s future.
The Enterprise Ethereum Alliance (EEA) is a non-profit organization dedicated to accelerating industry adoption of Ethereum’s blockchain technology.
Is Ethereum a good investment in 2021?
Ethereum is a great investment because of its ease of use for retail traders as well as its long term growth potential.
Is buying Ethereum safe?
Yes, Ethereum is one of the most reputable cryptocurrencies. To make sure your investment is safe, you should use a crypto exchange such as eToro since it’s one of the world’s safest, largest, and most trustworthy exchanges.
Is it possible to buy stuff with Ethereum?
Yes, Ethereum may be used to buy goods and services or exchanged with other currencies. Many merchants accept Ethereum as a means of payment nowadays.
Is Ethereum good for the long term?
Ethereum is considered a good long-term investment. Ethereum is the second most famous cryptocurrency after Bitcoin, although studies have found that it could be a more stable and a better “safe haven” investment during tough economic times.