Have you considered buying Ethereum but are uncertain how to go about it? You are at the right place. It's never been easier to buy and sell Ether in the United States.
There are a plethora of online services and trading sites, like eToro, where you can purchase Ether in four easy steps. Learn how to buy and sell the world's second-largest cryptocurrency in the US with our step-by-step guide and additional tips below.
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
Buying ETH: A Step-by-Step Guide
When you’re looking at investing in Ethereum in the USA, you can either:
- Purchase ETH using fiat money, such as USD
- Purchase ETH using another cryptocurrency, such as Bitcoin (BTC) or Ripple (XRP)
Using Fiat Money to Buy ETH
If you want to buy ETH by using fiat money such as USD, these are the steps to follow:
1. Pick your preferred cryptocurrency exchange
Before settling on the best site which pertains to your interests and needs, compare the functionality of a variety of exchanges that list ETH. eToro, as among the most reliable crypto brokerages on the internet, makes it possible to buy ETH in the USA in the easiest way possible. To create an eToro account, go to their homepage and click “Join Now.” After that, fill out your basic information such as your name, email address, password, and phone number.
If you want to save time, you can log in with Facebook or Gmail, which eToro also gives you the option to do. After that, you’ll be requested to verify your username, in which case you’ll be asked to provide a POA (proof of address) and POI (proof of identity).
2. Once you sign up, Deposit funds into your account
You’ve completed the first step. Now we continue to step number 2, which is making your initial deposit. After you’ve completed your profile, you’ll be able to finance your account. To do so, go to the lower-left side of the screen and click on the blue-highlighted “Deposit Funds.”
Keep in mind that eToro only has a $200 minimum deposit. Paypal, credit and debit cards, along with UnionPay are among the payment options approved by eToro.
3. Select Ethereum from the options available
You will now select Ethereum from the various cryptocurrency options. To buy Ether on eToro, go to the search bar and choose “Crypto” from the “Trade Markets” portion of the navigation bar. This page will show a list of all current cryptocurrencies on eToro. Now, pick Ether.
4. Buy Ethereum
After pressing “Buy,” you’ll have the option to change the trade’s terms. You can pick between “Trade” and “Order” in the top right corner.
If you want to “Trade,” you’ll need to place a business order, in which you’re settling at the best deal available. Otherwise, you can pick the price you want to pay by choosing “Order.” When you’re satisfied with the settings of the trade, press “Open Trade” to continue trading.
How to Sell Ethereum?
If and when you choose to sell Ethereum, there are four easy 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)?
Digital wallets allow investors a safe and virtual way to store and manage cryptocurrencies, such as Ether. The vast number and range of choices available, coupled with deceptive advertising and a scarcity of trustworthy information sources, can make choosing the right wallet seem difficult.
This is why we’re here to help. eToro along with its own wallet, eToroX, are both exclusive and super easy-to-use for your crypto investments. When it comes to choosing a digital wallet, one of the most crucial factors to look at is whether or not it’s safe. Fortunately, the FCA and CySEC both monitor and regulate eToro, guaranteeing the degree of protection that a potential investor would prefer.
How Does Ethereum Function?
Ethereum, the world's second-largest cryptocurrency, is an open-source, decentralised computer framework that debuted in 2015 with its own cryptocurrency, Ether. In addition to being a public platform, it is also a programming language for designing, installing, and using different applications. These applications are typically not housed on a single computer, but rather spread over several computers to provide a more safe and stable infrastructure.
There are two main aspects to Etherium that are most often spoken about and found to be most unique to the Ethereum blockchain technology. This includes smart contracts and decentralized applications, rather known as DApps.
Smart contracts are a collection of crowded nodes and protocols that perform different contract agreements instantly in blockchain technology. Smart contracts can be entirely negotiated, facilitated, and implemented online using the Ethereum blockchain protocol. What makes them unique is because they're introduced through the use of a third-party, allowing authority to be redistributed and transaction costs to be reduced. Smart contracts may be found in a variety of industries where parties require straightforward, enforceable contracts.
Smart contracts run on DApps, the second primary utility to Ethereum, which are decentralized applications. Ethereum’s decentralized applications use a cryptographic token called Ether, which is exclusive to the network. These tokens are used to get around the Ethereum blockchain and are most often used by developers who wish to incorporate and construct their own apps. The idea of Ethereum Blockchain as a Service, or EBaaS, has been implemented as a result of the collaboration between Microsoft and ConsenSys, among many other large partnerships that make use of Ethereum’s DApp technology.
What to Think About Before Buying ETH?
Deciding to invest in crypto is not an easy-make decision. There are multiple factors that you have to consider, that will eventually influence the choice you make.
Taking into consideration their volatility, you’ll want to ensure that you make a clear assessment of what makes a cryptocurrency a good investment. For Ethereum, here are some aspects you will want to think about prior to placing your money in.
One of the first factor investors will look at before deciding to invest in Ethereum is the circulating supply. Due to the basic principles of supply and demand, the manufacture of coins has a significant impact on the coin’s worth. Ethereum is the only cryptocurrency that does not have a finite supply.
According to CoinMarketCap, the circulating supply of Ether is 115,091,066 ETH in March 2021, or at the time of writing.
Although there is no fixed amount on the total supply and availability of Ether, lowering the inflation rate is one way to ensure a shortage. Indeed, if you look at the past of ETH projects, you'll find that Etherium was developed with the intention of reducing inflation over time. In reality, Ethereum’s supply grows every year. As a result, average inflation sinks year after year.
When evaluating different coins, security is always a factor to remember. Proof-of-stake (PoS), a new standard of authentication for Ethereum’s blockchain technology, is being introduced.
According to Coindesk, the switch to PoS is referred to as Ethereum 2.0 and it's expected to reduce the annual insurance rate of either from around 5% to less than 1%.
Partnerships will often indicate how trustworthy and efficient a cryptocurrency is. The more investments that are made by large multinationals, the more faith that is being placed into the value of the coin.
Ethereum is well known for its many collaborations with large companies, all of which have begun to use Ethereum’s technologies in their own operations. The Enterprise Ethereum Alliance (EEA) consists of all of Ethereum’s partners to date. Microsoft, JP Morgan, and Accenture are only a few of the various partners.
If Ethereum increases in prominence, its currency, Ether, tends to be gaining attention and growing in value. However, cryptocurrencies are still risky assets to invest in, and things can change in an instant. For this reason, it’s wise to take into consideration the points mentioned above, so that to make sure you come out of your investment happier and wealthier.
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.
- In addition to being a public platform, Ethereum is also a programming language for designing, installing and using different applications.
- You have two options with how to buy Ether; either with fiat currency such as USD or with other cryptocurrencies you may already have.
- In order to buy ETH with fiat money, follow these four steps: register for an exchange account with a crypto brokerage such as eToro, place a deposit into your account, select Ethereum 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.
- Smart contracts can be entirely negotiated, facilitated, and implemented online using the Ethereum blockchain protocol.
- Ethereum’s supply grows every year, and as a result, average inflation sinks year after year.
- Proof-of-stake, a new standard of authentication for Ethereum’s blockchain technology, is being introduced. Ethereum 2.0 will be the name of this next edition of Ethereum.
What effect would Ethereum 2.0 have on Ethereum?
Ethereum 2.0 is an upgrade of the existing Ethereum network. Its mission is to increase the speed, stability, and scalability of the Ethereum network, allowing it to overcome bottlenecks and increase transaction volume.
What businesses make use of Ethereum?
Ethereum is the most common blockchain that companies are investigating and incorporating into their everyday operations. According to ConSensys, the Ethereum platform is used by 24 out of the top 50 billion-dollar firms using blockchain technology, like Google and JP Morgan.
Is it possible to buy stuff with Ethereum?
Ethereum is more than a digital currency; it is a total blockchain ecosystem. It may be used to buy goods and services or exchanged with other currencies.
Is it too late in 2021 to buy Ethereum?
Definitely not yet! The Ethereum blockchain is the foundation for several new projects, technology advances, and business structures. There's a lot of money flowing into DeFi which may lead to a significant rise in the price of Ethereum in the immediate future.