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How to buy Ethereum (ETH)
Ethereum (ETH) is one of the most popular cryptocurrencies in the crypto world. Some experts even predict that it might overtake Bitcoin one day, especially if you keep in mind its recent switch to the Proof-of-Stake consensus mechanism. Thus, it should come as no surprise that new crypto investors decide to start with Ethereum when they want to get into cryptocurrency.
The first question for a person looking to invest in crypto is quite logical: 'How do I buy Ethereum instantly and get the maximum value out of it'? While the latter may be a bit tricky, we can definitely make the former easier for you by diving into how a crypto purchase works and what you need to do.
In this article, we'll cover different ways you can purchase Ethereum and also tell you about how you can buy Ethereum in Atomic Wallet. But first, what is Ethereum?
What is Ethereum network?
If you're new, you'll be surprised to hear that Ethereum is not a cryptocurrency, technically speaking. Ethereum is a decentralized blockchain platform that enables developers to build and deploy decentralized applications (dApps) and smart contracts. Ethereum has its own cryptocurrency called Ether (ETH), which is used to pay transaction fees.
Smart contracts are self-executing programs that run on the Ethereum blockchain. They allow developers to create automated agreements between parties without the need for intermediaries like banks or lawyers. Smart contracts can be used for a wide range of applications, including financial services, supply chain management, voting systems, and more.
Decentralized applications (dApps) are applications that run on a decentralized network like Ethereum. They are designed to be open-source, transparent, and censorship-resistant. Unlike traditional apps that rely on centralized servers, dApps run on a distributed network of nodes, making them more reliable and resilient to attacks.
Overall, Ethereum is an innovative platform that has enabled developers to create new types of applications that were not possible before. Its smart contracts have opened up new possibilities for automation and trustless transactions, while its decentralized architecture has made it more robust and resistant to censorship. As such, Ethereum is widely regarded as one of the most important blockchain platforms in existence today.
When people talk about buying Ethereum, they mean buying ETH - the native token of the Ethereum network. For the purposes of this article we are not going to make a distinction between 'Buy Ethereum', 'Buy ETH', or 'Purchase Ether' and the words 'Ethereum', 'Ether', and 'ETH' are going to be used interchangeably.
How do I buy ETH?
The process of buying Ethereum is not different from any other purchase you make both in the digital world and IRL. Technically, you exchange your fiat currency (a term that basically means 'traditional' money - USD, EUR, etc) for digital currency (whether it's ETH or any other). You send the seller your money, they send you the crypto.
Get a wallet
Just like with fiat currency, you need a safe and secure place to store your digital currency in. After all, the service won't be able to send you your crypto, if you don't have a place to keep it in.
When you buy Ethereum, most services will ask you to provide an address. To oversimplify, an address, in the case of crypto, is your unique identifier in the crypto network. In most cases, it's a combination of letters and numbers.
In order to get an address, you will need to either set up an account on a trading platform or create a wallet. There are pros and cons to each of these options, the general rule of thumb: platforms are good for crypto trading, and wallets are for long-term storage.
Cryptocurrency exchange platforms make it very easy to buy ETH instantly. They also offer you tools to sell Ethereum if need be. They usually support a variety of payment methods: a credit card, a debit card, a bank transfer, or anything that suits your needs. The downside is that you don't directly own your Ether, since you have no access to your private keys. You can buy and sell and spend virtual assets that are still technically owned by crypto exchanges with which you have an account. It's very similar to how a bank account works. When you deposit your assets to a bank, they de-jure own your cash, even though you always have the freedom to withdraw.
Wallets are usually the opposite. They focus on security and put less emphasis on trade, so not every wallet features the ability to buy Ethereum directly within the wallet. There are multiple options when it comes to wallets. There are online wallets that prioritize ease of use, hardware wallets where security is the main feature, mobile wallets, etc.
Whether you have an ETH wallet address or an address given to you on an exchange platform, they are both suitable for receiving your Ethereum.
Find a platform
The next thing to do is to find a service or a platform that deals in exchanging fiat currency for crypto. It could be a cryptocurrency exchange, where people buy and sell their digital assets, or a company that deals in purchasing specifically. Whichever one you choose, make sure to do your research, check how long the company has been around, what kind of reputation they have, and other things one needs to consider when choosing a money services business.
Reputation is not the only thing to consider when picking a place to buy Ethereum. Since you'll need to send them your funds, check if they support your preferred payment method. Do they support paying with a credit or debit card, do they support Visa or Mastercard specifically, can you pay with a bank transfer, Apple Pay, and so on? Keep in mind, that some banks are wary of virtual currency-related operations so you may have to call your bank and confirm that it is you who is making a purchase and that your bank account has not been compromised.
Check if the company uses any KYC (Know Your Customer) procedure. It's a pretty common verification process put in place to prevent fraud. They will need to verify your identity, make sure you are not using someone else's credit card to make a payment, etc. There are, however, more anonymity-oriented platforms that are not interested in your personal info and do not have any KYC in place. Some users find those platforms to be safer and more secure.
Lastly, investigate if they have any hidden fees or limits. Most companies out there will have some form of a fee for purchasing crypto to keep their business alive. Most companies also impose a limit on how much Ethereum (or how little, for that matter) you can buy in one purchase, one month, etc.
Compare and contrast different services and see which one offers the most comfortable conditions.
Making a purchase
Now that you have selected a service that you trust and you have a wallet address to receive your coins, it's time to make a purchase. Decide how much Ethereum you want to buy. Don't worry, you don't have to buy a whole single Ether. Few people have enough funds in their bank account to buy ETH like that easily.
You can buy less than one Ethereum, they call it a fractional purchase. As the name suggests, you buy a fraction of one ETH. The fraction can be as small as you like (or as small as the chosen service will allow) - 100 USD worth, 50 USD worth, etc.
After you have decided how much Ethereum you want to buy, provide your wallet address and send your fiat currency to the service using your preferred payment method.
Receiving your purchase
After the payment has been made, it might take a while before the service receives it. Bank transfers are not known for their speed, so be ready to wait for a little.
After the payment has been received, the platform sends you your ETH. Ethereum transactions vary in speed, depending on the network congestion. If there are a lot of people sending Ethereum at once, it will take longer for your ETH to arrive. At this point, nothing really depends on you. Regardless of whether you have an account on one of the decentralized exchanges or an online wallet, the transaction speed of an Ethereum transaction will always depend on the state of the Ethereum blockchain at a given time.
Buy Ethereum in Atomic Wallet
Now that we've covered the steps required to buy Ethereum, allow us to offer you a simple way to go through all of these steps in one place within a span of a few minutes, without the need to browse various crypto platforms. We are talking, of course, about the 'Buy Crypto' tab of Atomic Wallet. Using Atomic as your Ethereum Wallet has a lot of benefits.
Atomic Wallet is decentralized
Also referred to as non-custodial, decentralized wallets allow you to interface with the Ethereum blockchain directly, without the middleman. That means that you can send and receive ETH in your Ethereum Wallet without any hidden fees or additional charges from our side.
Atomic Wallet is a cold wallet
It means that your ETH private key is stored and encrypted on your device. A private key is what you use to sign a transaction. In other words, you cannot send out your Ethereum without private keys. We do not store your private keys on a server or in some kind of database. Only you are in charge of your crypto assets.
Atomic Wallet is anonymous
None of the basic features of our wallet (sending, receiving, storing, or staking your cryptocurrency) require a KYC procedure. We do not collect your IP address, email, or any other personal information.
24/7 live support
In case you encounter any issues or have any questions, you can contact us at any time and we'll help you out.
Atomic Wallet is a multi-currency wallet
Staking is a great way to earn passive income on your Ethereum investment if you don't intend to spend all of your cryptocurrency right away. Think about staking as a sort of bank deposit, only you are still in charge! If you don't want to stake for a long time, some assets that are available for staking are not locked, so you can transfer them at your convenience.
A fully decentralized cryptocurrency exchange coupled with the previously mentioned benefits of Atomic Wallet when it comes to security allows for a safe trading environment. You can watch Ethereum price in real-time and get the best value out of your trades. Best part? More than 500 assets are available for exchange so that you never miss out on profitable trade opportunities.
Get up to 1% cashback on all your exchange and purchase operations. Simply buy Ethereum or any other cryptocurrencies and get a nice cash bonus that we pay out in our own token - AWC.
How do I buy ETH in Atomic Wallet?
First of all, set up a wallet. It's a fairly easy process that is described in detail here. Once you're done, you can buy Ethereum instantly by going to the 'Buy Crypto' tab in the left sidebar. If you're on mobile, find the 'Buy' button at the bottom panel. Here's what it looks like:
Here you can choose how much cash you're willing to spend on your Ethereum and how much Ethereum you're going to get. Once you've settled on the number you're willing to invest, tap 'Continue'.
Credit or debit card info
The next step is, of course, providing the information relating to the payment. In Atomic Wallet, you can buy Ethereum with a variety of local currencies, including USD, EUR, and so on. You can pay with a debit card or a credit card. Thus the next screen will require you to provide your credit or debit card info, your name, the numbers on the back, and all the usual stuff.
Next, it's time to provide additional information. The billing address, residential information, ID, etc.
Why exactly do we need this information? Technically, we do not. All the purchases with fiat currency are processed by our partner - Simplex. To comply with the international regulators, they have to get this information to make sure you're not involved in money laundering schemes or anything like that. Which leads us to our next step.
Simplex will take some time to verify your data. They will look at the info you provided and see if it matches the ID documents you sent. The verification is thorough and careful, but it doesn't last too long.
Once the verification is complete, your Ethereum is sent to you. Remember that transactions on the Ethereum blockchain may take some time, that's how blockchain technology works.
Here's a more detailed guide on how to buy crypto in Atomic Wallet.
Are there any fees?
While the basic functionality of our wallet does not have any additional fees, there is a flat 5% fee ($10 min) that you'll have to pay if you buy cryptocurrency with fiat. You should also keep in mind that banks sometimes have additional fees for the processing of crypto-related operations. The best way to clarify that issue is to contact your card issuing bank directly.
Can I sell Ethereum in Atomic Wallet?
Can I cash out to my bank account?
Unfortunately, it's not yet possible to cash out from Atomic Wallet directly, as the app doesn't support crypto-to-fiat conversions. We recommend using other services to convert your digital assets.
Can I buy Ethereum elsewhere?
Indeed! If you don't feel like sharing your personal info or don't want to use your credit card, you can find a platform that suits you, buy Ethereum there, and transfer it to Atomic Wallet for safekeeping.
Buy Ethereum today
We hope this guide gives you a clear understanding of how to buy Ethereum and make your first steps in the crypto world.
Perhaps you want to use your Apple Pay to buy Ethereum on a cryptocurrency exchange and trade daily.
Or you prefer the convenience of Atomic Ethereum Wallet where you can invest, purchase Ethereum, and sell all in one secure decentralized wallet.
Regardless of your choice, buy Ethereum today and become familiar with one of the most lucrative assets in the world.