How to Buy Ethereum in 2024?

Many crypto traders are exploring Ethereum, and for good reason. With its innovative technology and strong community, Ethereum is becoming a popular choice for both beginners and seasoned investors. You might be asking yourself, “How do I buy Ethereum?” or “Is buying ETH worth it?”

In this guide, we’ll break down everything you need to know about how to buy Ethereum. We’ll cover the best exchanges to use, guide you through the buying process, and share tips on how to keep your Ethereum investment secure.

Key Takeaways:

• Ethereum functions as a decentralized platform that allows developers to create and implement smart contracts and decentralized applications (dApps). This is facilitated by its native cryptocurrency, Ether (ETH).
• To buy Ethereum, you need to choose a reliable cryptocurrency exchange, create an account, deposit funds like USDT or fiat currency, and execute a trade for ETH.
• After buying Ethereum, it’s safe to store it in a non-custodial crypto wallet, such as a hardware wallet like Ledger or Trezor, or a software wallet like Trust Wallet or MetaMask.

What is Ethereum and Why Should You Buy It?

First, let’s discuss about Ethereum. It is more than just another cryptocurrency like Bitcoin. It’s a platform where developers can create apps, but in a way that doesn’t rely on one central authority. It works on blockchain technology, which makes everything secure and open. The actual currency used on this platform is called Ether (ETH), and you can use it to make payments, send money, or even invest.

So, why should you consider buying Ethereum? First, its technology is groundbreaking. Ethereum isn’t just for transactions. It’s the foundation for a new type of internet where apps are more secure and not controlled by big companies. By buying Ethereum, you’re supporting this shift towards a decentralized digital future.

Another reason to think about buying Ethereum is the potential for financial gain. Over time, its value has increased, and early investors have seen strong returns. According to CMC data, Ethereum’s price has been skyrocketing since its launch and has given over +617,905.35% ROI to early investors. Also, Ethereum is a big player in decentralized finance or DeFi. This allows people to lend, borrow, and trade without needing a traditional bank. As DeFi grows, so does the demand for Ethereum, which could push its value even higher.

Best Exchanges to Buy Ethereum (ETH)

When buying Ethereum, picking the right crypto exchange can make a huge difference in your experience. You want a platform that’s easy to use, secure, and offers good value for your money. Some crypto exchanges have lower fees, while others may offer extra features like ETH staking or margin trading. 

Here’s a quick look at 3 popular cryptocurrency exchanges where you can purchase Ethereum safely.

1. OKX: OKX is a popular trading platform for buying Ethereum, with over 50 million users around the world. It’s known for its low fees, starting at just 0.08%, which is great if you’re trading regularly. They also have a wide selection of cryptocurrencies, more than 350 in fact, so you have plenty of options. OKX offers a ton of features like Ethereum staking, where you can earn passive income on your ETH holdings.
2. MEXC: This might not be as well-known as some of the bigger exchanges, but it’s trusted by over 10 million users across 170 countries. One of its key selling points is its no-KYC Ethereum trading. You can buy or sell ETH with complete privacy. The exchange also offers zero-fee crypto trading for new users.
3. Binance: Binance is the go-to centralized exchange for millions of people – over 230 million, actually. It’s the largest exchange in the world by trading volume. It is known for its low transaction fees, which start at 0.10%, and you can even get discounts if you use its native BNB token. They support over 400 cryptocurrencies, so if you want more than just Ethereum, there are plenty of options. Binance is packed with features, including staking, lending, futures trading, margin trading, ETH options trading, and even a learning hub for beginners.

How to Buy Ethereum: Step-by-Step Guide

Step 1: Choose a Cryptocurrency Exchange

The first thing you need to do when buying ETH is to choose a cryptocurrency exchange. These are trading platforms where you can buy, sell, and trade cryptocurrencies. Popular exchanges include OKX, Binance, Bybit, KuCoin, and MEXC. However, for this guide, we’re going to use OKX, which is a reliable and user-friendly platform. Also, if you have any security concerns, you can read our guide on “Is OKX safe” to know more.

Note: If you are a U.S. trader, you can buy Ethereum on U.S.-licensed exchanges like Coinbase or Crypto.com.

OK, to get started, head over to the OKX website, and let’s move on to the next step.

Step 2: Create an Account and Verify Identity

Once you’re on the OKX website, the first thing you’ll need to do is create an account. You’ll see a “Sign Up” button in the top right corner of the homepage. Click that, and it will ask you for basic details like your email or phone number, plus a password. You can also use our OKX referral code “12554491”, which offers a sign-up bonus of up to 10,000 USDT. 

After you fill that out, OKX will send you a confirmation link via email or a code by text. Click the link or enter the code to verify your account. You’re almost there, but to really get going, OKX will ask you to complete a KYC (Know Your Customer) verification. This just means you’ll need to upload a photo ID, like your passport or driver’s license. It might feel like a hassle, but it’s for security and is standard across most cryptocurrency exchanges.

Once that’s done, OKX will take a few minutes or hours to verify your identity. And just like that, your account is ready.

Step 3: Deposit Funds into Your Account

Now that your account is set up, it’s time to add some funds so you can buy Ethereum. Go to the top of the screen and click “Assets” and then “Deposit”. Here, OKX gives you several ways to fund your account, including bank transfers, debit/credit cards, or even crypto deposits if you already have some Bitcoin or another cryptocurrency.

Let’s say you’re using a debit or credit card – it’s probably the simplest method if you’re new. Select “Credit/Debit Card”, enter how much you want to deposit, and follow the instructions to provide your card details. Just be mindful of any fees depending on your payment method.

Once your funds are deposited, they should show up in your account within a few minutes. Now you’re ready to buy Ethereum!

Step 4: Buy Ethereum (ETH)

Go to the OKX dashboard and find the “Trade” button at the top. Clicking it will take you to the “Spot Trading” page.

In the drop-down menu, select ETH/USDT trading pair. Then, choose how much you want to buy. You can either enter a specific amount in USD or the number of Ethereum you want to purchase. OKX will show you the current price and how much ETH you’ll receive.

Double-check the details, and when you’re ready, click “Buy ETH”. OKX will process your order, and within minutes, your Ethereum will appear in your account.

Step 5: Withdraw and Store Your Ethereum Safely 

Now that you’ve bought Ethereum, it’s crucial to keep it safe. While leaving it on the exchange is convenient, it’s not the safest option for long-term storage. Exchanges can sometimes be targets for hackers, so it’s better to move your ETH to a secure Ethereum wallet.

OKX offers its own wallet, OKX Wallet, which is a decent option if you don’t have a third-party crypto wallet yet. To transfer your Ethereum, head to the “Assets” section on your OKX dashboard, paste your ETH wallet address, and click “Withdraw”. You’ll need to enter the address of your wallet, whether it’s the OKX Wallet or another one, like Trust Wallet or a hardware wallet like Ledger Nano X for maximum security.

Once the transfer is complete, your Ethereum will be safely stored, and you’ll have peace of mind knowing it’s secure. You can also sell Ethereum right inside your wallet.

Buying Ethereum with a Credit or Debit Card on DEX

If you prefer the decentralized route when buying Ethereum, you can now do so using a decentralized exchange (DEX) like Uniswap. Unlike centralized exchanges, DEXs give you more control over your funds, allowing you to trade directly from your wallet.

With Uniswap, you can even buy Ethereum with a credit or debit card thanks to its partnership with MoonPay, which acts as the bridge between traditional finance and DeFi. Here’s how you can do it.

1. First, you need to head over to the Uniswap Web App. Unlike other platforms where you sign up for an account, on Uniswap, you simply connect your wallet.
2. After your wallet is connected, click on the wallet dropdown, where you’ll find the option to “Buy Crypto”. From here, you can enter the amount of Ethereum you’d like to purchase. MoonPay supports over 160 countries, so most users should have no trouble buying crypto with their card. The transaction process is fast, and within minutes, you’ll have your Ethereum directly in your wallet, ready to use.

In terms of supported payment methods, credit and debit cards are the most common, though bank account transfers are also available in certain regions like the U.S., Brazil, the UK, and most of Europe through SEPA.

Note: You need a MoonPay account to complete the purchase of Ethereum on Uniswap using a credit or debit card.

Conclusion

In conclusion, knowing how to buy Ethereum is essential for anyone looking to invest in cryptocurrencies. Ethereum stands out not just as a digital currency but as a platform for decentralized applications. With its increasing popularity, the potential for financial gains is significant. 

By choosing a trusted cryptocurrency exchange like OKX or Binance and following the straightforward steps outlined in this guide, you can easily make your first purchase. Just remember to keep your Ethereum safe by moving it to a secure wallet afterward.

FAQs

What is the safest way to buy Ethereum?

The safest way to buy Ethereum is by sticking to well-known and trusted crypto exchanges like OKX, Binance, Bybit, and KuCoin. You want to look for platforms that have strong security measures, like two-factor authentication (2FA), and ones that keep most of their funds in cold storage (offline storage). 

Also, make sure the exchange follows regulations—it’s a good sign that they take security seriously. After you buy Ethereum, it’s best to transfer it to your own wallet, especially a hardware wallet like Ledger or Trezor.

Can I buy less than 1 Ethereum?

Yes, you can definitely buy less than 1 Ethereum. You don’t need to spend thousands of dollars to get started. Ethereum is divisible, which means you can buy just a small fraction of a coin. Most exchanges let you invest as little as $10 or even less if you’re just testing the crypto market as a beginner.

How long does it take to buy Ethereum?

It usually doesn’t take long (only a few minutes) for an Ethereum purchase, especially if you’re using a credit or debit card. In most cases, the purchase goes through within minutes once your payment is confirmed. 

If you’re using a bank transfer, though, it might take a few hours or even a couple of days, depending on how fast your bank processes it. Once everything’s set, you’ll see the Ethereum in your account pretty quickly. But if it’s your first time buying, the platform might take a little longer to verify your identity, so it’s good to be patient.

Is it safe to buy Ethereum?

Yes, buying Ethereum is safe, and one of the reasons is that Ethereum is a well-established and popular cryptocurrency. It’s not some random pump-and-dump scheme—Ethereum has been around since 2015 and has built a strong reputation in the crypto world. In fact, it has a market cap of over 315.9 billion USD, making it the second-largest cryptocurrency after Bitcoin. 

The fact that it’s widely used for decentralized applications and smart contracts adds to its credibility. Of course, you still need to buy from reputable exchanges and take precautions like using secure wallets, but Ethereum itself is trusted and the best crypto to buy right now.