SHORT ANSWER: You can buy Ether on most exchanges – Coinbase, Kraken and eToro.
Bitcoin is grabbing headlines in part because of U.S. spot Bitcoin ETF approvals and the upcoming halving in April. So where does that leave the second largest cryptocurrency Ether (ETH), which is the token of the Ethereum network?
The much-anticipated Dencun upgrade has improved Ethereum scalability, allowing the Ethereum blockchain to compete with faster chains like Solana and reducing gas fees for transactions. Excitement has also been building about the possibility of a spot Ether ETF being approved by the U.S. Securities and Exchange Commission (SEC) in May.
The cryptocurrency has returned over 35% as of Mar 2024, which has investors and traders wondering if it’s a good time to buy Ethereum. Can the cryptocurrency hit the $10,000 mark this year?
Ethereum Overview
Ethereum is a decentralized blockchain platform that lets developers build and deploy decentralized apps (dApps) and smart contracts. Vitalki Buterin, who launched Ethereum in 2015, popularized the idea of programmable blockchain technology by enabling users to write and run code on its network.
Bitcoin makes it possible for peer-to-peer transactions to take place. Ethereum improves upon this by letting developers create dApps, which are digital applications and ecosystems that support transactions without an intermediary, governed by code.Ethereum's smart contracts, which are pieces of automated code that don't need humans to execute, make this possible.
Ethereum provides users with a flexible platform to collaborate. By pooling their resources and working together to secure the network, developers on the Ethereum blockchain create a system that's more resilient, secure and transparent than one that relies on a single trusted third party.
The Ethereum blockchain's cryptocurrency, Ether (ETH), facilitates transactions and the execution of smart contracts. Because of its adaptability and usefulness, Ethereum has become a key component of the blockchain ecosystem, enabling a variety of applications in sectors including banking, gambling and decentralized finance (DeFi).
How to Buy Ethereum in 7 Steps
1. Choose a Cryptocurrency Exchange
Research and select a reputable cryptocurrency exchange that supports Ethereum trading. Popular options include Coinbase, Binance, Kraken and eToro.
2. Sign Up and Verify Your Account
Create an account on your chosen exchange and complete the verification process. This typically involves providing personal information and verifying your identity through documents such as a driver's license or passport.
3. Deposit Funds
Deposit funds into your exchange account using a bank transfer, credit/debit card or another supported payment method. Ensure that you have sufficient funds to buy Ethereum.
4. Navigate to the Trading Section
Once your account is funded, navigate to the trading section of the exchange platform and search for ETH in the list of available cryptocurrencies.
5. Place an Order
Decide on the amount of ETH you wish to buy and place a buy order on the exchange. You can choose between market orders (executed immediately at the current market price) or limit orders (set a specific price at which you want to buy).
6. Review and Confirm
Review your order details, including the quantity of Ether you're purchasing and the total cost. Once you're satisfied, confirm the order to execute the trade.
7. Securely Store Your Ether
After making your purchase, transfer your ETH to a secure wallet for long-term storage. A wallet is a storage device or application for your coins. Consider using a hardware wallet for maximum security or opt for a reputable software wallet. Your wallet app can often act as a crypto portfolio tracker, allowing you to manage how your holdings over time.
Where to Buy ETH
When looking to buy Ethereum, consider reputable cryptocurrency exchanges like Coinbase, Kraken and eToro. A cryptocurrency exchange is a crypto app or desktop platform that allows you to place buy and sell orders for cryptocurrencies. A crypto exchange is similar to a stock broker — you’ll create an account, supply a little personal information to verify your identity and add funds.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Best Crypto Wallets for Ethereum
When it comes to storing Ethereum (ETH) safely, you have two main options: hardware wallets and software wallets.
Hardware wallets are physical devices that are used to store cryptocurrency private keys offline. This offline storage adds an extra layer of security against hacking and online threats.
Software wallets are digital applications or programs that run on devices like smartphones, computers or tablets. They store cryptocurrency private keys online or on the device's storage, allowing users to access their funds conveniently from anywhere with an internet connection. However, because they are connected to the internet, software wallets are susceptible to hacking and online threats.
- Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is a hardware wallet that can be used to store Ether. It offers robust security features, including private key encryption and offline storage, protecting your ETH from hacking attempts and malware. With its compact design and user-friendly interface, the Ledger Nano S is ideal for beginners and experienced crypto enthusiasts.
- Best Software Wallet: ZenGo
ZenGo is a software wallet that supports Ethereum and a wide range of other cryptocurrencies. Its unique keyless security model eliminates the need for private keys, making it easy to use while maintaining high levels of security. ZenGo also offers features like biometric authentication and multi-device synchronization, ensuring convenient access to your ETH holdings across different devices.
By using either the Ledger Nano S or ZenGo, you can store Ether and try to protect your holdings against unauthorized access and potential security threats.
Decentralize Your investments
Ethereum represents more than just a cryptocurrency platform — it's a groundbreaking platform that enables the creation of smart contracts and dApps. With its robust capabilities and growing ecosystem, Ethereum continues to revolutionize the digital currency market, offering endless possibilities for innovation and financial empowerment.
By following the steps outlined in this guide, you can embark on your journey to diversify your assets with crypto, whether you're a seasoned investor or new to the world of cryptocurrency. Just keep in mind that Ether trading is subject to significant price volatility.
Frequently Asked Questions
What is the safest way to buy Ethereum?
The safest way to buy Ethereum is to use a reputable cryptocurrency exchange that prioritizes security measures, such as two-factor authentication (2FA), cold storage for funds and regulatory compliance. Additionally, consider purchasing Ethereum from well-known and established exchanges with a track record of protecting user assets and adhering to strict security protocols.
Can you buy $100 worth of Ethereum?
Yes, you can buy $100 worth of Ether, the Ethereum token. Many cryptocurrency exchanges allow users to purchase Ether in fractional amounts so you can buy as little as $100 worth of Ether based on the current market price.
Can I buy $1 Ethereum?
Buying $1 worth of Ether may not be feasible because of transaction fees and minimum purchase requirements imposed by some exchanges.
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About Anna Yen
Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about alternative investment topics ranging from derivatives to cryptocurrencies. Her work has been published on sites like the crypto exchange Bybit. After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.