How to buy Ethereum in a few easy steps explained. As large enterprises now also invest in cryptocurrencies, this is the time to own your own crypto-coins like Ethereum.
This transparent beginners guide will take you safely and step by step through the process of buying Ethereum. When you follow these steps you’ll own your first Ethereum today! How exciting!
TIP for Ukraine! Before starting with the article below, make sure you create a Binance Ukraine account (within 1 minute) so you can follow the steps below directly.
How to buy Ethereum (ETH) for beginners in Ukraine
Step 1 – Create & secure an account
Step 2 – How much Ethereum ETH should I buy?
Step 3 – Payment methods buying Ethereum
Step 4 – Trade or buy your first Ethereum
Step 5 – Prepare for the crypto future!
Step 6 – More information about buying Ethereum
Step 1 – Create an account
Binance is one of the largest platforms in the world. Big benefit is that it is very simple to buy Ethereum on Binance. Just like when you’re trading normal fiat currency you pay a small fee on every trade you make and Binance has good rates. Once you bought Ethereum you can choose to keep your coins online or send them to a offline wallet if available for your cryptocurrency.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use and click register.
1.3 Verify your email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You’ve an account now!
You’re account is ready to use and buy Ethereum (ETH)
Step 2 – How much Ethereum (ETH) should I buy
The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of Ethereum and you can use it or hold it.
It’s good to first test with a small amount of Hryvnia to gain confidence about the process of buying Ethereum and than scale up your transactions and buy more Ethereum. (be aware of the fee’s that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it’s good to be active on multiple exchanges
Smart to do is create multiple accounts at once. The demand of people are increasing fast and sometimes you want to trade quickly. Therefor its good to have accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Hryvnia (UAH) you don’t want to end up in line waiting for approval but just take action before the price goes up.
Step 3 – Payment methods buying Ethereum
On Binance you have over 100 payment options to deposit money and purchase your Ethereum. Easily select your currency (in your case from Ukraine, probably Hryvnia) and the payment option you want to use. Of course they also provide the most used payment methods like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply login and check the payment methods for Ukraine. In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy.
Step 4 – Trade or buy your first Ethereum from Ukraine
In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just use the price of the USD. Before buying your preferred cryptocurrency its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.
Benefit of usingstable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.
Step 5 – Prepare for the crypto future!
As mentioned earlier this article is all about buying Ethereum(ETH), prepare yourself and create multiple secured accounts on exchanges. This way you will be prepared for the future when you want to buy a new coins that are not listed on the one platform you are using.
Step 6 – More information about Ethereum
DYOR – Do Your Own Research
When investing in Ethereum always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you’re investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.
DCA – Dollar Cost Averaging Strategy
Dollar Cost Averaging is a strategy that is famous in the investment- and crypto-world. It’s a tactic where you buy systematic a certain amount of a certain coin / investment you believe in. For example every month 100 Hryvnia. As you buy systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a changing market.
Pro DCA
Invest small amounts
Less stress about fluctuating markets
Less chance on losses as you never purchase full amounts on peaks
Cons DCA
Won’t make optimal trades as you don’t invest all on the bottom
Takes longer, as you’re not rich after one trade
If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
