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How to Buy Ethereum (November 2022)

Chances are that if you’re here, you’ve heard or read something about Ethereum (ETH) and you’re curious about adding this investment asset to your portfolio. Cryptocurrency has been gaining popularity in the past few years, and Ethereum is currently the second-most-popular cryptocurrency in the world, bested only by Bitcoin.

So, you’ve chosen a great asset! We’ll tell you everything you need to know about how to buy Ethereum and get familiar with the Ethereum network in this “how to buy Ethereum” article.

How to Buy Ethereum

Of course, the first thing you need to know is how to buy Ethereum. Luckily, you have several buying options to choose from, many of which are simple, quick and relatively safe.

Here’s a look at how to buy Ethereum and the various buying options available to you.

Centralized Cryptocurrency Trading Platforms

These often take the form of cryptocurrency apps and exchanges. They’re the most popular way to buy cryptocurrency, and many people regard them as the easiest buying option.

Centralized platforms provide you with a slew of supported cryptocurrencies, and most of them support Ethereum.

Using a centralized platform typically gives you access to loads of payment options like credit or debit cards, bank transfers, wire transfers and PayPal. You’re usually required to make an initial deposit in centralized platforms for a fee. Fees are higher if you make a deposit with a credit card and lower if you make your deposit using a wire transfer.

Best Ethereum Wallet - Comparewise How To Buy Ethereum

The preferred currency on most centralized platforms is the U.S. Dollar (USD). Many centralized platforms also accept Euros, some accept Japanese Yen and British pound sterling, as well. In the event that your chosen platform prefers USD, they will typically convert currency to USD and charge an exchange fee.

You’ll likely be required to complete an identification process when you sign up with a centralized platform. This consists of providing them with information and something like a photo ID or passport.

It’s important to note that some centralized trading platforms are regional, and are therefore not available to everyone. For instance, there are several Canadian platforms that won’t allow you to sign up if you don’t have a Canadian phone number. So, it’s important to make sure that the platform you want to use is supported in your country.

Peer-to-peer Crypto Trading Platforms

Peer-to-peer trading platforms, or p2p platforms, function as online marketplaces. You can list your offer in your local currency for Ethereum. Once someone accepts the offer, you typically have the option to make the payment online or in person. Payment methods accepted typically include bank transfers, credit or debit cards, PayPayl, other cryptocurrencies (like Bitcoin) and cash (for in-person trades).

You can expect fees that range anywhere from 0.25%- 0.75%. Buyers usually pay more in fees than sellers. And transactions can take from half an hour to several hours to complete.

Ethereum Price Prediction - Comparewise

Cryptocurrency ATMs

Crypto ATMs are convenient if you want to buy small amounts of cryptocurrency while you’re out running errands, or if you’d prefer to make crypto trades in the real world, as opposed to using apps and websites. You’ll need a wallet for your Ethereum if you choose this method.

You should know that if you’re looking into how to buy Ethereum that crypto ATMs are notorious for high fees, and some of them require you to complete an identification process that can be lengthy before you’re able to make a trade.

To buy Ethereum from a crypto ATM, you’ll need to hold up your wallet’s QR code so that the ATM can scan it. From there, you enter the dollar amount you’re paying for your Ethereum, as well as the amount of Ethereum you want to purchase. Then your Ethereum will be deposited into your wallet, but it will likely take a few hours.

Exchange-Traded Funds

Centralized trading platforms aren’t the only way to buy cryptocurrency. When you’re learning how to buy Ethereum, you should know about EFTs, or Exchange-Traded Funds. You need only create an account on a brokerage platform. You can buy EFTs using tax advantage accounts like RRSPs and TFSAs, and you don’t need a crypto wallet.

Pros and Cons of Buying Ethereum

We decided to include a list of the pros and cons of buying Ethereum because we feel it’s important that you have comprehensive, unbiased information when you’re learning how to buy Ethereum.

Here are the pros and cons of buying Ethereum:

Pros of Buying Ethereum

In our guide about how to buy Ethereum, it’s important to note the best parts of doing so.

It’s the second-most popular cryptocurrency in the world

In March of 2021, ETH was worth around $1,900 and there were 115 million units in circulation. This means that it’s a great alternative to Bitcoin. It’s around 1/5 the size of Bitcoin in the market cap, but that’s still closer to Bitcoin than any other altcoin on the market. In investment terms, Ethereum’s popularity means that it has high liquidity. And because it’s becoming more popular and gaining value, it’s likely that ETH will become more acceptable as a form of online currency.

Eth Price Prediction - Comparewise

Price per coin is reasonable

Bitcoin can cost as much as $60,000 per coin, whereas Ethereum costs around $1,900 per coin. So, if you were to purchase a Bitcoin coin and the price drastically dropped, you’d be pretty screwed, whereas you’re not in complete financial ruin if your ETH drops in price.

This reasonable price range makes it easier for analysts to make accurate price predictions, as well. When an asset is frequently and wildly fluctuating in price, it can be hard to predict its price in the future, which is exactly the problem that analysts face with Bitcoin. The closer a cryptocurrency asset is priced in comparison to an ounce of gold, the easier price predictions can be made.

It’s not well-known

If you ask the average person to name a cryptocurrency, they’ll probably say “Bitcoin”. So, the fact that not as many people are aware of Ethereum’s existence can be a positive thing because it can lead to a lot of investment opportunities that aren’t presented with the more popular Bitcoin. This cryptocurrency’s value isn’t manipulated by media reports about it, and since it’s new and popular, it will likely only grow from here.

It has a well-known founder, and the developer community is expanding

Ethereum was launched in 2015, so it’s fairly new compared to Bitcoin. However, its founders, like Vitalik Buterin, are well-known and respected. One of the reasons that investors love Ethereum is that they regularly release an updated roadmap that tells people what features and updates they’re working on and when to expect them. They also have a large, active community of developers and support, which is a major plus for investors.

It’s decentralized

This may sound scary to inexperienced investors who are learning how to buy Ethereum, but it’s actually a good thing. All cryptocurrency is decentralized, which means that it’s not run by banks or financial institutions, and it isn’t government- regulated so it’s not subject to taxes the same way that fiat currencies are.

Ethereum (Eth) Price Prediction Analysis - Comparewise

It’s not just a cryptocurrency

Ethereum is more than just a cryptocurrency. It features things like dApps (which are apps that solely exist on the blockchain), smart contracts, and lots of decentralized finance (DeFi) options. Because of this, it can be used by many different industries for things like keeping track of voting history, patents, and medical histories, creating crypto-collectibles, and an identification- verification system.

It’s continuing to attract more businesses

There are a lot of big names in the business world that are closely watching Ethereum, like the Ethereum Enterprise Alliance. Another major firm that’s interested in Ethereum is Andreessen Horowitz. Ethereum offers ICOs (Initial Coin Offerings), and currently, the ERC-20 is considered the standard ICO and crypto- fundraising method.

There’s no cap on Ether

Bitcoin is capped, which means that there are only a certain amount of Bitcoins in circulation at any given point, but Ethereum doesn’t have that problem. This is typically an attractive feature to many people who are learning how to buy Ethereum.

It’s more secure than many other cryptocurrencies

This is a major bonus for anyone learning how to buy Ethereum. The more popular a cryptocurrency is, the more secure it is, which means that only Bitcoin is more secure than Ethereum. And Ethereum’s global network of active developers means more security, as well.

Cons of Buying Ethereum

In our guide to how to buy Ethereum we also want to highlight some potential drawbacks.

Ownership Distribution

There’s no other non-traditional currency type that has quite the same ownership distribution issue that Ethereum does. Most people who are asked to cite one problem with Ethereum will tell you that it’s the fact that around 400 people own 1/3 of the coins currently in circulation. You might ask why that’s such a bad thing, and that’s a fair question.

The truth is that there are a number of problems that can come from such a small percentage of people owning such a huge percentage of the currency. The main concern is that if the majority of users don’t own enough of the currency to really make a difference, then the 400 people who own large amounts of ETH could manipulate its price.

But even if these major investors (called whales) decide to collectively sell a lot of Ethereum at once, that would make the price of ETH fluctuate wildly. Considering that the cryptocurrency market is already so volatile, no potential investor wants to deal with the possibility of further price fluctuations.

Eth-Price-Analysis-Comparewise

It’s not well-known

Yes, we listed this as a pro too, and no we haven’t made a mistake listing it here too. It can be a con because it can be more difficult to trade or sell ETH, or to use it to pay for things.

Scaling, bugs, and hacks

One thing you should know when learning how to buy Ethereum is that the more features a cryptocurrency has, the more likely it is to experience bugs and hacks. It also experiences a lot of network congestion, which gives some investors pause.

How Much Does it Cost to Buy Ethereum?

Of course, if you’re learning to buy Ethereum, you need to know how much it costs. Don’t worry, we have you covered!

As of this writing, Ethereum costs $1,137.11 per coin. However, you need to factor in other things beyond just the price per coin.

There are transaction fees to consider. They typically fun between 0.2%- 4.5% with sellers paying less in transaction fees than buyers.

Then you have what Ethereum refers to as “gas fees”. These are attached to nearly every transaction on the network and vary depending on multiple factors. Basically, they’re a fee that serves to pay Ethereum miners for their work maintaining network security and verifying transactions.

How to Buy Ethereum on an App

Since crypto exchanges are the most popular method for purchasing cryptocurrency, it’s important to learn to use them while you’re learning how to buy Ethereum.

Here’s how to buy Ethereum using an app:

Choose your crypto exchange

The first step to learn how to buy Ethereum is choosing a crypto exchange. The good news is that there are a slew of exchanges to choose from. They range from being extremely simplistic and user- friendly to exchange apps that are for more experienced traders and feature more advanced settings.

Ethereum is quite popular, so nearly any exchange you choose will likely support it. But while you’re learning how to buy Ethereum, it’s a good idea to stick to the more popular and reputable exchanges until you get the hang of it.

Ethereum Price Analysis - Comparewise

Things to consider when choosing a crypto exchange are the payment methods they support (Ethereum can be bought with PayPal or Venmo, so if you want to take advantage of that you should find an exchange that supports it), security measures, fees, and other features.

Some questions to ask when considering a new exchange are:

  • Where is their headquarters?
  • Are they properly licensed?
  • What security features does their website feature?
  • How do they guarantee that your funds are secure?
  • Who owns the exchange?

Research crypto exchanges thoroughly before using them.

Sign up and fund your account

Part of the sign-up process will likely involve completing an identification verification protocol. This involves providing information, as well as either a photo ID or passport. This process can be completed in as little as an hour, or as long as a few days.

Then, you’ll need to provide either bank information or credit or debit card numbers to connect your account and deposit funds. There will be a fee to fund your account. The price of the fee depends on the payment method you choose.

At this point, you haven’t actually purchased your Ethereum yet. You’ve simply added funds to your account so you can.

Place an order

This is the part of the process that everyone interested in learning how to buy Ethereum is interested in.

Once your account has been funded and you have USD in your account, you can buy your Ethereum. Depending on the price, you can either buy entire coins or shares.

From the app, you set the dollar price amount for the purchase, the amount of ETH you’d like to purchase, and then submit the order.

Store your Ethereum

There’s two different types of people when it comes to learning how to buy Ethereum: those who will buy small amounts to test the waters, and those who decide they want to do it up right from the start and purchase large initial sums.

If you’ve purchased a small amount of Ethereum, then there’s no problem with keeping your ETH on the exchange. But, if you’ve purchased large amounts then you should definitely consider transferring them to a wallet. There are lots of digital wallets available, as well as hardware wallets, so it’s a good idea to learn more about them while you’re learning how to buy Ethereum.

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How to Buy Ethereum with a Credit Card

One of the most common questions people have when they’re learning how to buy Ethereum is how to buy it with a credit card. The good news is that it’s possible to purchase Ethereum with a credit card.

Here’s how to buy Ethereum with a credit card:

  • Research your credit card. Find out whether your credit card company will allow you to buy Ethereum using your credit card. (Not all credit card companies do.)
  • Research exchanges and choose one that allows you to buy cryptocurrency with a credit card. Some major crypto exchanges don’t support credit card payments due to the insane fees that some credit card companies charge for buying cryptocurrency. (More on that in a minute.)
  • Add your credit card information, link your card and fund your account. Once you’ve found a crypto exchange that supports credit card payments, funding your account is pretty straightforward. It’s the same as funding your account with any other payment method, which you’ve already learned about in our How to But Ethereum article.

If you’re learning how to buy Ethereum with a credit card, there are some things you should know.

  1. Not all credit card companies will support cryptocurrency purchases.
  2. Some credit card companies treat cryptocurrency purchases as cash advances, and charge insane fees of between 3% and 5%. They also charge higher annual rates on cash advances and offer no grace period before the advance starts charging interest. Your crypto purchase probably doesn’t qualify for rewards, either.

How to Buy Ethereum with PayPal

One payment method that inexperienced investors who are learning how to buy Ethereum are often surprised by is PayPal. Paypal added a “Crypto” button in 2020, which allows users to purchase cryptocurrency straight through the PayPal app.

Here’s how to buy Ethereum with PayPal:

  • Sign up for a PayPal account and download the app.
  • Select the “Crypto” button and then choose Ethereum.
  • Fund your account. This may require you to link your bank account or credit card to your PayPal account.
  • Make your Ethereum purchase.
  • The Ethereum should instantly appear in your Paypal crypto wallet.

You’re going to have to go through KYC (Know Your Customer) verification, which will consist of providing PayPal with various information. This can be accomplished by linking your bank account or providing a photo- ID. If you live in the United States, you’ll likely be required to submit a W-9 tax form for verification purposes, as well.

You can buy anywhere from $1- $10,000 worth of Ethereum per week with PayPal. And you can expect fees ranging from fifty cents to 2.30%.

You can also buy Ethereum with PayPal on peer-to-peer (p2p) platforms. Here’s what you need to know about how to buy Ethereum on peer-to-peer platforms:

Using a peer-to-peer platform you can arrange with a seller to pay for Ethereum using PayPal. The transactions on p2p exchanges are more direct, with no middleman watching over the sale. This can be both convenient and a little scary. (Read the next section about how to buy Ethereum safely.) Once you’ve received your Ethereum, you can hold it, trade it, sell it, or transfer it to a wallet.

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How to Improve Your Odds of Buying Ethereum Safely

Safe purchasing is one of the most important things you can learn when learning how to buy Ethereum. Just like with any online purchase, it’s important to protect yourself and your information.

Here are some helpful tips to help ensure your safety while you’re learning how to buy Ethereum:

  • Triple-check any addresses you use in the transaction (like your wallet address).
  • Don’t use a platform that isn’t reputable.
  • For large amounts of ETH, use a hardware wallet.
  • If you don’t plan to trade your Ethereum, store it in a hardware wallet.
  • Don’t ever share your keys with anyone.
  • Take advantage of Two- factor authentication (2FA) and try to use platforms that have extensive identity checks.

Is Ethereum Safe?

This is a question that many people learning how to buy Ethereum have. The answer is both yes and no. Ethereum itself isn’t dangerous. However, there’s a risk of cyber attacks, theft or scams. You’ve already read about how to prevent scams when learning how to buy Ethereum, so now we’ll teach you about how to secure your investment from cyber attacks and theft.

The most important security feature you can learn about during research on how to buy Ethereum is wallets. Wallets are a place to store your cryptocurrency. Here’s a list of several different wallet types available on the market:

  • Desktop wallets
  • Mobile wallets
  • Hardware wallets
  • Paper wallets
  • Web wallets

All of these fall into one of two categories: hot wallets or cold wallets. Here’s the difference:

Hot Wallets

A hot wallet is something you can access from a computer or phone, and is linked to the internet. There are a lot of hot wallets offered by cryptocurrency exchanges, which makes them convenient. You also have the option to use a hot wallet that isn’t associated with your exchange. Although hot wallets are convenient, the drawback is that there is a risk of hackers and theft because they’re connected to the internet.

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Cold Wallets

Cold wallets, in contrast to hot wallets, are pieces of hardware that aren’t connected to the internet. Most versions look like a flash or thumb drive and cost between $50-$200, although there are pricier ones on the market. They aren’t as convenient as hot wallets.

You have to manually connect them to the internet. However, you can’t beat the security you get from a cold wallet. Since a cold wallet isn’t connected to the internet, there’s virtually no risk of hackers or online theft.

Best Platforms and Apps to Buy Ethereum

One of the hardest things to learn when you’re learning how to buy Ethereum is learning which platforms and exchanges to use. To help in this endeavor, we’ve compiled a list of reputable cryptocurrency exchanges and platforms.

Here are the best cryptocurrency platforms and exchanges to use when learning how to buy Ethereum:

Best Wallets to Store Ethereum

When you’re learning how to buy Ethereum, security is an important concern. Here are the best cryptocurrency wallets:

Should You Invest in Ethereum?

One question that a lot of people have when they start learning how to buy Ethereum is “Is Ethereum worth investing in?’. That answer is different for everyone. No one investment asset is universally ideal for everyone. Just because it’s widely popular doesn’t mean it’s right for you.

You should do a lot of research about Ethereum, the Ethereum network, different exchanges and wallets. You should feel comfortable and pretty confident about your choices, and the only way to get comfortable and confident is to learn more about it.

In an ideal situation, you should have your finances sorted before you make any major investments. The best-case scenario is that you’ll have a nest egg, an emergency fund, a retirement fund or account, and either no debt or low debt.

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You shouldn’t put all your eggs in one basket. Sure, Ethereum is a great asset to consider. But you should diversify your portfolio, which means having more than one type of asset (maybe a handful). This ensures that if one asset isn’t doing well, other assets will.

It’s important to know that Ethereum isn’t some get-rich-quick scheme. The days of buying cryptocurrency for pennies on the dollar and seeing major gains overnight are probably over. But, you will likely see some returns in the long run if you’re patient.

You should probably pass on investing in Ethereum if you can’t deal with the fact that Ethereum is so volatile. Volatile assets aren’t for everyone. They can really stress out and annoy some people, so you should do some introspection to determine how well you’ll deal with it before you take the plunge.

How to Buy Ethereum Conclusion

Ethereum is incredibly popular right now, which has a lot of people wondering if it’s something they should invest in. If you’re one of those people, then you should now have a better understanding of how to buy Ethereum. It’s multi-functional (not just a cryptocurrency), popular and highly fluid, decentralized, has well-known founders and boasts a host of developers.

The downsides are that because it’s multifunctional it’s vulnerable to hacks and bugs, it’s not well known, and the ownership distribution of Ethereum is atrocious. If you choose to buy Ethereum, it’s also worth considering a cryptocurrency wallet to protect your investment.

You might also like…

  1. How to Buy Litecoin
  2. How to Buy Solana
  3. How to Buy Cardano

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FAQs about How to Buy Ethereum

What’s the difference between Ethereum and Bitcoin?

The major difference between Ethereum and Bitcoin is that smart contracts are available with Ethereum. What’s a smart contract? It’s a self- executing contract where the contract terms are built into the code. The code itself oversees the contract, so there’s no middleman.

Can you buy ETH with TFSA?

This is a common question for people learning how to buy Ethereum. You can’t directly use your TFSA to buy ETH on a crypto exchange. But, you can use an ETF to buy Ethereum using your TFSA.

What payment methods can you use to buy Ethereum?

If you’re learning how to buy Ethereum, it’s important to find out about the payment methods you can use. You can pay for Ethereum with bank or wire transfers, credit or debit cards, PayPal, and even cash in some instances.

Is buying Ethereum risky?

This is a common fear among people who are learning how to buy Ethereum. Cryptocurrency is extremely volatile. But this risk can mean high rewards. The best advice for someone new to investing is to never spend money you can’t afford to lose.

What is Ethereum worth?

This is an important question for anyone learning how to buy Ethereum. Ethereum reached an all-time high of $4,800 in November 2021. Before that, it fluctuated in price between $1,000- $4,800. Of course, its price still fluctuates, but as of the writing of this article, it’s worth well over the $1,000 price point it sat at last year.

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