Unless you’ve been living under a rock, you have heard about the whole cryptocurrency craze that took place the last year. As crazy as it sounds, the topic is still going viral this year. This is why even skeptics consider investing in digital money. For all of you who are still unfamiliar with the trading of virtual assets, we have prepared this article in which we are going to show you how to buy Ethereum, step by step.
Wait, I’ve never heard anything about it! I was thinking of bitcoin instead! We bet you were, but let’s give some more information about the crypto world. Undoubtedly, bitcoin is the currency everyone is talking about but we consider it quite risky for a newbie to invest directly in it.
Here are the reasons why:
- Bitcoin is perhaps the most volatile currency on the market with 20-30% fluctuations per week;
- It is goddamn expensive. As of January 5th, 2018 one coin is traded for $15,424.80;
- Its transactions are slow, sometimes taking more than 24h.
However, if you put your money on Ethereum you invest in perhaps the most steady currency in the last twelve months. While bitcoin faced major ups and downs, Ether shows consistency and its price is more likely to surge than collapse.
If you had bought $1000 worth of Ethereum on January 5th, 2017 now you’d have coins worth approximately $90 000. Doesn’t sound bad, does it? Ethereum is now the second most valued cryptocurrency by market cap, just behind Bitcoin.
Ok, let’s get things going. There are a lot of exchanges where you can trade Ethereum coins. Etoro is one such an exchange.
Step 1. When you open the page you will see the Log in button top right. When you click on it, you should see this.
You can sign in by email, Facebook or Google+ account.
Step 2. Fill in your name, password, etc. Voila! You are already signed in. This is how your home page looks like.
Step 3. Completing your profile. When you click on Complete Profile the page asks you to verify your identity. If your account is not verified you will have trading limits. However, if you want to trade with smaller sums, you don’t need verification. This step is optional. Without a verification, your maximum trade limit is $2000.
Step 4. Depositing funds. On the bottom left of your home page you can see the Deposit Funds button. When you click on it, this pops up.
You can choose the amount of currency you want to deposit as well as how to deposit – via Credit or Debit card, PayPal or another service. There are several options to choose from.
Step 5. Go through the basics. The Etoro platform is great because it gives you $100 virtual money, which you can use for practicing trade. You can easily switch from your real to your virtual account. However, have in mind that while you trade in your virtual account, prices do change and you may miss the chance of your life because you haven’t used your real account.
When you switch to Virtual Profile, the platform will guide you through the basics. You just have to follow the instructions popping.
Step 6. Add Ethereum to your market. By clicking on Add Markets, you have the option to choose your market of interest.
Step 7. Trade Ethereum
The minimum sum you should spend on Ethereum coins in Etoro is $200. Remember that cryptocurrency’s prices are highly volatile and only risk amounts you are ready to lose!
After purchasing Ether coins, on the right of your screen there is a live rate that shows you in real time your profit or loss.
Step 8. Stop Trade. Whenever you feel like closing your trade, you can easily do it by clicking on the drop-down menu just right of your live rate.
Once you feel comfortable with the Etoro platform using the Virtual Profile you can start trading for real with your Real Profile.
You can purchase and sell the following cryptocurrencies on the Etoro Exchange – Bitcoin, Bitcoin Cash, Dash, Ethereum Classic, Litecoin, and Ripple.
If you want to trade with other cryptocurrencies on other platforms, click here.
Note that cryptocurrencies are highly volatile and you may lose large sums of money in a couple of minutes! Take measured risks!