What is Ethereum And How to Buy it? 

Ethereum is one of the top 5 largest cryptocurrencies by market cap. The token on the Ethereum blockchain is known as ether (ETH), and as of May 2022, it had already become the second-highest crypto by market valuation, totalling about $246 billion behind bitcoin with about $571 billion, beating tether which sits at the third place with about $75 billion.

Ethereum

Most crypto-assets fell from their 2017 peak in 2018 and 2019, and just through 2021, the crypto community enjoyed bull-runs alongside little retracements.

However, currently, there’s a large pullback on every crypto asset in the crypto community, including Ethereum, which fell from its all-time high alongside other assets.

It was approaching the $5,000 mark in November 2021 but suffered a massive pullback in the first half of 2022 to about $2,000 in May. Currently, it’s trading around the $1,500 mark.

It is, however, worth noting that ETH is the primary driving force behind the Ethereum network. With several investment opportunities and integration ahead, Eth is therefore regarded as a more promising investment when compared to Bitcoin.

Ethereum, however, has the backing of various companies and is currently being used by more than enough financial institutions.

So, if you haven’t added Ethereum to your portfolio, you should do that as soon as possible. It is also worth noting that Ethereum has the major share of the Decentralized Finance (DeFi) ecosystem.

Ethereum is also regarded as a smart contract platform that allows you to run third-party apps and tokens like NFTs and ICOs.

So, it is important that if you have a wallet where you trade Ethereum, you should have the Ethereum wallet password recovery setup available at your disposal in other for you not to lose your assets untimely.

Also, knowing where to buy and trade your Ethereum asset is very important. The native token on the Ethereum network is Ether, and you can trade it online on various exchange platforms.

You can also buy Ethereum through brokerage platforms where you don’t need to begin by depositing a said amount while you can simply use your balance.

How to Buy Ethereum Online

You should read this carefully if you are looking for means to buy Ethereum on an online trading platform. However, it is worth noting that once you have your platform and your Ethereum wallet, ensure you have the Ethereum wallet password recovery services ready at your fingertips to add an extra layer of security to your assets.

Get a Reputable Trading Platform

There are more than enough online trading platforms. However, you must choose the right platform because this will also dictate how secure your account and assets will be. Hence, you can begin by gathering some of the best, based on your preference.

Once you’ve done this, you can evaluate based on past user reviews and how simple it is to navigate alongside other important factors.

Create an Account With The Platform

Once you’ve chosen your preferred platform, the next thing to do is to create an account with the platform. Ensure that you use your real details because you might be asked for some biodata information, depending on the services you’d like to access from the platform.

Nonetheless, while opening the account, ensure you have your government-approved means of identification to make the entire process stress-free. Once you have all your documents ready, you will be used for identity verification to be sure you are who you are.

If a platform doesn’t have these processes, you shouldn’t be comfortable having your assets there.

The reason for this is to keep the account from bots and hackers, and this is also one of the main characteristics you should look out for in a trading platform.

Deposit Your Fiat

Once you are done with the verification processes, the next is to deposit fiat in your account. However, before proceeding, you should ensure you have wallet recovery services ready before you deposit or begin to trade Ethereum.

With this, you can be sure your assets are in safe hands, and you need not worry about losing any of your holdings. Depositing fiat is quite stress-free, as you could have it done from your debit or credit card into your crypto account in less than 5 minutes.

However, using C2C might be somewhat difficult compared to P2P, which is a little stress-free. So, if you are trading on a C2C platform, you must understand how to navigate sending of assets by code from one location to another.

However, if it’s P2P, it’s less technical to grasp as it involves using the platform as an intermediary or an escrow.

At the same time, funds and assets are exchanged between buyers and sellers, respectively.