Over the past week, Ethereum (ETH) experienced a bull run in its price, recovered to below the $104 level and managed to stay above $97. While it's not sure that the dip is here, Ethereum price is definitely in a very attractive position.
If you want to make a purchase now, you can follow these three simple steps.
Step 1: Get an Ethereum Wallet
Before buying ETH, you need a place to store your coins, and that place is an Ethereum wallet.
Cryptocurrency wallets comes in two types: hardware wallet and software wallet.
You can learn more about how to choose the best wallet app for your usage here.
If you are new to Ethereum and have only a small fund, you don't have to spend much money into expensive hardware wallets. Free software wallets are better options, and there are many of them. However, you should be aware that they could be less secure because they are always connected to the Internet.
For beginners, you can try HB Wallet as they have compatible version for both mobile (App Store and Android) and desktop (MacOS and Windows), which is safer than web-based wallets and offer you flexible usage.
After acquiring a wallet, you need to create an Ethereum address that your wallet will manage.
It is essential to understand that ETH could only be stored on Ethereum addresses, which exist on the Ethereum blockchain. You could not send your ETH to a Bitcoin address as they will disappear and your coins will be lost forever.
When you first log in to HB Wallet, an Ethereum address will be created automatically for you, or else you have to create your own Ethereum address, which can be done on MyEtherWallet.
Step 2: Buy Ethereum
Ethereum can either be bought using fiat money or by exchanging other cryptocurrencies. Either option is executed on exchanges. Several exchange platforms allow you to purchase cryptocurrencies with fiat money such as Coinbase, while others enable cryptocurrency-only exchanges such as Binance.
For those who are more familiar with Paypal, another option is to buy Bitcoin with Paypal and then trade it for Ethereum on a cryptocurrency only exchange such as Binance. However, higher rates on this workaround could be more costly.
Here is a list of some trusted exchanges.
Step 3: Withdraw ETH to your wallet
After buying ETH, if you leave your coins on exchanges and their systems happen to get hacked, you may lose all of your coins. To secure your ETH, you need to make sure that they sit nicely in your Ethereum wallet by withdrawing the coins to your Ethereum address.
When you are done, you can access and manage your funds through your Ethereum wallet.
Looking for a free, secure and easy-to-use Ethereum wallet? Download HB Wallet here.