In this easy step-by-step guide I will show how to buy the cryptocurrency Ethereum. Ethereum is the second largest cryptocurrency by marketcap and was the first cryptocurrency to introduce smart contracts and decentralized applications. The Ethereum currency can be used as payment in many of the apps.
If you want to read more about Ethereum check out our complete beginners guide to Ethereum here.
Disclaimer - None of the information published on this website should be considered as financial investment advice or trading advice and using the information available here is at your own risk. Be aware of the high risk that is involved in buying and trading Cryptocurrencies. Don’t trade money you cannot afford to lose!
Buying Ethereum on Coinbase with a Visa / Mastercard
In this guide we will use an online exchange called Coinbase for buying Ethereum. If you have already followed our step-by-step guide on how to buy Bitcoin, you will recognize a lot, the buying process is more or less the same.
There are other exchanges besides Coinbase that I use as well for buying Ethereum and other cryptocurrencies -
But I believe that Coinbase is the most user friendly exchange for newcomers, so that's what we will be focusing on in this guide.
Step 1 - Create an account on Coinbase
If you have already followed our buying Bitcoin guide then you should already have a Coinbase account and can skip this step and jump to step 2. But if you don't have a Coinbase account yet, continue reading.
The first step is to create an account on Coinbase.com. Due to international money laundering laws Coinbase is forced to have KYC (Know Your Customer), which means that you will have to identify yourself with a ID or drivers license.
When this process is finished (usually takes less than 1 hour) you are ready to start buying Bitcoin.
Step 2 - Login to Coinbase to buy Ethereum
When your account is approved you will get an email confirming it. The next step after receiving the email confirmation is to login on Coinbase with the account details your provided in step 1.
After you login to Coinbase you will get to the Dashboard, where you will find an overview of all your digital wallets on Coinbase. Since we have not bought any Ethereum (or other crypto yet) they all show zero balance.
Click on the "Buy /Sell" (1) in the left corner to get to the purchase view.
Step 3 - Buy Ethereum
Now you should be on the purchase screen and from here you will be able to select which currency you want to buy and for which amount.
First you start with selecting which Cryptocurrency you want to buy (1).
Then you need to select which payment method you want to use (2). Since you might not have added one yet, you can click on "Add new Account" and you can easily add a Credit / Debit card or bank account.
Credit / Debit cards can be used instantly, but adding a bank account takes 1-3 days, since you need to verify the account by a test transaction.
After you have selected a payment method you need to specify the amount that you want to buy Ethereum for. Ethereum is dividable, which means there is no need to buy a whole Ethereum, it's perfectly fine to buy 10$ worth of Ethereum (3).
You can either specify the amount to buy in fiat (dollar / euro) or in Ethereum. The system will automatically convert it.
On the right you can see in real time how much Ethereum your are buying, what the current rate is and how much you pay in fees. If all of this looks fine, then you can proceed by clicking on "Buy Ethereum Instantly" button (4).
Step 4 - Review the order
The last step before the Ethereum purchase is complete is to review the order (1). If everything looks fine, then you confirm by clicking "Confirm Buy".
If you would like to cancel the transaction there is a link to do that below the Confirm button.
Now you have bought Ethereum and it's available in your wallet
Congratulations, now you have done your first Ethereum purchase. You will be taken to the dashboard screen again, where you will see your Ethereum residing in your web wallet.
What to do next?
With Ethereum in your wallet you get access to the wonderful world of decentralized applications.
First and foremost you should read our guide to Ethereum (if you have not done so already), to learn more about Ethereum and how to use it.
Since Ethereum can be used for multiple things besides transfer between wallets, here are some suggestions what to do next -
- Check out the official Ethereum Website
- Learn more in our guide on how to safely store Ethereum
- Explore the wide selection of decentralized applications
- Use it for trading other Cryptocurrencies on Binance
Thanks for reading, and if you have any question don't hesitate to drop us an email to [email protected]