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Как безопасно покупать Ethereum в 2021 году - Binaryx
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How to buy Ethereum safely in 2021

If you’re reading this article, then you probably know that Ethereum is the second by market cap rate and one of the most popular cryptocurrencies in the world. Its purchase can be an excellent asset for years to come. But for this, you need to understand how the most profitable is to buy cryptocurrency. Let’s take a look at how and where to buy Ethereum coin in 2021.

How to Buy Ethereum

The easiest and perhaps the most popular way to buy Ether is doing so through an exchange. Ether is the second most valued, stable and well-known cryptocurrency behind Bitcoin, so finding an online platform that operates within your jurisdiction and trades in Ether won’t be that difficult.

Exchanges to buy Ethereum

The easiest way for buying Ethereum is to make it through a cryptocurrency exchange (e.g. the Binaryx platform). Let’s see how it works!

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First of all, you need to go through the registration procedure. To do this, go to the Binaryx homepage and click on the “Register” button. After that, the system will offer to choose one of two options: registration by e-mail or using an account on the social network (Facebook, Twitter, Google). Next, you need to enter contact information: name, surname, e-mail address (if the system has not filled in these fields automatically), password and country of residence. All that’s left is to confirm your agreement with the exchange rules, verify your e-mail, and that’s it – welcome to Binaryx!

It is effortless to buy Ethereum online on an exchange. The purchase form is located in your dashboard, in the “Quick Buy” tab. It is enough to select the currency of payment and the currency of purchase and then indicate the amount. Further, the platform offers to choose one of two payment methods: by bank card or via Wire Transfer. In the first case, the money is debited from the bank account, while in the other case, it is necessary to replenish your fiat currency wallet.

It is noted that full identity verification is required to make a deposit. It includes proof of address, selfies, and a photo of your ID and credit card. All of this is provided for by the “Know Your Customer” (KYC) procedure and anti-money laundering (AML).

Binaryx charges a 3.2% + 0.35 USD fee for buying Ether with a bank card. Wire transfer fees vary by the payment service provider.

The Binaryx cryptocurrency exchange accepts US dollars, euros, Russian rubles and Ukrainian hryvnias. Depending on the selected payment method, the time when tokens appear on the account lasts from several minutes to several hours.

Once ETH appears in the wallet, you can trade. For this, the exchange offers a convenient trading terminal, which can be customized on your own. It allows you to simplify the trading process as much as possible.

Buy Ethereum with cash    

Due to various reasons, some may prefer invest in Ethereum anonymously, while simultaneously avoiding the hassle of going through Know Your Customer and Anti-Money Laundering related checks. Even though this might be frowned upon by regulators in some jurisdictions, it is possible to purchase Ether from an online peer-to-peer exchange like LocalEthereum.

LocalEthereum aims to do for Ether what LocalBitcoins does for Bitcoin, that is to facilitate over-the-counter trading of local currencies for Ether. The main difference is that LocalEthereum is an entirely decentralized service, with escrow services and arbitrage being achieved through the use of Ethereum smart contracts.

The service works very much like eBay – it’s essentially a marketplace, which enables users to offer any local currency in exchange for a certain amount of Ether. Once a seller accepts the offer, the exchange of funds takes place automatically. Money can be transferred via bank wire transfer, credit and debit cards, PayPal payments as well as other major cryptocurrencies such as Bitcoin.

The service isn’t free. Sellers are typically charged a 0.25% fee, while buyers need to pay 0.75%, which is still significantly lower than most centralized exchanges offer. The processing of a transaction can take up to a few hours. At the same time, miners are confirming the amount and are recording it into the Blockchain. As miners receive the transaction fee, it is possible to speed up the transaction by choosing a higher commission, giving the miners an incentive to process your operation first.

LocalEthereum also enables the parties to exchange messages, so it is possible to set up an eye-to-eye meeting with a seller and exchange Ethereum cryptocurrency for hard cash. When doing so, ensure that you meet in a public place and take every precaution necessary when conducting a financial transaction with a stranger. You will also need active Internet access to sign off for the transaction.

Suppose you’re worried about setting up a one-on-one meeting with a stranger off the Internet. In that case, there is always an option of finding a local Ethereum or general cryptocurrency-related meet-up. There you can safely trade Ether, while simultaneously learning from and exchanging ideas with like-minded cryptocurrency enthusiasts. A list of Ethereum meet-ups can be found on a dedicated page of Meetup.com.

Trading Ether peer-to-peer is by far the most private and secure way available. Moreover, it offers unparalleled flexibility when it comes to trading pairs, as well as no buying or selling limits. However, this way of trading requires a certain level of trust between the two parties, especially when meeting in person. On top of that, if you’ll decide to engage in over-the-counter trades, it is your responsibility to ensure you’re complying with your local regulations.

Ethereum ATM    

An alternative way of purchasing cryptocurrency is doing so through an Ethereum ATM. It is perhaps an ideal way to obtain Ether for users, traders and investors looking to buy small amounts. The vast majority of cryptocurrency ATMs limit transactions to relatively small quantities so that there is no need to comply with Know Your Customer and Anti-Money Laundering regulations, which means there is no need for full identity verification.

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Before being able to use a cryptocurrency ATM, you will need to get a wallet. Different kinds of Ethereum wallets and ways of setting them will be covered by this guide later on.

Once you have a wallet, you will need to locate your nearest ATM that facilitates Ether transactions. There is a handy service called CoinATMRadar, which provides a comprehensive list as well as a map of cryptocurrency ATMs. Although the service focuses on Bitcoin ATMs, you can use a search bar on the map to find local ATMs that also trade in Ether and some other major cryptocurrencies.

After locating your nearest ATM, find a QR-code in your wallet and hold it up to the machine’s camera so it can scan it. Then, insert your cash into the ATM and confirm the amount of ETH to complete your Ethereum purchase. The Ether you purchased will be sent to the provided address. The transaction takes typically around 30 minutes, but it might take up to several hours in some cases.

Ethereum wallets    

Before buying Ether, it is essential to gain a good understanding of wallet software and how Ethereum transactions work in general. There are several different types of wallets: a desktop application, a mobile/web app, you can use a hardware wallet as well as a wallet provided by a cryptocurrency exchange. There are official Ethereum wallets available for download at Ethereum.org.

Another thing to consider is whether you want to use a so-called ‘full node’ wallet, which requires you to download the entire Ethereum Blockchain (many gigabytes in size) or a ‘light client,’ which doesn’t require a full Blockchain to operate. Of course, if you’re new to Ethereum, a light client would be a preferred option. MyEtherWallet provides light client wallets. Atomic Wallet, a popular crypto solution, allows you to Ethereum buy right in the app, it also supports other cryptocurrencies and exchanges more than 500 coins. And the Binaryx cryptocurrency platform supports the storage of many popular cryptocurrencies, including Ether.

If you’re buying your Ether from an exchange, using a wallet provided by the same platform is the easiest option, but it’s probably the least secure option to store your funds. Sadly, the cryptocurrency world is filled with instances of exchanges falling under hacker attacks. If a hack happens and someone steals money from the platform, including the users’ wallets, the service is doubtful to refund its customers.

Thus, using a desktop, mobile or online wallet is a more secure option, as it provides users with full control over their funds. There are still some precautionary security measures that need to be taken. Most importantly, you should keep your wallet’s password, which is called a ‘private key,’ a secret. Moreover, if you lose or forget it, there will be no way of accessing your wallet ever again, and whatever funds you’ve had there will be nearly lost. Finally, setting up two-factor authentication (2FA) to access your wallet would also be a good idea.

If you intend on storing large amounts of Ether, you can take an extra security step by investing in a hardware wallet. Such devices don’t connect to the Internet; they generate and store your private key offline. It essentially mitigates the risk of digital theft, which is the most common vector of attack on cryptocurrency holders. There’s also a recovery password provided by the device upon the creation of a wallet. You need to use a PIN code to access the device itself.

Apart from your wallet’s password, a private key that you will need to access it and sign for the transaction, your Ethereum wallet will generate several receiving addresses, which are known as ‘public keys.’ Those addresses can be distributed safely without risk of theft. People wishing to send some Ether to you will use one of those addresses to do so.

Ethereum transactions take around 20 seconds to go through. Once it happened, it meant that the transaction was deemed legitimate and was added to the Blockchain, where it’s visible to anyone. It is important to note, though, that the only information about the transaction stored there is the receiver’s address and the amount of Ether sent.

Difference between Ethereum and Ethereum Classic    

Ethereum (ETH) operates on an entirely new blockchain, and most miners use this new version.

Ethereum Classic (ETC) runs on the same protocol and performs a similar function, but has specific differences in the community. 10% of the people on the original Ethereum blockchain are relatively unknown and greet the idea of ​​a blockchain that cannot be rewritten. The ETC price is mostly dictated by the speculative market, like many other altcoins.

Ethereum (ETH), on the other hand, is more in line with the image of the “world computer”, a software company that wants to grow and possibly make more hard forks in the future. The leaders of the ETH community are much more open and appear in public more than the leaders of the ETC community. ETH initially has value due to the participation of the speculative market, but it also uses community support. The Ethereum Alliance, for example, includes many billions of dollars of companies, such as Accenture, JP Morgan, Microsoft, and UBS. This support, in turn, brings ETH into focus and became a reason why many traders want to buy Ether currency.

We can say that Ether and Ether Classic have their strengths and weaknesses. Still, most of the power remains on the side of ETH, as the cap rate of Ethereum is approaching $15 billion, while ETC is drifting at the $1.5 bln levels.

Is it too late to invest in Ethereum?    

Ethereum as a project is still very much in development. If it will achieve what its creators set out to achieve – becoming a world computer, while enabling micropayments between machines as well as entirely borderless and trustless transactions between people – then it is very obvious that it’s not too late for buying ETH.

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Ether has already established itself as the second most trusted, stable and robust cryptocurrency to date. As the platform is developing and providing its creators will keep improving it, the value of Ether is only going to go up. Some people think that in the foreseeable future, when the platform achieves its goals, the price might stabilize and stop growing.

But, as is the case with any cryptocurrency, it’s tough to predict its long-term value. In 10 years, Ether can be worth nothing, or it can be valued at a virtually uncapped amount that can only be imagined.

Transacting Ethereum safely

One of the most critical aspects of the Ethereum network is that there is no charge back – once the funds are sent, there is no way of getting them back or reversing a transaction. So, be sure never to type the address by hand, as it is essentially a very long and case-sensitive string of random letters and numbers. One single mistake can lead to your funds disappearing forever. So, make sure to double-check all the details before confirming an Ether to Bitcoin transaction.

Avoid storing a large amount of Ether in wallets provided by exchanges. As the business is essentially in charge of your wallet, you are not entirely safe from loss of funds, which may occur due to a hacker attack or even an exchange’s fraudulent activity. Desktop, online and mobile wallets are safer options. If you’re intending on storing large amounts of Ether, consider investing in a hardware wallet.

Implement extra safety steps where possible, such as two-factor authentication, multi-signature wallets, and so on. Finally, always remember that your private key is the only way for you to access your Ether. Take extra care not to lose it or let it be stolen from you.