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ethereum

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How To Buy Ethereum (ETH)?

You can buy easily and securely Ethereum (ETH) from Binance, the market-leading cryptocurrency exchange. Before purchasing Ethereum, you must finish the account validation process and deposit funds into your Binance account.

Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps). There are various reasons why Ethereum holds value, primarily due to its unique characteristics and significance in the wider cryptocurrency community.

How to buy Ethereum (ETH): A Quick guide

You can buy easily and securely Ethereum (ETH) from Binance, the market-leading cryptocurrency exchange. Buying Ethereum on Binance is straightforward, and you can select from various currency pairs such as USDT, BTC, EUR, and BNB. In this guide, we use the euro as the fiat currency, but the procedure remains the same for other fiat currencies like USD, GBP, and EUR.

Here are the step-by-step instructions for buying Ethereum on Binance:

  1. Click this link to set up a new account on Binance.
  2. Complete the KYC (Know Your Customer) process, which involves confirming your details.
  3. Deposit euros into your Binance account through a bank transfer or debit card.
  4. Use the funds in your Binance account to purchase Ethereum (ETH).
  5. You can keep your ETH tokens on Binance or withdraw them to your wallet.

Below is a picture of Binance’s homepage for your reference.

binance.com

Ethereum is an extremely popular cryptocurrency widely supported across multiple crypto exchanges and wallet providers. If you want to buy ETH, you can check out the most popular available exchanges. Kraken and Coinbase, both US-based exchanges, are trustworthy alternatives to Binance. Go to the “Reviews” section on the main menu to learn more about these exchanges. There, you’ll find helpful guides and in-depth information about their features.

How to Buy Ethereum (ETH): A Detailed Guide

Before purchasing Ethereum, you must finish the account validation process and deposit funds into your Binance account. Our Binance beginner’s guide provides thorough instructions on validating your account and depositing money. If you’re new to Binance and unfamiliar with its features, we suggest reading the article for guidance.

Subsequently, we’ll offer a step-by-step walkthrough on buying Ethereum using the Binance mobile application. If you own an iOS device, you can fetch the app from the Apple Store, while Android device users can get it from the Google Play Store.

For this manual, we’ll utilize the Lite mode of the Binance app, which is activated by default.

Access the trading menu

Start the Binance mobile app and direct yourself to the primary menu. Find the yellow trading symbol that represents the trading page for cryptocurrencies. Tap it to enter the trading page (refer to the image below).

binance trading mobile app

 

Select the Buy option from the menu that pops up on your display.

Choose Ethereum (ETH)

At this point, you’ll see a list of various cryptocurrencies on your display. You can browse the list to find Ethereum or directly type “ETH” into the search bar, as shown in the supplied image.

choose eth

Choose Ethereum from the list to proceed to the “Buy Crypto” form.

Purchase Ethereum (ETH)

The “Buy Crypto” page should now be visible on your display. Here, you can type in the amount you want in euros or tap on the “By Quantity” icon. This will change the unit from EUR to ETH. This feature comes in handy if you want to purchase a specific volume of Ethereum, such as precisely 1.5 ETH.

buy ethereum binance

To finalize your purchase, tap on the yellow “Buy” button. This will guide you to the confirmation page, where you can opt for your preferred payment method.

Select the payment method

Now, it’s time to decide on the payment method. This is the concluding step in buying Ethereum. If you have previously made a deposit using fiat currency, you can use the funds in your cash balance to cover the purchase. Alternatively, you have the liberty to explore various payment options.

ethereum payment method

Complete your purchase by tapping the “Confirm” button. Please remember that the price of ETH tokens will stay valid for 45 seconds. If you need additional time, you’ll have to navigate to the “Buy Crypto” form to obtain a fresh quote.

What is Ethereum?

Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps). It was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer, and development was crowdfunded in 2014, with the network going live on July 30, 2015.

While Ethereum shares some similarities with Bitcoin, its design goals are broad. Bitcoin essentially aspires to be a decentralized currency, while Ethereum serves as a platform that provides the blockchain infrastructure for developers to build applications. The operations of these applications are fueled by Ether (ETH), the native cryptocurrency of the Ethereum platform.

Ethereum introduced the concept of smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code. These contracts run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. This feature has allowed the development of a whole ecosystem of dApps on the Ethereum platform, spanning sectors like finance, games, and supply chain, among others.

In 2022, Ethereum underwent a big upgrade and introduced staking. Hence, Ethereum is now a Proof of Stake platform, and mining is no longer needed. More than 500.000 ETH holders are staking their coins to secure the network.

ethereum staking

Ethereum has dominated the smart contract platform niche since the beginning. Its biggest competitors include BNB Chain, Cardano, and Solana. The weakness of Ethereum has traditionally been its scalability or the lack thereof. This has changed dramatically since 2022, when Ethereum’s Layer 2 solutions have become popular. Blockchains such as Arbitrum and Optimism help scale Ethereum and reduce transaction fees.

Read more about Ethereum from our comprehensive beginner’s guide: What is Ethereum?

Why is Ethereum valuable?

There are various reasons why Ethereum holds value, primarily due to its unique characteristics and significance in the wider cryptocurrency community.

  1. Utility and Demand: The Ethereum blockchain is a platform where developers can build decentralized applications (dApps) and smart contracts. Ether (ETH), the native cryptocurrency of the Ethereum blockchain, is required to execute these smart contracts and dApps. Therefore, as more developers build on the Ethereum platform, the demand for ETH increases, contributing to its value.
  2. Ethereum Ecosystem: Ethereum has developed a vibrant ecosystem with numerous tokens, applications, and services, which include decentralized finance (DeFi) applications, stablecoins, and non-fungible tokens (NFTs). The growth and success of these applications and services add value to the Ethereum platform and, thus, ETH.
  3. Network Security: Ethereum’s security, guaranteed through its decentralized and cryptographic nature, enhances the trust of its users and contributes to the value of ETH.
  4. Adoption and Acceptance: Ethereum is accepted by many businesses and individuals worldwide for various purposes, including trading and investment, payment for goods and services, and more. Greater acceptance and adoption increase the demand for ETH, enhancing its value.

Remember that the value of cryptocurrencies like Ethereum is also subject to market forces, speculative behavior, regulatory news, and technological advancements and can therefore be quite volatile.

Follow the price of Ethereum from this page: Ethereum price.

What’s the best way to store Ether securely?

The most secure method to store Ether is to utilize a cold wallet, also known as a hardware wallet. A cold wallet resembles a USB drive that connects to your computer or smartphone solely to authenticate transactions. This guarantees maximum protection for your ETH tokens.

One of the most trusted cold wallets in the market is the Ledger Nano X, which costs approximately 150 euros. You can safely acquire the Ledger Nano X straight from the maker’s website by clicking on this link.

However, there are also complimentary wallet choices for storing ETH, though they do not offer the same level of security as a cold wallet. Novices may opt to keep Ether in the cryptocurrency exchange they used for the purchase, but this approach isn’t advised for long-term storage.

Some recognized free wallets for Ethereum include MetaMask, Trust Wallet, Exodus, and Coinomi.

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