[key_takeaways title="Quick answer:"]
- If you want to buy Ethereum, you can follow these simple steps. Additional details for each step can be found throughout this guide.
- Select a platform: First, choose a platform supporting your preferred payment method, then create and verify an account.
- Deposit funds: Consider how much ETH to buy and add funds to the platform by initiating and completing a deposit.
- Buy Ethereum: Once the funds have cleared in your account, search for 'ETH,' select a pair, input your order amounts, preview any fees, and complete the purchase. Afterward, withdraw the assets to a secure wallet.
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[key_takeaways title="Quick summary:"]
- Ethereum (ETH) is a popular cryptocurrency facilitating smart contracts and decentralized applications.
- swissmoney is an all-in-one platform allowing users to buy, sell, and spend Ethereum.
- Fees for buying Ethereum vary based on payment method and platform.
- You can buy ETH using a crypto exchange, wallet, or P2P marketplace.
- Ethereum must be stored in an ERC-20-compatible wallet.
- You can buy ETH with cash, card, or crypto.
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Figuring out how to buy Ethereum can be challenging. Many payment methods and platforms exist, but selecting the best option can be tricky. However, we discuss the process in simple terms.
This guide explains exactly how to buy ETH, the risks of purchasing the asset, popular payment methods, and the best platforms to buy Ethereum. We also answer pressing questions like, ‘How do you buy Ethereum anonymously?’ Let’s get started.
What is Ethereum (ETH), and why buy it?
Ethereum (ETH) is one of the world’s largest cryptocurrencies. Ethereum is a layer-1 blockchain that enables decentralized applications (dApps) to be built on its network. Some of the world’s largest cryptocurrencies, like Chainlink and Tether (USDT), are built on the Ethereum network, adding to Ethereum’s intrinsic value.
The most common reason people buy Ethereum is as a speculative investment. However, users also purchase Ethereum to cover network fees for sending assets created on the Ethereum blockchain. Additionally, developers purchase Ethereum to publish their projects on the Ethereum blockchain.
How to use Ethereum (ETH)
To use Ethereum, you only need an exchange to buy the asset and an Ethereum wallet to store it. Once you have those, consider what you want to use the ETH for.
If you want to use the asset as a long-term investment, you should consider storing it in a cold wallet like a Ledger, as they’re considered some of the best Ethereum wallets. If you need ETH to cover network fees, send it to the wallet you use for transactions.
Regardless of what you want Ethereum for, the process of using it will be similar. You purchase the ETH, withdraw it to a wallet, and confirm a transaction to use it.
Where to buy Ethereum (ETH)
Once you decide to buy Ethereum, you must select the right platform. There are hundreds of options on the market, but many have a lacklustre feature set. We’ve compiled a list of the best places to buy Ethereum.
- Trading platform: Some of the most popular exchanges for buying Ethereum include Bybit, Binance, Coinbase, Kraken, and Crypto.com.
- P2P marketplaces: You can use a P2P marketplace built into an exchange, like Bybit, Binance, and KuCoin offer. Alternatively, you could use a dedicated P2P platform like LocalCoinSwap or Bisq.
- Crypto wallets: You need your own wallet to store ETH, but some also let you buy the asset. Ledger, MetaMask, and Trust Wallet are some wallets supporting fiat-to-crypto purchases.
📚Read more: Top Fiat to Crypto Exchanges
swissmoney: Alternative for buying Ethereum
swissmoney is an all-in-one financial services platform that enables users to sell, purchase, or spend Ethereum and several other cryptocurrencies.
swissmoney is perfect for buying Ethereum because:
- No hard limits: swissmoney boasts no hard limits, making it ideal for large purchases or transfers.
- Dedicated IBAN accounts: Make it easy to manage your ETH purchases internationally with dedicated IBAN accounts.
- Free crypto wallet: Every swissmoney account comes with a free crypto wallet that can be used to store ETH and other cryptos.
- Crypto card: With the swissmoney crypto debit card, users can spend their cryptocurrency seamlessly after buying Ether.
📚Related: Best Crypto Debit and Credit Cards
How to buy Ethereum (ETH) on swissmoney
If you want to buy Ethereum, here’s precisely how to buy Ethereum with swissmoney:
- Create an account: First, create an account and provide your personal details.
- Complete ID verification: Next, submit your ID and take a selfie to complete the KYC verification.
- Deposit funds: Then, deposit EUR into your swissmoney account via SEPA, payment card, or third-party online banking.
- Buy Ethereum: Press ‘add cryptocurrency’ and select ‘Ethereum wallet’ to add the asset to your swissmoney account. Then, click the asset, select ‘Buy ETH,’ decide how much Ethereum to purchase, preview the order, and confirm the transaction.
Best ways to buy Ethereum
If you’re learning how to buy Ethereum, you’ll likely wonder where to buy the asset. Many options are available, each boasting its own pros and cons. Here are the best ways to buy Ethereum:
- Crypto Exchanges: The most convenient way to buy ETH is through an exchange. Exchanges let users deposit fiat or crypto, which you can use to purchase ETH. Moreover, exchanges allow users to cash out Ethereum for fiat currencies.
- P2P marketplaces: Peer-to-peer (P2P) marketplaces are excellent for people wishing to maintain anonymity. You can buy ETH with cash and without limits using a P2P platform. However, trading directly with another user does increase risk.
- Crypto wallets: Some popular Ethereum wallets allow users to buy the asset without using another platform. While buying ETH directly from a crypto wallet is easy and fast, it typically costs more than an exchange.
Different payment methods for buying Ethereum (ETH)
Finding the best platform to buy Ethereum is only half the battle. Whether you’re using a crypto exchange or a P2P platform, you must use the correct payment method. We’ve broken down the pros and cons of some of the most popular payment methods.
- Bank transfers
- Crypto
- Debit/debit cards
- Apple Pay
- Google Pay
- Cash
| Payment method | Pros | Cons |
| Bank transfers | High limits, low cost | Slow, limited fiat support |
| Crypto | Fast, convenient | Complex, costly |
| Debit/credit cards | Highly convenient, quick | High fees, low limits |
| Apple Pay | Easy to use, very fast | Mobile-only, low limits, expensive |
| Google Pay | Beginner-friendly, streamlined | Mobile-only, low limits, pricey |
| Cash | Anonymous, no limits | Risky, difficult to initiate |
Step-by-step guide to buying Ethereum (ETH)
It can be challenging to work out how to buy Ethereum. However, if the process is clearly explained, anyone can easily buy the asset.
Step 1: Choose a platform and a payment method
- First, you need to choose an excellent platform to buy Ethereum. Check whether it’s regulated, allows deposits in your local currency, and supports which payment methods. Once selected, create and verify an account with the exchange.
- Then, select a payment method. Consider how much Ethereum you want to buy and whether a specific method has fixed limits. You should also consider how fast you need the transaction completed.
Step 2: Deposit funds and buy Ethereum
- After deciding on a payment method, you need to deposit fiat currency or crypto. Use the ‘Deposit’ button, select a currency, choose a payment method, input your deposit amount, and confirm the transaction.
- Once the funds have arrived in your account, you’re ready to buy Ethereum. Search for ‘ETH,’ choose a relevant pair, enter how much Ethereum to purchase, and confirm the order. The ETH will arrive in your exchange hot wallet and can be withdrawn.
How to buy Ethereum (ETH) via bank transfer instantly
A bank transfer is one of the most popular ways of buying Ether. In contrast to using a debit/credit card, bank transfers require a deposit and boast low fees. You can buy Ethereum using a bank transfer via the following steps:
Step 1: Select a Platform and Deposit Funds
- You must choose a platform that supports bank transfer deposits. Consider limits and local currency support. Then, you need to create an account and complete the KYC verification process.
- Once your account is verified, you need to deposit funds. To do this, press the ‘deposit’ button, choose ‘bank transfer,’ input the amount of fiat you want to deposit, and complete the transfer following the on-screen instructions.
Step 2: Buy and withdraw Ethereum
- After the funds have landed in your account, search for ‘ETH,’ find a pair denominated in your fiat currency, enter the purchase amount, double-check fees, and confirm the purchase.
- The ETH will arrive in your exchange wallet quickly. You should withdraw the asset to cold storage or a non-custodial wallet to protect your funds.
Important things to consider when buying ETH with a bank transfer
Are there any specific times when bank transfers are processed for Ethereum purchases?
While bank transfer payments are processed 24/7, they may be slower or faster at certain times due to network congestion.
Do I need a verified bank account to buy ETH with a bank transfer?
To buy Ethereum via transfer, you must have a verified, working bank account. You cannot buy ETH with a partially set up bank account.
📚Related: How to Buy Bitcoin with Your Bank Account Instantly
What information from my bank account will I need to provide?
Exchanges require minimal banking information from customers. Generally, you send the transfer to the exchange from your online banking, so you don’t need to provide your details.
Are there any fees associated with buying Ethereum with a bank transfer?
Although bank transfers are one of the most cost-effective ways to buy Ethereum, there are some costs to consider. You’ll have to cover any deposit fee or network fee. Additionally, your bank may charge a transfer fee.
What are the minimum and maximum amounts I can buy with a bank transfer?
Bank transfer limits vary from platform to platform but typically range from lows of around $25 or $50 to highs of between $250,000 and $2.5 million.
Is it safe to share my bank account information with an exchange when conducting a bank transfer?
If you’re using a regulated platform with a track record of security, there’s nothing to worry about when conducting a bank transfer purchase.
How to buy Ethereum (ETH) with a debit or credit card instantly
Another popular way to buy Ethereum is using a debit/credit card. In contrast to bank transfer payments, credit/debit cards boast faster, more streamlined transactions but have lower limits and higher fees.
Step 1: Select a platform and verify an account
- Before you can buy Ethereum, you need to select a platform and ensure it supports instant credit/debit card purchases.
- Once you’ve chosen an exchange to buy Ethereum, you must create and verify your account. All regulated platforms will require KYC verification, meaning you’ll need to provide a photo ID (passport, driving license)
Step 2: Purchase Ethereum and withdraw
- Most exchanges have an instant buy section that enables users to purchase Ethereum and other cryptocurrencies immediately using a credit/debit card. Navigate to the instant buy section, enter the amount of ETH you want to purchase, and confirm the order.
- After you buy crypto, it will arrive in your account almost instantly. You should withdraw the assets to a secure, non-custodial, or hardware wallet.
Important things to consider when buying Ethereum with a credit or debit card
Are there any fees associated with buying ETH with a credit/debit card?
Credit/debit cards are among the most expensive ways to buy Ethereum. In addition to network/withdrawal fees, users must pay a premium of around 3% for card purchases.
What are the minimum and maximum amounts I can buy with a credit/debit card?
Credit/debit cards typically have lower limits than other payment methods. Minimum purchases are usually around $10 to $15, while maximum amounts are around $5,000 to $10,000.
Do I need to be verified to buy ETH with a credit/debit card?
For an exchange to adhere to regulations, you must have a verified account before buying ETH with a card.
Could my credit/debit card purchase be declined?
Credit/debit card purchases linked to crypto can be declined by your bank seemingly randomly. Declined transactions usually arise from large purchases. You can ask your bank to put a note on your account to prevent this problem.
Will the Ethereum appear in my wallet right away?
If you buy Ethereum using a credit/debit card, the ETH will appear in your wallet near-instantly. However, there will be a short delay as the transaction is processed.
Is it safe to buy Ethereum with a credit/debit card?
Credit/debit cards are one of the safest ways to buy Ethereum. Buying ETH with a card is safe as long as you use a reputable exchange and are careful to avoid fake platforms.
Are there any additional security steps I can take when buying with a credit/debit card?
To further protect yourself when buying Ethereum with a card, add two-factor authentication (2FA) to your account, set up a withdrawal address allow list, and adhere to standard security principles, like using a unique password.
How to buy Ethereum (ETH) without verification (No KYC)
If you want to buy Ethereum without completing Know-Your-Customer (KYC) verification, you’ll need to trade directly with an ETH holder or use a P2P marketplace. Due to Anti-Money Laundering (AML) regulations, exchanges must conduct customer ID verification.
- P2P marketplace: P2P marketplaces like those offered by Bybit and Binance are excellent for buying popular cryptos like Ethereum without using centralized exchanges. As you deal with another user directly, limits and prices can vary significantly. P2P marketplaces provide an escrow service, making it far safer to trade.
- In-person: Perfect for high-value trades where privacy is the main focus, in-person trading has no strict limits and is an excellent way of buying Ethereum without KYC. However, trading with cash is far riskier than using an escrow service.
What to consider before buying Ethereum (ETH)
Even if you’re dead set on buying Ethereum, there are a few things you should consider before purchasing.
- How much Ethereum to purchase: It’s crucial to consider how much Ethereum you need before depositing funds or committing to a purchase. You should consider your personal financials and any upcoming payments.
- Your requirements: Before buying Ethereum or deciding how to purchase the asset, consider your personal requirements. Factor in what you need from a platform, which features you want, what you want to use the ETH for, and whether Ethereum is the best asset for the job.
- How to conduct your purchase: You should consider how to perform the purchase. For example, using the dollar-cost average (DCA) strategy may be better than buying a lump sum of ETH.
What are the most common risks associated with buying Ethereum (ETH)?
While buying Ethereum is not inherently risky, there are a few things to be aware of that can help you make your purchase safely.
Scam platforms
Bad actors often create scam platforms designed to mimic legitimate exchanges or wallets. The platforms are promoted and sent to the top of your search results using paid ads. To prevent your funds from being stolen by a scam platform, you should always check whether the URL is correct before depositing or linking a wallet.
Market conditions
It can be easy to overlook market conditions, but they play a vital role in the success of a crypto purchase. If you buy a large amount of ETH and the market suddenly trends downward, you could find yourself left out of pocket. To avoid this issue, you should analyze market conditions and news to determine if a substantial movement in the near future is likely.
Wallet security
It is critical to use a secure platform to create an Ethereum wallet. Some wallets have lacklustre protective measures or glaring security issues. Moreover, you should only connect your wallet to trusted platforms, as bad actors can comprise your account if you sign an illegitimate transaction.
Why buy Ethereum (ETH) with swissmoney?
Financial services platform swissmoney is an all-in-one powerhouse and one of the top platforms for buying Ethereum. The platform lets people manage crypto and fiat currency while allowing users to buy, sell, trade, transfer, and spend Ethereum. There are several reasons why you should use swissmoney to buy Ethereum, including:
- All-in-one: Managing your finances across several platforms can get confusing. However, as swissmoney blends traditional finance and cryptocurrency while providing complete ownership of your money, it’s ideal for anyone looking to simplify their finances without sacrificing power.
- Spend Ethereum: For people wondering how to spend Ethereum, swissmoney is the solution. The platform lets users buy ETH and use it to cover everyday spending via the swissmoney crypto debit card. Moreover, the card boasts no hard limits, making it perfect for high-value transactions.
- Global availability: Many exchanges lack widespread fiat support or only allow users to deposit via cryptocurrency. However, as swissmoney supports four fiat currencies, it’s ideal for international customers and those who travel frequently.
FAQs
Is it legal to buy Ethereum?
It’s legal to buy Ethereum in most countries. However, as crypto regulations constantly change, looking up your local laws before purchasing the asset is essential.
Is Ethereum worth buying?
Ultimately, you are the only person who can determine whether Ethereum is worth buying. It could be worth buying if you believe in the asset as an investment or need ETH for another purpose.
Why should I buy Ethereum (ETH)?
People typically buy Ethereum as an investment to cover fees or facilitate the development of a dApp or crypto project. If you don’t want Ethereum for a particular reason, it could be worth considering whether the asset suits you.
Can I buy Ethereum instantly?
You can buy Ethereum instantly using a credit/debit card or Google/Apple Pay. Any other payment methods will be delayed from minutes to a few hours.
What is the easiest way to buy Ethereum?
For most users, the easiest way to buy Ethereum is using a credit/debit card or Apple/Google Pay. This is because you’re not required to go through the deposit process and can buy instantly.
What is the cheapest way to buy Ethereum?
The cheapest way to buy Ethereum is through a bank transfer or a P2P marketplace. P2P platforms are often fee-free, meaning users don’t have to cover commissions.
What is the best way to buy Ethereum?
The best way to buy Ethereum will differ from person to person. A credit/debit card could be the best option if you value convenience. However, you could garner more value from a P2P platform like LocalCoinSwap if you value anonymity and low fees.
Which is the best platform to buy ETH?
If you want to use a traditional crypto exchange, then a platform like Binance, Bybit, Coinbase, or Crypto.com could be best. However, if you’d prefer an all-in-one platform, swissmoney is ideal as it has valuable features for traditional finance and crypto while boasting high limits and flexibility.
How can I buy Ethereum as a beginner?
If you are a beginner and want to buy Ethereum, use a Crypro exchange that supports credit/debit cards or Apple/Google Pay purchases.
Where can I buy Ethereum without fees?
You can buy Ethereum without commission using a P2P marketplace. However, if you want to send Ethereum to your wallet, you’ll need to cover network costs, so buying ETH entirely for free is impossible.
Is it possible to purchase Ethereum without OTP verification?
Requirements for OTP vary from bank to bank, so it’s hard to say whether it’ll be required for a purchase. Generally, OTP verification is mandatory for high-value transactions, while banks only sometimes require it for small purchases.
Where can I buy Ethereum anonymously?
As exchanges are required to perform ID verification, it can be hard to buy Ethereum anonymously. However, you can purchase without providing an ID if you use a P2P marketplace or by trade in person.
Is it possible to buy ETH with cash?
Support for cash is rare among online crypto platforms. However, you can easily trade cash for ETH in person if you find a holder who wants to exchange their ETH for fiat.