With more than half of the world marching towards Cryptocurrency dramatically, the term digital currency has indeed emerged as the ‘superpower’ for modern finance people (even for common people). The ‘goldmines’ for bulk & instant money, Cryptocurrency comes with similar pros & cons. But, if you know the rules of the game, no one can stop you from hitting the jackpot. However, to live up to your expectations when it comes to Cryptocurrency, you need to cross some hurdles first. So, if you are exploring hard to know how to buy Ethereum in Canada, this post will reveal some great stuff to you for a confident decision.
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Ethereum: What, Why, & Where?
You may have heard of Bitcoin, but do you know how to buy Ethereum? Founded in 2014 by eight co-founders with the first showcase in Switzerland, the decentralized blockchain platform – Ethereum, aka ETH or Ether, is just one of the most popular cryptocurrencies with many similarities to bitcoins. Ethereum is just another form of decentralized blockchain platform that builds a peer-to-peer network that works on ‘smart contracts.’
Simply put, Ethereum is a decentralized cryptocurrency and is associated with a contract. These contracts are coded, which makes it possible to run a decentralized application on the internet. Ethereum and Bitcoin are two different types of currencies that differ in price and technology. Bitcoin is a popular cryptocurrency, but it is not as convenient as Ethereum. If you’re looking to buy Ethereum, you can choose from a variety of options. Choose one that suits your needs and preferences. Once you have an account with an exchange, you can buy Ethereum.
How to Buy Ethereum?
- First of all, you need to register for an account on an exchange.
- Then, create an account, upload a government-issued photo ID, and set up two-factor authentication. Different exchanges will charge different fees and offer different deposit methods.
- Some accept deposits from a crypto wallet, while others only accept debit cards. Make sure you choose a platform that fits your needs.
Once you’ve decided to buy Ethereum, the next step is to find a marketplace. After that, you can use Coin base or PayPal to buy Ethereum. Both services offer different cryptocurrency exchanges. You can deposit each of them, and once you’ve verified your identity, you can start buying Ethereum.
Then, you can store your new currency in a crypto wallet, which is a digital wallet where you can keep your Cryptocurrency safe.
Things You Need to Look For Before Buying
Go for Long term
While buying Cryptocurrency shouldn’t be a short-term investment, the price of Ethereum will fluctuate on a second-by-second basis. Your goal is to buy Ethereum at a low price and sell it at a higher price. This way, you can earn a 100 percent profit. However, it’s important to remember that the price of Ethereum varies slightly from exchange to exchange. Because of the unpredictable nature of the market, it’s important to buy a small amount at first and spread out your investments across several cryptocurrencies. Lastly, never invest more money than you can afford to lose.
Research exchange platform thoroughly
When buying Ethereum, it’s important to find a reliable exchange. You’ll need to choose a platform that accepts Ethereum, but it’s worth it to check out all the different options available to you before choosing one. It’s important to choose an exchange that accepts your preferred deposit method – credit cards or bank transfers are both good options for buying Ethereum. If you can’t find one, you can always buy Ethereum from a friend or another exchange.
Study your product
When buying Ethereum, make sure you research the product carefully. This is the most important step in investing in Cryptocurrency. First, you need to understand the concept behind this decentralized blockchain network. Ethereum is a digital currency that can be used for many purposes. Its market capitalization is currently over $232 billion, and Mark Cuban has backed it. However, it is not a good idea to invest in this Cryptocurrency if you’re not familiar with it.
Can I use a Credit/Debit card to buy Ether?
To buy Ethereum, you can use a debit or credit card. You can also use Paypal or Skrill to make a deposit. All supported payment methods require a minimum deposit of USD 10. Once you’ve made your purchase, you can cash out your coins through your wallet. You’ll need to create an account with an Ethereum exchange. You can then choose an exchange and begin trading. You can make a profit by investing in Ethereum and gaining profits from it.
Takeaways
Investing in Cryptocurrency can be a good milestone for financial security in the future. However, there is a lot more to know when it comes to these highly volatile currencies. Therefore, completing your homework before you jump to any decision is highly recommended. This post reveals some finest tips on how to buy Ethereum in Canada.