The stock trading world has done a tremendous job implementing technologies over the last few years and is now at a point where with just a few clicks, it is possible to fulfill all your trading needs. Back in the day, this used to take several phone calls and fees that were not insignificant, so the change is very evident.
Cryptocurrency is making a bid as relevant (at the very least) as the US dollar, and to do so, it has to become as easy to trade as equities are. One of the top cryptocurrencies to trade is Ethereum, and we are going to explain how easy it is to buy Ethereum on the cryptocurrency exchange, namely CEX.IO.
A Short Intro to Ethereum or Why It is Worth Buying
Ethereum is considered to be the next generation of cryptocurrency, and Bitcoin’s natural successor. Like any other cryptocurrency in the market, Ethereum is based on a public blockchain, though with a slight difference – the platform enjoys the smart-contract functionality. Ethereum is the name of the platform, but the actual cryptocurrency being traded is called “Ether”.
Since its launch in 2015, it has become the second most popular cryptocurrency after Bitcoin, and it has a market capitalization of $47.2 billion. The main reason for Ethereum’s popularity is that you are essentially buying the rights towards computing power when you purchase Ether. Rather than a pure monetary use, the token serves as compensation for node performance (doing computing work).
Additionally, as we have seen the ICO market continue to expand, Ethereum has had a big part in facilitating the growth of the crypto startups. The platform is being used to support many new companies and to participate in the ICO, so it is often necessary to buy Ethereum and wire it to the ICO’ing company in question.
Cryptocurrency Exchange as a Purchasing Facilitator
Using an exchange is the most common way to trade cryptocurrencies, and although there are local Ethereum marketplaces, exchanges are currently the cheapest way to purchase Ethereum. This is because the transaction fees for Ethereum have stayed reasonable, so there is no need to look for other options.
There are several major positives to using CEX.IO as a cryptocurrency exchange for buying Ethereum. The website is regularly maintained, customer service tends to respond in a prompt manner, it has a mobile app and a web browser platform, and allows for numerous payment methods.
As explained on the website, buying Ethereum is extremely easy and they have even set up “quick buy” buttons that show you how much Ethereum you would get for certain dollar denominations.
Many Payment Methods Available
There are lots of different ways to purchase cryptocurrency on CEX.IO, but the most popular is by using a credit card. This is the method that the majority of users trust. If you don’t want to use your Visa or Mastercard, you can also use a bank transfer.
Simple Purchasing Process
You will find most of this process intuitive, but for the sake of clarity, we will do a quick walkthrough of it. Verification. When you first get to the CEX.IO website, you will have to register in order to use the platform. The process is quite simple. You will enter all your information, and then take a selfie with your credit card and identification card. Once you’ve done this, it is a matter of verifying your credit card (the platform makes a small charge to your account and you have to tell them what amount it was).
Now, all you need to do is to deposit your fiat currency of choice into the website by going to the “Finance” section and clicking the Deposit button. Once you have done so, it’s pretty much just a matter of selecting Ethereum and choosing the amount of it you would like to buy. CEX.IO has designed their user interface so everything is purely intuitive, and if you do have any issues, the customer service at CEX.IO is very helpful and will be able to sort out your problems in short order.
Finally, as a bonus step, you can choose to transfer your money out of the exchange onto your own offline wallet. This isn’t mandatory, but the interface is designed to make this extremely simple if you wish to do so.
Unlike a lot of other exchanges, you can actually go through this process in a matter of minutes, and be in possession of Ethereum a short time after you begin your registration process.
Safe and Secure
After this explainer, you should have a strong sense of how simple it is to purchase Ethereum on CEX.IO. No technical skill is required, and everything you do is easy to understand.
You can withdraw your funds at any time, without any worry about not being able to access your cryptocurrency when you need it. The 2FA-enabled online wallet is considered to be safe, but any wallet that stores your keys online does have an endemic security hole that can be easily solved by eventually shifting your cryptocurrency to an offline wallet.
In the end, CEX.IO is a strong solution for those looking to quickly and efficiently trade Ethereum (or other cryptocurrencies), as it offers an advanced full-featured trading platform with several API solutions integrated.