Cryptocurrency is one of the most promising asset classes in the present time. Hence, in this article, we’ll be guiding you through the necessary process of buying the Ethereum (ETH) coin. We will guide you through detailed steps to buy Ethereum using mobile and the desktop.
Table of contents
- What is Ethereum?
- Where to buy Ethereum?
- How to buy Ethereum?
- How to buy Ethereum in India using Android?
- How to buy Ethereum in India using a website?
- Why should you buy ethereum?
- Be careful before making a trade!
- Buying Ethereum: Pros and cons
- How to buy Ethereum: Conclusion
- Frequently Asked Questions
- Ether is a cryptocurrency known as ETH, and Ethereum is a blockchain platform.
- You can buy ETH on a crypto trading platform or from a person using a P2P exchange.
- You can use your phone to buy ethereum.
- Many trading applications are functioning, such as Wazirx, Colodax, Zebpay, etc.
- You can also use your laptop to buy ethereum from a trading website.
- There are various trading platforms available in India, such as Bitbns, Unocoin, etc.
- The basic procedure to the sign-up process, completing your KYC, depositing INR, buying ethereum, and withdrawing ethereum is below.
- Ethereum has been providing the highest returns after bitcoin in the crypto market.
- All type of investments has its risks. Hence you should always be aware of the risks involved in buying ETH.
- Cryptocurrencies are highly volatile. Hence you should always know where you’re stepping.
What is Ethereum?
Ethereum is an open-source, decentralized smart contract blockchain platform. Ether is the digital currency powered by ethereum. Ether or ETH is the most valuable cryptocurrency after Bitcoin.
Where to buy Ethereum?
You have two main options to buy ethereum. You can purchase ethereum using an exchange’s mobile application, or you can use an exchange website. However, you can also use a peer-to-peer exchange to buy ethereum, but we’ll be saving for another time.
How to buy Ethereum?
There is a fundamental process that you have to follow in order to make a purchase of ethereum using your mobile or website. You need to sign-up, complete your KYC, deposit INR, and then buy ETH.
How to buy Ethereum in India using Android?
You can use one of the many mobile applications to buy ETH. To make things more convenient, we’ve prepared a list of the five best mobile applications. You can choose any one of the following:
Since WazirX is the most popular crypto exchange mobile app in India, we will be writing all the steps to keep it in mind. However, the basic outline of the procedure is almost similar for all the applications.
Steps to sign up on WazirX
To buy ethereum, you need to create a trading account on the WazirX application. To do so, you can follow these steps:
- Successfully download and install the application.
- From the home screen, click on sign-up.
- Enter your email, password, and other required details.
- Then verify your email by clicking on the link or entering the code sent on your email.
- Once verified, your account is all set to receive crypto.
Use a Referral code ad4e888q to get a discount on the fee.
Steps to complete your KYC on WazirX
Now, you need to complete your KYC on the WazirX app, as only then can you make a deposit in INR and buy ethereum. You follow these steps to complete your KYC:
- After signing up, log in to your account and go to the profile section.
- When you’re there, then click on the complete your KYC tab.
- Now, enter your bank details accurately.
- After you do so, you have to enter PAN and Aadhar details.
- Click and upload pictures of the documents.
- You will also have to upload a selfie to complete the KYC procedure.
- The application will take up to 48 hours to verify your profile.
- After it is all done, you can make a deposit and buy ethereum.
Steps to make a deposit on WazirX
After the completion of your KYC, you need to deposit INR in your WazirX wallet so that you can buy ethereum. You can move ahead with the following steps to make a deposit:
- Go to the profile section and click on your account balance.
- Then enter the amount your wish to deposit.
- Choose a payment method that most suits you.
- Complete the transaction.
- The amount will reflect in your wallet within 3-24 hours.
- You can then use this money to buy ethereum.
However, you can also deposit in any of the cryptocurrencies and then sell them to buy ethereum. You can deposit a cryptocurrency by sending them to your WazirX wallet address.
Steps to buy Ethereum on WazirX
These steps would guide you through buying Ethereum on WazirX:
- First, visit the markets tab from the home screen of the application.
- Now click on ETH.
- Then you’ll see five options at the bottom of your screen.
- Click on Buy/Sell.
- Enter the amount of ethereum you wish to buy. Or enter the INR amount you want to spend on buying ETH.
- Now click on the buy button at the bottom of your screen.
- You’ll be receiving a confirmation email once your order has been placed and successfully executed.
- The ethereum will reflect in your wallet in less than ten minutes.
Steps to make a withdrawal from WazirX
After buying ethereum, you can withdraw the crypto in your secure crypto wallet. To make a withdrawal, follow these steps:
- Go to the profile tab, and click on ethereum.
- Then click on the withdraw button.
- Then you can either scan the QR code or copy the address.
- Confirm the transaction, and you’re all done with the withdrawal.
How to buy Ethereum in India using a website?
You can create an account on an Indian crypto trading website and then move forward with buying ethereum. However, there are several platforms offering exchange services in India. We have prepared a list of some of the best websites:
We will be using Bitbns to guide you through the steps of buying Ethereum using a website. However, you can use these steps as a basic outline for all the trading websites.
Steps to sign up on Bitbns
- Visit the official website of Bitbns and click on the sign-up button on the home screen.
- Now, enter your email, password, country, and referral code to get a discount on the fee. (64358).
- You can also use Google or Facebook to sign-up to the platform.
- Then verify your account by entering the verification code sent to your provided email.
- Then you’ll receive a confirmation email, and you’re all set to use the platform.
Steps to complete your KYC on Bitbns
To deposit INR, you need to complete your KYC on the Bitbns platform. To do so, you can follow the below steps:
- From the home screen, click on the profile tab.
- Now click on the complete your information button.
- On the next screen, click on Verify KYC.
- Now enter all the details as per your government-approved ID cards.
- Enter your PAN details and upload an image of your PAN card in the JPEG or PNG format.
- On the next screen, enter your Aadhar number and upload the front and rear sides of Aadhar in JPEG or PNG format.
- Upon submitting, complete the KYC with video verification.
- You will receive a verification email once your application is successfully verified.
Steps to make a deposit on Bitbns
You need funds in your Bitbns wallet to buy Ethereum. Hence, you can follow these steps to deposit funds to your bitbns wallet:
- Click on the wallets button from the home screen.
- Then click on deposit INR.
- Chose your preferred method among the options provided to make a deposit.
- The amount would reflect in your bitbns wallet within 12 hours of completing the transaction.
Steps to buy Ethereum on Bitbns
After you’ve deposit INR in your Bitbns wallet, you can use it to buy ethereum. To buy ethereum on the bitbns exchange platform, you can follow these steps:
- Visit the markets tab from the header of the website.
- Now search ETH in the search bar beside markets.
- Click on Ethereum.
- You’ll find the option to buy ethereum on the right side of the next page.
- Now enter the amount of ethereum you wish to buy.
- Place the order to make the transaction.
- You’ll be receiving a confirmation email after the completion of your order.
- All the ethereum coins will reflect in your wallet as soon as the transaction is completed.
Steps to make a withdrawal on Bitbns
After you’ve bought Ethereum, you might want to store them in external wallets rather than the bitbns wallet. You can follow these step to withdraw the ethereum you just bought:
- Hover on the wallets tab in the header and then click on see all wallets.
- Then, search for ETH in the next menu and click on it.
- Click on the send button.
- Scan the QR code or enter the wallet address you wish to transfer the ethereum.
- Your coins would reflect in your wallet as soon as the exchange completes the transaction.
Why should you buy ethereum?
Ethereum is still a developing technology, and hence you have a chance to an early adopter by investing in the technology while always expanding. Ethereum is the second most crucial cryptocurrency and most used smart contract platform.
Even though the crypto market is highly volatile, yet from an initial value of just $0.68, ethereum rose to approximately $1600 in mere five years.
Be careful before making a trade!
Cryptocurrency is considered the future, and ETH is one of the most popular cryptocurrencies. However, even buying them involves risks. Let’s look at them.
- ETH is a highly volatile commodity and has high fluctuations in its value.
- There are many cases of phishing while trading online, hence maintain all the precautions you could.
- Providing the exact information and avoiding any human errors is also important. Once a transaction in crypto is processed, nobody can reverse it.
- You should keep in mind that you can lose the amount you invest in ETH if its price drops. Hence invest only as much as you’re ready to lose.
Buying Ethereum: Pros and cons
|ETH is the most valuable crypto after bitcoin.||The crypto market is highly volatile.|
|The crypto market never sleeps. Hence you can trade whenever you want.||Ethereum has a slow transaction speed.|
|It’s a new technology; hence you can become an early adopter.||There are significantly fewer fluctuations in the value of ETH; hence rise in its value is slow.|
|Ethereum is an ever-developing technology and hence has high returns presently.|
How to buy Ethereum: Conclusion
Buying ETH is a simple task, and you can do it from the comfort of your couch. You can invest in Ethereum using your mobile or laptop and start doing so by following some fundamental steps. All you need to do is sign-up to the application or website, complete your KYC, deposit INR, and you’re all set to buy ETH.
Frequently Asked Questions
Ethereum is the most valuable crypto asset after bitcoin. Its value rose from less than a dollar to more than 1,500 dollars in mere five years. Hence, on seeing its return values, the obvious answer would be, yes, you should buy ETH. However, since the crypto market is highly volatile, you should consider the risks.
The value of ETH keeps fluctuating every second, and hence it is impossible to answer this question for a particular time. However, you can know ETHs value in India here.
Both of these crypto-assets are better in their ways. Ethereum is best when creating smart contracts and distributed applications, whereas bitcoin has an advantage in the P2P transaction system.
This question has no perfect answer. One could say, yes, it is safe as ETHs value has only risen over time and is predicted to rise further soon. However, it is also possible that its value falls and never rises again. Hence, we can say that crypto-assets are highly volatile, and you should only invest in them at your own risk.
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