In a Quora blog entry, a “How to buy Ether?” question went viral, for a unique reason. Erin Chang’s answer reads: “Don’t (but Ether)!!. […] Diethyl ether is incredibly flammable, very dangerous to have in residential structures. Furthermore, it forms organic peroxides over time, which are shock-sensitive explosives.” She just won the sarcasm-of-the-year award and should consider a career on internet memes.
While this is not organic chemistry, buying Ether isn’t as straightforward as one might think. As a matter of fact, I spent the entire day trying (and retrying) the steps listed below. It turns out, most cryptocurrency exchanges and buying platforms crashed today (November 29th, 2017), including the notorious Coinbase, Gemini, and Kraken. Nonetheless, this step-by-step guide will allow you to buy Ether using good-old USD. Let’s dig deeper.
- Create an account on Gemini, CEX, Coinbase or Kraken. They all accept FIAT currencies like USD.
- Verify and activate your account. You might need to upload a wide variety of documents like ID, SSN, Bank Information, Activation and Advance Access codes (for Gemini) and .. wait for it .. a selfy with your Debit Card (for CEX). The verification process takes about a day or two, so hang tight!
- Follow the instructions on the exchange to deposit USD into that exchange. Minimum deposits are between 1 and 5 USD. Depending on your payment method (bank, wire transfer), this will typically take 3-5 business days.
- Now that you have USD in your exchange account, you can buy Ether (ETH) with it.
- The next step is to store your ETH in a wallet. Think of it as a safe storage, as long as you keep your private key to yourself and never share it. A widely accepted web wallet is MyEtherWallet. Another trending option is mobile & desktop wallet Jaxx. A personal favorite that even exists as a Chrome extension.
N.B- You can use your public key to receive ETH or ERC-20 Tokens. But you should NEVER share your private key, ever.
Congratulations, you have officially a crypto-investor. And no, none of the links are referrals!
Check the latest ETH price here.
Disclaimer: this content should not be used when making investment decisions. Investors should seek professional financial advice.
By Mehdi Mezni