What’s the best way to buy cryptocurrencies like Ethereum? The entire industry is a minefield filled with options and opportunities and as such, it’s often very difficult to know what to do when it comes to simply buying a cryptocurrency. There are so many options available, none of which are as simple as going to a shop and buying a coffee, therefore in order to make the most of this industry, you need to work out which method for purchasing cryptocurrency is best for you.
Exchanges are by far the most common medium of transaction. Buying through cryptocurrency exchanges such as Coinbase mean you have access to the best prices and can buy through a well renowned service. This is great, but often it does mean that your cryptocurrency is exposed to high transaction fees (those taken by the exchange in order to process the payment) and moreover, you’re often exposed to the security vulnerabilities that exist within the exchange. In short, exchanges aren’t always safe, when you buy cryptocurrency through an exchange, it could be stolen from you by hackers (especially if you then go on to store that currency online within the exchange).
Transfers do offer some more protection against this. It’s easy to buy cryptocurrency from a friend or another investor through a direct wallet to wallet transfer. This reduces the need for a middleman like an exchange but does expose you to other risks and of course means you’ll have to send them FIAT or another form of payment in order to make the exchange (unless the transfer is a gift of course).
How about BATMs, or Bitcoin ATMS? Cash machines offer the most ‘real life’ type of cryptocurrency investment and can allow investors to purchase cryptocurrencies like Ethereum in a real world environment, by using cash or a bank card to make a cryptocurrency transaction – in return, sending Ethereum to your chosen wallet address. The downside to this – BATMs and other cryptocurrency cash machines are hard to come by, they aren’t exactly mainstream methods for purchasing Ethereum just yet.
How you buy your crypto is up to you. The method that you find easiest, safest and most comfortable should be the method for you. The important thing to consider is how you then go on to store and use that cryptocurrency. If you’re careful and trade safely, you can ensure no matter which way you buy, you’ll get the very most out of your Ethereum, or which every cryptocurrency you decide to buy.