Wednesday, May 8, 2024
hhc magazine
HomeFinanceHow to buy Ethereum with bank transfer
Finance

How to buy Ethereum with bank transfer

Danny WhiteDanny WhiteNo tags

Ethereum is an open source blockchain technology that allows one to send cryptocurrency to another person at a small fee. Ether (ETH) is the platform’s native cryptocurrency.  The platform has smart contract functionality that is run by cryptocurrency.

Ethereum is the platform upon which decentralized applications are built upon. It is reliable for making payments in terms of digital money, i.e., buying and selling goods and services without an intermediary. It is, therefore, a reliable marketplace of financial services.

Ether, used on the Ethereum platform, is the second-largest cryptocurrency by market capitalization after Bitcoin. Ether handles more transaction volume than any other available digital asset.

Decentralized applications, which are built on Ethereum, are the technology that paved the way for the development of DeFi system (Decentralized Finance), NFTs (Non-Fungible Tokens), and DAOs (Decentralized Autonomous Organizations).

Buying Ethereum

Ethereum can be purchased from any of the different exchanges (online platforms). Some of these include Koinal, Coinbase, eToro, Coinmama, Bitpanda, Kraken, Gemini, Bitfinex, Bitstamp, Bittrex, CEO.io. You can buy Ether using fiat currencies such as JPY, USD, EUR, and GBP, among others. Some of the ways you can buy Ethereum include, but are not limited to, buying Ethereum with bank/wire transfers, Bitcoin/ other cryptocurrencies, PayPal, Cash, or using Debit/Credit cards.

Here are the simple steps of buying Ethereum:

  1.   Select an exchange platform
  2. Create your account

  iii.  Determine the payment method.

  1. Deposit Money
  2.   Buy your desired Ethereum

Buying Ethereum using a bank account

Here is how you can buy Ethereum from different exchanges using bank transfer.

  1.     Coinmama

Coinmama is a reputable company and Ethereum broker that has been operational since 2014 after its launch in 2013. It offers high buying limits and a fast response time.

Coinmama accepts USD and EUR currencies. This platform takes up to a maximum of up to 15,000 USD for one business day.

These are the simple steps to buy Ethereum via SEPA or SWIFT bank transfer on this exchange:

  1. Log in to your Coinmama account or Create one if you don’t have an account

Here you will be asked for an email address, first and last name, and the country of residence. You will get a link via email to confirm your account.

  1. Verify your Account

For safety and security purposes, uploading a photo of your government-issued ID is a requirement.

  1. Buy Ether

Once you are logged in, click ‘Buy’ then select ‘Ethereum.’ From the options, choose the amount you wish to spend, either in USD or EUR, or the quantity of ETH, then click ‘Buy ETH.’

Select ‘Go to Payment’ then ‘Bank Transfer.’ Accept the terms by checking the boxes, then click ‘next.’

  1. Checkout page

The Coinmama’s account details will be provided, so log in to your online bank and initiate a SEPA or SWIFT bank transfer to the exchange’s bank account.

Order details and the wallet confirmation details will be shared via email, which you will need to confirm. Upon confirmation, the ETH will be sent to your Coinmama digital wallet.

 

  1.   Coinbase

Coinbase is the fastest and easiest way to buy Ether in Europe, UK, Canada, and the USA. To buy Ether using bank transfer to your Coinbase fiat wallet, follow these steps:

  1. Open a Coinbase account by clicking ‘Sign Up on the Coinbase Website and fill required details. Link the Coinbase account with your bank account.
  2. Verify the email address for the account by clicking the link sent to you via email.
  3. Log in to your account and verify your phone number. Click ‘send code’ and enter the code sent to your phone in the provided box on Coinbase.
  4. Add ‘Payment Method’ and select ‘bank transfer.’ Specify the amount of Ether you wish to buy in USD, EUR, or GBP and choose ‘Buy ETH,’ which prompts ACH transfer of the value selected. Before confirming the purchase, select either ‘Available to send off Coinbase’ on the web or ‘Available to withdraw’ on mobile.
  5. Upon transaction confirmation, Ether will be available in your Coinbase digital wallet.
  6.       CEX.io

CEX.io is available in more countries compared to Coinbase. It is an easy and reliable online exchange platform.

  1. Sign up for a CEX.io account on the CEX.io homepage and ‘Register.’ Fill the boxes or click on the ‘login via Facebook’ or ‘login via google.’
  2. Go to your email and click the link sent by CEX.io to verify your email address.
  3. CEX.io will then ask you to enable two-factor authentication for the account’s safety.
  4. On the ‘Payment Method’ and select ‘bank transfer.’
  5. Next will be the ‘Buy BTC’ page and click ‘BTC,’ then select ‘ETH’ from the menu.
  6. Next to ‘Buy ETH,’ select the fiat currency you wish to use. USD, EUR, and GBP are the only available options.
  7. Enter the amount you wish to spend and confirm the purchase details.
  8. Once the transaction is completed, Ether will be available in your CEX.io digital wallet.

These are just a few of the exchange platforms where you can buy Ether via bank transfer. Feel free to explore other platforms available in the market.