Ethereum is a top crypto in the world. Currently, it is listed among the top 3 cryptocurrencies. Buying Ether is profitable, currently. The recent market trends assure that Ether does have a dominance over the crypto realm.
If you are from the UK and are feeling confused about the process of purchasing Ether, we have got your back. Here is a step-by-step guide for you to make an Ethereum purchase from the UK. Make sure that you follow these steps in the right order.
How To Easily Buy Ethereum
1. Choose a Cryptocurrency Exchange
The first step is selecting the cryptocurrency exchange. You can only buy the crypto from a crypto exchange. Make sure that the cryptocurrency exchange that you choose is UK-supported.
The crypto exchange that you choose has a key role in your cryptic purchase. Therefore, before deciding on the cryptocurrency exchange, you have to consider various factors such as the legitimacy and genuineness of the platform.
Research about it finds out about the general sentiment about the exchange platform in the market. Check whether it has brand trust and reputation among other users. You can go through the reviews about the exchange on various platforms
2. Create an Account
After you decide on the cryptocurrency exchange, the next step is creating an account on the exchange platform.
Find out the documents that you need to use while you make the account, and while setting up the account make sure that all these docs are near to you and you can easily access them.
You can go to the signup button in the platform and start creating your account. Enter all the details that are required by the platform. When you enter your details make sure that you do them correctly without making any mistakes.
After filling out the form thoroughly, go through it once or twice or as many times as needed to make sure that you have not made any mistakes while entering the data.
3. Finish The KYC
KYC or Know-Your-Customer is an important step in account creation. The cryptocurrency exchange does this process to ensure your safety and also in adherence to their safety protocols.
You will need to submit identity verification documents that support the details that you have provided. Typically, it will require a valid and non-expired photo ID proof that is issued by the government or is approved by the government.
It may also ask for proof of address. The doc that you use as the proof of address should not be older than three months. It will not take several days for the KYC to end. These days, it only takes a few couple of seconds. Most of the cryptocurrency exchanges use automated KYCs these days.
4. The First Deposit
The first deposit that you make in your account after KYC verification is a fiat deposit. You will have to check the fiat currencies that are accepted on the platform.
Typically, the top currency exchanges in the UK accept all kinds of fiat methods. Once you check about that, now you have to check the accepted patent methods at the platform.
Often, you will have the option to check all the data even before you create an account on the platform. So, at this stage, you should be more like choosing your preferred method from the list of options available.
The commonly accepted payment methods are using cards, which can be debit or credit cards issued by top providers such as MasterCard, VISA, Maestro, and so on; electronic wallets such as Skrill, PayPal, or Neteller; and you can make the payment using local bank transfers as well.
5. Decide the Amount of ETH that You Want to Buy
This is something that you should have thought about and decided earlier. The amount of money that you invest in Ethereum or use to buy the ETH for it plays a key role in your life. Always make sure that you do not invest more than what you can potentially afford to lose.
You can convert the value of the money that you put iot ETH and do all kinds of calculations to decide how the investment is going to impact your life. After you have made up your mind on the amount that you want to invest in the crypto, you can proceed to the next step.
6. Prepare the Trade
Here you search the crypto currency exchange to find the ETH. Remember that Ether can not be the only crypto listed in the cryptocurrency platform and there will be many other cryptos.
Search for ‘ETH’ and select that. After selecting Ether, click on the ‘Trade’ button. You will be able to see an order box appearing on your device screen.
On the order box, there will be an option to enter the amount that you are investing in ETH. Enter that. You will not have to fill out any forms or fields in this order box. In this step, you just confirm the amount that you are willing to invest in the crypto. The amount can be entered in the amount box.
7. Place the Trade
After entering the amount, click on the ‘Buy’ button. It’s upon clicking on the ‘Buy’ button that you really place the order for your ETH crypto.
The cryptocurrency will place your order and note that, once you click on the button, then there is no coming back from the trade. You need to have the corresponding amount of the fiat currency in your account.
You will be able to see that this amount has been deducted from your account, soon, you can check your wallet to see that the ETH has been credited in that.
After investing in ETH, it is your call where you want to store the crypto. You can either directly send it on the cryptocurrency exchange or you can create an external cryptocurrency wallet and store your Ether there.
The Bottom Line
Make sure that you opt for a related cryptocurrency exchange. Most of the top crypto experts suggest storing your crypto in an external crypto wallet. So that, your crypto remains safe even if the crypto exchange suffers a hack or theft.
