[Ethereum] How to buy Ethereum with USD

etherexchanges

I am a complete noob at investing. I have never bought stock or invested in anything before but I have $300 I would like to turn into Ethereum. Could someone please tell me step by step how to purchase and own Ethereum using USD?

Best Answer

Hello and welcome to Ethereum!

I don't know how this comment became the de-facto guide, but it's really not the best as it doesn't have any pictures and doesn't introduce you to Ethereum properly.

Ethereum and digital currencies are a pretty new world and in this new world, things can be a little bit different.

  • First, you are responsible for your stuff. Your investments, your choices, your security. There are no babysitters or undo buttons or a bank to call up and reverse your transaction. The power of the blockchain is this, but it's also a dangerous thing if you are expecting to have all the cushy things you've come to enjoy.

  • Secondly, most of the people involved in this world are pretty technical. Take your time, ask questions, ask for clarification reach out for help, read the instructions, read the warnings, hang out, and try to learn new things.

  • Be wary of scams and phishing sites and malicious links exist. Trust messages and random links about as much as those in your spambox. Verify verify verify.

  • Always save & back up your private key or seed phrase in separate locations, like a piece of paper or a USB drive. Avoid cloud storage.

  • Be skeptical. Does the person have an ulterior motive? Is that too good to be true?

Still with me? Good! Let's dive deeper!

Now, the fun part! How-To Buy ETH

  1. Create an account on Gemini or Coinbase or Kraken.

  2. Verify that account. You will need to upload a wide variety of documents proving you are who you say you are and stuff. It's all regulatory stuff. Once you upload this stuff, verification takes about a day or two (time is dependent on how busy the service is. During times of price increases and tons of new users, it may take longer. Be patient.)

  3. Follow the instructions on the exchange to deposit USD into that exchange. This, depending on your bank and the wire transfer, will typically take 3-5 business days.

  4. Now you have USD in your exchange account and can buy ETH with it.

  5. Once you have all the ETH you want, withdraw that ETH into a wallet that you control. Exchanges are notorious for being hacked (although the ones mentioned above are very reputable) and you want your funds in a place that you have the private key to. So...

  6. While you are waiting for your verification and transfer, find yourself a wallet.

  7. For storing large amounts of assets, you will want a hardware wallet, like a Ledger or Trezor or Keepkey:

  8. For storing assets & sending them on your computer:

    • MyCrypto — also has a web version with support via Ledger, Trezor, Safe-T Mini, MetaMask, Parity Signer.

    • Exodus: Desktop, multi-asset wallet with ShapeShift integration

  9. For Mobile:

    • imToken - iOS, Android. Longest running mobile solution for Ethereum. Dominates in Asia, tons of features, for some reason just hasn't quite breached the western market completely.

    • Trust Wallet - iOS + Android, dApp browser

    • WallETH - Android, Open Source

    • Parity Signer - Turns your old phone into a hardware wallet / transaction signer. Super safe. Can use with MyCrypto

    • Ambo - iOS

    • Freewallet - Android, iOS

  10. Dapp Browser!

    • MetaMask - extension for your browser that allows you to interact with cool dapps. Not for storing huge amounts though. Think of this as your literal wallet. You don't carry around $5,000 every day, do you?

  11. Follow the instructions provided by the wallet you have chosen to get it set up. Ensure you back things up properly.

  12. Once you receive your ETH in your exchange account, send / withdraw it to your new Ethereum address that you control in your new wallet. Make sure you send a small amount of ETH from your exchange first, before sending the full amount. Practice makes perfect!

  13. Remember! This space is still kind of crazy. Be safe out there!

    • Be wary of scams and phishing sites and malicious links exist. Trust messages and random links about as much as those in your spambox. Verify verify verify.

    • Always save & back up your private key or seed phrase in separate locations, like a piece of paper or a USB drive. Avoid cloud storage.

    • Be skeptical. Does the person have an ulterior motive? Is that too good to be true?

    • Protect yourself and your funds

    • Learn good OpSec, one day at a time

Enjoy!

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