Ethereum is considered as one of the biggest competitors of the king of the crypto market, Bitcoin. Ethereum has witnessed tremendous growth in its price over the past year, making it a profitable Cryptocurrency to invest in. Irrespective of such growth, it could not touch Bitcoin, still has made a great impact in the crypto market. There are many reasons that have made Ethereum a center of attraction among investors. These include continuously increasing value, expanding popularity, increased number of exchanges offered by Ethereum, and many more. If you have an interest in trading with Ethereum, then read the entire article to get thorough information about it, and know how you can buy it in India.
Ether (the blockchain token of Ethereum) is one of the top three cryptocurrencies in the world. Ethereum, in the market of crypto, in 2019, reached the 3rd highest value of over $ 16.30 B, chasing down the Bitcoin and ripple at more than 92 B and 29.35 B, respectively.
Though Ethereum is the 2nd most popular after Bitcoin, it is not just a virtual currency, unlike Bitcoin, also a source of exchange with other cryptos.
Ethereum works as a distributed and decentralized Blockchain-based network, where the transactions get recorded and verified. The computations get performed by the network during the mining. Ethereum network has a Cryptocurrency token called Ether that you can buy and sell as a crypto coin. It is a digital asset that acts as a security or a bond, which solves the payment issues.
How to Buy Ether in India?
There are two different methods of buying Ether. The first one is to purchase the crypto from any cryptocurrency platform, such as Binance, BuyUcoin, WazirX, etc. The second method is to get Ether Cryptocurrency by exchanging crypto with another person.
Method 1: Using P2P:
You can buy Cryptocurrency using any platform. I shall explain here the steps using Binance. Binance is one of the most popular and reliable platforms among investors to trade Cryptocurrency. Binance contains all the major cryptocurrencies of the world along with other cryptos. That makes it one of the best Cryptocurrency platforms worldwide.
Step 1: Register on Binance:
Open the Binance website or install it on mobile. Register on Binance and complete the KYC to finish the account set up and start trading.
Step 2: Buy USDT:
As you are purchasing coins on Binance using INR, firstly, you need to buy USDT before proceeding. Click on Wallet and select the option ‘P2P’. On the next page, select the currency as the USDT and find the seller that suits your requirements. Enter the amount, select the payment method, and click Confirm. Make the payment to the selected seller. Once the payment process is complete, the USDT gets credited to your account on Binance.
Step 3: Transfer USDT to ‘Spot Wallet’:
Purchased USDTs are available in the ‘P2P Wallet’ and need to get transferred to the ‘Spot Wallet’. On the P2P page, click on the ‘Transfer’ option, and enter the amount of USDT you want to transfer.
Step 4: Trade Ether:
Click on the option ‘Market’ and search the coin Ether. On the next page, click on the button ‘Buy Ether’. Enter the amount of the USDT, and the equivalent number of coins will appear on the screen. Click on ‘Buy Ether’ and confirm your order. The purchased coins will be visible in the order history.
Method 2: Trading Method:
This method is a bit complicated for beginner traders. To use this method, follow the below steps:
Step 1: Hover mouse on ‘trade’ on top of the screen and select the ‘Classic’ option.
Step 2: A black screen will appear where you can see the changing price of the crypto. Go to the bottom of the screen, and click on the ‘Market’ tab.
Step 3: Enter the amount of the USDT that you want to use for purchasing Ether. And, click on the ‘Buy’ button. Using this option, you will be able to buy the crypto at the current market price without performing any calculation.
Other Cryptocurrency Platform:
Two IIM Alumni founded Giottus with a similar mission to provide a user-friendly platform that anyone can master in trading Cryptocurrency. Giottus is a trustworthy and authentic platform that you can use to buy Ethereum. Its Cold Wallets are entirely safe and insured for any cyber theft. The collaboration between Giottus and Bitgo, which is a Global Custodial Service Pioneer, offers 100% safety for your savings. With Giottus, you can withdraw and deposit money for free with fast processing on any day of the week and take not more than 10 seconds. As already said, it is easy to use. You only need to create an account with Giottus and complete the KYC procedure to confirm your identity. Then provide your bank details, and you are good to buy Ethereum coins by funding your Wallet.
Having an easy-to-use and user-friendly interface, CoinDCX is a crypto exchange founded by Sumit Gupta in 2017 with having headquarter, situated in Mumbai, India. CoinDCX lets you purchase Ethereum in Indian Rupees. What you only need to do is, create a CoinDCX Account and complete the KYC. Also, provide the bank details using which you want to make your transactions into your CoinDCX Wallet. Once the account set up is complete, you can deposit the money through RTGS, Mobikwik, or NEFT into a Wallet. Now you are ready to trade.
Ethereum or ETH is software that uses Blockchain technology. It is a distributed Blockchain network like Bitcoin. They have the Ether coins in which investors can trade. Being the second most popular Cryptocurrency after Bitcoin, Ethereum has shown remarkable growth in its value and number of users. It is one of the safest and profitable cryptos to invest in. I have explained different methods of purchasing Ethereum coins using different platforms. I hope you liked the article and follow to get more information on other cryptocurrencies.