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For more information, see How We Make Money. Trending 1. In your inbox every Tuesday. A valid email address is required. You must check the box to agree to the terms and conditions. Thanks for signing up! With the Ethereum Network offering vast opportunities for development, ETH is an investment that many see as more promising than bitcoin.
Ethereum is also backed by multiple Fortune companies and is being used by multiple financial institutions. For all of these reasons and more, many investors are rapidly adding ETH to their portfolios. Here is how you can incorporate Ethereum into your investing. As the basis for placing any trades, it is important to identify the best trading platform for your needs. There are a few options when it comes to cryptocurrencies with some of the top platforms including Coinbase, Kraken, Bitstamp, Gemini, Binance, and Bitfinex.
All of these exchanges offer Ethereum. One of the biggest considerations for choosing a cryptocurrency trading platform is the type of exchange.
Cryptocurrency trading platforms can be either fiat exchanges or cryptocurrency to cryptocurrency exchanges C2C. As one of the two largest cryptocurrencies in the world, investors can trade Ethereum easily on fiat exchanges. Some investors who want to trade multiple currencies or have the option to convert other currencies easily into Ethereum may want to consider the C2C exchanges more closely.
A lot of investors also have multiple accounts with both a fiat exchange and a C2C exchange. Keep in mind that cryptocurrencies are highly unregulated with rapid innovation. A few key questions to ask when considering an exchange include: Where is the headquarters? How secure is their website? How secure are your funds? Worldwide, Binance is the leading exchange by trading revenue.
In the United States, Coinbase Exchange tops the list. The legality of cryptocurrency trading and trading in related products like crypto CFDs or futures may be limited by country or jurisdiction. Once you have decided on a trading platform that fits your needs then the next step is to open an account. This process is similar to opening an account with a brokerage platform. You will need to provide your name, address, social security number, specified forms of identification, and more.
Once you are confident with a site, the account opening process can usually be done pretty quickly. Verifying the account is usually the final step in the account opening process. Most all exchanges will require that you verify your account in one or more ways.
This is where you will likely need to upload documents to verify your identity and ensure that your account passes regulatory muster. Verification can take anywhere from approximately one hour to potentially a day or two depending on the exchange.
You'll next need to deposit currency into your account. For fiat currency platforms this can be relatively easy after verification of your payment information.
Simply add money through your bank account or debit card on file. Most exchanges have fees per trade so it can be best to trade large amounts at once. Depositing currency in C2C exchanges can be slightly more difficult. These exchanges require you to send cryptocurrency by code from one location to another. Ethereum is a popular depositing currency for many C2C platforms so holding large amounts of it can be beneficial.
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