If you are wondering how to buy Ethereum in Europe, it means you are probably not new to the whole buzz around the cryptocurrency. Ethereum is presently the second-largest cryptocurrency in the world after Bitcoin based on market capitalization. Like Bitcoin, Ethereum is also fast-growing to every corner of the world, quickly catching the attention of crypto enthusiasts globally.
If you are in Europe and wish to add Ethereum to your portfolio, this post will show you just how to do that. Here, we will be showing you some easy methods to buy Ethereum in Europe and just how to go about it. So keep reading to get all the values we’ve packed in the post.
What Is Ethereum?
In case you are completely new to Ethereum or the whole cryptocurrency world, let’s throw some more light on what Ethereum really is. More than just a cryptocurrency, Ethereum is an open-source blockchain that allows people to construct solutions on it. Basically, anyone can use the network and build decentralized apps (DApps) on it, and the key part of the process is Ether (ETH).
Ether is the native cryptocurrency that fuels the Ethereum network – it is what enables operations on the Ethereum blockchain. Now, talking about how to buy Ether in Europe, let’s take a look at some of the methods highlighted below.
How to Buy Ethereum in Europe
1. Buy with Cash on Peer-to-Peer Exchanges
This method of purchasing Ethereum provides a good level of privacy. If you are looking to buy Ethereum anonymously, this might be your best option. Buying ETH on a peer-to-peer exchange works more when you buy items on Craigslist. These exchanges work as a marketplace, where you can offer your local currency in exchange for Ether. You get to meet someone who is willing to sell their ETH and you buy from them. You can do this using credit or debit cards, PayPal, or bank transfers.
If you would also prefer to meet the person you want to buy from and pay in person, the platform can facilitate a meet-up between the two of you. However, you will need to take extra precautions when taking that route. A good peer-to-peer exchange you can consider for buying your Ethereum is LocalEthereum.com.
2. Buy Using Trading Exchanges
This is the easiest way to buy Ethereum and any other cryptocurrency in Europe. Ethereum is very popular among the league of several cryptocurrencies, so it’s not going to be difficult finding a viable exchange to use. AnyCoinDirect, Coinbase, and Binance are among the most popular to try. Additionally, buying your Ethereum using a trading exchange also opens you up to the chance of using it to trade against other cryptocurrencies.
However, the exchange will usually charge transaction fees which include a small flat fee and a percentage fee that is usually within 1.49% to 3.99%. But you will have the privilege to use a range of payment methods, including credit/debit cards, PayPal, and wire transfer.
3. Buying from Ethereum ATMs
Like Bitcoin ATMs, there are also Ethereum ATMs that allow you to buy small amounts of ETH in the real world. Due to the low fees involved with this method, they generally do not require identification. That means if you have been looking for a way to buy Ethereum without identification, using Ethereum ATMs is your best option.
To buy your ETH via Ethereum ATM, here are the simple steps to follow:
- Find the nearest Ethereum ATM to you; you can use websites like coinatmradar.com to get a list of Ether ATMs around you
- Get an Ethereum wallet – either a cold or hot wallet will do just fine
- Scan the QR code in your wallet with the ATM’s camera
- Specify the quantity of Ether you want to buy and insert equivalent cash into the machine
- Your Ether will be sent to your wallet once your transaction is confirmed – this could take a couple of hours though.
4. Buy from a Broker
This is similar to buying using trading exchanges. Most brokerage platforms also charge small fees for Ethereum trades. You just need to find a broker you can trust, and who is licensed to operate in your country and use it. Check the reliability of the broker by considering how long such a brokerage platform has been in existence. That can give you a good clue as to whether to use them or not.
What Are the Steps to Buy Ethereum Using Trading Exchanges?
Just like we explained the steps to follow when buying via Ethereum ATMs, below are also the steps to help you buy your Ethereum from trading exchanges.
- Determine a payment method: common methods include bank or wire transfer, credit or debit cards, cash, and other cryptocurrencies like Bitcoin
- Choose a platform based on the payment method you’ve chosen: not all exchange platforms accept all payment methods. So, check to be sure the platform you are choosing will allow you to use your preferred payment option. Otherwise, look for another exchange.
- Create your account
- Create an account: once you have chosen a platform, the next thing is to create an account with them. Signing up on an exchange like AnyCoinDirect is very easy and straightforward.
- Deposit money into the account
- Buy your Ethereum: with the money on deposit, buy your Ethereum
What is the Best Payment Method to Use When Buying Ethereum via Exchanges?
This actually depends on what your goals are. If you are looking for low fees, you will have to go with a bank transfer. For speed, use a credit card. However, if privacy is your priority, you will have to buy Bitcoin privately and then come and use it to buy Ether on your chosen exchange.