How to buy Ethereum in 2024: A beginner's guide Online ETH

While Bitcoin is considered the number one cryptocurrency based on the value of its coins in circulation, Ethereum has the confidence of investors. With a total value of over $230 billion, Ethereum leads as the second-largest cryptocurrency by market cap. Here, we dive into how to buy Ether in 2024, the official name for the token that powers the Ethereum platform.

How to Buy Ethereum Online? (ETH) Guide

How to Buy Ethereum Online-(ETH) Guide

Investing in Ethereum (ETH) may be easier than you think. All you need is to follow these steps:

1. Determine your level of risk and security

There is no denying it; Buying Ethereum can be akin to playing the crypto market lottery. While all investment opportunities are associated with risk, cryptocurrencies like Ethereum are particularly vulnerable to price fluctuations. Keep in mind the impact that a mere tweet can have on currency prices Crypto: When Elon Musk announced that Tesla would no longer accept Bitcoin as payment, for example, the coin's value dropped by 15%.

While Ether has had notable gains previously, it's also witnessed dramatic downturns, often within incredibly brief intervals. for instance, it soared to nearly $4,000 per coin in May 2021 but dipped to below $1,800 by June 2021. If you invest at its highest level, you will get half that value back after just one month. Such is the intense volatility of the crypto market.

Thus, it’s important to assess your risk appetite, balance, and flexibility in your total investment assets before acquiring Ether. It’s often advised by financial professionals to never invest more in crypto than you can afford to lose.

2. Select a Crypto Platform

Acquiring Ether isn't as straightforward as purchasing stocks or mutual funds via your usual brokerage. Cryptocurrencies don't operate on primary platforms like the Australian Securities Exchange (ASX), And many brokerages don't offer crypto investment.

To start buying crypto, you have to first create an account on the cryptocurrency platform. Practically speaking, it’s just like the brokerage platforms you may be more familiar with: Crypto platforms allow buyers and sellers to exchange fiat currencies—like AUD—for cryptos like Ethereum, Bitcoin, or Dogecoin. Though some platforms' trading platforms get complex, most offer a simple purchase interface for beginners, though it may charge higher fees than their trading platform.

Some key notes: When choosing a platform, make sure that it offers a crypto wallet to store your investments. The vast majority do, but if you don't, you'll need to get one of your own.

And if you are really a beginner, platforms like Robinhood or Cash App can be a viable option. They simplify the process of buying crypto, but there is a catch: you won't be able to transfer your Ethereum holdings to an external wallet or use them for online transactions. Choosing such simplified platforms means that your crypto can only be traded within the platform where you buy it. So, you will need to cash out from that platform and then buy it back on the crypto exchange to keep it in a separate wallet.

3. Deposit Funds

Before you can buy Ethereum through a crypto platform, you need to top up your account. Typically, this involves transferring funds from a banking source, such as your primary checking or savings account. You can also generally complete wire transfers, use a debit card, or deposit money from PayPal.

When determining a funding avenue, scrutinize the crypto platform's associated charges, as these can fluctuate based on your chosen method.

One warning: Some platforms permit crypto acquisitions via credit cards. While this might appear convenient, many credit card providers categorize such transactions as cash advances. Depending on your card's terms, this could mean incurring a steeper interest rate and an additional cash advance fee, on top of the platform's standard charges.

4. Buy Ethereum

When venturing into stocks, mutual funds, or exchange-traded funds (ETFs), you’re limited by market hours. Take Nasdaq as an example: its operational hours span from 9:30 a.m. to 4:00 p.m. ET, and the exchange is closed on weekends and certain holidays.

Cryptocurrencies like Ethereum work very differently: because of their decentralized currencies, you can buy and sell 24/7.

To acquire Ethereum, key in its identifier—ETH—into the "purchase" section of your platform and specify the desired quantity. If procuring an entire Ethereum token isn't feasible or your account balance doesn't suffice, you have the option to buy a segment of it.

For example, if the purchase of Ethereum is $2,000 and you deposit $100, you will receive 5% of the Ether token. It's just like when you buy a fractional share of a stock.

5. Store Your Ethereum

Once you're done buying Ethereum, protecting your cryptocurrency becomes crucial. While many platforms offer storage solutions, some investors prefer self-storage to reduce potential hacking risks. However, it should be noted that many of the leading exchanges provide asset insurance for their users and usually store the majority of their assets offline to prevent major thefts. Additionally, in previous cases where exchanges have encountered security breaches, they have typically compensated affected users.

However, for added assurance regarding crypto, you can choose to transfer them to one of two types of third-party wallets:

  1. Hot Wallet: The hot wallet remains connected to the internet and can be accessed via a computer or mobile device. They are often provided by cryptocurrency exchanges at no additional charge. However, if you tend to keep your cryptocurrency away from the exchange, you can use a personal hot wallet. Nonetheless, their online connectivity does elevate their vulnerability to potential cyber threats.
  2. Cold Wallet: Cold wallets are standalone devices entirely offline. Depending on your selection, they typically range from $50 to $200, though there are even more expensive versions available. While cold wallets may not provide the same ease of access as hot wallets - which require a manual connection to the Internet each time you want to access your crypto - they are much more secure. This makes it a logical choice if you own a large amount of Ethereum or other cryptocurrencies.

Is investing in Ethereum profitable?

Ethereum commands immense attention, with over 116 billion coins presently held by investors. However, its prominence in the crypto realm doesn't necessarily seem suitable for everyone.

Prior to diving into a fluctuating asset like Ether, it's imperative to conduct thorough research and ensure your financial health. Ideally, a robust emergency fund should be in place, retirement contributions should be optimized, and debts should be minimal. Even if these criteria align with your financial status, remember the essence of portfolio diversification. Thus, only a fraction of your investments should be allocated to Ethereum and similar cryptocurrencies.

FAQs About Buying Ethereum (ETH)

How is Ethereum different from Bitcoin?

While both Ethereum and Bitcoin are cryptocurrencies, Ethereum is a platform that allows for decentralized applications and smart contracts. Bitcoin is primarily a digital currency.

Can I buy Ethereum with PayPal?

Yes, some platforms, including Coinbase, allow users to purchase Ethereum using PayPal.

Is Ethereum a good investment?

While Ethereum has shown significant growth and potential, all investments come with risks. It's essential to do your research and consult with financial advisors.

How can I store my Ethereum safely?

Ethereum can be stored in hot wallets (software-based) or cold wallets (hardware-based). Cold wallets, being offline, are generally considered safer.

What is Ethereum 2.0?

Ethereum 2.0 is an upgrade to the Ethereum network, aiming to make it more scalable, secure, and sustainable. It will transition Ethereum to a proof-of-stake consensus mechanism.

How can I avoid Ethereum scams?

Always double-check addresses, avoid phishing websites, and use two-factor authentication for added security.


Ethereum offers a world of possibilities beyond just being a cryptocurrency. Whether you're looking to invest or dive into its diverse applications, understanding how to buy and store Ethereum safely is crucial. As with all investments, always communicate with financial experts and follow global financial and economic news and its impact on cryptocurrency prices.

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