This article will guide you on how to buy any Coin/token on the ETH network. Below are high-level steps that are involved and then we have a detailed section with screenshots and examples.
- Find a cryptocurrency exchange that supports Ethereum. Some popular options include Coinbase, Binance, and Kraken.
- Create an account on the exchange of your choice. This will typically involve providing your name, email address, and creating a password.
- Verify your identity. Many exchanges require some form of identity verification before you can buy or sell cryptocurrencies.
- Add a payment method. This could be a bank account or a credit/debit card.
- Search for Ethereum on the exchange and select it.
- Enter the amount of Ethereum you want to buy or the amount of money you want to spend.
- Review the details of your purchase and confirm the transaction.
- Wait for the funds to be transferred and for the Ethereum to be added to your account.
Please note that the process may vary depending on the exchange you choose. Additionally, you should also ensure that you have a secure wallet to store your Ethereum once you have purchased it.
Before you dive further let's understand what is ETH Blockchain
Ethereum (ETH) is the native cryptocurrency of the Ethereum blockchain, which is an open-source, decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). The Ethereum blockchain was created in 2015 by Vitalik Buterin, and it is currently the second-largest blockchain platform by market capitalization.
The Ethereum blockchain is based on the Ethereum protocol, which uses a consensus mechanism called "Proof of Work" (PoW). PoW is a system where miners compete to solve complex mathematical problems in order to validate transactions and create new blocks on the blockchain. The miner who solves the problem first is rewarded with newly minted ETH.
The Ethereum blockchain also has a built-in programming language called Solidity, which enables developers to create smart contracts and dApps on the Ethereum blockchain. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code. These contracts can be used for a wide range of applications, such as creating decentralized exchanges, prediction markets, and lending platforms.
Ethereum is also moving to a new consensus mechanism called Ethereum 2.0 or Serenity, which uses a new consensus mechanism called "Proof of Stake" (PoS). PoS is a system where token holders can "stake" their tokens to validate transactions and create new blocks, and they are rewarded with newly minted ETH. This would be more energy efficient than PoW.
In summary, Ethereum is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications, and it uses the Ether (ETH) token as its native cryptocurrency.
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).
In this case, we need to buy Ethereum (ETH) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking "Sign Up." You will be required to enter your name, and email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver's license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy ETH with fiat money
Select ETH and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some ETH. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer ETH to MetaMask
You can use ETH to buy most coins and tokens in the market. The quickest way to buy ETH Coin is to transfer your ETH to Metamask Wallet (or the exchanges listed below for US traders) and swap your ETH for Coin on UniSwap.
- Head over to your Coinbase dashboard and click on the “Accounts” tab.
- Under the category “Deposit,” you will see a list of all the digital assets that Coinbase makes available for trading. If you want to transfer Ethereum from Coinbase to MetaMask, click on the “Send” button next to your Ethereum balance.
- If you want to send all of your Ether, click on “Max” next to “Amount” Otherwise, you can manually input an amount by clicking on this field and typing in a number.
- In the “Recipient Address” field, paste your MetaMask wallet address (or manually type it in). This is where your Ether will be sent after you complete these steps.
- Next, click on the blue “Continue” button at the bottom right corner of the page. At this point, Coinbase will ask you to confirm the transaction by entering your password into a pop-up.
Now you will need to find an exchange that allows you to deposit ETH and trade it for Coin. As Coin is currently listed on UniSwap we will guide you through how to convert your ETH on the platform.
Step 4: Connect MetaMask with UniSwap
Connecting to UniSwap using MetaMask is easy, once you have your own wallet set up.
Once you have installed MetaMask on your browser and created a wallet, we can begin connecting it to the Uniswap exchange.
Step 1: Go to the Uniswap website to start the process.
Step 2: Click on Connect Wallet in the top right corner of the page.
Step 3: You will then see a pop-up asking you which wallet you want to use. Select MetaMask from the list of options displayed on this page.
Step 4: A pop-up will appear from MetaMask asking you if you would like to allow Uniswap to connect with your wallet. Click connect.
Step 5: Swap ETH for your Coin
I will show you step by step on how to swap ETH for Coin:
- Click the “Select a token” dropdown.
- Search for the Coin token, or you can copy-paste the token contract code from a website like Coin Gecko or Coin Market Cap.
- Now, we’ll go to CoinMarketCap. In the search bar at the top right of the website, search for Coin.
- Select Coin in the drop-down.
- Under Coin you will see a “Contract” To copy the contract code press the paper icon.
- Now go back to Uniswap and paste the contract code into the “TO” field.
- You’ll see “Coin” appears. Click the import button to save Coin so you do not have to copy-paste the Coin contract code again.
- Read the Uniswap warning and then click “I understand” and then the import button to continue.
- Next, you have to select the amount of ETH you want to convert to Coin.
- Press the Swap button, and lastly the Confirm button to complete the swap.
Now you can see your Coin in your MetaMask Wallet. Congratulations! You have finally bought your Coin ($Coin)!
Frequently Asked Questions
Can I buy Coin on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. Coin is one of them. It's not listed on Coinbase's app or the Coinbase Wallet.
Where can I buy Coin crypto?
You can buy Coin with any decentralized crypto exchange which works on Ethereum Blockchain technology.
What exchanges sell Coin?
You can sell Coin with any decentralized crypto exchange which is built on Ethereum Blockchain technology.
Is ETH Coin crypto?
No, Coin is a digital token built on the Ethereum Network.
How do I buy ETH Coin with PayPal?
No, you cannot buy Coin with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $Coin.
Can I buy Coin through Cash?
No, you cannot buy with your cash directly. However, you can use Binance to exchange your cash for $Coin.
Can I mine Coin instead of buying?
No, you cannot mine Coin as it has a different network structure than Bitcoin. You can only buy Coin from an exchange.