In order to determine which broker is best for you, you will need to consider both your experience trading cryptocurrency and your trading horizon. In general, bureau de change brokers are best for beginners and long-term investors, while CFD platforms are better for day traders.
How can I find a good Ethereum trading platform?
Following is a quick rundown of all the key factors to consider when choosing an Ethereum trading platform.
Design and ease of use
For this reason, it’s important to make sure that your chosen platform doesn’t make the process complicated or have a confusing website layout if you want to buy Ether through a broker.
The fees charged by most brokers are hidden in the price they charge for the coins. Make sure you don’t get ripped off, so check out the price that different brokers are quoting for Ethereum. While this means you won’t get stung by hidden fees after being attracted by a low rate, it also means prices vary from broker to broker.
It’s important to check that you can pay the way you desire without being charged extra fees. Credit cards are often the most common, but make sure you have the freedom to choose.
You should make sure that you use a broker with a strong track record, as this will reassure you that the platform can be trusted. You can check this out on this website by reading our in-depth broker reviews.
Variety of coins
While you might only be interested in Ethereum at the moment, that does not mean you won’t want other cryptocurrencies in the future. The best ones usually offer a wide range of coins, from prominent names such as Bitcoin and Litecoin, to up-and-coming names such as Aave and Polkadot.
In the event that you want to trade Ethereum instead of just holding it for the long run, you should make sure you choose a broker that offers trading capabilities. In addition, we recommend experienced traders undertake complex and risky strategies such as leveraged trading or selling cryptocurrency.
Is it a good idea to use brokers to buy and sell Ethereum?
You can use brokers either as a simple way to obtain Ether at a fixed price, or as a full-service platform that facilitates CFD trading and leveraged trading.
The former comes at a premium, whereas the latter allows you to speculate on price movements but does not mean you own your ether outright. Some people prefer trading Ethereum on exchanges rather than brokers because of this.
Do I need to buy Ethereum right now?
Depending on how you approach Ethereum investing, there are two ways to look at this question. Investing in Ethereum is a long-term proposition if you believe its price will rise in the future, so if that is the case, signing up with a broker is a good idea so that you can take advantage of that growth.
However, if you intend to trade ether using CFDs, your understanding of cryptocurrency charts and technical analysis is more important than your overall prospects. It is more important to recognize and anticipate patterns in price movements in the short term when trading Ethereum than its long term goals.
Our experts provide the latest Ethereum news and analysis. Keep up with all the latest Ethereum news and analysis.
Ethereum: What can you do with it?
In terms of cryptocurrency, Ether is pretty standard — it can be used to move money securely and anonymously. Ether has no centralized control, so anyone can use it. ETH can be received without a bank account. An internet connection and a wallet are all you need.
When you use Ether, you’ll pay a small fee to use the Ethereum network. This helps secure and maintain the network.
In addition to running-of-the-mill payments, you can now trade ETH with other tokens including Bitcoin, or even earn interest on your Ether.
What are the pros and cons of investing in Ethereum?
The most effective way to grow your money long term is with a diversified, low-cost portfolio that tracks the market (regardless of whether you’re investing in Ethereum or stocks).
How we keep your Ethereum safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements, like using qualified custodians (such as Gemini Trust Company LLC and Coinbase Custody).
Wealth simple Crypto is not an exchange. Instead, we work with a number of exchanges to provide you with the best Ethereum prices.
For extra security, we have partnered with Coincover to ensure that your coins are extra protected.
Whether you hold Ethereum outside Wealth simple or not, you can easily transfer it to your Wealth simple account.
How to buy Ethereum with cash?
Investing in ETH with cash is explained in this section. Keep reading for more information.
Some people prefer to purchase Ether directly from another party. However, regulations regarding such transactions may vary from region to region. Online peer-to-peer (P2P) exchanges still require KYC and AML checks.
A peer-to-peer exchange facilitates over-the-counter (OTC) trading of local currencies for crypto assets like Bitcoin and Ethereum. OTC trading of Ethereum benefits from Ethereum smart contracts.
P2P crypto services essentially function as marketplaces that allow users to pay local currencies to individual entities in exchange for varying amounts of crypto assets such as Ether. It is common for P2P platforms or services to offer escrow features. Payment platforms and bank transfers are examples of money transfer methods.
A person can also purchase Ether directly by meeting in person in a public setting. It is important to take all precautions necessary, just as you would when conducting a traditional financial transaction with a stranger. You will also need to be connected to the internet to complete the transaction.
Trading ETH peer-to-peer can be more private than using centralized exchanges. This method of trading, however, can require a certain level of trust between the two involved parties, especially if meeting in person. On top of that, if you decide to engage in P2P trades, it is your responsibility to ensure that you are complying with your local regulations.