ETH, the native token of the Ethereum blockchain, hit the market in 2013. It is the second-biggest digital currency by market capitalization. ETH can be bought on various cryptocurrency exchanges using multiple payment methods. This guide will teach you how to purchase it with your credit card.
Exploring the Ethereum Blockchain
Ethereum is a public, open-source blockchain that provides Web3 developers with tools for building decentralized applications and creating fungible and non-fungible tokens. Moreover, this network uses the proof-of-stake consensus mechanism, meaning it is secured through staking. Anyone participating in securing the Ethereum network is known as a validator. In exchange for their participation, validators are rewarded with ETH tokens. As mentioned, ETH is a top 10 cryptocurrency with a market valuation of $213 billion. It is an essential element in the Ethereum ecosystem as it is used to pay for gas fees. Do you own a credit card and wish to buy ETH? Follow these steps.
How to Purchase ETH With a Credit Card
Purchasing ETH with a credit card is super simple. You only need the details of your card and the right crypto exchange. In this article, we will buy Ethereum on Binance, the World’s largest crypto exchange by trading volume.
Account Creation
The first step of buying ETH with a credit card involves creating a Binance trading account. To do this, download the Binance mobile app from the App Store or Play Store. Next, open it and enter the required details, which include your phone number or email and password. Binance will then send a verification code to your phone number/email. Regarding the password, be sure to select a unique and strong one to make it difficult for cybercriminals to figure it out.
Identity Verification
All centralized cryptocurrency exchanges are required to follow strict Know-Your-Customer policies to curb money laundering, fraud, and corruption. For this reason, all users must provide personal details, including government-issued documents like an ID card and a selfie. After submitting this data, Binance will send you an email informing you whether your details were accepted or not. If accepted, your account will be eligible to buy ETH.
Purchase Ethereum
After accessing your Binance account, click “Buy Crypto” and view all the cryptocurrencies available for buying with traditional payment methods. Select ETH as your preferred crypto and enter the amount of USD to spend on ETH tokens. After that, click “Buy ETH.” Binance will redirect you to a page displaying all the supported payment methods, which include Apple Pay, Google Pay, and Mastercard/VISA-issued credit or debit cards. Choose the last option and hit “Confirm,” then key in your credit card details.
It’s worth mentioning that the name on the credit card you use to buy ETH must match that of your trading account. Otherwise, Binance will decline the card. After entering your card details, the crypto exchange will display the amount of ETH you will receive, along with the fees to be charged. Now click “Confirm” to allow Binance to process the transaction.
Before funds are deducted from your bank account, the bank will send you an OTP (one-time password) via phone number or email. Key in the code for the transaction to be completed. Expect your ETH to arrive in your account within 30 seconds.
Securing Your Ethereum
While Binance is a reliable crypto exchange, it is vulnerable to cyberattacks like its competitors. Moreover, being a centralized exchange, Binance maintains private keys on behalf of its customers. What this means is that the platform controls your ETH tokens. And as the popular phrase goes, “Not Your Keys, Not Your Crypto,” it is advisable to store your ETH in a non-custodial wallet.
So, which self-custody wallets support the storage of ETH? There are several, including Trust Wallet, Ledger, MetaMask, Exodus, and Ledger.
Conclusion
Crypto exchanges like Binance, which support the buying of ETH with credit cards, are making it easy for traditional investors to invest in digital currencies. But before purchasing any crypto, ensure you understand the various ways of protecting your investment.
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