How to Buy Ethereum Classic
What is the difference between Ethereum and Ethereum Classic? Should you invest in the latter and what do you need to know? To understand this, you’ll need to know why Ethereum hard forked away from Ethereum Classic, and why there are fundamental differences between the two cryptocurrencies.
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Buy Ethereum Classic in 5 Quick Steps
- Register free with eToro to open a trading account.
- Try a demo account before you hit the Deposit button.
- Choose a payment method (Paypal, credit card etc) & deposit into your account.
- In the ‘Trade Markets‘ section on the left, select Crypto and then Ethereum Classic.
- Hit trade, a ticket will open, choose your risk preferences and then click ‘Open Trade‘.
Where to Buy Ethereum Classic
Buy Ethereum Classic with eToro
eToro is the leading CFD provider when it comes to cryptocurrencies and buying Ethereum Classic. They were one of the first to launch Ethereum Classic on their trading platform and continue to be a market leader in the cryptocurrency space. If you’re looking to buy Ethereum Classic, then look no further than eToro, see below our 3 step process to getting started!
Step 1: Registration
eToro is free to sign up and has a demo account that you can use to practice before buying Ethereum Classic for real. To sign up, click the button below and fill out the form; name, email, phone and then you’ll need to create a password. Next you’ll be required to verify your account by clicking the link in your confirmation email.
Step 2: Deposit
Once you’re account is verified, you’ll need to deposit funds into your account to make it live. We recommend starting with the minimum of $250, start small to get used to it and then begin to add more over time. Choose your payment method, eToro offers several options, pick your favoured and then fill out your details and click submit.
Step 3: Buy Ethereum Classic
Once you have funded your account, it’s time to buy Ethereum Classic. eToros platform is easy to use, to find Ethereum Classic, click ‘Trade Markets’ on the left, then you’ll see ‘Crypto’ at the top. Once in this section, you will see eToros full list of cryptocurrencies. Hit Ethereum Classic and then ‘Trade’. A ticket will open, manage your risk and then ‘Open Trade’.
Buy with Investous
Highly rated and new CFD provider, Investous, has burst onto the market and established itself with a solid reputation. It’s smooth and streamlined platform makes trading easy for any beginner looking to take the dive into the world of cryptocurrencies. It offers over 270 different assets and a great range of coins.
Step 1: Registration
Signing up is simple, click the link below and once on their homepage, hit the ‘Sign Up’ button in the top right. Add your name, email and phone number, choose the account type and then click ‘Start Trading’. You’ll receive an email to verify your account before you can deposit into your account.
Step 2: Deposit
Once you have created an account, you will login and be required to fill out a questionnaire. Once complete you will be asked to choose how much you want to deposit and the payment method you intend to use. We always recommend sticking with the minimum amount before adding more once you get used to the platform.
Step 3: Buy Your Cryptocurrency Now
Now you have deposited, to buy bitcoin you will see the list of assets Investous offers on the left. Use the filter option and choose ‘Cryptocurrencies’, you will then find Bitcoin. Click and you will have the option to buy and sell. Decide how much you want to risk, click buy and then ‘Trade’.
Buy with 24 Option
Well known CFD provider, 24 Option, has extended its cryptocurrency offering, with the additions of Bitcoin Gold and Monero plus the standard collective of bitcoin, ethereum etc. The platform is suited for beginners because it simplifies the process of finding your cryptocurrency and in turn purchasing it.
Step 1: Registration
Signing up is easy and free. Fill out the relevant fields and hit ‘open account’. You’ll then receive an email to verify your identity and then will be asked to fill out a questionnaire to get an understanding of your experience.
Step 2: Deposit
There are various ways you can fund your 24 Option trading account, VISA, MasterCard, Astropay, Moneta, plus many more options. To get started pick the payment method of choice and the amount you want to deposit (we’d recommend the minimum of $200)
Step 3: Buy Cryptocurrency
Once your account is all set up and funded, you can search using the filter on the left to find your cryptocurrency of choice. The asset you choose will be available on the right where you can manage your risk before pressing buy and then ‘trade’.
Buy with Binance
Binance is one of the largest cryptocurrency exchanges on the planet. It grew quickly after its launch in 2017 and now even has it’s own token, Binance Coin. It is one of the best places to buy and trade some of the more obscure altcoins, they have a huge range that is always changing with new coins being added and old ones being removed. For security reasons, we would always prefer to buy using a CFD provider like eToro.
Step 1: Registration
To get started you need to go to the homepage and click ‘Register’. You’ll be taken to a sign up page where you need to fill out the fields; email and password. You’ll be sent a verification email, click the link to activate your account. It’s also advised to set up 2FA.
Step 2: Deposit
Binance now allows you to buy bitcoin with credit card, a relatively new feature. Other coins available by credit card are Ripple, Ethereum, Litecoin and Bitcoin Cash. Once you’ve bought one of these you can then exchange for any other coin on the platform
Step 3: Buy Your Coins
Depending on your experience level you have the choice of the basic or advanced exchange. If you’re unfamiliar with the Binance platform then we’d recommend using the basic version. click on Bitcoin and then fill out the ticket to make the exchange.
Why Should You Buy Ethereum Classic?
Ethereum’s initial idea was to offer an autonomous network where ‘computer code is law’. The aim was to remove the possibility of fraud or control by others. All was moving along well, up until a single hacker exploited an error in the codebase and drained all of the investor’s money.
The majority of the investors agreed to roll back the network to make it impossible for the hacker to use the stolen money. Even though it worked, some felt this was against the initial protocol. Therefore, they continued to work on the initial idea leading to the creation of a new blockchain, Ethereum Classic. Therefore, technically, ETC is the original Ethereum. Today, ETC is the same pool of promising altcoins as the namesake ETH.
In most new coins, you have to store the coins in a universal e-wallet or the exchange’s wallet. It exposes you to the risk of higher losses in case hackers access your wallet because you will lose more than one type of crypto. Consequently, most established coins have their wallets. Ethereum Classic is one of them with its Emerald Wallet.
ETC has promised that it shall mine the last coin in 2025 when the totals supply reaches 210 million. It is unlike Ethereum which has no cap on the number of coins. As a result, Ethereum Classic seems like a more stable coin for long term investment purposes.
Another reason why many experts in the crypto industry are considering ETC is its corporation of sidechains. Sidechains are a new technology that allows interoperability between blockchains such as running Ripple on Ethereum blockchain and vice versa.
Pros and Cons of Buying Ethereum Classic
- Strong History: Ethereum Classic is not only established but also has a plan for its future. Creating a cap on the maximum coins is part of its strategy to ensure its stability in the market.
- Partnerships: ETC partnered with the developer of payment solutions, for major altcoins such as Bitcoin, Ethereum, Litecoin, Ripple and UTrust. The arrangement guarantees an increased demand for Ethereum Classic, which will improve the coin’s trading value.
- Lack of Regulation: Most of the exchanges platforms are not under any regulation increasing the risk of scamming and hacking.
- Highly Volatile: The effects of overall volatility are even more significant on individual coins such as Ethereum Classic because they are a smaller coin than the top 3.
What are the Best Payment Methods to Buy Ethereum Classic?
You have to buy ETC either through an independent exchange or peer-to-peer exchange. Payment methods vary platform to platform. We’ve outlined some of the main methods that you’re likely to make a fiat payment with;
- Buying Ethereum Classic with PayPal: Traditionally, PayPal generally don’t accept any cryptocurrency transactions, but you can purchase Ethereum Classic through a regulated broker via this method instead.
- Buying Ethereum Classic using cash: It is only possible if you find a friend, family member, or someone you trust trading Ethereum Classic for cash. It is, however, not among the most common ways of buying cryptocurrencies, nor the safest.
- Buying Ethereum Classic with a credit card: This is the most popular way of buying ETC. Nearly all exchanges that accept payment through credit cards sell ETC directly. Create an account in a credit card accepting exchange, deposit your EUR or USD from your credit card then purchase ETC.
- Other payment methods: Several exchanges accept more than one payment method. Some of the acceptable alternatives include debit cards, wire transfers, SEPA, and e-wallets such as Skrill, Neteller, and Payeer. Conduct in-depth research on these payment options before using them.
Buying Ethereum Classic in Your Country
Most countries have allowed the buying and selling of cryptocurrencies. However, certain countries have imposed a total ban on all cryptos. In such places, it is an offence to buy, sell, or mine cryptos.
If you are buying ETC to use them as a legal tender to make payments, then you might also have to take a closer look at the laws of your country. Most nations that allow buying and selling of altcoins prohibit their use as payment media.
The other concern is if you plan to pay via PayPal. PayPal prohibits transfers to other countries from accounts located in certain countries.
Is there a Difference Between Buying and Trading Ethereum Classic?
Yes. When you buy ETC, you own it and can resell it, give it out as a gift, use it to purchase other cryptos or keep it as a souvenir. Not to mention you will have to pay the entire price of the amount you buy.
Trading, on the other hand, involves speculating on the price of ETC in the exchange market. You do not have to own any coin. All you need is an investment amount which you use to leverage on the fluctuating prices.
The two also have different taxing structure. You do not pay profit gains for trading on cryptocurrencies, but you do if you make any profit through direct buying and selling of ETC.
What are the Fees Involved in Buying Ethereum Classic?
- Transaction fees: These are the fees charged for every transaction, their total value depends on the total number of operations you need to get your coins. Some exchanges allow you to buy directly using fiat currency, while in others you have to purchase Bitcoin then convert it to ETC.
- Deposit fees: These are the charges you pay when you deposit fiat currency or cryptocurrencies into an exchange. Some exchanges such as Bittrex do not charge deposit fees. The fees also vary depending on the payment method you use.
- Withdrawal fees: Nearly all exchanges charge a fee when you withdraw your coins or money from their wallets.
- Spreads and commissions: This the additional value that an exchange adds on the coin. The spread ranges between 0.2% to as high as 1% in some exchanges. Coinbase, for example, has a spread of 0.5%. Therefore, if the price of ETC is £100, it displays £100.5.
Broker Fees Vs. Exchange Fees
The transaction fee when using an exchange is higher than when using a brokerage. This because it takes at least two transactions on the exchange to buy the same amount of ETC coins that you get from a broker in a single deal.
If this article has given you the confidence to start investing in cryptocurrencies and you want to buy Ethereum Classic, click the button to get started.
Frequently Asked Questions
How Do I Buy Ethereum Classic in Bulk?
The best way to but ETC in bulk is through a broker. Brokerage networks bring together sellers and buyers interested in ample amount of ETC coins.
How Do I Sell Ethereum Classic?
You can sell them directly on a peer-to-peer exchange or through an independent exchange platform such as Coinbase or Binance. Peer-to-peer exchange allows you to set your price; however, finding a matching buyer can be a hassle.
Are There Other Ways I Can Buy Ethereum Classic?
Yes. If you have a friend you trust who is selling the coins, you can buy directly from them without going through an exchange. The other way is to accept them as payment for services if your country’s laws allow it.
What are Trading Robots?
These are computer programs that use different indicators to determine trends and execute a corresponding trade on behalf of their user. They can really help bridge the knowledge gap for new investors.
Should I Buy Ethereum Classic with a Robot?
It is a risky gamble that requires experience because you will be handing over your money to a third party to use on an immature illiquid industry. Besides, there can be risks of faulty software, flash crashes, and scamming. Therefore, if you have to use bots, start with baby steps and watch the progress. They can be very helpful overall, but you need to pick the right one and monitor very closely when you first start.
Can You Buy Ethereum Classic on an Exchange?
Yes. Though most exchanges only allow you trade BTC for ETC. If you’re looking to purchase ETC for fiat currency, your options are a little limited. Overall, you may need to trade these on regulated broker platforms - as there is no limit on these sort of platforms.
Can I Buy Ethereum Classic Anonymously?
Yes, but you will need to have an Ethereum Classic wallet and then use Ethereum/Bitcoin to buy ETC. Otherwise, payment methods such as credit cards and PayPal are traceable.
What is the Easiest Way to Buy Ethereum Classic?
The easiest way is to buy ETC through an exchange that accepts fiat currency. However, these are few and far between. In reality, buying cryptocurrency is actually relatively complex. The easiest way to invest in ETC is to use a broker platform to trade on the price. These have the simplest user interfaces, the best payment methods and the quickest turnaround times. Perfect for the beginner cryptocurrency investor.