How to Buy Ethereum Classic: Our Guide to Simple and Safe Investments
What’s the latest hot commodity in the crypto world? For many investors, it’s a classic. Following a 2016 breakaway, the Ethereum coin Blockchain split. Those that wanted to keep the original system remained in place, while the rest moved a section of the Blockchain to a new address.
The end result was Ethereum and Ethereum Classic. Although the former is currently the second most popular crypto coin, the latter is a strong product. In fact, given its price and pedigree, now is the time to buy Ethereum Classic. In this guide, we’re going to show you exactly how and where to buy Ethereum Classic online.
5 quick steps to buy Ethereum Classic
1. Follow our sign-up link to eToro and register for an account in minutes 2. Select a secure payment method such as Visa or PayPal 3. Deposit at least £200 (protected by regulators CySEC and the FCA) 4. Place an order to buy Ethereum Classic 5. Sit back and wait for the market to move in your favour
Why buy Ethereum Classic right now?
Why is now the best time to buy Ethereum Classic (ETC)? If you’re asking “why should I buy Ethereum Classic?”, the answer would be “its potential”. According to a Q3 report from the Ethereum Classic Cooperative, the team has a surplus of cash that it’s willing to spend. On the list of targets is additional developers to help make Ethereum Classic the default platform for dApp developers. If that happens, the value is bound to increase. Therefore, if you’re asking, “should I buy Ethereum Classic now?”, the answer would be yes. Given the current price of Ethereum Classic, this investment stands a good chance of generating a positive return.
What is the best site to buy Ethereum Classic?
If you’re wondering where to buy Ethereum Classic, there are plenty of options. Although our recommended crypto exchanges are the natural home of ETC, online trading platforms are a better option in our opinion. As we’ve noted in our review of eToro, the software is designed to offer a secure, accessible and flexible route to market. Unlike exchanges, eToro is regulated by CySEC & FCA. For any newbie, trading safe in the knowledge that you’re not going to fall victim to scammers is worth its weight in gold.
On top of its secure platform, eToro contains social trading features. This means you can connect with experts and literally copy their trades. Finally, because eToro offers contracts for difference (CFD) trading, you don’t have to physically buy Ethereum Classic. This means you can set up trades that allow you to profit if the currency’s value increases or decreases.
How to buy Ethereum Classic at eToro
Step 1: Register with eToro
Now you know where to buy Ethereum Classic, the next thing you need to know is how to buy Ethereum Classic. For your convenience, we’re broken the buying process down into a few simple steps. However, before you buy Ethereum Classic online using eToro, it’s worth learning a bit more about the platform. To do so, you can read BestBitcoinExchange’s in-depth guide to eToro. Once you’ve done that, the road to your first trade contains the following steps:
– Visit eToro through our secure link
– Create an account using your Facebook or Google credentials
– Alternatively, input a few personal details (name, email address etc) and accept the terms and conditions
– Verify your account using official ID (e.g. a passport)
Step 2: Deposit funds
eToro offers a variety of secure payment options. To fund your account, hit the “deposit funds” button and choose one of the following:
– Visa – Maestro – MasterCard – Diners Club – PayPal – Skrill – Wire Transfer – Neteller – Union Pay – WebMoney – Yandex
Step 3: Buy Ethereum Classic
– Once you’ve loaded your account, search for Ethereum Classic by typing “ETC” in the search box – Review the price of Ethereum Classic and decide how much you want to invest – If you’re happy with the price, hit the “open trade” button – To wait for a price change, select the order option. This allows you to set a price so the software can execute the trade at a later date – You’re all set, sit back and wait for ETC to increase in price so you can make a profit!
How to buy Ethereum Classic through exchanges
If you scroll through our list of recommended cryptocurrency exchanges, you’ll notice that eToro isn’t the only option out there. Even though it offers the best trading conditions for investors of all levels, exchanges also offer a viable way to buy Ethereum Classic online.
Buy ETC at Changelly
If you’re interested in is speed, our Changelly review tells you why this is one of the best ways to buy Ethereum Classic online. To make an order, all you need to do is visit Changelly, choose a deposit current and enter the amount of coins you want to purchase. Then, in the second dropdown menu, choose the ETC option, input your crypto wallet details and hit the “exchange” button. Done!
– Easy to use – Can deposit using fiat – One simple interface
– You don’t get the best exchange rates – Fees can be high
Buy ETC at Binance
If you read our Binance analysis, you’ll see that this is a crypto-only platform. Following an ICO in 2017, the site was able to raise enough capital to go live. From this, the exchange has become popular among experienced traders. To buy Ethereum Classic via Binance, you’ll need to make a deposit using Bitcoin or a handful of cryptocurrency options like ETH. After making a deposit, search for ETC, accept the current price and input the number of coins you want.
– 100% crypto-friendly – Extensive range of cryptocurrencies – Anonymous trading platform
– Can’t deposit using fiat currencies – Not suitable for novices
Although our top-rated crypto exchanges allow you to buy Ethereum Classic, they aren’t without their drawbacks. Aside from a lack of regulation, you’re investing directly in ETC. This means you can only make money if the currency’s value increases. However, if you choose the eToro social trading platform, your funds will be protected by two regulatory bodies. What’s more, you’ll be able to speculate on price decreases as well as increases.
Licensed by FCA and CySEC
Exchanges are currently unregulated
Social trading makes it easy for beginners to trade alongside professionals
More suited to experienced traders
Pay using fiat currencies via secure methods such as Visa, MasterCard and PayPal
Most exchanges only process crypto payments
Most exchanges are still new of relatively unknown quality and reliability
You can spread your risk by investing in a variety of assets, including: forex, commodities and stocks.
You can only speculate on Bitcoin and altcoins
Efficient customer service team
Despite having strong technical teams, many exchanges aren’t as hot on dealing with customer queries
Buying Ethereum Classic: Payment methods
How do you buy Ethereum Classic using GBP, EUR or USD? Simple: Use a debit card, credit card or eWallet. When you follow our eToro sign-up link, you’ll have the ability to deposit and withdraw funds using the leading payment processors, including:
Credit card & debit card
Looking through the list of credit card or debit card payment options, eToro allows you to use four of the main methods to buy Ethereum Classic. As well as Visa and MasterCard, you can fund your account using Diners Club International and Maestro. Because these companies are registered financial institutions, your money is not only protected at all times but will be delivered to your account within seconds.
Another great way to buy Ethereum Classic online is PayPal. Because some banks are wary about letting people buy cryptocurrencies using their credit cards, ewallets have become a useful alternative. In addition to offering fast processing times, our PayPal guide explains how this company is regulated and pseudonymous. When you take these features into account, it means your financial details will be safe every time you send or receive a payment.
How to buy Ethereum Classic in your country
As the regulatory landscape evolves, buying Ethereum Classic will differ from country to country. At this point, there are very few places where it’s not possible to invest. So, if you’re asking, “how do I buy Ethereum Classic in my country?”, use the links below to find out the best platforms to use in your region.
How to store Ethereum Classic in a wallet
Knowing how to buy Ethereum Classic is great. However, if you don’t have a place to store your funds, any chance of making a profit goes out of the window. Fortunately, there are a few ways you can keep your credits safe.
The obvious option for those that purchase ETC online directly from an exchange is to use an Ethereum wallet. If you look at our guide to crypto wallets, you’ll see that there are hot and cold storage options. The former refers to wallets that are connected to the internet. This could be a web wallet like MyEtherWallet or a desktop product such as the software wallet Copay. These options are great if you like to move your money around. Alternatively, if you have a large portfolio and the most protection, you can use an offline solution (cold storage). Hardware wallets like the Ledger Nano S and Trezor keep your coins away from the internet and out of harm’s way.
However, as secure as these payment options are, nothing is as secure as trading Ethereum Classic using a broker. As we’ve said, when you use eToro, you’re not buying ETC coins directly. Instead, you’re speculating on the asset’s price movements. Because of this, you don’t need to worry about crypto wallets.
Other ways to get Ethereum Classic
If you’re new to the industry, we’d suggest taking a look at our guide to mining before you consider mining Ethereum Classic. However, if you’re an advanced user, you can mine Ethereum Classic using these products: – Windows 7 or greater x64 – A GPU, 4+GB RAM – An Ethereum Classic account – A GPU miner with at least 4GB memory (the AMD GPU driver 15.12 is recommended)
With these things in place, you can download the mining software where you can enter the address of a mining pool. At this point, your computer will become a node in the network and help to process blocks of ETC transactions. Whatever blocks you process will release an ETC reward that’s sent directly to your Ethereum Classic wallet.