Using one of these simplified platforms will mean your crypto can only be traded within the platform you buy it on. This will greatly simplify the crypto purchasing process for you, but it comes at a hidden cost: You can’t withdraw your Ethereum investment to put it in a third-party wallet or use it to pay for online purchases. The vast majority do, but if yours doesn’t, you’ll need to get one of your own.Īnd if you’re a true beginner, you can always use a platform like Robinhood or Cash App. Though some exchanges’ trading platforms get complex, most offer a simple purchase interface for beginners, though it may charge higher fees than their trading platform.Ī couple of key points: When choosing an exchange, make sure it offers a crypto wallet to store your investments. If you don’t already have a crypto exchange in mind, take a look at our list of best cryptocurrency exchanges to find the one that’s right for you. Practically speaking, it’s just like the brokerage platforms you may be more familiar with: Crypto exchanges allow buyers and sellers to exchange fiat currencies-like dollars-for cryptocurrencies like Ethereum, Bitcoin or Dogecoin. To buy crypto, you have to first create an account on a crypto exchange. Cryptocurrencies aren’t traded on major exchanges like the New York Stock Exchange (NYSE), and many brokerages don’t offer crypto investing. Choose a Crypto Exchangeīuying Ether is a little more complicated than just buying stocks or mutual funds through your current brokerage account. Experts recommend that you never invest more in crypto than you can afford to lose.
That’s why it’s important to consider your risk tolerance along with the diversity and stability of the rest of your investment portfolio before buying Ether. If you had bought in at its high, you’d be sitting with half that value just a month later. Notably, it went from a high of almost $4,000 per coin in May 2021 to less than $1,800 in June 2021.
Just think about the impact a couple of hundred characters can have on crypto pricing: After Elon Musk tweeted that Tesla would no longer accept Bitcoin as payment, for instance, the coin’s value tumbled 15%.Īlthough Ether has had impressive returns in the past, it’s also had some significant crashes, sometimes in astonishingly short amounts of time. While all investments have some risk associated with them, cryptocurrencies are especially vulnerable to price fluctuations. There’s no getting around it buying Ethereum can be a gamble.
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Here’s how to get started in just five steps: 1. Investing in Ethereum may be easier than you think.
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