How do I buy Ethereum with USD?

Question

I am a complete noob at investing. I have never bought stock or invested in anything before but I have $300 I would like to turn into Ethereum. Could someone please tell me step by step how to purchase and own Ethereum using USD?

Answer 1

Hello and welcome to Ethereum!

I don't know how this comment became the de-facto guide, but it's really not the best as it doesn't have any pictures and doesn't introduce you to Ethereum properly.

Ethereum and digital currencies are a pretty new world and in this new world, things can be a little bit different.

• First, you are responsible for your stuff. Your investments, your choices, your security. There are no babysitters or undo buttons or a bank to call up and reverse your transaction. The power of the blockchain is this, but it's also a dangerous thing if you are expecting to have all the cushy things you've come to enjoy.

• Secondly, most of the people involved in this world are pretty technical. Take your time, ask questions, ask for clarification reach out for help, read the instructions, read the warnings, hang out, and try to learn new things.

• Be wary of scams and phishing sites and malicious links exist. Trust messages and random links about as much as those in your spambox. Verify verify verify.

• Always save & back up your private key or seed phrase in separate locations, like a piece of paper or a USB drive. Avoid cloud storage.

• Be skeptical. Does the person have an ulterior motive? Is that too good to be true?

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Still with me? Good! Let's dive deeper!

• Understand the difference between a hosted wallet / exchange and client-side wallet before moving your ETH to your own wallet.

• Learn how to protect your funds!

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Now, the fun part! How-To Buy ETH

1. Create an account on Gemini or Coinbase or Kraken.

2. Verify that account. You will need to upload a wide variety of documents proving you are who you say you are and stuff. It's all regulatory stuff. Once you upload this stuff, verification takes about a day or two (time is dependent on how busy the service is. During times of price increases and tons of new users, it may take longer. Be patient.)

3. Follow the instructions on the exchange to deposit USD into that exchange. This, depending on your bank and the wire transfer, will typically take 3-5 business days.

4. Now you have USD in your exchange account and can buy ETH with it.

5. Once you have all the ETH you want, withdraw that ETH into a wallet that you control. Exchanges are notorious for being hacked (although the ones mentioned above are very reputable) and you want your funds in a place that you have the private key to. So...

6. While you are waiting for your verification and transfer, find yourself a wallet.

7. For storing large amounts of assets, you will want a hardware wallet, like a Ledger or Trezor or Keepkey:

   • Ledger - Can be used with MyCrypto, the Ledger Live Desktop Application, iOS app, Android app

   • Trezor - Can be used with MyCrypto or Trezor's web app

   • Keepkey

   • More Info

8. For storing assets & sending them on your computer:

   • MyCrypto — also has a web version with support via Ledger, Trezor, Safe-T Mini, MetaMask, Parity Signer.

   • Exodus: Desktop, multi-asset wallet with ShapeShift integration

9. For Mobile:

   • imToken - iOS, Android. Longest running mobile solution for Ethereum. Dominates in Asia, tons of features, for some reason just hasn't quite breached the western market completely.

   • Trust Wallet - iOS + Android, dApp browser

   • WallETH - Android, Open Source

   • Parity Signer - Turns your old phone into a hardware wallet / transaction signer. Super safe. Can use with MyCrypto

   • Ambo - iOS

   • Freewallet - Android, iOS

10. Dapp Browser!

    • MetaMask - extension for your browser that allows you to interact with cool dapps. Not for storing huge amounts though. Think of this as your literal wallet. You don't carry around $5,000 every day, do you?

11. Follow the instructions provided by the wallet you have chosen to get it set up. Ensure you back things up properly.

12. Once you receive your ETH in your exchange account, send / withdraw it to your new Ethereum address that you control in your new wallet. Make sure you send a small amount of ETH from your exchange first, before sending the full amount. Practice makes perfect!

13. Remember! This space is still kind of crazy. Be safe out there!

    • Be wary of scams and phishing sites and malicious links exist. Trust messages and random links about as much as those in your spambox. Verify verify verify.

    • Always save & back up your private key or seed phrase in separate locations, like a piece of paper or a USB drive. Avoid cloud storage.

    • Be skeptical. Does the person have an ulterior motive? Is that too good to be true?

    • Protect yourself and your funds

    • Learn good OpSec, one day at a time

Enjoy!

Answer 2

One way to do it is, you can use coinbase.com to buy Bitcoin and convert the BTC to ETH through shapeshift.io.

Also there is kraken.com, they claims to be the best Bitcoin Exchange.

The best bitcoin exchange is needed for serious and professional bitcoin traders. Bitcoin security must be impeccable. Banking relationships must be sound and reliable. The trading engine must be fast. Order types must be advanced. And profits must be able to be multiplied with Bitcoin margin trading so you can leverage long bitcoin positions or short bitcoin positions.

Answer 3

You should try kraken.com there are markets directly in ETH/USD or ETH/EUR and you can pay by credit card. It's also a very well known and reputable exchange.

But aware that it takes you a little while to verify your credit card / id / etc. so start the account creation asap and don't wait the moment you want to buy to do it.

Answer 4

Use a good BTC/USD exchange like Circle or Coinbase which allow you to purchase the BTC. Then you can send the BTC to an ETH exchange like Poloniex or BTC Markets where you can buy Ethereum.

Answer 5

Generally it is a real pain to make your first purchase.

As you want to use USD, you're probably a US citizen/entity, and the US government wants to make it as difficult as possible for you to use cryptocurrencies like Ether.

You can do it, just be vigilant!

TL;DR create an account at a prominent exchange. Some have been suggested above. Do your research, don't just join a random one.

You will have to go through an extensive proof-of-identity process with the exchange - the US government requires them to put you through this, they want to be able to track all of your transactions. You will wire money to an account, and 7-14 days later you will finally be able to use it to buy Ether.

The first time is the hardest. Once you get set up, you can wire money and convert it to Ether in 2-3 business days after that. But the first time can literally take weeks.

Good luck. :)

Answer 6

You can also buy ether with usd or eur using Bitpanda. But you will have similar issues verifying your account -I verified mine in just some hours- than using Kraken. Everyone out there recommends Kraken, so probably is just more trusted. Howerver, I had zero problems using bitpanda.