For anyone who has ever traded a cryptocurrency you know the thrill that comes with it. New people wanting to get involved with Bitcoin or Ethereum, the number 2 traded digital currency traded by volume, in the world knows that buying the currency to begin with, can be a rock solid barrier of entry.
Each country has different rules and the way they see cryptocurrency is a big part of the problem. In my honest opinion, no government regulation or oversight is best in a free market environment,however, if governments are going to get involved and pass legislation restricting its use or purchase they should at least understand what it is and actually use it. Millions of people around the world trade it daily similarly to stocks, while at the same time many people also exchange it for goods and services much like swiping a credit card.
There really isn’t a greater feeling in the world than truly learning about Ethereum and creating a wallet address for the first time and sleeping with the private key under your pillow in what they call a paper wallet scenario. When you take that first leap and send some ETH to another wallet address for the first time the anticipation and suspense has a level of first time at a carnival level of excitement.
What you might expect to happen or how your mind uses past experiences and things it already knows and understands to process what all happens is a surreal feeling. Some might not have the quiver up the leg as I do when I send Ethereum or Ethereum based token like Stish, but for those that do you know what I mean. Sending digital currency that has real buying power in seconds to anyone around the world is EPIC! I buy ETH from one website and then I can make purchases across hundreds of businesses for various products and services and not worry so much about my bank account being drained tomorrow. Ethereum and Ethereum based currencies are way ahead of its time.
Trading currency much like someone might trade stocks is also another fun way to interact with Ethereum based tokens and Ethereum. Ethereum is very unique in that to make trades or transactions a small amount of the ETH currency is required. At first you might be put off by this but this is really paying for a whole level of security that is often overlooked.
Scammers will often flock to fee free currencies and attempt to manipulate prices and do other shady scammy things. That is just what scammers do. When using Ethereum and ETH based tokens this can happen but is less likely to happen due to these small transaction fees. It would be expensive to manipulate a currency’s price and that lends to more protection for traders and currency users and merchants accepting Eth or Etheruem based tokens like Stish.
We could talk for days about how much fun it is to use Etheruem and Ethereum based tokens but if we didn’t mention Saturn.Network we would not be doing this article justice.
If you have been trading for any time now you likely use a centralized exchange. These places once you look under the hood do need some serious regulation. They are often set-up similar to forex trading websites or stock trading websites which in a way makes sense as for most of the early days of crypto only computer developer types and financial investor types had access and tools to get involved and this is what they were familiar with.
The big scary thing about centralized exchanges is that you have to send your digital currency to them for holding while you make trades etc. Just look up “MTGOX” to know how bad this could be! We could give you a million reasons to avoid centralized exchanges unless you absolutely have to use them. From Market Manipulations, To Excessively Long Hold Periods, Of Your Funds, To Crazy Unvalidated Trade Fees or Exchange Fees Etc. Many centralized exchanges if you really understood what they were doing you would never use again. I might right an article soon and share their dirty little secrets soon. It will blow your mind.
Todays crypto traders are different. Many of them are first generation users. Some are the same profiles as mentioned before but often they are a younger tech savvy group of people that expect quick, fast, transparent experiences online. This is what makes the Saturn.Network so unique to me, as they capture what I imagined a cryptocurrency trading platform of the future would look and feel like.
Being a true decentralize exchange the Saturn team makes it super easy for people to trade digital currencies online. Currently they offer Ethereum Classic Based Tokens and Ethereum Based Tokens. More are planned in the future and I’m confident you will be pleased when you compare.
So How Do You Buy Ethereum Online Today So That You Can Have Fun Like Me?
There are several things that you need to know and understand before you go willy nilly buying currency of any kind online. Your wallet address you can share with people so that they can send funds, but NEVER EVER SHARE YOUR PRIVATE KEY!
There are many places to create ETH wallet addresses which you will need to send and receive ETH and ETH based tokens. They are not all created the same and may not all work the same. Remember earlier when I said centralized exchanges do some shady stuff. Well this is one of those times you need to know about them for sure. If you are using an Exchange Ethereum wallet address created for you by one of them then you are kind of in trouble. You can’t use that wallet address to receive all of the Ethereum based tokens available or Ethereum Classic. But with a real Ethereum wallet address you can!
The easiest way for most to create an Ethereum wallet that they have full control over is by adding an extension to their internet browser called Saturn Wallet or Meta Mask Extension/plugin. Most browsers such as Firefox, Chrome, Brave allow users to add plugins or extensions to their browser to add more functionality. Saturn Wallet and Meta mask are hands down the fastest ways to get started and create a wallet address.
Ethereum wallet addresses will always start with 0x which is a quick way to make sure you are sending to an Ethereum wallet address. Sometimes friends might say, “send
some Stish or Send me some Eth!” but give you a wallet address that is for bitcoin or waves or whatever they found. Eth based wallets look like this:
These are my top spots to buy Ethereum Online and what to expect when buying Ethereum
If you read above and made it this far then you know you need a wallet address for Ethereum in order to buy Ethereum because relying on exchange wallets will one day cause you problems and I will explain more about this below in the exchanges to avoid at all costs.
If you are based in the USA it has become more and more difficult to simply buy digital currencies with your credit or debit cards. This is really the whole reason for this article to help users discover more places to buy crypto that are outside the normal places they might buy from.
For many Coinbase or Changelly might come to mind. These are both larger companies that advertise a lot and we have used in the past and even suggested our users use from time to time. They were relatively quick and convenient options at the time and customer service was important to them. But keep in mind that all centralized exchanges are dangerous and should be avoided when possible.
We have discovered some better options for all to choose from!
Recently on a quest to buy Ethereum fast with a credit card or bank transfer I came across website after website that would not allow USD transaction from and American citizen. Additionally I came across many that I believe were out and out scam website. We applied for tons of websites and often went through a process only to find out that we could not actually buy crypto on their website. It was very troubling and many people would just give up and quit trying to buy ETH online with a credit cart.
Having trading digital currencies for some time now and used nearly every available website online I was beginning to think that the real adoption of crypto currency wasn’t anything that the talking head have discussed on tv or podcasts etc, but was a lack of will by the consumer to jump through a million hoops just to buy what is being sold. No other product or service on earth could withstand such lack of product to consumer mistakes. However, cryptocurrencies and that includes ETH just have missed the mark on providing adequate availability to consumers.
The first place on our list of places to purchase ETH and other mainline cryptocurrencies with a debit or credit card is Coinmama.
What To Expect when trying to buy cryptocurrency online now?
One of the big selling points of most cryptos is that you can stay anonymous and I would like to cry bullcrap on this. There is hardly a way to buy any major crypto on the market today without divulging your Driver’s License, Passport, Or other government issued Identification. Plus if you are buying with credit or debit cards you also have to enter all of your billing information like NAME, Address etc.
This is what you can expect at CoinMama also. You will have to provide a valid Identification card and actually upload a picture of it. You will also have to Write a Note And Take A Selfie and upload this also. Is it a hassle? Yes but it does provide some security and I seen this in the actual Costs to buy ETH online with a credit card. They also offer other major currencies for sale like LTC/Litecoin and BTC/Bitcoin along with XRP/Ripple and a few more.
The only thing they are missing is ETC/Ethereum Classic but there are many places where you can convert from a major currency to another currency easy enough but it does put you at risk because they are primarily all centralized options. Compared to very other platform online We have gotten the best rate of exchange for USD to ETH from CoinMama.
The best thing about CoinMama is that you do not use their wallet address and must provide your own wallet address. At least for ETH this is how it is and how it should be. You don’t want someone else in control of your money ever. Remember, Never Ever Share Your Private Keys Period.
The bad thing about Coinmama is that it does take about 24 hours to be approved to purchase from them. In comparison to other websites this is very good. We would love for the industry to instantly verify and the technology is available to do this but no one has adopted it yet.
Quick Summary Of CoinMama Review To Buy Eth with a Credit Card Fast.
- You create an Account
- You Get Verified Which takes about 24-48 hours
- You Create an Ethereum Wallet that you control while waiting to get verified.
- You Select How Much ETH to buy
- You enter your Eth wallet address
- Stay on the page until it tells you the order was a success.
- See ETH in your wallet using Saturn Wallet or Meta Mask in about 30 Minutes.
- It is a wait but it is the shortest wait and the easiest way to buy ETH hands down.
- NON AFFILIATE LINK – https://www.coinmama.com/buy
If you are looking for other currencies to purchase including ETH then this might be a good alternative to Coinbase.
Let me preface this section with a statement of why I spent 8 days trying to find ways to buy ETH in the first place and how this post never would have happened if not for one idiot at coinbase. Suddenly after over 1 year of doing business with coinbase I purchased some crypto and to my surprise was unable to do anything with it. Coinbase had put a hold on my ETH for 14 days. After messaging them and getting canned responses I took to twitter and facebook and messaged their cofounder. I did get a real person to respond this time and was able to submit my account for review.
On day 9 I was informed that for security reasons my ETH was being held for 14 days. My USD had already directly transferred from my bank account the same day I purchased the ETH. After waiting 5 Days and watching ETH about to crash back down I sold it for a small profit and still my USD were on hold. This is unacceptable business practices to me and so I wrote them a letter and now warn all of our users and others about the dangers of allowing someone else to handle your money. It is not out of spite or anger but alarm that I write to them and you.
My Funds Have Yet To Be Released So During This Time I worked hard to find the best alternatives to coinbase that I could find. There had to be a better more secure way to purchase cryptocurrency online with credit cards.
Which Company Beat Coinbase Hands Down?
I am not a paid spokesman for any company listed here and are only stating honest opinions based on my experience with each so far. My opinions and influence on hundreds of thousands of people could possible change but I’m not sure at this point what would help me change my mind.
We found Gemini which is a lesser known platform in the USA but is possible superior to any other as far as being secure goes. Gemini is a licensed digital asset exchange and custodian. You can buy, sell, and store digital assets in a regulated, secure, and compliant manner.
We found Gemini to be comparative to Coinbase on every front. Users do also have to verify their Identity and it can take several days to accomplish this because so many people are joining up. Once your account is approved it is easy to add funds and start using their service.
Like coinbase they do have fees that you should read about before signing up. They are a centralized exchange and I know that I stated to avoid them whenever possible sometimes you do need to use them and Gemini so far appears to be the best of what a centralized exchange has to offer.
What I disliked about Gemini is that after 3 days I am still unable to add my bank and routing information and cannot find out why. Others are also asking why they can’t add their banking routing numbers and this might be an issue where they also will not allow USD customers to use their services. Other than not being able to buy ETH with USD due to my bank not being listed and their manual way to add it not working the exchange is pretty nice.
Since I can’t use it 100% the way I want to use it at the time of this article I cannot give you a full review of Gemini. But it does appear to be a comparative to Coinbase and for most US customers likely a better alternative.