How to Buy Ether (ETH) with USD

Hello and welcome to Ethereum!

Ethereum and digital currencies are pretty new and in this new world, things can be a little bit different. First, you are responsible for your stuff: your investments, your choices, and your security. There are no babysitters or undo buttons, and no bank to call up and have a transaction reversed. The power of the blockchain lies in this autonomy, but it can also be dangerous to expect all the cushy failsaifes you've come to enjoy.

Second, most of the people involved in this world are pretty technically savvy, and sometimes forget how different things are to the inexperienced. Take your time, ask questions, ask for clarification and reach out for help, read the instructions, read the warnings, hang out, and try to learn new things.

  • Scams, phishing sites, and malicious links exist. Trust messages and random links about as much as those in your spam box. Verify, verify, verify!
  • Always save and backup your private key in a separate location, like a piece of paper or a USB drive. Avoid cloud storage.
  • Be skeptical. Does the person have an ulterior motive? Does an offer sound too good to be true?

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

Now, the fun part! How To Buy ETH

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

  2. Verify that account. You will need to upload a wide variety of documents to prove you are who you say you are. Once you upload all this regulatory stuff, verification takes about a day or two. (Time is dependent on how busy the service is and can be affected by price increases and influxes of new users. 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, download and install the MyCrypto Desktop App.

  7. When you run it, click on Create New Wallet and create a fresh wallet. Use a password that you will never, ever forget and create the account. Then, it'll give you an address that starts with 0x. This is what you will enter on your exchange to move your ETH from their account to your own.

  8. To safely keep your account, you have 3 pieces of information:

    • Your address (0x4bbeEB.....)
    • Your password
    • Your private key

The private key is like a password, but way more intense. Plus, it's a password that is protected by another password. In MyCrypto, this private key is in the form of a keystore file or a mnemonic. You need to make a backup of this in case anything happens to your computer.

Alternative steps 1-5:

If you already have BTC, you can use ShapeShift.io or Changelly to convert your BTC into ETH. Start a BTC->ETH exchange and it'll tell you where to send your BTC. (If you have your BTC on an exchange, you can likely exchange them for ETH on that exchange without the need for ShapeShift.)

Then, create an Ethereum account and back it up. In Circle or Coinbase, send all the BTC to that address. The ETH will appear in your ETH wallet in ~20 minutes.

PLEASE MAKE SURE YOU BACK IT UP


Refresher Course!

I have outlined the steps above as if you should do it all as fast as possible. Stop. Breath. There is no rush. Take your time moving your funds from an exchange to your own wallet. Test with a small amount first. Get the feel for things and make mistakes with small amounts rather than all your money! If you skipped steps earlier or didn't understand them, take the time to reread them now.

How to Create a Coinbase Account

Navigate to Coinbase

For a NEW Coinbase account, click on the Get Started button, enter your email address and follow the directions to register and verify your account and device.

For any questions or issues on how to buy ETH with USD via Coinbase, please contact Coinbase directly.

Coinbase : Support

Source

https://ethereum.stackexchange.com/questions/1915/how-do-i-buy-ethereum-with-usd

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