Buying Ethereum Using an Online Exchange
There are many good online exchanges on which to buy Ethereum, however we have only chosen a few of our favourites that we think are the most user friendly and safe.
Most exchanges will require you to confirm your identity by providing a photograph of an ID or passport. Confirmation time can vary so make sure to set up your account and buy Ethereum before the NowTee sale begins. Some exchanges might also require 2 Factor Authentication (2FA) in order to verify your purchase or login. You might be required to provide a phone number for 2FA via SMS, or download an app for a more secure 2FA experience (e.g Google Authenticator).
Disclaimer: We are not here to debate the moral code of online exchanges (such as key storage, KYC/AML compliance, etc). We wish you do your own research on these matters and use whichever exchange you find the most comfortable and in line with your own moral code. However, we will not list any exchanges we perceive to be fraudulent or unsafe.
Option 1: Coinbase (www.coinbase.com)
Coinbase is the most popular online exchange for new users. They have a very easy on-boarding experience and a track record of safety. If this is your first time buying cryptocurrency, we recommend using Coinbase for both ease of use and security.
Coinbase provide their own custodial wallets, so any Ethereum you buy will be stored by them on your behalf. If you use Coinbase you will have to send the Ethereum from this account to your new Metamask wallet. We will be providing instructions on how to do this in Part 3.
Here a guide to buying Ethereum on Coinbase – https://www.coinbase.com/buy-ethereum
Option 2: CoinMama (www.coinmama.com)
CoinMama is another popular online exchange. Setting up an account is very easy and your ID confirmation should only take up to a couple of hours if successful.
CoinMama do not provide a Custodial wallet for you, instead they act more like vending machine whereby you will have to enter your Ethereum wallet address before buying. If you wish to use this service, you can use your Metamask wallet as the recipient address to which CoinMama will send the purchased Ethereum. (Please see part 3 on How to Find & Copy Your Address).
CoinMama recommend using Metamask as a light wallet with a strong password. This is the wallet you will have to use to buy a NowTee, so now might be a good time to set one up.
Here is CoinMama’s guide to buying Ethereum – https://www.coinmama.com/blog/how-to-buy- ethereum
Option 3: Wyre (dash.sendwyre.com)
Wyre is an inbuilt service of Metamask and an easy way to buy cryptocurrency using a credit or debit card within the US.
Option 4: Blockport (www.blockport.io)
Blockport is another trusted exchange that required ID verification. With Blockport you first deposit GBP or EUR via your bank account or credit/debit card. With these deposited funds you can buy Ethereum. Once you have purchased your Ethereum, you can then withdraw it into another wallet address – most likely your Metamask wallet.
Here’s a guide on how to buy ethereum using Blockport – https://blockport.io/buy-ethereum
Option 5: Shapeshift (shapeshift.io)
If you already have your hands on other cryptocurrencies such as bitcoin, you can use Shapeshift to exchange between your selected coin and Ethereum.
Shapeshift essentially acts as a vending machine for your coins. You just need to set up an account, verify your identity, and most importantly make sure the coins you wish to receive in exchange for others are sent to the correct recipient address.
Wallet providers such as Exodus have built Shapeshift into their interfaces, making it very easy to shift between bitcoin, ethereum and other ERC-20 compatible tokens.
