July 16, 2019

How to buy Ethereum instantly using a credit card or bank transfers

Ethereum - buy ethereum on Coindirect

Everyone knows the original cryptocurrency Bitcoin, while only a few people outside of the cryptocurrency space know of the second-biggest cryptocurrency by market cap, Ethereum.

Ethereum is often incorrectly labelled as Bitcoins ‘major competitor’ when it’s actually a different take on blockchain technology, an approach to decentralize content and applications.

What is Ether?

The Ethereum network requires Ether or ETH is the digital token required to pay for the computational resources needed to run an application. In more simple terms, ETH is a type of digital payment made to the machine that is executing the requested operation. In turn, users are compensated for contributing their resources.

How to create an Ethereum wallet?

Sign up for a free Coindirect account and you will automatically get a free Ethereum online wallet. You can use your Ethereum wallet to buy, sell, store, send (withdraw) and receive (deposit) ETH.

How to create an Ethereum address?

Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Ethereum wallet address.

How to buy Ethereum with a credit card?

  1. Sign up for a free Coindirect account
  2. Find your Ethereum Wallet and click the  ‘Buy’ button in your Ethereum Wallet.
  3. Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
  4. Enter EUR value of BTC you want to purchase (more than the minimum limit) or the BTC amount you want to buy and then click ‘Preview Buy’
  5. You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds)
  6. Type in your credit card details and pay
  7. You will be taken to a page to verify your transaction
  8. Finally, you will be redirected back to your Coindirect Wallet once the payment is successful

How to buy Ethereum from your bank account?

If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.

To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:

  1. Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
  2. Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue)
  3. Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
  4. Once the funds reflect in your ZAR wallet, go to your Ethereum wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.

How to sell Ethereum

You can sell Ethereum from your Coindirect wallet by clicking the ‘Sell’ button in your Ethereum wallet.

If you are in a SEPA region or South Africa. You can sell your Ethereum and instantly get money transferred to your Wallet (ZAR or EUR).

If you are in another region with no local currency wallet. You can sell your Ethereum by creating a sell offer on the marketplace

You now know how to buy Ethereum instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade Ethereum from the palm of your hands. 

Once you’ve signed up, login and click on the ‘Earn’ Tab and start inviting others to Coindirect. You will both get 5 XRP once the person you refer performs their first transaction.