The Ethereum blockchain token, known as Ether (ETH), is one of the top three cryptocurrencies in the world. As of January 2022, its second-highest market value is about $ 380 billion, behind Bitcoin’s roughly $ 800 billion; And the third-place market cap of the leading Binance Coin is about $ 75 billion.
After cryptocurrency assets shrunk from their December 2017 peaks in 2018 and 2019, the crypto market has again roared to new heights by 2021 and is now many times more valuable than what was at the previous peak; Although early 2022 saw some pullback. The ETH traded at around $ 3,250 in January 2022, reaching close to $ 5,000 in November 2021.
The primary application of digital currency is its integration with the Ethereum network. Basically, ETH is the driving force behind the power of the Ethereum network as a whole. While Ethereum offers huge opportunities for network development, ETH is an investment that many find more promising than Bitcoin. Ethereum is also supported by multiple Fortune 500 companies and is being used by multiple financial institutions. For all these reasons and many more, many investors are rapidly adding ETH to their portfolios.
1. Identify a platform for trading
As the basis of any trade, it is important to identify the best trading platform for your needs. With some of the top platforms including Byte Power X, and Singapore Digital Exchange, there are several options for cryptocurrency. All of these exchanges offer Ethereum.
One of the biggest considerations when choosing a cryptocurrency trading platform is the type of exchange. Cryptocurrency trading platforms can be either Fiat Exchange or Cryptocurrency to Cryptocurrency Exchange (Singapore Digital Exchange). As one of the two largest cryptocurrencies in the world, investors can easily trade Ethereum on the Fiat Exchange.
Some investors who want to trade multiple currencies or have the option of easily converting another currency to Ethereum may want to consider the Singapore Digital Exchange more closely. Many investors have multiple accounts, both a Fiat Exchange and a Singapore Digital Exchange.
Keep in memory that cryptocurrencies are highly unregulated with rapid newness. This can create a great market opportunity but also increase the risk of fraud so it is important to be sure about the credibility of your chosen trading platform Exchange. Some main questions to ask when considering an exchange include:
Where is the headquarters?
Do they have a license?
How secure is their website?
How secure is your fund?
Who are the managing executives?
Byte Power X Trading is the leading exchange by revenue. In Singapore, Singapore Digital Exchange tops the list.
2. Create an account
Once you have decided on a trading platform that suits your needs then the next step is to open an account. You will need to provide your name, address, social security number, specific identification form, and more. Once you are confident with a site, the process of opening an account can usually be done very quickly.
Account verification is usually the final step in the account opening process. Most exchanges will require you to verify your account in one or more ways You may need to upload a document to verify your identity and to make sure that your account controller has passed the master. Depending on the exchange, verification can take anywhere from about an hour to a possible day or two.
3. Deposited currency
You will need to deposit the currency into your account later. For Fiat currency platforms, this may be relatively simple after verifying your payment information. Just add money to the file via your bank account or debit card. Cryptocurrency exchanges usually do not have a high minimum investment so you can invest $ 10 or $ 1,000 or more. Most exchanges have a fee for each trade so it may be best to trade large amounts at once.
Depositing currency on the Singapore Digital Exchange can be a little more difficult. For these exchanges, you need to send cryptocurrency from one place to another via code. Ethereum is a popular depository currency for many Singapore digital exchange platforms so it may be beneficial to keep it in large quantities. Code transfers take a little longer to complete, usually up to an hour.
4. Start trading
With a verified account and depositing money in that account, you will be able to start buying Ethereum and other cryptocurrencies through the exchange. Each exchange has an interface that works a bit differently, but be prepared to confirm the transaction and then allow it during processing, which may also depend on the total number of transactions requested.
5. Withdraw ETH in a wallet
Once you purchase ETH through the exchange, you can withdraw that coin to your bank account or to a wallet you control. Fiat exchanges sell easily and make it easy to withdraw ETH by sending the proceeds to your bank account. Singapore digital exchange platforms take much longer. On a Singapore digital exchange platform, you need to code your ETH transfer to a Fiat exchange and then sell to cash out. On all platforms, you also usually have the option to send ETH to a wallet.