Granny’s Guide to Buying Ethereum on Gate.io
Hello good people.
So you have decided to take a leap of faith and make your very first crypto purchase. These days everywhere you look people are talking about NFTs, cryptocurrency, blockchain, Web 3 and the language seems foreign.
Questions about what, where, when and how can be overwhelming since the subject matter is gigantic. Now, you may have already done the hardest part — which coin or token you would like to purchase, but one question likely remains. How do I buy it?
There are so many ways, but which is the best option to take for someone completely new to crypto? How do I know which way is safest? Is it going to get complicated? Do I need a broker? Should I pay someone to do this for me?
These are just some of the questions likely on your mind.
First of all, no — it doesn’t need to be complicated at all. You don’t need a broker or to pay anyone to do it for you.
At its core, crypto is all about taking personal responsibility for our actions. So that’s why we’re happy to see you here, taking this great first step.
But before we continue the most important step you need to take is to educate yourselves on how to protect your account and in which currency you are planning to buy. Do your due diligence before making a decision.
And if it sounds too good to be true, it probably is.
There are many ways you can buy cryptocurrency online. But the most common way for any beginner, and the way we will describe today, is through a centralised exchange, which is sometimes referred to as a CEX (yes, that’s pronounced “sex”).
GATE.IO
For the purpose of this guide we will show you how to easily buy ETH (Ethereum) by using your credit card or by bank transfer on the GATE.IO exchange.
Bear in mind that bank transfers are a bit more complicated and take more time depending on your bank and the country you are in.
Before you can actually buy any cryptocurrency, you have to have an account open and get verified. To learn more about how to set up your account and complete the verification process, follow the instructions in the link here. The KYC (Know Your Customer) process is important to complete since you will not be able to do any trading or deposit any funds without that. It is a very boring but necessary process.
The simplest way to buy a cryptocurrency on Gate.io is to use a credit/debit card. Below is a step-by-step process that you can follow and begin your journey in the beautiful but sometimes daunting world of crypto.
- Login into your gate.io account. Hover over the “Buy Crypto” button on the upper left side of the screen to pay by credit card
2. On the second page you will have the option to enter an amount of fiat currency (US dollars, euros, etc.) to buy a corresponding token, in this case ETH. Using the drop down menu, you can select the currency you want to purchase with. On the right side you can search for the cryptocurrency you want to purchase.
3. Once you enter the amount you can select a service provider to facilitate the transaction and move funds from your credit card to the wallet you have on Gate.io. There are a few options that you can select. For the purpose of this guide, we went with MoonPay. The bottom of the page will display the amount in Fiat currency that you wish to deposit, the corresponding amount in digital currency and the fees. Once you accept the terms and conditions, click on “Purchase”.
4. The link will take you to a MoonPay page where you will need to create an account in order to complete the transaction. Enter your email, click on continue and copy paste the verification number you have received in your inbox from MoonPay.
5. Once you verify the email address, you need to enter basic information such as your first and last names, your date of birth, nationality and other similar data.
6. For the last step, you just need to enter your credit card details and click on continue. Based on the type of card and bank you are using, a verification code may be sent to your email or phone
Great work! You have just completed your first purchase of Ethereum on Gate.io! If you would like to see an overview of your funds, simply click under “Wallet” and click on “Funds Overview” (circled in red below).
On the “Funds Overview’’ tab you can view all your assets, deposit and withdraw currency to and from another wallet or exchange, view analysis of the currencies that you own and much more. There is also a help center on the platform where you can find other guides, tutorial videos and how-to’s that will prove beneficial once you start getting familiar with the platform.
And there you go! Just a few simple steps and now you’ve only just gone and bought crypto for the first time! Give yourself a good slap on the back.
You now join around 300 million people around the world who own a cryptocurrency. This is your first step into a brave new world of financial freedom and taking full control of your financial future.
And speaking of taking full responsibility, that leads us to how we should store the Ethereum we have bought. You can do that yourself or trust a third party. But if you don’t take responsibility on your own shoulders, it may be simpler but still comes with certain risks.
This brings us neatly to what’s next in our Granny’s Guide series — how to store your Ethereum, where this will be discussed and you can choose your favourite way.
Until then, stay tuned!
Much love and zen
Disclaimer: This article is not trading or investment advice. The above article is for informational and educational purposes only. Please do your own research before purchasing or investing in any cryptocurrency or digital asset.
