Cryptocurrencies are becoming increasingly popular in modern life due to their outstanding uses and features, alongside Bitcoin which is already well-known, Ethereum (ETH) is also gaining attention as a cryptocurrency more and more people are researching and using. So what is Ethereum? Where to buy reputable Ethereum and how to do it? The following article will give you the answers.
What is Ethereum?
Ethereum (symbol: ETH) is a digital currency developed and launched in 2013 by Vitalik Buterin with the aim of overcoming the weaknesses of Bitcoin such as slow transaction times, additionally encouraging mining pools.
Ethereum is not only a Cryptocurrency but also a platform that creates many useful applications along with a financial ecosystem through its programming language.
Ethereum operates on a Blockchain technology platform similar to Bitcoin, which users can mine using the USDT (Tether) digital currency.
Ethereum is the second largest virtual currency by market capitalization and trading volume after Bitcoin on CoinmarketCap.
Where can you buy/sell ETH?
You can buy/sell ETH through Crypto exchanges or via a third party. These two methods have different advantages and disadvantages, depending on your needs to choose the suitable trading method, specifically:
Exchange
Buying/selling Ethereum via an exchange is safe, quick, and convenient, so this is the method most investors choose. However, you will incur a certain transaction fee. The transaction fee and reliability vary depending on the exchange.
Remitano is one of the top-tier cryptocurrency exchanges in Vietnam today. After many years of operation, Remitano has established a reputable brand with customers. The platform offers a relatively low buy and sell price spread, high security, supports many banks such as Agribank, BIDV, Vietcombank… ensuring maximum convenience and safety for customers.
Through a third party
Trading via a third party, also called black market, has the advantage of no or very little transaction fee as the buy/sell is conducted through a third person or directly between buyer and seller. Black markets or intermediary markets are very easy to find on Facebook through forums, groups… however, the advice for you is to limit the use of this method as much as possible because it is not guaranteed in terms of safety and has risks of scams… especially for beginners like us.
Guide to Ethereum transaction process for beginners on Remitano
First, you need to register a bank account (Agribank, BIDV, Vietcombank…) that has Internet Banking function.
Create an Ethereum wallet address
ETH is a digital currency, and as money, it needs to be stored in a wallet, with two types of wallets you can choose from: hardware wallets (cold wallets) and software wallets. These two types of wallets have their own advantages and disadvantages, specifically:
Hardware/Cold Wallets
These are software you can use to store and exchange cryptocurrencies without internet connection. You can receive money from anyone at any time. Thanks to offline operation, cold wallets have very good security, protecting your assets from hackers. Therefore, hardware/cold wallets are the top choice for investors to store large amounts of money. Examples include Ledger Nano S, Trezor… which are currently the safest and most reputable wallets.
Software / Hot Wallets
Similar to hardware wallets, software wallets are used to store and exchange cryptocurrencies but supported by the Internet, so these wallets can help you make payments and transactions at any time of the day. Convenient as it is, due to internet connection, the security of software/hot wallets is very poor. If attacked by hackers, your assets could be stolen. Therefore, this type of wallet is only suitable for small amounts of money that you need to use flexibly and frequently. Examples include Jaxx, Mycelium… which are among the best wallets today.
How to register a Remitano account
Currently there are many exchanges that allow you to buy and sell ETH, but in this article, vietnam – ustrade.org will introduce and guide you how to register and trade ETH on Remitano specifically:
Step 1: Prepare your “profile”
- Your personal Email address.
- Photos of both sides of your identity card/citizen ID card.
- Photo of your driver’s license or passport.
- An account with Internet Banking functionality.
Step 2: Register a Remitano account
First, visit the Remitano homepage
Next, click on Sign Up/Register.
You can sign in with Google or Facebook but it’s best to use your email address.
Enter your email address then click “Continue”
Remitano will send a link to your email, open the email and click on “Log in to Remitano”.
Immediately you’ll be taken to the page to enter your nickname, type your nickname without spaces and accents.
Now, your account registration is complete, next, you need to verify and activate the Authy security mode for your account.
Step 3: Verify and secure your account
Log into your Remitano account and go to Settings
Then click “Activate” in the Authy security section.
The page will give you a verification code and QR code
For the QR code, you need to download the Google Authenticator app on your phone
Then, activate the scan QR code feature and scan the code sent by the website. From now on, every transaction Google Authenticator will send a 6-digit code for verification.
After scanning the QR code, you will have the verification code, enter it in the “Authy verification code” box
For the verification code, you should save it somewhere safe in case you lose your phone or delete the app so that you can restore your account.
Now click the “Authy Security” button to activate the security feature.
Proceed to verify your information by clicking on the “Profile” section
Enter your full name as in your identity card into the “Name” section
To verify your phone number, click “Add phone number” then enter your number (remember to select Vietnam before entering).
The page will send you a verification code of 4 digits, enter it and click “Verify”, so your phone number is verified.
To verify your identity, prepare two photos of your identity card, hold your ID card and take a clear photo of your face with your ID in hand, or a photo of your driver’s license or marriage certificate…
After preparing, click “Upload documents” and upload these documents until your status reaches 4/4.
The site will notify you when successful or if there are errors that need correction.
How to buy Ethereum on Remitano exchange
To buy Ethereum, return to “Buy/Sell menu” and select the corresponding item. Usually, transactions on Remitano are via bank. Then, you will be directed to the buy/sell page, please:
- Enter the amount of Ethereum you want to buy
- Your ETH wallet address
- Finally, select the seller.
- The site will send feedback and you have 15 minutes to complete the transaction with the seller.
Note:
- The transaction will be canceled after 15 minutes
- If you encounter issues during or after the transaction (incorrect amount, wrong content…), you can contact Remitano immediately at the right corner of the screen for support.
Conclusion
The above are the important information you need to know for using and trading Ethereum on Remitano exchange, hope this article has brought many benefits to you. Wishing you success.
