How to Buy Ethereum in Kenya

How to Buy Ethereum via a Crypto Exchange in Kenya

👉 Ethereum is a decentralized network that may host various applications, including authentication and payment systems. One of the best ways for Kenyans to purchase and hold Ethereum is through a crypto exchange.

👉 Below we have highlighted the step-by-step process involved with acquiring Ethereum through a crypto exchange.

Determine and evaluate your level of risk

👉 Kenyans need to realize first that investing in anything, including Ethereum, is not without danger. Cryptocurrencies are especially vulnerable to price movements, although all investments include some risk.

👉 Think about the impact a few hundred words may have on the value of a cryptocurrency as Elon Musk did for Bitcoin in 2021.

👉 While Ether has produced incredible gains in the past, it has also seen massive losses, often in startlingly short periods. In particular, the price fell from almost $4,000 per coin in May 2021 to less than $1,800 in June 2021, a reduction of 60%.

👉 A very volatile scenario indicates that an investment made at the market’s top would be worth just half as much a month later.

👉 Consider your risk tolerance and the stability and diversity of your other holdings before investing in Ether. You should never risk more money than you can afford to lose, even when you are confident in your strategy. Also, remember that market conditions are never the same every day.

Evaluate and Choose a Crypto Exchange

👉 Before commencing any sort of trading activity, it is crucial to identify the trading platform that is most suited for your needs. The kind of exchange offered is a significant consideration when deciding on a cryptocurrency trading platform.

👉 Dealing platforms for cryptocurrencies might be either C2C exchanges between users or B2B exchanges between institutions trading in fiat currency.

👉 It is straightforward for investors to trade Ethereum on exchanges that deal in fiat money since Ethereum is one of the two most prominent cryptocurrencies in the world.

👉 C2C exchanges are worth a closer look for investors who want to trade multiple currencies or have the option of simply converting other currencies into Ethereum. The adaptability of C2C exchanges might be helpful for these types of investors.

👉 Many cryptocurrency traders have accounts at various cryptocurrency exchanges, both fiat, and P2P. Remember that the cryptocurrency market is highly unregulated, but innovation occurs quickly.

👉 Therefore, there may be a great chance in the market, but there may also be an increase in fraud risks.

👉 Therefore, Kenyans must be sure that the exchange site they use is legitimate. Important things to consider while thinking about making a trade include:

➡️ Where is the exchange located?

➡️ Does the exchange have regulations or a license to operate?

➡️ Is the website transparent, and does it provide the necessary information?

➡️ How does the exchange keep funds safe, or what are the options for fund security?

➡️ Is the exchange transparent regarding its management and development team?

Register an Account with the Exchange

👉 After deciding on an appropriate trading platform, the next step is to open an account with it. This process is pretty much like opening an account on a brokerage site. You must provide personal data like your name, address, SSN, and other identifying details.

👉 After learning the ropes of a website, setting up an account with that website usually does not take more than a few minutes. However, it is widespread practice for account creation to need verification before being finalized.

👉 Most markets will need you to verify your identity in some way before you can trade. You may need to provide documentation to our department so that we may verify your identity and verify that your business meets all legal standards.

👉 Depending on the exchange, the verification procedure might take an hour to two days.

Deposit funds into Your Exchange Account

👉 You must fund your cryptocurrency exchange account before you can buy Ethereum. Afterward, you can transfer money from a cheque or savings account and deposit bank wire, debit card, or even PayPal.

👉 Before you decide on a means of funding, you must investigate the fees associated with the cryptocurrency exchange. For instance, specific markets charge nothing for wire transfers, whereas debit card withdrawals may cost significantly.

👉 You may use a credit card to buy cryptocurrency on certain websites. However, credit card companies typically see purchases of cryptocurrencies as cash advances. Therefore, resist the temptation to use a credit card for such a transaction.

👉 In addition to the fees associated with the exchange, you may also be subject to a higher interest rate and cash advance fee from your credit card company.

👉 Decentralized cryptocurrency exchanges do not accept fiat currency deposits and withdrawals. Therefore, depositing funds into these C2C exchanges is more complicated.

👉 These exchanges require that you convert fiat to crypto (normally Tether – USDT) before you can purchase cryptocurrency. Since many C2C businesses accept Ethereum as a depositing currency, storing substantial amounts of it is helpful.

Buy Ethereum

👉 Simply adding funds to your account is different from purchasing Ethereum.

👉 As with any other form of investing account, you do not want to retain money that you have not invested just sitting in your wallet. So now is the time to buy Ethereum and join the cryptocurrency investment community.

👉 Stocks, mutual funds, and ETFs can be traded Monday through Friday, except on holidays.

👉 Like cryptocurrencies, Ethereum functions significantly differently, and since they are decentralized, they may be purchased and traded around the clock.

👉 In the “buy” section of your exchange, enter the Ethereum (ETH) ticker symbol along with the amount you want to purchase. If you do not want to get a complete Ethereum token or do not have sufficient cash in your account, you may buy a fraction of one.

Store your Funds Safely

👉 When you have purchased Ethereum, you must store it safely. Therefore, you should have a plan for keeping your cryptocurrency, just like you do for your cash and credit cards.

👉 Some digital money storage forms include leaving the “keys” to the coins in the account that bought them on a trading platform or exchange.

👉 However, you could remove them from the platform and store them in your own crypto wallet, either online software (a “hot wallet”) or an offline hardware wallet.

👉 A cryptocurrency wallet is a location to keep your digital money like a traditional wallet and saves actual cash while not in use.

👉 Two pieces of information, a public key (also known as a wallet address) and a private key, are required to conduct any cryptographic transaction.

👉 The equivalent of a bank account number is a public key. Your authorized recipients may then use that information to deposit or withdraw funds from your account. The wallet address is how these others see your public keys, a hashed or compressed form of your public key.

👉 Nonetheless, a private key is analogous to a password or PIN for a financial account or debit card. Kenyans must remember that cryptocurrency is not physical currency. Therefore, a wallet will never contain the purchased coins, only information regarding public and private keys.

👉 You can therefore transmit and receive Ethereum securely while protecting your private key using these keys.

👉 How you want to use your crypto will determine the crypto storage method is best for you. For example, those who want to keep Bitcoin as a long-term investment can choose a cold storage wallet for additional protection.