Ethereum (ETH) is the second largest and second best-known cryptocurrency after Bitcoin. There are a few reasons for that: Ethereum has revolutionized the blockchain technology and is considered a pioneer for all other Smart-Contract and DApp platforms, including EOS, NEO and Tron. The cryptocurrency Ether (ETH) is used in the Ethereum network as a means of payment for transactions and has therefore of great importance for the network.
We will show you various ways how you can buy Ethereum very quickly and easily from different exchanges and brokers that we consider to be very safe and trustworthy. But before you take a look at the various instructions and tutorials on how to buy ETH at the various exchanges, you should ask yourself a very important question in advance.
Guide: Choosing the best exchange or broker
Would you like to keep the Ether (ETH) yourself and thus retain full control over your asset yourself or would you like a simpler solution and delegate the responsibility of administration to a broker? Then you also have the opportunity to invest in Ethereum CFDs. Here’s what you should think about: The basic idea of cryptocurrencies is to create a financial system that operates without middlemen and in which there are no dependencies on third parties. Accordingly, from our point of view it is generally better to manage your cryptocurrencies yourself, such as Ethereum (ETH), since only you have access to your asset via your private key.
In the past, cryptocurrency exchanges have been victims of hacker attacks, with large amounts of cryptocurrencies being stolen. From our point of view it is safer to manage your Etherby yourself. However, it can be complicated for beginners to set up and use a desktop or hardware wallet. Another special solution are cryptocurrency CFDs. Very important to know with CFDs is however that you do not own the cryptocurrency, like Ethereum, but only hold the certificate (CFD) on a rising (Long) or falling (Short) price. Because of this we would like to give you the following recommendation:
**Risk Warning: 80.6% of retail CFD accounts lose money.
**= Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Ethereum from eToro
eToro is one of the largest brokers in the world, offering outstanding security and an easy-to-use user interface. Furthermore there is a deposit insurance per customer up to 20.000€. The first step is to go to the official website of eToro.com*. When the page has finished loading, click on the button “Sign up”.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Investment limits on eToro
If you finished the registration process, you will be automatically logged into your account. At the moment your account is not verified, so there is a purchasing limit for Ethereum and all other cryptocurrencies of 2.000 Euro. In order to use the full functionality of eToro, we recommend that you identify yourself completely.
This procedure is necessary within the framework of the strict EU regulations and is necessary for all other platforms and part of the normal Ethereum purchase procedure. Verification is completely free and does not take long. Click on your profile and then on the “Edit” button. All documents that must be submitted are listed here. You can of course continue without verification and deposit 2,000 Euro directly into your account. But be aware that you can only withdraw money if you are fully identified.
Now you can deposit money. All you have to do is select “Deposit” in the lower left corner and then enter your preferred payment method. Depending on the type of deposit (see table below), the credit will be either slightly faster or slower. The deposit options and their limits are also dependent on your place of residence:
|Method of payment||Countries||Time of transfer||Maximum par transaction|
|Giropay, SOFORT||Germany||up to 1 working day||$30.000|
|Neteller||UK (Great Britain)||Immediately||$10.000|
|Skrill Limited UK||UK (Great Britain)||Immediately||$10.000|
|WebMoney||UK (Great Britain)||Immediately||$50.000|
|Virement bancaire||worldwide||Bank wire||Unlimited|
To make a deposit, simply click on “Deposit Money” and select your preferred payment method. Now you can start right away and buy Ethereum.
Buy Ether from eToro
As already described in the introduction, eToro has the special feature that the platform is both a exchange and a broker. This means that both “real” Ethereum and Ethereum CFDs can be purchased.
Buy “real” Ethereum (ETH)
In addition to Ethereum, eToro also offers other cryptocurrencies such as Bitcoin or Litecoin. Now click on the “Trade Markets” tab and then on “Crypto” and then on Ethereum. The overview is relatively self-explanatory and simple.
The letter “B” stands for buy Ethereum and “S” for sell Ether. Now click on the “B” in the column Ethereum. Now you can enter your desired amount, you can buy Ethereum worth e.g. 200€. When you have entered your value, click on Buy (don’t change any setting). Your transaction should be completed within a few seconds. Now you are the owner of your first Ether.
Buy Ethereum CFDs
Buying Ethereum CFDs on eToro is very similar to “real” Ethereum buying. This is what you need to remember: If you open a new BUY position for a cryptocurrency without leverage, you have the cryptocurrency and no Ethereum CFD. Your investment in eToro is then secured with the real asset. This means that eToro buys the cryptocurrency in your name and stores it in a separate account under your name.
To purchase Ethereum CFD you must also first click on “B” for Buy Ethereum. After that you can see the well known site:
Here you set the amount of money you want to invest in this trade as usual. Then you have to adjust the leverage multiplier “X2”. For cryptocurrencies, eToro does not currently offer any higher leverage. You should then check your Stop Loss and Take Profit settings. A stop-loss limit is very important to limit the possible risk. Then you can open the trade. This is executed immediately when the market is open.
Stop Loss means that you close a trade if the Ethereum price is a fixed market price or an amount of money you can set. Take Profit determines when your trade is automatically closed when the profit of your trade reaches the amount you have chosen. It is also important to know that overnight fees (also called rollover fees) are charged by eToro. These will appear in the pop-up window before you place your order (see screenshot).
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
The eToro Ethereum Wallet
Since March 2019 eToro offers the possibility to a few cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP) on a mobile wallet (an app). The app makes it possible to transfer your own “real” Ethereum from the exchange and send it to your own wallet.
The eToro Wallet is equipped with numerous functions that make it interesting to download the app. Thus, the eToro Wallet Ethereum makes it possible to send Ethereum to other wallets, e.g. to other crypto exchanges or to hardware wallets. In addition, the app offers the following functions:
- exchange of crypto-to-crypto
- paying in shops
- make deposits
The app is available at the Apple Store and the Google Play Store. Before you continue reading these instructions, you should first download the app from the AppStore or the Google Play Store. Once you have done this, to transfer your Ethereum to the eToro Wallet, click on the “Portfolio” window and then on “Settings”. Under “Investments” you then have the possibility to “transfer to the wallet”.
It is important to know that at this point the transfer is only possible to the eToro wallet and no other wallet (e.g. Electrum or a hardware wallet). As already described, you can only do this from the Wallet app.
According to eToro’s official information, the transfer to the eToro Ethereum Wallet may take up to one business day for the transfer to be credited by eToro. It may also take a while before the transaction is visible in the eToro Wallet, as the transaction must still be written in the Ethereum blockchain. During this processing (beyond eToro), the transaction in your account will receive the status “pending transfer”. It is also important to note that both a transfer fee is charged by eToro and a blockchain fee is incurred.
Minimum Deposits and Processing Fees
When trading on eToro, you need to be aware of the following:
- All trading accounts are in US dollars (and not euros). That’s why your deposit will be converted into US dollars immediately. This is done at the current exchange rate, but please note that there is a conversion fee.
- The minimum deposit for all deposits other than the first deposit must be at least USD 50. A minimum of 500 USD is required for deposits made by bank transfer.
- A withdrawal handling fee will be charged for withdrawals. You will see the respective withdrawal fee in the cashier area after you have entered the withdrawal amount. For payouts greater than 50 USD, this is 25 USD.
Is eToro safe and recommendable?
From our point of view, this question is very important because the management of private keys is delegated to a broker. The user gives the control over his own assets to a third party, here: eToro! This makes it all the more important that the broker is reputable and trustworthy.
This can be clearly affirmed with eToro. As a rule, customer deposits are always well secured when the respective broker is supervised by a regulatory authority. EToro is immediately controlled by supervisory authorities that are considered very accurate and strict in flare trips:
- CySEC: As eToro has part of its registered office in Cyprus, the Cypriot CySEC is responsible for monitoring.
- FCA: As eToro has also established a subsidiary in the UK, FCA in the UK is also responsible for the control of eToro.
The broker also actively protects customer deposits by keeping them separate from the company’s assets. Even if the broker were to become insolvent, the customer’s money would not flow into the insolvency estate.
Risk warning: 62% of retail CFD accounts lose money when trading CFDs from this provider.
Buy Ethereum on Kriptomat
Kriptomat is a comparatively young cryptocurrency exchange, but due to its popularity, it is experiencing increasing user numbers. On the website you can buy more than 30 cryptocurrencies directly per Euro, USD, etc. and also send them directly to an external wallet (unlike eToro). But you should know about any restrictions before you buy: You can only use the exchange if you’re from Europe, investors from the USA are not accepted on the platform.
The focus of Kriptomat is on an easy-to-use user interface that should allow even the absolute newby to buy and trade cryptocurrencies very easily. From our point of view, the exchange keeps this promise in any case and is therefore our top recommendation for beginners! As far as seriousness is concerned, Kriptomat has two licenses from the Estonian government.
Furthermore, Kriptomat offers another unbeatable advantage: the fees. In contrast to other exchanges and brokers, Kriptomat does not charge a price premium, the so-called “spread”. Your purchase price for the end user is equal to Ethereum’s spot price. Kriptomat only charges a nominal fee for each transaction. This fee is always displayed transparently during the creation of the buy order, the following table gives a good overview:
|SEPA (Euro to crypto)||1.45%||1,45 EUR|
|SEPA sell (crypto to Euro)||1,45%||1,45 EUR|
|Credit card >100 EUR||3,65 %|
|Credit card <100 EUR||variable|
Account setup and verification on Kriptomat
Kriptomat is a serious crypto exchange, which therefore complies very closely with the legal requirements of the European Union and requires extensive verification of its customers (to the same extent as eToro). To buy Ethereum on Kriptomat you first have to create an account with the exchange. To do so, go to the official website kriptomat.io* and click on the orange “Register” button. A pop-up window will open where you can enter your first and last name, an email address and a password.
Kriptomat will then send you an e-mail containing a confirmation link. Once you have clicked on the link, you can log in to your Kriptomat account using your access data. However, the registration process is not yet complete. Before you can buy Ethereum, you have to enter and verify your phone number. Kriptomat will send you an SMS containing a verification code that you enter on the website.
Due to the strict EU money laundering regulations, you must also disclose your full identity (address, ID, proof of address, etc.). To start the process, simply click on the appropriate prompt (see screenshot).
Now a new pop-up will open, in which you enter your address (street, house number, city, country). Furthermore you have to upload a photo or a scan of your passport or identity card. Kriptomat provides a very simple solution for this. You can easily continue the registration process on your smartphone via an SMS link. Just take a picture of the documents and upload them to Kriptomat.
This way you can easily take a photo of your ID (front and back) and upload it to Kriptomat. The same applies to the last step. To verify your identity, you have to take a selfie of yourself.
If you want to buy Ethereum (ETH) via SEPA bank transfer, you will need to add a bank account to your Kriptomat account in the very last step. You can then deposit money via SEPA and then buy Ethereum with your “credit”. See the other payment methods: Neteller, Skrill or credit card, you can make the payment right away. However, you should keep in mind that SEPA has the lowest fees (see fee table, above)
Once you have completed the registration process, the following purchase limits are available to you.
|Daily deposit and withdrawal via SEPA||25,000.00 EUR|
|Monthly deposit and withdrawal via SEPA||200,000.00 EUR|
|Deposit and withdrawal in cryptocurrencies||no limit|
|Daily limit for other payment methods||500.00 EUR|
|Monthly limit for other payment methods||5,000.00 EUR|
Buy Ethereum on Kriptomat
The purchase process for Ethereum (ETH) itself is really very simple and intuitive. First click on the tab “Buy/Sell” (step 1) on your account overview page and then select the tab “Buy” (step 2). Now a new area will appear where you can click on Ethereum.
Now you have four different payment methods available (step 3). While you need to add a bank account to your Kriptomat account to make a deposit via “Eur” (=EURO), i.e. SEPA bank transfer, the other three options (Credit Card, Neteller, Skrill) allow you to purchase Ethereum without having to enter any further details.
In the fourth step (see screenshot) you set the purchase amount for Ethereum (ETH). If you now click on “Buy Ethereum”, you will see the transaction fees that apply to the order and you can finally complete the purchase (“Confirm transaction”). Kriptomat will then confirm the purchase and redirect you to your “My Wallet” section. Usually, your purchase order will be processed within a few seconds and the ETH amount will be credited to your account. A good summary of the purchase process is provided in the following video tutorial:
Buy Ethereum on Litebit
Guide: How to buy ETH fast
The Ethereum trader Litebit.eu is an established broker based in the Netherlands. We have been a customer of this exchange for several years and are very satisfied with the service and the security standards.The first step is to open an account. Therefore you have to visit the litebit.eu website (click!) and register*. To register, simply click on the “Create Account” button.
As you will carry out a Fiat money transactions on your account, Litebit is legally obliged to request in advance some data necessary for the Know Your Customer process (to implement the European Union directive on anti-money laundering and anti-terror financing laws). These are so far self-explanatory.
When you have completed all the details, click on “Create account”. You will then receive an e-mail. This e-mail contains a code with which you must confirm your e-mail address.
In the next step, Litebit will ask you for your phone number and then verify it. If you click “next step” Litebit will send you a text message to the given phone number. This text message contains a unique code. You have to enter this again on the website to verify your phone number.
Finally, you have to choose a security measure. The standard security of LiteBit accounts is SMS security. However, the exchange also offers the option of securing the account with the Google Authenticator. After that you will land again on the website of Litebit. Now you can log in to your account. Click on “Log in” and log in with your previously entered data.
Purchasing limits for Ethereum at Litebit.eu
Litebit has different verification levels and associated limits on how much you can trade daily, weekly or monthly. Through the complete registration described above, you already meet the requirements for “Tier 1”. This allows you to trade 350 Euro per day, 1.050 Euro per week and 4.200 Euro per month. In order to increase these limits, you must unlock additional levels (“Tiers”). The following table shows an overview of the verification levels and the respective maximum:
Depending on the payment method, the maximum amounts also differ:
|Unverified||Tier 1||Tier 2||Tier 3|
|iDeal||0.00 €||350.00 €||500.00 €||20,000.00 €|
|SEPA||0.00 €||250.00 €||500.00 €||35,000.00 €|
|Credits||0.00 €||350.00 €||500.00 €||10,000.00 €|
|Sofort||0.00 €||100.00 €||500.00 €||1,000.00 €|
|GiroPay||0.00 €||100.00 €||500.00 €||1,000.00 €|
|Bancontact||0.00 €||350.00 €||500.00 €||10,000.00 €|
For the first level you have to enter your phone number so that you can receive a confirmation code and enter it on the website.
Level 2 is the address verification. For level 2 you have to scan the front and back of your identity card and upload it to Litebit.eu. Besides, you’ll have to prove your place of residence. This is possible, for example, via an electricity or mobile phone bill as evidence.
Level 3 is ID verification. For this last step, a Litebit employee will contact you via Skype in a video call so that you can confirm your identity with your identity card. In the last level, you can trade cryptocurrencies up to a limit of €500,000 per month.
It’s that simple: Buy Ethereum (ETH)
The actual purchase of Ethereum on Litebit is very easy to complete. Simply click on the “Buy” tab in the navigation bar and then select Ethereum. You can then choose the amount of Ethereum you want to buy. If you prefer to enter a Euro amount, use the field on the right or the suggested amounts below.
The “Receive Address” is your Ethereum Wallet address to which your ETH units are to be sent. If you are using an external wallet, enter the receiving address of the wallet in this field. If you want to use the wallet of Litebit, click on “Use Litebit Wallet” (red framed in the picture). Litebit then automatically fills the field with your Litebit Ether Wallet address.
Litebit’s wallet is safe in any case as long as you have activated SMS or 2-factor authentication via Google Authenticator and change your password regularly. However, Exchanges and Brokers have been hacked in the past and large amounts of cryptocurrencies have been stolen. As a better alternative we recommend a desktop or a hardware wallet, like the Ledger Nano S or the Trezor Hardware Wallet. In the next step we will explain how to install the MyEtherWallet (MEW).
If you have chosen the Litebit Wallet first, you only have to choose the payment method that suits you best. We recommend “SEPA Bankwire” because the fees are very low. If you choose this method, you will transfer the corresponding amount in euros to Litebit’s bank account for a specific purpose. It usually only takes 24 hours for Litebit to receive the transaction and send the Ethereum to your wallet.
Buy Ethereum from Coinmama
Create and verify an account
If you clicked on “Create Account”, you will be sent an email containing a confirmation link. You have to click on it to activate your account. Also check the spam folder, because the mail can be quickly sorted into the wrong folder.
Once you have activated your account, you will be redirected back to Coinmama.com. Now you can log in to your account. Click on “Log in to your Account” in the upper right corner or on “Log In” in the navigation bar. Now enter your username and password and log in.
On Coinmama it is also necessary to verify your identity, so you will be asked to confirm your identity next. First you have to complete your personal data with your home address, telephone number and your date of birth. You will then need to upload a copy of your front and back of your passport, driver’s license or passport. Furthermore you have to make a selfie, on which you hold up a sheet of paper, on which the current date and the name Coinmama can be clearly seen.
Once you have done this, you can click on the blue button in the bottom right corner of “Send for Approval”. Afterwards it usually takes 24 hours until your documents are verified and you can then buy Bitcoin directly. Your daily trading volume will then be 15,000 US dollars.
Good to know before buying Ether (ETH)
At Coinmama you can currently buy Ethereum and other cryptocurrencies using the following payment methods:
- Credit card
- Debit card
- Bank transfer.
Since there is no “central bank” that controls the Ethereum price, each website has the possibility to set its own Ether (ETH) price. The ETH price of Coinmama is that set by Coinmama and includes a fee of 5.90 percent. For an overview of the current market price we recommend our price overview for all cryptocurrencies.
In addition, the following additional fees may apply:
- When purchasing Ethereum by credit/debit card, the payment processor charges an additional 5.00% fee.
- There is no processing fee when purchasing by bank transfer (SEPA). For SWIFT transfers, however, an additional processing fee of GBP 20 will be charged for orders under USD 1,000. There is no charge for orders over 1,000 USD.
The following information is also good to know:
- Deposits are accepted in all major currencies, i.e. you can pay with your local currency. However, prices are always displayed in USD or EUR.
- The withdrawal of Ethereum and other cryptocurrencies is not yet possible on Coinmama (May 2019).
- The minimum amount (the minimum) for a purchase of Ethereum is currently USD 60 (or the equivalent in EUR).
Buy Ethereum on Binance
Binance is one of the world’s largest and most popular exchanges, which is not only very secure, but also particularly user-friendly. Until recently (May 2019) it was not possible on Binance to buy Ethereum directly with Euro (or US Dollar). This has changed. You now have the possibility to buy Ether by credit card or to trade ETH. We’ll show you both possibilities!
But first you have to register on Binance. To do this, click on this link (Binance.com) and register*. Unlike many other exchanges, you can verify your identity with Binance, but this is not mandatory. The limits are 2 bitcoins per day, which currently corresponds to an approximate value of just under 14,000 euros. You can therefore use all functions of Binance without verification. Nevertheless, it is highly recommended to submit the necessary documents to reach a higher limit of 100 BTC.
Buy Ethereum with credit card
The menu item for purchasing Ethereum by credit card on Binance can be found in the upper menu under “Funds” and “Buy with Credit Card“. Then you will see the following site:
It is important to know that Binance uses the third-party provider “Simplex” to process the purchase.
The purchase process is then relatively self-explanatory. In the following we have written a short summary of the individual steps:
- Choose ETH (usually already selected) and the currency you want to pay with (Euro or USD)
- Fill the fields with the personal data.
- Verify your email and phone number with a code.
- Go back to the website and click “Next”.
- Enter your credit card information.
- Upload your documents to verify your identity (front and back of your passport).
Before and after the purchase there are also some things to consider:
- The Ethereum purchase price is based on the current price and is not final, but will be calculated later! However, if the rate changes by more than +/-2.5%, you will be asked to reconfirm the transaction by email from Simplex.
- Once the payment is complete, you can check your payment status and deposit history on Simplex.
- The Simplex fee is 3.5% per transaction or USD 10, whichever is higher.
- The daily limit is 20,000 USD per user. The monthly limit is 50,000 USD per user.
- The minimum amount for a transaction is currently USD 50.
Guide: How to trade Ethereum
If you already have Bitcoin (BTC), the Binance Coin (BNB), Ripple (XRP) or Tether (USDT), you can deposit them with Binance and exchange them for Ethereum (ETH). We will show you exemplary how you can exchange Ethereum (ETH) for Bitcoin.
If you own Bitcoin (BTC) on another exchange or wallet, you can send it directly to Binance wallet address. If you don’t own Bitcoin yet, you can buy it on Litebit. During the purchase process, you simply enter the Bitcoin Wallet address of Binance so that Litebit can transfer the Bitcoin to Binance immediately after the transaction has been successfully completed.
To do this, proceed as follows: If you are logged in, you must click on “Funds” in the navigation bar and then on “Deposits“. To find out your Bitcoin Wallet address, click in the search box and type BTC and select Bitcoin.
In the following field you will be shown a BTC deposit address. You have to enter this in the field “Receive Address” on Litebit in the purchase process if you want to buy Bitcoin on Litebit and then trade it against Bitcoin.
Once your Bitcoin have arrived on Binance, there are only two small steps left to acquire Ethereum on Binance. Next to the Binance logo in the top left-hand corner, there is the menu item “Exchange” and below it “Basic“. Select this menu item. Afterwards you will see following page:
First you have to select the button “BTC” next to “BNB” (usually selected by default). In the search field (next to the red arrow (2.)) enter “ETH” for Ethereum and click on ETH/BTC (step 3). The display below the price chart then changes. Now you see the following view (below the price chart):
First you have to decide what kind of purchase you want to make. You can choose between “Limit“, “Market” and “Stop-Limit“.
A limit order is an order placed in the order book at a limit price you specify. This means that the trade will only be executed when the market price reaches your limit price. If the market price does not reach the price you set, the limit order remains open. You can delete them at any time. A “limit” order should therefore always be used when you are not in a hurry to buy or sell or want to achieve a certain price.
In contrast, a market order is executed immediately at the current market price. Accordingly, the market order is particularly suitable for beginners (see arrow number 4) and investors who want to sell or buy quickly.
Since you want to buy Ethereum and sell Bitcoin for it, you have to use the left button “Buy ETH”. In the line “Amount” you enter how much Ethereum you want to buy. The line “Price” shows how much Bitcoin you have to invest in Ether (ETH) for your desired sums (at the market price). Once you have entered everything, you can click on “Buy ETH“.
Normally within a few seconds you will see the Ethereum units on your Binance Wallet. As with Litebit we recommend to transfer the Ethereum to an external wallet – either a desktop wallet like the MyEtherWallet or even better to a hardware wallet from Ledger or Trezor. You greatly increase the security of your Ethereum, as even Binance has been the victim of a hack in May 2019 (during which 7,000 BTC were stolen).
Buy Ethereum at Bitcoin.de
Bitcoin.de is one of the largest exchanges for cryptocurrencies in Europe, based in Germany. To register click on this link (click!).
Limits on bitcoin.de
After your registration we recommend you to verify you completely, otherwise a trading limit of 2.500€ per year applies. Furthermore, you will not be able to make any transactions that exceed a value of €1,000. To identify yourself, simply click on the button “Initiate identification”. Upload all required documents such as the front and back of your identity card as well as a confirmation of residence (e.g. telephone bill). As a rule, the verification is completed within 24 hours. Once you have successfully completed this step you are ready to buy Ether.
Buy Ethereum: quick and safe
To buy ether on the platform, first click on “Marketplace“. After that the page “Buy” is important. In order to buy your Ether immediately, you must have an account with the Fidor Bank. If you already have an account with Fidor you can sell Ether directly. The corresponding amount will be debited directly from your account and you will receive the ether directly transferred to your wallet.
If you don’t have an account with Fidor Bank, you need to follow these steps to buy Ethereum: First you have to choose a suitable offer. When you have found the perfect offer click on Buy. You will then be redirected to a new page with instructions to follow. You must transfer the corresponding amount to the seller’s account. Normally this process does not take longer than 48 hours. You will then receive the Ether credited to your account at Bitcoin.de. Now you have several ways to continue working with the ether.
Either you just leave your ether on the webwallet of bitcoin.de or you pick it up and send it to your desktop or hardware wallet. We have had good experiences with the Ledger Nano S and Trezor.
If you want to send your Ether (ETH) to an external wallet, then click on “My Bitcoin.de” and then on deposits / withdrawals. Now you have to choose your ETH and click on withdrawal. Now you have to fill in all required fields and enter how much you want to withdraw. The receiving address is the receiving address of your MyEtherWallet or Ledger. To withdraw Ether you have to enter your password again.
When you’re done, click on “Checkout”. Within a few minutes your Ether will be transferred to your wallet.
Ethereum Wallet: MyEtherWallet (MEW)
When using a desktop wallet, we have had very good experiences with the MyEtherWallet. This is not only suitable for Ethereum, but also for all tokens based on Ethereum, the ERC20 tokens. We will show you briefly how to download and use it.
First you have to go to the official site and download the wallet. If you click on this link (click!) you will get to the website where you can download the wallet. The website is only available in English. However, the download and installation with our manual should not be a problem. On the homepage you should immediately see the button “Create A New Wallet“. Click this to start the download.
Before you can start, however, you will first receive an instruction on what MyEtherWallet is and what you have to pay attention to. Just click through them with “Next”. Below we have summarized the most important points:
- The MyEtherWallet (MEW) is a free, open source client interface that allows users to interact directly with the Ethereum blockchain while maintaining full control over your private key and funds. (MEW does not store the Private Keys, such as a exchange)
- This means that MEW cannot access accounts, recover keys, reset passwords or reverse transactions. If the access data is lost, it is lost forever.
- Therefore it is extremely important to keep the keys and passwords safe (on paper, not on the computer or phone).
After you have clicked through all the hints (“Get started”), you will be taken to the following page:
MyEtherWallet (MEW) offers three possibilities to create a new Ether Wallet. These are:
- via keystore file or
- by mnemonic phrase.
From the three possibilities we recommend to install the Wallet via Smartphone-App (MEWconnect). From our point of view this is the easiest, fastest and best option for the security and safekeeping of your Ether (ETH). MEW writes about the app:
MEWconnect is our accompanying mobile app for MyEtherWallet. We call it a hardware wallet without all the hardware. Now available for all Android and iOS smartphones!
The following video offers a simple (albeit English-language) manual for downloading and setting up the app. Finally, you just have to download the app (either for Apple or Android) and assign passwords as usual with any other app. It is important, as we have already written, to write the passwords and keys on a piece of paper and to keep it safe!
After you have completed the installation and registration process, we recommend that you create a backup. This is in case you lose your password or replace your smartphone. The backup still allows you to get access to your wallet via the backup phrase.
On the start screen of the smartphone app you should see a button “BACK UP” (see screenshot). Click the button:
You will then see the “Recovery Phrase” you need to recover the wallet. Write it on one or more sheets of paper and keep it safe!
To connect your MyEtherWallet to the blockchain you have to go back to the myetherwallet.com website. On the homepage you will find the button “Access My Wallet” next to the blue button “Create A New Wallet”. Click on it and you will be taken to the following page where you can connect to “MEWConnect“.
You will then be asked to scan a barcode with your MEW app to connect to the wallet. If you are still logged in, you will see a blue button “Scan to connect” on the homepage of the app. If you press this button, you can scan the barcode on the screen of your computer.
Now you are successfully connected to your MyEtherWallet and can check your account balance, send and receive transactions. Under the menu item “Send” you can select the quantity (“Amount”) and the destination address (“To Address”).
The “Receive address” you had to enter at Litebit can be found in the MEW app on the start page under “Your public Ethereum adress”. Your ETH address consists of a total of 42 hexadecimal units and always starts with 0x. Example: 0x8cf5615ce18adbf21a358df8f551ff707b71d868.
You have to copy this address and enter it at Litebit, or another broker, as “Receive Address”.
Please rate our purchase instructions here:
If you have any questions, feel free to write us a comment, we will be happy to assist you!