How to Buy Ethereum in 2024

If you’re new to cryptocurrency investing and looking to buy Ethereum in Nigeria, this guide is designed to simplify the process for you. Ethereum, a leading smart contract platform, boasts its native token, Ether (ETH), ranking as the second most valuable cryptocurrency globally.

Follow this guide as we walk you through the process of acquiring Ethereum using Naira, leveraging the intuitive and secure services of the highly recommended cryptocurrency exchanges, Changelly and Binance.

Amongst cryptocurrency exchanges, Changelly and Binance stand out for their user-friendly interface and commitment to providing a secure environment for crypto transactions. Whether you’re new to the crypto world or a seasoned investor, both platforms offer a hassle-free environment to acquire a variety of cryptocurrencies, including the coveted Ethereum.

How to Buy Ethereum in Nigeria

1. Choose a Reliable Exchange

Nigeria boasts numerous cryptocurrency exchanges, catering to a diverse range of investors. Among native platforms, Changelly has gained popularity for its efficiency and reliability.

2. Opt for a crypto exchange

This guide will focus on Changelly and Binance due to their adoption (Changelly as a native platform and Binance as a foreign one). Also, their interfaces and commitment to providing a secure and efficient crypto-purchasing experience make them the best fit for this guide.

Buying Ethereum on Changelly- Your Local Platform

If you’re in Nigeria and want to buy Ethereum easily, Changelly is a great local option. Here’s a simple guide to help you through the process:

1. Set Your Purchase Pair

Begin your journey by selecting the cryptocurrency you wish to purchase. Choose the local currency (NGN) for the transaction and specify your country of residence. Compare the available offers, ensuring you select the one (ETH) that aligns with your preferences and requirements.

2. Provide Your Crypto Wallet Address

To ensure a successful transaction, input your crypto wallet address in the provided field. Double-check the accuracy of your unique crypto wallet address before proceeding.

3. Verify Your Identity

Changelly prioritizes the security of its users. Complete the identity verification process to safeguard your transaction and ensure a smooth and secure purchasing experience.

4. Confirm Your Payment

Verify your payment details, and rest assured that your purchased cryptocurrency will be promptly delivered to your wallet within minutes.

5. Welcome Your Crypto

Upon the successful processing of your payment, your Ethereum coins will be credited to your wallet address. Congratulations! You’ve successfully acquired Ethereum through Changelly.

Payment Methods to Buy Ethereum

Changelly provides a variety of payment methods to cater to different preferences:

• Bank Transfer
• Apple Pay and Google Pay
• Credit or Debit Card

Choose the method that best suits your needs and start with as little as 30 USD or the equivalent in Naira.

Why buy Ethereum on Changelly?

1. Secure

Changelly employs a comprehensive security approach to safeguard your crypto investments and identity. With over 2.6 million users trusting the platform monthly, you can be confident in the security measures.

2. 24/7 Support

Have questions or encounter challenges during the process? Changelly offers personal support around the clock, ensuring you have assistance whenever needed.

3. Fast

Enjoy swift transactions on Changelly. Acquire any 500+ supported cryptocurrencies within minutes, with just a few clicks, and at competitive rates.

4. All Premium Offers in One Spot

Changelly aggregates crypto offers from various fiat payment providers, ensuring you always find the most favorable deals on one centralized platform.

How to Buy on Ethereum on Binance- Your Foreign Exchange

If you’re more comfortable with an international exchange like Binance, here’s how you can buy Ethereum:

1. Sign Up
2. Go to the Binance website or get their app.
3. Sign up using your email and phone number.
4. Choose How You Want to Pay

After signing up on Binance, the next step is to choose how you want to pay for your Ethereum. Here are the options:

Click on “Buy Crypto” to see how you can buy Ethereum in Nigeria.

1. Visit the “Buy Crypto” Section: Once you’re logged into your Binance account, navigate to the “Buy Crypto” section. This is usually prominently displayed on the platform.
2. Select Your Currency: Indicate that you want to buy Ethereum and choose your local currency (Naira).

It might be a good idea to buy a stablecoin like USDT first before getting Ethereum.

Why Stablecoin? Stablecoins like USDT are pegged to the value of a stable asset, usually a fiat currency like the US Dollar. Buying a stablecoin first provides a more stable value for your initial investment.

How to buy Stablecoin:

• In the “Buy Crypto” section, select USDT as the cryptocurrency you want to purchase.
• Follow similar steps as you would for buying Ethereum.

1. Use Your credit or debit card.

Why a credit or debit card? This is often the quickest and easiest way for new users to start.

Steps:

1. Link Your Card: Add your Visa or MasterCard details to your Binance account.
2. Select Amount: Choose the amount of Ethereum you want to purchase.
3. Confirm Purchase: Follow the prompts to confirm your purchase.

2. Bank Deposit

Why Bank Deposit? For those who prefer to transfer funds directly from their bank account.

Steps:

1. Bank Transfer: Initiate a transfer from your bank account to your Binance account.
2. Deposit Confirmation: Confirm the deposit on Binance.

3. P2P Trading

Why P2P trading? Peer-to-peer trading allows you to buy Ethereum directly from other users on the Binance platform.

Steps:

1. Access P2P Platform: Navigate to the P2P trading section on Binance.
2. Choose a seller: Select a seller offering Ethereum.
3. Initiate Trade: Follow the instructions to initiate and complete the trade.

4. Use Third-Party Payment

Why Third-Party payment? Explore alternative payment options available in your region for added flexibility.

Steps:

1. Check Binance FAQ: Refer to Binance’s FAQ section to discover which third-party payment options are available in your region.
2. Select Preferred Option: Choose the third-party payment method that suits you.
3. Check Your Payment Details and Fees

Before confirming your order, it’s crucial to review all payment details and associated fees:

• Double-check Details: Ensure the payment method, amount, and other information are accurate.
• Review Fees: Note any transaction fees associated with your chosen payment method.

Store or Use Your Ethereum

Now that you’ve successfully purchased Ethereum on Binance, you have several options:

Keep it in your wallet.

Why use a Personal Wallet? A personal wallet provides extra security and control over your cryptocurrency.

Steps:

1. Withdraw to Wallet: Initiate a withdrawal from your Binance account to your personal Ethereum wallet.

Leave it in your Binance account.

Why keep it on Binance? Binance provides a secure environment, and keeping your Ethereum on the platform allows for easy trading and access.

Steps:

1. Hold in Account: Simply leave your Ethereum in your Binance account.

Exchange it for other cryptocurrencies.

Why Exchange? Diversify your investment portfolio by trading your Ethereum for other cryptocurrencies.

Steps:

1. Access Trading Platform: Navigate to the trading section on Binance.
2. Choose Trading Pair: Select the cryptocurrency for which you want to exchange Ethereum.
3. Place Order: Follow the prompts to place your exchange order.

Put it in Binance Earn for passive income.

Why Binance Earn? Binance Earn offers opportunities for passive income through various investment products.

Steps:

1. Access Binance Earn: Go to the Binance Earn section.
2. Choose Product: Select a Binance Earn product that suits your investment goals.
3. Invest Ethereum: Follow the instructions to invest your Ethereum and start earning.

Following these detailed steps, you can confidently navigate buying, storing, and utilizing Ethereum on Binance.

In a previous article, we covered the detailed steps on how to buy Bitcoin in Nigeria, providing valuable insights for readers who are exploring various cryptocurrencies. If you haven’t had the chance to read that guide yet, we highly recommend checking it out.

Acquiring Ethereum in Nigeria is now more accessible than ever with Changelly, other platforms like Yellow Card and Bundle Africa, and foreign platforms like Binance, Metamask, etc. Changelly’s user-friendly interface, commitment to security, and diverse payment options make it an ideal choice for beginners and experienced crypto enthusiasts.