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Ethereum stands as the second biggest cryptocurrency in market cap and has become a popular asset to add to an investment portfolio, along with the leading Bitcoin While it’s based on the same concept of blockchain like Bitcoin, it has a different view on how the technology can be used. Ethereum’s token, Ether, acts as the payment method which can be used to perform or execute an operation.
Read here for a full guide to Ethereum
How do I create an Ethereum wallet?
How to create an Ethereum address
Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Ethereum wallet address.
How to buy Ethereum with a credit card
- Sign up for a free Coindirect account
- Find your Ethereum Wallet and click the ‘Buy’ button in your Ethereum Wallet
- Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
- Enter EUR value of BTC you want to purchase (more than the minimum limit) or the BTC amount you want to buy and then click ‘Preview Buy’
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds)
- Type in your credit card details and pay
- You will be taken to a page to verify your transaction
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful
How to buy Ethereum from your bank account?
If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.
To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:
- Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
- Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue)
- Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
- Once the funds reflect in your ZAR wallet, go to your Ethereum wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.
How to sell Ethereum
You can sell Ethereum from your Coindirect wallet by clicking the ‘Sell’ button in your Ethereum wallet.
If you are in a SEPA region or South Africa. You can sell your Ethereum and instantly get money transferred to your Wallet (ZAR or EUR).
Credit card limits
Please note that Coindirect has limits for credit card purchases in place.
Make sure that your account is verified so that your credit card purchase limits are increased.Currently, the limits for credit card purchases are:
Unverified users – R3000/€178
Verified users – R15000/€893
Invite others to Coindirect in order to earn free Ripple (XRP) tokens. To do this, login and click the “Earn” tab. You will receive 5XRP for every person you invite who makes a transaction. Once you have earned XRP in your Ripple wallet, you can store it, transfer it to another cryptocurrency, or withdraw it for your local currency.