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How to buy Ethereum Classic online
This beginners’ guide to Ethereum Classic explains everything you need to know about the cryptocurrency, including its relation to Ethereum. Read on to discover the origins of ETC, what its recent market performance looks like, and whether now is a good time to invest.
Compare where to buy Ethereum Classic, and open an account
For the best places to buy Ethereum Classic online, check out the trading platforms listed below. They offer a strong blend of low fees and high-quality customer services that is difficult to top. Otherwise, to continue learning about Ethereum Classic, read on.
How to buy Ethereum Classic online – a step-by-step guide
Step 1. Find an exchange
The easiest way to purchase Ethereum Classic is through a reliable cryptocurrency exchange. These are increasingly popular online platforms that allow you to invest in Bitcoin and altcoins like Ethereum Classic. Check out two of the top exchanges where you can find Ethereum Classic below and see which one suits your needs:
- KuCoin: If you are looking for an exchange packed with helpful tutorials and guides, KuCoin could be the service for you. The platform is beginner friendly and allows you to enter the world of cryptocurrency investment simply. Sign up with KuCoin today >
- Binance: A list of the top exchanges wouldn’t be complete without Binance. It is the largest exchange in the world, and it offers a huge range of cryptocurrencies and an industry-leading fee structure. Join Binance today >
Step 2. Sign up and fund your account
Before you do anything else, you need to sign up and validate your account – usually with a form of photo ID. Make sure you are ready to supply some basic contact details too.
Once your account is all set up, you need to add funds. The simplest method of depositing funds to a crypto exchange is a bank transfer, and handily, the vast majority of exchanges now accept fiat currency. If your exchange of choice doesn’t accept fiat money and requires a cryptocurrency deposit, simply purchase some Bitcoin from a major trading platform like Coinbase, add it to a wallet and use this to fund your account.
Step 3. Purchase
To purchase Ethereum Classic, simply search for the relevant symbol on the interface of your chosen exchange. You will find ETC in various pairs depending on the currency it is trading against. For example, if your account is funded with USD, look for the ETC/USD pair, or if your account is filled with Bitcoin, find the ETC/BTC pair. Enter the amount you want to buy, check you are happy with the price and transaction fee, then execute your transaction.
Step 4. (Optional) Get a suitable wallet
The final step in this process is considering whether a cryptocurrency wallet is right for you. These come in both digital and physical forms, and they are used to store your funds securely, protecting them from hacking or theft. Here are links to two of the top wallets around along with a description of what they have to offer:
- Ledger Nano S: This is a hardware wallet that resembles something like a USB stick. This means your coins are stored completely offline, enhancing their security and protecting you from theft. Get the Ledger Nano S right now >
- CoolWallet: CoolWallet is a physical storage facility that also has a connected app, allowing you to access your crypto funds from the comfort of your mobile device. Join CoolWallet today >
How to trade Ethereum Classic – a step-by-step guide
Step 1. Find a CFD broker
Trading requires you to open and close trades quickly and efficiently, and the best way to do this is through a broker. When trading crypto through a broker, you will be using contracts for difference (CFDs). In general, brokers are far easier to use for beginners than exchanges as they are less complex.
Most brokers offer low-to-no fee trading, and for your convenience, we have listed two of the best options below:
- eToro: As one of the world’s leading online brokers, eToro allows you to use CFDs to trade a wide variety of cryptocurrencies, and its interface is clear and user friendly. Sign up to eToro now >
- Capital.com: With artificial intelligence to help improve your trading skills, Capital.com is one of the world’s leading CFD brokers and is suitable for both beginners and experts. Sign up for Capital.com today >
Step 2. Create an account and deposit money
Get started by creating your account and providing some basic contact details and a form of photo ID if it is required. Just as you have to fund your account with an exchange, the same is true with a broker. Brokers offer a wide variety of payment methods, and some even support PayPal, but this will vary from platform to platform and you should check.
Step 3. Learn how to perform technical analysis
If you want to trade successfully, you need to gain a firm understanding of technical analysis. This involves reading price charts, identifying trends and spotting key technical indicators.
We have a short-term trading course that walks you through all of the basics, including how to form a great technical trading strategy for yourself. Check it out and get a grip on the basics before getting started.
Step 4. Decide whether to go long or short
When trading Ethereum Classic CFDs, you can go long – which is investing in the belief the asset will rise in value – or go short – which is investing in the belief an asset will fall in value. Both can be profitable in certain market conditions, and it is important to keep updated with the latest news concerning Ethereum Classic along with up-to-date price analysis.
Step 5. Start trading
Now everything is set up, you are ready to make a trade. Simply search for ETC while logged into your broker account, choose the number of tokens you want to buy or sell at a fixed price, then execute the trade.
Before getting started, it is a great idea to use a demo account first. This will allow you to trade with virtual funds, practising your trading strategies and learning the ropes before risking your capital. We highly recommend it for beginners.
Should I invest in Ethereum Classic?
Before you decide to invest any of your money into a cryptocurrency, it is crucial you take a look at the overall status of the market. If it is broadly rising, then altcoins like ETC tend to perform rather well. However, if things are heading down, altcoins typically suffer.
The main consideration you need to make is why you are choosing Ethereum Classic over Ethereum. The platform was hacked back in June 2016, and Ethereum has since become one of the biggest cryptocurrency projects on the planet, so you need to understand exactly what you are getting into.
Generally, with altcoins, the best approach is to start with a small amount of money and slowly increase your position with equal sums of money at set intervals. This is known as dollar-cost averaging and it helps insulate your investment from market volatility.
- Ethereum Classic is, by its nature, more decentralised than some of its rivals
- Despite some negative press, Ethereum Classic still has strong support
- Ethereum Classic has solid core principals based on a commitment to immutability
Finally, here are three more questions to help you decide whether to invest in Ethereum Classic.
1. Is now a good time to buy Ethereum Classic?
This really depends on what kind of investor you are. Do you want to hold ETC for the long term or trade it in the short term? If you fall into the former category, investing now could be a good move as cryptocurrencies gradually become adopted by the mainstream. While ETC might not be ETH, it has the technology and brand to continue appealing to investors well into the foreseeable future, and its price could well rise.
For short-term traders, make sure technical analysis is at the top of your to-do list. When the candlestick charts suggest a bull market, it could be the right time to buy, whereas when a bearish trend sets in, selling might be a better option.
Regardless of what you choose to do, make sure you stay up to date with the latest analysis of ETC’s performance and the wider crypto market:
Is January a good month for buying Ethereum Classic (ETC)?
2. What problem does Ethereum Classic solve, and what are its investment prospects?
Ethereum Classic is intended to maintain the integrity of the original Ethereum project. It allows developers to build innovative decentralised apps via the use of smart contracts and blockchain technology on the Ethereum network, and it is also useable as a store of value.
As we look towards the future, many feel breaking away from the conventional financial markets is imminently desirable for regular citizens. Ethereum Classic allows them to do just that, gaining democratic control of their finances without any central presiding authority governing every move.
However, there are some clear issues. Ethereum has far surpassed Etherum Classic in terms of value, and many feel its technical credentials are superior. Some feel this renders Ethereum Classic obsolete since it still uses the original blockchain with the decentralised autonomous organisation (DAO) that created so many security issues back in 2016. Check out the latest news on ETC to see how the platform is developing right now:
Leading Ethereum (ETH) mining pool introduces private transactions
Ethereum Classic price prediction ahead of the London hard fork
Ethereum and Ethereum Classic price predictions
3. Do you want to hold Ethereum Classic for the long term?
Sometimes, the best move is to hold onto your investment for a long period of time, whereas other times, buying and selling frequently to take advantage of price fluctuations works better. Here are the considerations you should make for these two different strategies.
Considerations for a long term investment strategy
For long-term investors, the most important thing is to find a low-fee exchange so you can purchase all of the ETC you like. You then may want to open a crypto wallet to store your funds in for safekeeping since you won’t be dipping into them frequently.
Considerations for a short term trading strategy
A short-term approach entails finding a CFD broker that is reliable and has the tools and charts you need to carry out effective technical analysis. Additionally, you need to make sure the fee structure is favourable since you will be incurring fees frequently while trading.
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