Ethereum Classic is another blockchain-based smart contract platform and cryptocurrency (ETC). Read our easy to understand introduction to find out how Ethereum Classic differentiates itself from its namesake predecessor.
Where to buy Ethereum Classic
Read on to find out more about Ethereum Classic in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to invest.
What is Ethereum Classic?
Understanding Ethereum Classic isn’t hard if you’re already familiar with Ethereum. In a nutshell, both currencies utilise the same smart contracts platform. However, Ethereum detractors claim that it has moved away from some of its core principals. Which is where Ethereum Classic comes in.
Members of the as yet unformed Ethereum Classic team were against a hard fork of Ethereum after an organisation built on Ethereum was hacked. But the fork happened, so the Ethereum Classic team formed and stuck with the original Ethereum blockchain, thus creating Ethereum Classic.
How does Ethereum Classic work?
Much like Ethereum, Ethereum Classic offers users a smart contract platform and distributed processing power via a virtual machine. ETC is the cryptocurrency used as payment on the network.
There’s a lot of history and much talk of the rivalry between Ethereum and Ethereum Classic within the cryptocurrency community. Whichever side you’re on you have to agree, all the controversy makes for an exciting coin.
How to buy Ethereum Classic online – step-by-step guide
Step 1. Get a suitable wallet
While it’s not as popular or widely accepted as Ethereum (ETH), there are still plenty of decent wallets that support Ethereum Classic. Here are a few of our favourites:
- Saturn Wallet: If you’re looking for a browser extension that supports ETC, look no further than the Saturn Wallet. It also allows you to access dApps on both the Ethereum Classic and Ethereum networks.
- ETC Wallet: When you need to set up a wallet in record time, head over to ETC Wallet. This is one of the easiest wallets to create and it runs on any device.
- Exodus Wallet: If you’re looking for a desktop wallet that includes extra features such as price tracking charts and multi-coin support, check out the Exodus Wallet.
Step 2. Find an Ethereum Classic exchange
Once your wallet is ready to go, you’ll need to head to an exchange to pick up some funds. There are lots of exchanges on the web, but they all have different rates and fee structures, so it’s worth having a look around before you buy. Here are a couple of our favourites:
Binance: As one of the most popular places to buy cryptocurrencies, Binance is a solid first port of call. It supports a wide range of cryptocurrencies and offers an easy-to-use interface.
Changelly: Another great place for buying crypto, whatever you’re looking for. Changelly offers dependably competitive prices, so be sure to check the going rate for ETC on Changelly before you part with your hard-earned cash elsewhere.
Step 3. Withdraw your Ethereum Classic
It’s always safer to keep your cryptocurrency funds in a wallet instead of leaving them on the exchange, so make sure you transfer your ETC as soon as you’ve acquired it.
How to trade Ethereum Classic – step-by-step guide
If you’re only interested in going down the trading route there’s really no need to set up a wallet. You’ll be speculating on the fluctuating value of your chosen crypto rather than buying it.
Step 1. Find a broker
Finding a broker shouldn’t be too difficult these days, but it’s always a good idea to shop around before signing up. Some are great for beginners while others are aimed at seasoned pros. We’ve found that eToro and Plus500 are dependable bets, regardless of your experience.
Step 2. Deposit money
After you’ve chosen your broker, you’ll need to put down a deposit. Once the deposit has cleared you can jump in and start trading. But you might want to hold your horses before risking your hard-earned cash. We recommend you take some time to familiarise yourself with any trading platform by setting up a demo account. This is a good way to experience how volatile cryptocurrencies can be and get a feel for the trading experience.
Step 3. Decide how you’d like to trade
Cryptocurrency trading can be conducted using two popular methods – spread betting and CFDs (contracts for difference). These methods are broadly similar in that they allow traders to bet on the rise or fall of an asset’s value, but there are plenty of nuanced differences. If you’re not sure which method is best for you or you’d like to know more about spreads and CFDs, we recommend researching both before deciding how you’d like to trade.
Step 4. Start trading
Whether you choose spread betting or CFDs, your task is to take decide whether you think the value of your chosen cryptocurrency will rise or fall. If you think it will rise, you should take a long position (buy) and if you think it will fall, you should take a short position (sell).
You may also want to take advantage of leveraged trading, which enables you to put down a fraction of a trade’s worth in the form of a deposit or ‘margin’. This is a popular way to boost the value of your trade but should be regarded as a high-risk strategy that’s not for everyone. The potential for big wins is very real but be aware that inflated losses are also a possibility. Savvy traders use stops to limit potential damage.