How to Buy Ethereum in 5 Minutes without Feeling Like an Idiot

Over a course of a week I tried to get ETH by using coinbase.com as that was the suggestion everyone seems to be following. Below I show how you can actually do it in 10 minutes.

OVERVIEW: Getting Your Ethereum (ETH) in Few Simple Steps

First I will provide a simple outline of the steps that are required to do this.

  1. Get a wallet from https://www.myetherwallet.com (later MEW)
  2. Make sure that you can access your wallet ok
  3. Open an account in https://cex.io
  4. Go through the verification hoops in CEX.IO
  5. Deposit money from your credit card to CEX.IO
  6. Buy ETH with your money in CEX.IO
  7. Withdraw ETH to your wallet ID (do this with small amount first)
  8. Go back to MEW and confirm that the transaction have gone through
  9. Repeat with the actual amount you want to have in your wallet

DETAILED WALKTHROUGH: Getting Your Ethereum (ETH) in Few Simple Steps

Step 1 — Get a wallet from https://www.myetherwallet.com (later MEW)

First go to https://www.myetherwallet.com.

2. Make sure that you can access your wallet ok

Before doing anything else, let’s make sure that you can access the wallet ok. The file that you got in the last step is the UTC / JSON file in the first option, so choose that. Then you’ll be asked for your password, which is what you created in the previous step.

3. Open an account in https://cex.io

First go to https://cex.io

4. Go through the verification hoops in CEX.IO

What you’ll need for this step is:

  • mobile phone that can receive SMS
  • your ID (I used passport)
  • your credit card
  • a webcam or some other means to take a photo

5. Deposit Money from Your Credit Card to CEX.IO

Note that this might work with debit card as well. I only tried credit card so I can’t say for sure. When you add your card, you’ll first have to go through a verification step where you call your bank (or check your online statement via online banking though I think those rarely update in real-time) and they’ll let you know what is the amount in the test charge, and once you key that in to cex.io, you’re ready to go and use the card to deposit for example

6. Buy ETH with your money in CEX.IO

Now that you’ve deposited the money, you can buy your cryptocurrency (ETH or BTC and maybe). This is made very easy with CEX.IO and takes about 30 seconds to complete. Just choose the amount you want to buy and the kind of cryptocurrency you want, and that’s it.

7. Withdraw ETH to your wallet ID (do this with small amount first)

We’re getting very close now. If you had gone through as much pain as I had before getting to this point, you’re more or less sure something will still go wrong. Don’t worry, this s**t actually works.

8. Go back to MEW and confirm that the transaction have gone through

Now go back to https://www.myetherwallet.com.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Mikko

Worked with machine intelligence for 15 years, and built the interwebs for 25. Nothing here is my own.