Buying ERC20 is very easy these days. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do it – that’s why we made this easy tutorial for you! It is separated into parts – just follow the one that matches your purchase method.
- Buy ERC20 with Credit Card or Debit Card
- Keep your ERC20 secure with hardware wallet
- Frequently Asked Questions about ERC20
How to Buy ERC20 with Credit Card or Debit Card?
No matter what people say, it’s easy to buy ERC20 with a credit card.
Your first step will always be buying Bitcoins or Ethereum with your credit card. They can then be converted to ERC20.
Follow these steps:
- Buy Bitcoin or Etherium at an exchange you like.
- Transfer Bitcoin or Etherium to an exchange that supports ERC20 currency.
- Finally, exchange Bitcoin or Etherium to ERC20.
Please follow our step by step guide bellow to buy ERC20.
1. Create an Account on Coinbase
To buy Ethereum from Coinbase – which you will exchange for ERC20 (ERC20) later – you have to create an account at Coinbase. Click this link here to create an account .
Click ‘sign up‘ button and fill out the form. Enter your name (it has to be exactly the same as it’s written on your photo ID), email, password and location.
Coinbase is regulated by the US government and follows strict financial rules. As such, they have to verify your identity. It takes some time and effort, however, this makes Coinbase the reputation of the must trustworthy way to convert regular currency into cryptocurrency.
Verify The Coinbase Account
Since Coinbase needs to verify your account, you have to give them your phone number, upload an image of your photo ID and verify your card (credit or debit) or back account. Only then will you be able to buy cryptocurency.
If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It is cheaper to use bank transfers, but it is slow – it can take up to a week to get your coins.
When your payment details are verified, click ‘buy/sell’ button on the top menu.
Select ‘Ethereum’, and enter how much money you want to spend/how many coins you want to buy in the windows on the bottom of the page.
Once you have done that, click the ‘Buy‘ button.
You will now have to confirm you purchase.
Do this by pressing the ‘Confirm Buy‘ button.
You now own some Ethereum. However, don’t close Coinbase yet – we’re going to use it later!
1. Create an Account on Etherdelta
Click this link to go to Etherdelta and create an account there.
Ethereum / ERC20 (which says ERC20 next to the Etherdelta logo) exchange should be pre-selected when the page opens. If it’s not, click on the coin name that’s there instead of ERC20; this will show you a drop-down menu. Find ERC20 and click it.
Note: Asking help on the Etherdelta chat channel is risking to be scammed: people will claim that they work for Etherdelta and ask for your private key to help you. These people are always scammers – never give your private key to anyone.
On the top menu, click ‘Select Account‘ and then ‘New Account‘.
You should now see your Ethereum wallet address and its private key.
Copy or write both of them down – make sure to keep them safe and don’t lose them.
Note: losing the private key may mean losing access to your coins!
Press ‘OK’ once you have noted down the information.
2. Transfer Ethereum from Coinbase to Etherdelta
Return to the Coinbase website.
Click ‘Accounts’ on the top menu bar and find your Ethereum wallet – it should be listed on the left.
Paste the Ethereum wallet address you just copied from Etherdelta into the ‘Recepient’ box.
Type in how much Ethereum you wish to transfer in the ‘Amount’ box (use the ‘use max’ option if you want to transfer everything).
Coinbase may then ask you to confirm the order with your password/phone. Follow the instructions until Coinbase confirms that the Ethereum coins have been sent.
3. Check Balance On Etherdelta
Ethereum will reach your account in a few minutes – just be patient.
4. Exchange Ethereum For ERC20 (ERC20)
Etherdelta deals with ‘gas,’ a sort of fee for computer resources miners invest to carry out your transaction. You need to adjust the ‘gas price’ on Etherdelta to make your transaction move faster!.
To do that, click the furthest button on the right on the top men, then select ‘gas price’ on the dropdown list.
A popup will open; you should type in a minimum of 30 and then click ‘Set gas price.’
Note: Gas prices are paid for all transaction, even if they fail. Low has prices mean transactions that are slow or even carry the risk of failure. It’s recommended to visit this site to keep informed on what the ‘Recommended gas price’ is at any moment. Your best choice is to set the Etherdelta gas price to be equal to the ‘Gas Price (gwei)’ number under ‘Standard (<5m)’.
Ethereum in your account will show up under ‘BALANCE’. I will have to be moved to become available to trade. Enter how much Ethereum you want to trade for ERC20 in ‘Amount’ box under ETH.
Note: Do not trade all of the Ethereum you have – you will need some to stay in the wallet for the gas fees. So if you have 10 Ethereum to trade, it would be safe to end 9.95 in the box.
Click ‘Deposit‘ once you’re satisfied with the amount.
A pop-up will notify you that the coins are on the move. You can click the link to watch the transaction go through the Ethereum blockchain.
You will be ready to trade once Ethereum has moved to the ‘Etherdelta’ column in your balance.
Take a look at the order ‘Order Book’ column. It lists the current buy and sell orders for ERC20: the red orders are people who want to sell, the green are users who want to buy ERC20.
A more detailed analysis:
ERC20/ETH – shows the ratio of one currency to the other. For example, a 0.01 in this column would mean that you can buy 1 ERC20 for 0.01 Ethereum.
ERC20 – the amount of of ERC20 that the user wants to either buy or sell.
ETH – the price of transaction in Ethereum.
EtherDelta presents you with two buying options
Buy option #1
The easiest way to buy ERC20 is to click a sell order (red), and then press ‘Buy’ in the pop-up.
Note: Scammers exist here, too. Some people will list coins at bad exchange rates – they hope to trick users into buying coins and overpaying. Check the price to see if it’s reasonable. Use a calculator to see what that rating should be when trading ERC20 for Ether.
If you don’t want to buy the full amount, you can edit the amount of ERC20 you’re buying in the ‘Amount to buy (ERC20)’ box.
A pop-up will show up with the transaction link on the blockchain if the operation is successful.
Buy option #2
This is the more advanced option – we don’t recommend it for first-time users on Etherdelta.
To buy ERC20, you should click the ‘New Order’ button. Input how much ERC20 you want to buy in the ‘ERC20’ box.
Set the buy ration in the ‘ERC20/ETH’ box. Be very careful! Etherdelta users are known for being confused by the ratios and setting horrible exchange rates.
The top buy order is a good indication of what the good going rate of trade it. In the example image the rate is 0.011 – which means that 0.011 Ethereum buying 1 ERC20 coin.
The next ETH will be automatically filled with the Ethereum cost of this transaction. Press ‘Buy’ if you think the number looks OK. The order will then be posted on the exchange. It can the be either filled by a seller or expire eventually – in which case the Ethereum will return to your balance.
Your ERC20 will soon appear in your Etherdelta wallet if you used the fist option.
If you used the second option, the ERC20 will only appear after/if someone fulfills your order!
Congratulations on the successful purchase of ERC20 (ERC20).
Secure ERC20 (ERC20) Hardware Wallet:
Cryptocurrency Exchanges are always on hackers radar, so it’s always safer to keep your cryptocurrency in a wallet.
Ledger Nano S
- Supports Multi-Currency
- Built-in Display
- Multi Apps
- Backup & Restoration
Frequently Asked Questions
Can I Buy ERC20 With PayPal?
You cannot directly buy ERC20 with PayPal at this time. If you wish to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for ERC20 by using a service like Binance.
Can I Buy ERC20 With Cash?
You cannot directly buy ERC20 with cash. Even if some ATMs support ERC20, they are less than 1% of all cryptocurrency ATMs.
If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for ERC20 using a service like Binance.
Can I Buy ERC20 With Bitcoin?
Yes, you can do that easily by using Binance to exchange bitcoins for ERC20.
Can I Buy ERC20 With Skrill
Europeans can use BitPanda to buy bitcoins or ethereum with Skrill. Ethereum or BTC can then be converted into ERC20 on Binance.
Can I Buy ERC20 With Ethereum
Yes, you can do that easily by using Binance to exchange Ethereum for ERC20.
Which is the best payment method to use?
The cheapest way to do it is to buy bitcoins with bank account (or ERC20 directly with bank account) and exchange the BTC for ERC20.
The fastest way is to buy ERC20 with a credit card, but you will be charged higher fees.
How Can I Protect ERC20 Once I Purchase It?
You should store your ERC20 in a secure wallet. Leaving ERC20 on an exchange just puts you at risk of losing money if the exchange gets hacked. Your account could also get hacked, which is why it’s important to use 2FA.
How Can I Sell ERC20 (ERC20)?
Binance and Changelly are good places to exchange your ERC20 to any other cryptocurrency. If you want to exchange it to regular currency, trader ERC20 for bitcoin and exchange BTC into dollars, euro, or other currencies.
Can I Mine ERC20 Instead Of Buying It?
You cannot mine ERC20 as it has a different network structure than Bitcoin. You can only purchase ERC20 from an exchange.