How to Buy Ethereum Classic in 2022 – Beginner’s Guide


Want to buy Ethereum Classic (ETC)? You will have heard of ‘normal’ Ethereum (ETH), the second-biggest crypto behind Bitcoin. But did you know that Ethereum Classic is the original Ethereum? Champions of Ethereum Classic (ETC) say it will prove safer than Ethereum (ETH) in the long-run because of its insistence on ‘unstoppable’ smart contracts.

With our reviews of one top crypto broker and three crypto exchanges, we focus on how to buy Ethereum Classic safely and simply with a regulated provider. You don’t need to understand how crypto works to reap rewards from investing in it. But here, however you choose to buy ETC, you will be going in with your eyes open.

How to Buy Ethereum Classic – Quick Steps

Want to buy cryptocurrency in 2022 with low fees and no hassle? Here’s how to buy Ethereum Classic (ETC) in less than five minutes:

  1. ✅Step 1: Open an account with eToro – Join 23m other investors and sign up with eToro. Sign in with Facebook or Google and get verified.
  2. 💳 Step 2: Deposit – You can buy Ethereum Classic with bank tra nsfer, credit/debit card and a range of e-wallets. Unlike some exchanges, eToro does not charge a deposit fee.
  3. 🔎 Step 3: Search for Ethereum Classic – eToro hosts a collection of 45 major crypto including, of course, Ethereum Classic. Quickly search using eToro’s top toolbar.
  4. 🛒 Step 4: Buy – Buy Ethereum Classic and have eToro hold it for you — or transfer it to your free eToro Money crypto wallet. Check out eToro’s free crypto Smart Portfolio and CopyTrader services.

Where to Buy Ethereum Classic

Below we tackle the question of where to buy Ethereum Classic with a review of top broker eToro and three top crypto exchanges:

1. eToro – Best Broker to Buy Ethereum Classic with Tight Spreads

eToro-logoReputable broker eToro has attracted over 23m users. Since its launch in 2006, the broker has developed a super-simple interface and a fee structure that charges just 1% commission on crypto trades. You can buy as little as $10 of Ethereum Classic. The broker supports 45+ major crypto, including DeFi coins like Aave, Metaverse coins like Decentraland and Meme coins like Dogecoin.

Particularly reassuring for crypto newcomers is that eToro offers a rare commodity in the crypto world: comprehensive regulation. eToro’s operations are overseen by the rigorous FCA in the UK, CySEC in Cyprus, ASIC in Australia and SEC/FINRA in the US. Regulation won’t stop your trades going south if the market moves against you, but it does mean you are dealing with a company you can trust. eToro’s security is tight and the broker has never been hacked.

eToro also offers a suite of free social trading facilities. Social trading is a way of supporting newcomers by giving them free ways to copy more experienced traders.

With eToro’s CopyTrader, you can pick from over 600 crypto traders and allocate funds to be used to copy their trades in real-time. You can copy as many traders as you like, and stop copying at any time. This gives the crypto newbie two benefits: i) at least some of their money is being invested by experts and ii) they can learn new trading techniques.

Similar to eToro’s CopyTrader are crypto signals, which is when crypto experts charge you for sending out messages (usually to Telegram) detailing positive trading opportunities. eToro’s solution is all in-house and automatic, which suits inexperienced traders better. Why not try both?

You can further benefit from crypto expertise by buying into one eToro’s 8 crypto Smart Portfolios. These allow you to diversify your crypto holdings according to a particular theme or strategy. These Smart Portfolios have attracted excellent twelve-month returns (see below).

Other freebies from eToro include a demo account for you to practise trading without risking any capital, a free smartphone app for crypto trading on the move, and the well-reviewed eToro Money crypto wallet, which allows you to send, receive, exchange and stake crypto.

Pros

  • Buy and sell Ethereum Classic at 1% commission
  • Free eToro Money crypto wallet and smartphone app
  • Balance your crypto investment with stocks and 250+ ETFs available
  • 23m verified users
  • Heavily-regulated
  • 45+ cryptocurrencies available
  • Social trading: Smart Portfolios and CopyTrader

Cons

  • $5 flat withdrawal fee
  • Help system is ticket-based, not phone-based

Cryptoassets are a highly volatile unregulated investment product. 

2. Crypto.com – Reputable Crypto Exchange with Beginner-Friendly Mobile App

crypto.com logo

Unlike broker Etoro, Crypto.com is a crypto exchange. Based in Singapore, an average of $1.7bn crypto business gets done every day with Crypto.com —  so be assured that this is no small-time outfit.

With Crypto.com, you can buy over 250 different crypto. Want to buy Ethereum Classic with credit card? No problem. If you want to trade on the exchange, though, you will need to invest in some stablecoins (Tether/USD Coin), Bitcoin, or the exchanges’ native crypto CRO to get started. Crypto.com charges a 2.99% fee on credit card purchases; with broker eToro, on the other hand, you can charge your account with credit card with only a currency conversion fee to worry about.

When it comes to security, Crypto.com offers the reassurance of ‘cold’ storage in partnership with big name Ledger. ‘Cold’ storage means that funds and crypto are mostly held offline so they cannot be hacked. The exchange also boasts a $750m insurance fund as back up.

Where Crypto.com stands out is in its range of crypto trading and financing options (illustrated below). These might be a little daunting to the newcomer, but are simply ways of making the best of your crypto.

You can trade on margin with Crypto.com as well as explore futures contracts. And when it comes to financing, you can earn up to 14% APY on staking crypto with no lock-in period.

Pros

  • 0.4% maker/taker fees
  • Trade over 250 crypto
  • $50 sign-up bonus
  • Free crypto wallet app
  • Instantly buy crypto with credit/debit card

Cons

  • Cannot use fiat currency on main site
  • 2.99% credit card fee

Cryptoassets are a highly volatile unregulated investment product. 

3. Coinbase – Popular Cryptocurrency Exchange with Great Newbie Options

coinbase logo

You may have heard of Coinbase because it was the first crypto exchange to go public on the stock markets with a 2021 IPO on the NASDAQ. With over 73m users, a daily trading volume of over $2bn, and 167+ crypto to choose from, California-based Coinbase is an exchange to be reckoned with.

Although it does not offer the depth of social trading facilities provided by eToro, Coinbase has an excellent reputation as being a friendly place for newcomers. With Coinbase you can earn crypto as you learn, by simply completing online learning modules. Further, you can increase your knowledge of the crypto sector by browsing Coinbase’s legendary database of crypto.

coinbase platform screenshot

As with Crypto.com, Coinbase allows you to buy Ethereum Classic with credit card as well as receive an in-house credit card with which to spend your crypto in the real world as if it were cash. Security-wise, Coinbase was among the first exchanges to keep client funds in cold storage.

Where Coinbase comes in for criticism is in its dual fee structure which mixes flat fees with commission charges. This can be confusing, as well as expensive; Coinbases charges a 3.99% fee for credit card purchases. The exchange said last year that a new fee structure would be coming soon.

Pros

  • Free Coinbase crypto wallet
  • Range of 167+ crypto to trade
  • Free crypto wallet app
  • Tradable as stock on eToro (under COIN ticker)
  • Free crypto incentives

Cons

  • Complex fee structure
  • Credit card fees: 3.99%

Cryptoassets are a highly volatile unregulated investment product. 

4. Binance – Leading Exchange to Buy Ethereum Classic with Credit Card

binance logo

Finally we look at the biggest crypto exchange of all: Binance, which boasts a daily trading volume of $11bn and a stellar range of 400+ crypto including Ethereum Classic. Because of its size, Binance can offer really low commissions on trades (0.1%). And, if you buy Binance Coin (the in-house crypto) you can get reductions on some trading fees.

Binance offers numerous ways to buy crypto including instant buy with credit card, deposit of fiat currency (as with eToro), crypto exchange and direct trade with other investors using P2P trading. Like Crypto.com, Binance’s finance options are impressive, with yield farming and crypto interest accounts allowing you to earn money from your existing crypto.

The major downsides with Binance are its lack of sovereign regulation and the complexity of its offering. To make things simple, choose the ‘Classic’ interface if you are trading via your desktop or the ‘Binance Lite’ option on the smartphone app.

Pros

  • Low trading fees (0.1% commission)
  • 400+ crypto to choose from, including ETC
  • Numerous ways to buy crypto
  • Binance ‘SAFU’ insurance fund
  • Free Binance Trust crypto wallet
  • 24/7 phone support

Cons

  • Poor regulation
  • Too many options for the crypto newcomer

Cryptoassets are a highly volatile unregulated investment product. 

What is Ethereum Classic?

Ethereum_Classic_ETC_Logo

Ethereum Classic is often described as Ethereum’s little brother. But this is misleading. ETC was created out of a hard fork out of ETH back in 2016, but Ethereum Classic is actually the original blockchain. Like Ethereum, Ethereum Classic is a decentralised blockchain in its own right with the capacity to handle smart contracts and support DApps (decentralised applications). The focus for both Ethereums is on providing a backbone for DApps, although Ethereum Classic has come to be used as a ‘store of value’ like Bitcoin.

With a market capitalisation of  just under $3.5bn, Ethereum Classic…



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