Is it possible to buy Ethereum without exchange or the need to trade? This guide explains 6 ways where you keep full control over your crypto!
Are you a cryptocurrency investor interested in buying ETH but don’t feel the urge to start trading cryptocurrency? Also, you might want to be in full control of your cryptocurrency and don’t want to trust a centralized exchange like Coinbase or Binance.
In particular, these platforms are there to hold your cryptos and private keys but unfortunately you are tight to their rules according to withdrawals, deposits, daily limits, and security policies.
Is there another way to acquire Ethereum(ETH) without signing up at an exchange first? Of course, there is! In this guide, I’ll show you the most popular ways to buy Ethereum without exchange.
Additionally, you will be able to buy Ethereum instantly, while remaining in full control and still be able to start trading the cryptocurrency markets when needed.
Best Places to buy Ethereum without Exchange
Below is a shortlist of 6 places where you can buy Ethereum(ETH) without the need to deposit or withdraw your cryptocurrency. In my opinion, these are the best platforms considered reliable and secure:
- Coinmama – One of the oldest and most trusted platforms to buy cryptos like Ether from anywhere in the world.
- Changelly – An instant cryptocurrency exchange that allows to buy or sell Ethereum fast where you are in full control.
- PayBis – A modern instant crypto exchange specialized in very quick transfers by using credit or debit card.
- Ledger Nano – Cryptocurrency hardware wallet(offline) that uses a built-in app to buy Ethereum without the need of moving them elsewhere
- Trust Wallet – Multi-currency software wallet that uses a built-in exchange to buy or sell cryptocurrencies.
- Atomic Wallet – Another multi-currency software wallet that uses a built-in exchange to buy or sell cryptos.
How does this all work?
It’s no secret, being an investor in the cryptocurrency space comes with some risks. Also, if you are able to protect yourself, the rewards can be very good, in fact, they can be life-changing if bought at the right time!
In general, to be safe and in full control, buying cryptocurrency this way involves two steps. First, you have to get yourself a proper cryptocurrency wallet that holds your private keys. Additionally, there are two options: software wallets and hardware wallets.
Secondly, after setting up a proper wallet, you can go to the platforms summed up in the list above. In addition, you perform the requested transaction at their platform by buying some cryptocurrency. Moreover, these platforms use a very simple procedure when buying crypto that is very straightforward. During this procedure, it’s very important to give your public key which the platform will use to send your newly bought Ethereum. That’s all, very simple, isn’t it?
How do I cash out on Ethereum?
This is a very good question if you want to sell ETH but don’t have them available in a custodian wallet on a cryptocurrency exchange. In the list above you have 1 platform that gives you the option to sell Ethereum for fiat instantly: Changelly.
Besides, there is no one stopping you from sending your funds to Binance or Kraken where you can sell your ETH for USD or EUR.
Also, if you favor holding Ethereum in a wallet like Trust or Atomic then there is no direct fiat gateway where you can convert your Ethereum to fiat currency. Instead, you should send your ETH to a centralized cryptocurrency exchange and cash out to a bank account there. Here are some examples for exchanges and their fiat options:
- Binance – Cash out to USD, EUR, GBP and BRL
- Bitflyer – Cash out to JPY
- Coinspot – Cash out AUD
- Wazirx – Cash out INR
Buy Ethereum without Exchange: Best Platforms
As explained above, as a cryptocurrency investor you have several options in buying new cryptocurrency. Additionally, the platforms mentioned below are good examples of ways to buy any crypto without the need of trusting a third-party platform.
In general, their service is to offer speed while you keep full control of the private keys thus your newly bought cryptos!
Coinmama offers the possibility to buy or sell cryptocurrency. Buying Ethereum(ETH) is possible without going to exchange first. They are a known player in the crypto space and have been there since 2013.
To buy Ethereum instantly, you can do it from within their platform and they choose the exchanges with the lowest exchange rate. It doesn’t matter where you are located in the world, because their platform offers you to trade from anywhere.
Ways To buy Ethereum on Coinmama
1. Credit/ Debit card
If you don’t have a credit card but want to buy crypto, there is the possibility to buy it with a debit card. Currently, Coinmama accepts payments with Visa and Mastercard. Other payment options like Paypal, American Express, or Discover aren’t accepted yet.
I think it’s important to know that when buying with a credit or debit card, you have to pay a small fee due to the commission by VISA or Mastercard. The Ether you are trying to purchase will be sent to you in a few minutes once your account is verified. Coinmama offers industry-leading purchase limits.
2. Bank account
If you are living in the European Union or Great Brittan then there is another option for you available. It’s also possible to buy Crypto with a SEPA bank transfer. Currently, there is a limit of about 12000 USD per day but with no extra fees.
Finally, one thing I think is quite unique in their service is the offer system they have. If you want to buy a bigger amount of Ethereum($1000 or $3000), they come with a discount of 15% which is a limited offer. This is something I haven’t seen before on other platforms.
Next, in the list of platforms that don’t hold your private keys is PayBis. This platform recently(2016) showed up in the cryptocurrency space and their service is mostly targetted on buying or selling crypto quickly.
In fact, this platform is probably the best option if you want to buy crypto like Ethereum fast. On their website, they claim that this process can be done in just 15 minutes. In general, this is how it works:
- Create an Ethereum wallet. If you don’t have one yet, check the wallets mentioned earlier in this guide.
- Start a new transaction on the PayBis platform.
- Enter your public key(ETH address) and pay with a credit card.
- Within 15 minutes you will receive Ethereum in your wallet.
Features of PayBis platform
Although their services are aimed at acquiring cryptocurrency fast, also PayBis has different features to offer. Firstly, it’s possible to buy up to $20000 worth of crypto in a single transaction. Moreover, it comes with a monthly limit of $50000.
Furthermore, their services are on a global scale and not limited to western countries only. Finally, the support on this platform is available 24 hours a day and will help you with questions or urgent problems.
Alternative ways to Buy Ethereum
Last but not least, I want to mention that besides credit cards, they also offer to buy ETH with Skrill, Neteller, Payeer, and Advanced cash.
Another option to buy Ethereum without exchange is Changelly . Changelly is an instant cryptocurrency exchange that allows to exchange crypto fast and buy Bitcoin(BTC), Ethereum(ETH), Polkadot(DOT) for USD and EUR. The service mechanism searches for the best crypto-to-crypto rates and supports over 130 cryptocurrencies available for exchanging one to another.
Changelly offers a trusted service to almost 2 Million users worldwide and without revealing user identities. They offer good security service and after you have set up an account on their platform you have to enable 2FA(2 step verification). I think this is a good thing and makes Changelly trustworthy.
Notably, fixed rates are not offered on their platform, this is because of the volatile nature of cryptocurrency. Instead, rates are tied to the latest transactions and the lowest at that time of date. The commission fee is charged at a rate of 0,5% for crypto-to-crypto swaps.
For bank transfers, they have a partnership with Simplex, Indacoin, and Moonpay. Simplex offers services for direct payment with ETH, BTC, and BCH. When buying crypto this way you don’t need the double conversion which is very usual at other crypto exchanges.
Limitations for buying with fiat
Like I explained earlier, fiat transactions are handled by their partners Simplex and Indacoin. They both have some rules and regulations you should know:
- USA, Canada, and Australia
$50 limit for the first transaction made. After that, the next purchase can be done in 4 days and has a limit of $100. After 7 days the limit will be raised to $500. In one month there are no limits.
- CIS region(Russia/Ukraine/Belarus)
The first transaction has a limit of $200. For the first week, the limit is set to $2000 and for the entire month $10000.
- EU and other countries
Like the USA, Canada, and Australia. The first week has a limit of 6 payments.
- The first transaction has a minimum of $50 and a maximum of $10000
- The daily limit is set to $20000
- The monthly limit is set to $50000
Buy Ethereum without Exchange: Crypto Wallets
Purchasing Ethereum or any other cryptocurrency can also be done from within a crypto wallet. As explained above there are two types of wallets available:
- Software wallets
- Hardware wallets
In this chapter the best cryptocurrency wallets that offer a built-in exchange. In addition, your crypto should never leave the wallet where you remain in full control.
Ledger Nano hardware wallet
Indeed, if you favor being in full control of your own cryptos then the Ledger Nano hardware wallet should be it. Particularly, the Ledger Nano wallet is a USB storage wallet with Bluetooth connectivity available.
Also, this way it’s possible to store your cryptocurrencies offline which is the most secure option. Furthermore, the wallet enables users to perform a wide variety of functions, including sending and receiving Ethereum from blockchains or running third-party apps on the device.
Besides holding your crypto safe in the wallet, users can also purchase new crypto because of Ledger wallet uses a built-in exchange feature. This feature uses a third party(Coinify) so buying comes at a cost: 4.5% credit card fees or 1.7% for bank transfers.
How to buy ETH with Ledger Live App
- Set up Ledger Live with your Ledger device
- Make sure your Ledger device has the latest firmware version
- Update Ledger Live to at least version 2.5.0
- Add an account for the crypto you want to buy
- In the Ledger Live App: Click ‘Buy Crypto‘
- Now choose crytpto symbol to buy
- Add account(your Ledger public key) where the crypto should be sent to
- You can disconnect your Ledger Device here
- In Live App: Give amount to buy and click ‘Continue‘
After the purchase, the newly acquired ETH will be automatically sent to your public key address on your Ledger.
Another decentralized wallet to hold your cryptocurrency tokens is Trust Wallet. Furthermore, Trust Wallet is available for download on desktop and for mobile devices. Many cryptocurrency users favor this wallet because of its ease of use over several blockchains and the number of cryptocurrency tokens it can hold(1K+).
Trust Wallet is a multi-functional wallet and besides storing crypto or staking, it also has a built-in exchange for cryptocurrency purchases. For example, buying Ethereum can be done instantly(with a credit card) at an additional cost of 5% for the entire transaction.
Staking crypto is also a feature of this multi-functional wallet where Trust Wallet supports 9 different cryptocurrency coins.
How to buy Ethereum with Trust Wallet
Buying Ethereum without going to an exchange can be done with Trust Wallet as follows:
- Install Trust Wallet: iOS Ethereum Wallet / Android Ethereum Wallet
- Tap on ‘Buy ETH‘ and give amount
- Give credit card and finish the order
Atomic Wallet is a decentralized online cryptocurrency wallet available on desktop and mobile devices that supports more than 500 coins and tokens. The wallet is suited to crypto investors of all experiences and provides a simple, safe, and convenient means to store digital assets.
Besides storing cryptocurrency on the wallet, users can also purchase new crypto like ETH because Atomic wallet uses a built-in exchange feature. This feature uses a third party(Changelly) so buying comes at a cost: 2% additional fees at a minimum of $10 each.
All in all, Atomic wallet is a reliable solution if you favor having your cryptos accessible for regular use, on your mobile device.
Buying Ethereum without trusting an exchange can be done with Atomic Wallet as follows:
- Install Atomic Wallet for free
- Verify your Identity(KYC)
- Start buying Ethereum(credit card)
Can centralized exchanges be trusted? Do you want to get involved in cryptocurrency without being a trader? These are good questions and in this guide, I have shown you 6 ways to buy Ethereum without exchange.
Is there any downside to buying ETH or any other cryptocurrency this way? The only thing a centralized exchange has in favor is high liquidity and the possibility to buy crypto cheap.
Therefore it’s is totally up to you to decide if you are willing to risk your mighty cryptos to a ‘trusted’ third party. Again, this article shows you the way to stay in full control of your own ‘crypto money‘. Stay safe out there!
The following articles might also be a good read for you:
- Approved: Best Places to Get Ethereum Classic(ETC)
- Top 5 Do’s and Dont’s of Cryptocurrency Wallets
- How To Buy Ethereum with Bitcoin(4 Ways)
- Crypto Lending vs Staking: Which concept generates the most Passive Income?
- Confidential: Best Places to Keep my Crypto Safe
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