Can you directly buy ETH on Arbitrum? Read this guide and discover the best places to buy Arbitrum ETH without signing up at an exchange.
Arbitrum (ARB) is the native governance token of the Arbitrum blockchain, a Layer 2 scaling solution for Ethereum. In addition, there is Arbitrum ETH representing the Ethereum(ETH) token on the Arbitrum blockchain.
There are several reasons why you might want to get ETH on Arbitrum. First, Arbitrum ETH is a good investment if you believe in the long-term success of the Arbitrum blockchain. Arbitrum is one of the most promising Layer 2 scaling solutions for Ethereum, and a number of popular DApps are already using it.
Second, Arbitrum ETH can pay transaction fees on the Arbitrum network. This can be helpful if you plan to use the Arbitrum blockchain for transactions or to interact with DApps.
Finally, Arbitrum ETH can be used to participate in the Arbitrum DAO. The Arbitrum DAO is a decentralized organization that governs the Arbitrum network. By participating in the Arbitrum DAO, you can have a say in the future direction of the network.
By continuing to read this guide you’ll learn to overcome the main pitfalls in buying ETH on Arbitrum:
- The best crypto platforms to buy Arbitrum ETH
- Learn what non-custodial cryptocurrency exchanges are
- Example of how to buy Arbitrum ETH with MetaMask
Best Places To Buy Arbitrum ETH
At the time of writing, buying Arbitrum ETH or getting ETH on Arbitrum can be a real bummer. Therefore, below is a list of some reliable places where to buy Arbitrum ETH:
- ChangeNow(Non-custodial cryptocurrency exchange)
- SwapZone(Online aggregator platform)
- MetaMask(Popular Web3 wallet[fiat-to-crypto])
Later on in this guide, I’ll go into further detail on how to buy Arbitrum ETH on particular platforms. Consequently, by sharing some screenshots and data.
Arbitrum ETH and Ethereum ETH(L2 vs L1 tokens)
First of all, there is ETH on the L1 chain which is the native Ethereum token that exists on the Ethereum mainnet. It is used to pay for transaction fees and to interact with smart contracts on the Ethereum blockchain.
Arbitrum ETH on the L2 chain is a representation of ETH on the Arbitrum Layer 2 scaling solution. It is used to pay for transaction fees on the Arbitrum network and to interact with DApps on the Arbitrum blockchain.
The main difference between ETH on the L1 chain and Arbitrum ETH on the L2 chain is that Arbitrum ETH is much faster and cheaper to use. This is because Arbitrum bundles transactions together and processes them off-chain, before finalizing them on the Ethereum mainnet.
Here is a table that summarizes the key differences between ETH on the L1 chain and Arbitrum ETH on the L2 chain:
|Feature||ETH on L1-Chain||Arbitrum ETH on L2-Chain|
What is a Non-custodial Cryptocurrency Exchange?
Non-custodial cryptocurrency exchanges like ChangeNow and SwapZone are platforms that allow users to buy, sell, and trade cryptocurrencies. Additionally, without having to deposit their funds into the exchange’s custody. This means that users retain full control over their private keys and crypto assets at all times.
Non-custodial cryptocurrency exchanges work by acting as intermediaries between buyers and sellers. When a user places a trade order, the exchange matches the order with another user’s order and facilitates the trade without ever taking possession of the user’s funds.
Overall, they offer a number of advantages over traditional exchanges like Binance, including:
- Security: Users’ funds are always under their control, which makes non-custodial exchanges less vulnerable to hacks and other security breaches.
- Privacy: Non-custodial exchanges typically do not require users to create an account or provide any personal information.
How To Buy ETH on Arbitrum
Earlier in this guide, I shared a summary of platforms you can use to acquire the Arbitrum ETH tokens. Next, a more detailed look at every single crypto platform:
ChangeNow is a non-custodial cryptocurrency exchange that allows users to buy and sell cryptocurrencies without the need to create an account. Moreover, this exchange supports over 300 cryptocurrencies, including Arbitrum ETH.
To buy Arbitrum ETH on ChangeNow, simply go to the ChangeNow website and select Arbitrum ETH from the list of supported currencies. Then, enter the amount of Arbitrum ETH you want to buy and select your preferred fiat currency or payment method. ChangeNow will then provide you with an address to send your fiat currency or payment. Once your payment has been received, ChangeNow will send the Arbitrum ETH to your wallet address.
Pros of using ChangeNow:
- Non-custodial exchange: ChangeNow does not require users to create an account, so your funds are always under your control.
- Supports a wide range of cryptocurrencies: ChangeNow supports over 300 cryptocurrencies, including Arbitrum ETH.
- Fast and easy to use: ChangeNow is very easy to use, even for beginners.
Cons of using ChangeNow:
- Higher fees: ChangeNow charges higher fees than some other cryptocurrency exchanges.
- Limited payment methods: ChangeNow does not support all fiat currencies and payment methods.
Swapzone is an aggregator that compares exchange rates from over 350 cryptocurrency exchanges. This allows users to find the best possible exchange rate for the cryptocurrency they want to buy. Swapzone supports over 1,500 cryptocurrencies, including Arbitrum ETH.
To buy Arbitrum ETH on Swapzone, simply go to the Swapzone website and select Arbitrum ETH from the list of supported currencies. Then, enter the amount of Arbitrum ETH you want to buy and select your preferred fiat currency or payment method. Swapzone will then show you a list of cryptocurrency exchanges that offer the best exchange rates for Arbitrum ETH. You can then select the exchange you want to use and complete the transaction.
Pros of using Swapzone:
- Best exchange rates: Swapzone compares exchange rates from over 350 cryptocurrency exchanges, so you can always find the best possible exchange rate for the cryptocurrency you want to buy.
- Supports a wide range of cryptocurrencies: Swapzone supports over 1,500 cryptocurrencies, including Arbitrum ETH.
- Non-custodial exchange: Swapzone does not require users to create an account, so your funds are always under your control.
Cons of using Swapzone:
- Limited payment methods: Swapzone does not support all fiat currencies and payment methods.
- More complex to use: Swapzone is more complex to use than some other cryptocurrency exchanges.
MetaMask is a non-custodial decentralized wallet and is very popular in the Web3 environment. It means that you own your backup phrase and private keys, thus, you fully control your funds.
On top of that, it is a multi-coin crypto wallet that allows you to store several cryptocurrencies(like Arbitrum) in the same place. Finally, it’s free to download or install for mobile or web extensions.
How to Add Arbitrum ETH to MetaMask
Before diving into the buying process it’s important to add the ETH(arb) token first. Below are the steps you have to take to achieve this:
- Login to MetaMask first
- Find Networks and click on it
- Select a network and click Add Network button
- Choose Arbitrum from the list of Popular Networks
- Click Approve button
At this point, Arbitrum has been added to your MetaMask wallet. Moreover, it will show the ETH(arb) token by default as your first added token. Now you can find your ETH deposit address by clicking on the Ethereum token shown below:
Particularly, at MetaMask you have the option to buy with fiat currency(USD, EUR, etc). In our case, you have to click the big blue Buy ETH button. This is very straightforward where a new screen appears that asks you to choose a Payment Method. Overall, you can use a debit/credit card or Apple Pay and other options depending upon your local situation.
Finally, I want to mention that fiat-on ramps are convenient and fast, however expensive where you have to pay 3 to 5% in additional fees to third parties.
Practical Example: Buy Arbitrum ETH by Using MetaMask
Suppose you have some USDT Tether tokens in your MetaMask wallet and want to use them to buy some ETH on Arbitrum.
Consequently, here will be the steps to perform on a non-custodial exchange like ExchangeNow:
- Select USDT(erc20) as your “You Send” currency: In the ChangeNow exchange interface, choose “USDT” as the cryptocurrency you want to exchange (the “You Send” currency). Enter the amount of USDT tokens you wish to exchange for Arbitrum ETH.
- Select Arbitrum ETH as your “You Get” currency: In the “You Get” field, choose “Arbitrum ETH” as the cryptocurrency you want to receive in exchange for your ARB tokens.
- Enter your Arbitrum ETH wallet address: Provide the address of your MetaMask wallet where you want to receive the exchanged Arbitrum ETH tokens.
- Review and confirm the transaction: Carefully review the transaction details, including the exchange rate, the estimated amount of Arbitrum ETH you will receive, and any applicable fees. Once you’ve verified the information, click on the “Confirm” button to proceed with the exchange.
The steps on Metamask to finish the transaction:
- Approve the transaction in MetaMask: A pop-up window will appear in your MetaMask wallet, requesting your approval to confirm the transaction. Review the details again and click on the “Confirm” button to proceed.
- Receive Arbitrum ETH: Once the transaction is complete, the exchanged Arbitrum ETH tokens will be credited to your MetaMask wallet address. You should receive a confirmation message on both the ChangeNow website and in your MetaMask wallet.
Related: Best Places To Swap ETH for BTC
Conclusion: Best Places To Buy Arbitrum ETH
In conclusion, acquiring Arbitrum ETH presents a promising investment opportunity, especially for those who believe in the success of the Arbitrum blockchain. Its advantages over L1 tokens, such as faster transaction speeds and lower fees, make it a valuable asset for those looking to transact and interact with DApps on the Arbitrum network.
This guide highlights the convenience and security of non-custodial cryptocurrency exchanges like ChangeNow and SwapZone, where users maintain control over their assets. Furthermore, MetaMask’s role as a popular decentralized wallet provides users with an efficient means of managing and purchasing Arbitrum ETH.
While fiat on-ramps offer accessibility, it’s essential to be aware of associated fees. Overall, I hope this guide will give you a better understanding of the pitfalls associated with buying ETH on different types of blockchains. All in all, it should help you in finding the best option that suits your preferences.
📣Important: List of top Crypto Projects
|🎁 Swapzone: Find the best crypto offer|
|🚀 Bitsgap: Best Automated Trading Bots|
|💲 Nexo: Reliable Crypto Lending Platform and get $25 free Bitcoin|
***To be Profitable in the markets
Disclosure: This post could contain affiliate links. This means I may make a small commission if you make a purchase. This doesn’t cost you any more but it does help me to continue publishing cool and actual content about Bitcoin & Crypto – Thank you for your support!