Besides the common Bitcoin and Ether, there are more than 6,700 different cryptocurrencies that are publicly traded. Among the leading cryptocurrencies in the capitalization market is Binance coin, Tether, Uniswap, Cardano, Polkadot, Litecoin, Stellar, and XRP. Each cryptocurrency is controlled on an online platform/exchange.
Koinal.io is an online exchange that enables users to purchase cryptocurrencies and make payments through bank infrastructure. Cryptocurrency exchanges are online platforms that facilitate easy trading of cryptocurrencies for other digital assets, including fiat and digital currency. The value of the assets being traded is based on the current market prices. Among the everyday transactions supported on exchanges are fiat-to-crypto transactions and crypto-crypto trades. The commonly used form of fiat currency on exchanges are USD, EUR, GBP, and JPY. Ethereum is a blockchain technology with smart contract functionality that enables one to send cryptocurrency/ use digital money to make global payments at a fee. Ether is the cryptocurrency on Ethereum. It is identified as the second-largest cryptocurrency by market capitalization after Bitcoin,
Types of Exchanges
There are two types of cryptocurrency exchanges; centralized, decentralized, and hybrid exchanges.
Centralized Cryptocurrency Exchanges(CEX) are platforms that act as a third party between a buyer and seller by offering fiat-to-crypto or crypto-crypto trades. Almost all cryptocurrency transactions use CEX, and it is considered reliable. Examples are Coinbase, Gemini Kraken, etc.
Decentralized cryptocurrency exchanges(DEX) allow users peer-to-peer transactions without a third party. Examples are Blocknet, Airswap, io, Barterdex, etc.
Hybrid exchanges are a combination of the two-E.g. Binance, Bit-Z, HitBTC, etc.
Koinal.io is a currency-based platform; hence falls under CEX.
How to Buy Ethereum instantly on koinal.io
Koinal.io was founded in 2018, and its proprietary exchange technology enables the easy purchase of Ethereum. On this platform, the user has the freedom to select their preferred payment method when buying Ethereum, which can be bank transfers, credit and debit cards. Here are the ways of purchasing Ethereum on Koinal.io:
1) Buying ETH using Credit Card
Before getting started on any purchase, it is mandatory to have an Ethereum wallet. We’ll begin by setting up one. The digital wallet provides you an Ethereum address needed when making a purchase. You can get a digital wallet from Koinal.io or any other platform. Koinal.io platform supports credit cards issued by Visa, MasterCard, and China Union Pay.
Step 1: Create an account by Sign up on Koinal.io. After signing up, click on ‘Sign in’ using your account details.
Step 2: Upon signing in, you will be directed to the buy Ethereum page. Select the amount you wish to spend to purchase the desired currency. It is vital to confirm the latest currency exchange rates before making a purchase. Proceed to confirm the amount and move to select ‘Payment method.’
Step 3: Select ‘Credit card’, then confirm the transaction amount before clicking on ‘pay.’
Step 4: The transaction will be processed, and once concluded, you will receive a confirmation message. The purchased ETH will instantly be transferred to your digital wallet for free.
2) Buying ETH using Debit Card
Koinal.io accepts debit cards issued by Visa, MasterCard, and China Union Pay. Like the case of purchasing Ethereum using a credit card, you will need to have a digital wallet first before making payments using a debit card.
Step 1: Go to Koinal.io and follow the sign-up process. This will ask for an email address and a password. You will be asked for ID Verification which is a measure to ensure your account security. You will be directed to a Two-Step Authentication tab to ascertain that the transaction is end-to-end encrypted. Now you are all set to make a purchase!
Step 2: Select the local currency you wish to exchange for Ethereum and specify the amount of your purchase, then ‘pay.’ On the payment method, choose a debit card and Buy Ethereum.
Step 3: Upon processing the transaction, you will receive a confirmation message, and Ethereum instantly transferred to your wallet.
3) Buying ETH using Bank Transfer
You can buy Ethereum via SEPA or SWIFT bank transfer on this exchange. The surcharge fee is minimal when using bank transfers with Koinal.io.
Step 1: Log in to your Koinal.io account or create one if you don’t have an account
Here you will be asked for an email address and password. You will get a link via email to confirm and verify your account.
Step 3: On the purchase page, click ‘Buy’ then select ‘Ethereum.’ From the options, choose the amount you wish to spend, either in USD or EUR, or the quantity of ETH, then click ‘Buy ETH.’
Step 4: Select ‘Go to Payment’ then ‘Bank Transfer.’ Accept the terms by checking the boxes, then click ‘next.’ The Koinal.io account details will be provided. Be logged in to your online bank and initiate a SEPA or SWIFT bank transfer to the exchange’s bank account.
The order details and the wallet confirmation details will be shared via email, which you will need to confirm. Upon confirmation, purchased ETH will be sent to your Koinal.io digital wallet.
4) Buying ETH with Apple Pay
Koinal.io is constantly making improvements, and the Apple Pay method is one of the upcoming technologies Koinal.io is incorporating for buying ETH.
Koinal.io is an easy, safe and secure platform offering you a good experience when purchasing Ethereum or any other form of cryptocurrency. You can get the Koinal.io app from Google Play or App Store and buy Ethereum instantly.