How to Buy Ethereum in Austria in 2024

Where to Buy Ethereum in Austria in 2024?

When it comes to profiting from crypto, you really have only two options—you can either invest or you can trade. The difference between the two is that investors invest for long-term, often months, or even years. Traders, on the other hand, trade in a much shorter period, depending on the price movement.

Investing is best done on exchanges, where you can purchase ETH coins and then transfer them to your private wallet, where they will be safe from hackers and your exchange alike. However, traders usually use brokers. 

Brokers are services that offer CFDs and other derivative products, so you wouldn’t actually buy cryptos, but rather trade contracts that use cryptos as underlying assets. The advantage here is that you don’t have to worry about storing coins. Another, bigger advantage is that you can profit even if the prices start falling, as CFDs allow you to bet on the price performance of a coin, and not depend on the actual value of the asset in your possession.

We have created a list of the best platforms to buy Ethereum in Austria in 2021, so check them out and see which one you like the most.

Step by Step Guide — How to Buy Ethereum in Austria

While we have already provided a brief explanation on how to buy ETH in Austria, we understand that the crypto industry has seen the arrival of plenty of new traders during the recent crypto bull run. So, if you are among them, and you need a bit more details on what trading/investing involves and why it should be done a certain way, here are some more detailed steps on how to buy ETH.

Step 1: Find an Appropriate Platform to Buy Ethereum

The first thing to do is to choose a platform where you will do your trading or investing. As explained previously, the type of platform you will choose will directly depend on what you wish to achieve. In other words, if you wish to trade Ethereum and earn smaller profits quickly, you can use cryptocurrency brokers. Brokers might be a better option if your strength lies in price predictions, rather than in quick reaction to the price changes.

Cryptocurrency exchanges also allow you to engage in HODLing—buying coins for the purpose of holding on to them for longer periods regardless of what happens to the price. Just remember to always use regulated platforms, as they are much more secure, and your funds are more likely to be insured.

Step 2: Registration / Create a New Account

The second step is registration. Essentially, you need to create an account in order to use the platform. This is simple enough to do, and on most platforms, you don’t even have to bother with creating your account from scratch. You can simply log in with your social media account, such as your gmail account.

After the account creation, however, you will have to verify your identity, which means going through a KYC procedure. This is not complicated, as it simply involves providing a bit more details about yourself, such as your real name, address, photo, as well as one or two official documents/bills to confirm your address and prove that you are who you claim to be.

This is necessary by law in most countries, so don’t be alarmed if the exchange or broker requests such information—this is now a norm, just like in traditional finance, and your data will be safe with the platform.

Step 3: Deposit Funds

After KYC is done, you should be able to go to the deposit page and select a payment method for funding your account. As mentioned, this will be your initial deposit that you will use for investing and trading. Hopefully, you have chosen an exchange that supports your preferred payment method. Now, all you need to do is connect it to the platform, and decide how much money to transfer. Payment methods differ from platform to platform, but credit/debit cards and bank transfers are typically always supported.

Step 4: Start Trading or Buying Ethereum

Finally, with your account created and your money deposited, you should be ready to buy some ETH. As we explained before, exchanges are the best option for investments, while brokers are typically a more superior choice if you wish to trade. However, one thing to note is that there are some brokers that offer the ability to buy coins directly, such as eToro.

Likewise, there are a few exchanges that also offer derivatives, such as futures and options. Binance is one example of such a platform, so if you wish to primarily trade, but also get a taste of investing, brokers like eToro are a good option. If you wish the opposite, you can consider using Binance.

Step 5: Optional steps

Finally, we have a few optional steps to consider, such as opening complementary positions to hedge your main investment if you go for derivatives trading. You should also consider getting a crypto wallet to store your coins away from the exchange, and be the sole person who can access them and manage them. Lastly, note that Ethereum is soon about to switch to Proof of Stake, with the launch of Ethereum 2.0, and has started offering the ability to stake—so you may lock up your coins and earn passive income, which is a much safer way to earn money without risking it in trades.