As a cryptocurrency newbie, I found buying Ethereum was quite a slow process to begin with and at times a little too complicated. The crypto markets are so volatile that by the time I was finally able to purchase some Ethereum, the price had on each occasion gone up by £20-£30.
After a long internet search on possible reputable exchanges, I decided to plumb for Cex.io purely due to their security features and legal compliance. Getting signed up required confirming email address, setting up 2FA (two factor authentication) and taking a selfie with my debit/credit card for payment verification.
Once I had completed the initial signup and payment verification, I was then able to fund my account but with a £250 per day limit (£750 per month) until I could further verify the small deposit they had made on my card. This deposit is only visible on my monthly statement, however I could call and ask the bank to give me the exact deposit amounts prior to my monthly statement being available.
My total cryptocurrency investment was going to be £750 so this was fine, the only issue at the time was that it would take three days to purchase the Ethereum due to the £250 per day limit. Not so bad if the price was falling, but for each day I waited the price of Ethereum rose by £20-£30 so I planned to buy on each deposit of £250 and got the following amounts of ETH.
27/08/2017 set a buy order instead of a market trade by mistake
28/08/2017 cancelled buy order, deposited another £250 and bought 1.74 of ETH for £500
29/08/2017 deposited another £250 and purchased .88 of ETH for £250
I now had 2.62 of ETH for my £750! although if I had waited a few days I could have gotten more as the crypto market started crashing from the 02/09/2017 due to a $13Billion sell off.
Now, the whole purpose of my investing in cryptocurrency was not to buy and sell Ethereum when it was on the up or down but to buy into ICO’s (Initial Coin Offerings) as this is where I had seen massive increases in value, some as much as 9000%.
One particular ICO, the one which made me decide to go into cryptocurrencies was Viberate. It promises to revolutionise the live music ecosystem from bookings to artist payments by use of the Vibe token. They already had a catalogue of over 120,000 artists and their white paper seemed pretty impressive so this is where I was going to invest my ETH, however not all went to plan and my portfolio changed direction which will be explained in Part 3.
Next I had to get my hard earned ETH into a personal wallet which would be used to send ETH to the ICO crowdsale address, this is due to a general rule that exchange wallets are not accepted. This was another endeavour which I will call Part 2.
In the meantime here is some interesting viewing regarding cryptocurrencies.
Please note that investing into cryptocurrencies carries a high risk due to the volatile nature of the markets, please Do Not invest what you cannot afford to lose.