Ethereum (ETH) is the second-largest cryptocurrency by market cap, right behind Bitcoin. After getting into crypto, many people want to buy ETH along with BTC. Buying Ethereum on Binance is very simple and follows essentially the same process as buying Bitcoin. You can trade directly on Binance Official, or download the Binance Official APP to buy on your phone anytime. Apple users should first check the iOS Installation Guide to complete app installation.
Why Many People Choose to Buy ETH
Before getting into the steps, here's a quick look at why Ethereum is worth paying attention to:
- Smart contract platform: Ethereum isn't just a coin — it's the infrastructure for the entire DeFi (decentralized finance) and NFT ecosystem, with the vast majority of decentralized applications running on it
- Second-largest by market cap: Only behind Bitcoin, with excellent liquidity and deep order books on Binance
- Continuously evolving ecosystem: Ethereum's Layer 2 ecosystem, staking mechanisms, and more are constantly improving, offering long-term growth potential
- Wide utility: Any on-chain operation requires ETH for gas fees, so there's real, practical demand for ETH
Of course, investing carries risk, and ETH's price can be quite volatile, so invest according to your own circumstances.
Detailed Steps to Buy Ethereum on Binance
Step 1: Make Sure You Have USDT
The most common trading pair for ETH is ETH/USDT, so you need to have USDT ready. If you don't have any yet, you can buy it through Binance's C2C (P2P) trading with your local currency, or transfer it in from another exchange.
Step 2: Go to the ETH/USDT Trading Page
On Binance's website or app, click "Trade" > "Spot," type "ETH" in the search box, and find and click the ETH/USDT trading pair. You'll see ETH's candlestick chart and current price.
Step 3: Choose Your Order Type and Place the Order
Select "Buy" in the order area, then choose your order type:
Market buy (simplest):
- Select "Market"
- Enter the amount of USDT you want to spend in the "Total" field, e.g., 500
- Click "Buy ETH"
- The system will execute immediately at the best available price
Limit buy (lets you set a specific price):
- Select "Limit"
- Enter your desired price in the "Price" field
- Enter the amount of ETH you want in the "Amount" field
- Click "Buy ETH"
- Wait for the market price to reach your target price for automatic execution
Step 4: Confirm the Purchase
After placing the order, check its status under "Open Orders" (for limit orders) or "Order History" (for market orders). Once filled, ETH will automatically appear in your spot account.
Should You Buy ETH or BTC
This is a common dilemma for newcomers. Here's a quick comparison:
| Comparison | BTC | ETH |
|---|---|---|
| Positioning | Digital gold, store of value | Smart contract platform |
| Volatility | Relatively lower | Relatively higher |
| Upside potential | Large market cap, relatively limited room | Ecosystem growth may drive higher gains |
| Risk | Relatively lower | Relatively higher |
Many investors buy both — BTC as the "anchor" making up the larger share, and ETH as a higher-growth-potential asset taking up a portion. For example, 70% in BTC and 30% in ETH, though the exact ratio depends on personal preference.
Post-Purchase Management Tips
After buying ETH, consider the following:
- Set price alerts: In the Binance app, set price alerts for ETH so you'll be notified when it hits key levels
- Consider staking: Binance supports ETH staking, which can earn you an annual yield — great for long-term holders
- Dollar-cost averaging (DCA): Rather than buying all at once, consider buying in multiple batches at different prices to lower your average cost
- Keep records: Track every purchase's price and quantity to make it easy to calculate your profit and loss
FAQ
Q: What's the minimum amount needed to buy ETH?
A: Binance's minimum order is about 10 USDT. You don't need to buy a whole ETH — Ethereum, like Bitcoin, is divisible. Buying as little as 0.001 ETH is perfectly fine.
Q: Can I withdraw the ETH I bought to my own wallet?
A: Yes. In Binance's "Withdraw" function, select ETH, enter your wallet address, and you can transfer it out. Make sure to select the correct network (usually ERC20 for the Ethereum mainnet). Withdrawals incur a network fee.
Q: Are there other trading pairs for ETH besides USDT?
A: Yes, Binance offers ETH/BTC, ETH/USDC, and several other trading pairs. If you already hold BTC and want to swap it for ETH, you can use the ETH/BTC pair directly without first selling to USDT. However, for beginners, ETH/USDT is the most straightforward and convenient.