Ethereum has become a significant player in the cryptocurrency market after the widespread adoption of cryptocurrencies over the past few years. Despite its investment potential, buying, storing, and managing Ethereum in several countries presents unique challenges and opportunities.
As you may know, Ethereum, often known as the “smart contract platform,” provides several options for anyone interested in the DeFi market. This article will explore the best practices for buying, storing, and managing Ethereum in Mexico, Argentina, and Colombia.
Buying, Storing, and Managing Ethereum in Mexico
Since the state does not control Ethereum and the government does not see it as an independent currency, some people in Mexico have long believed they are unstable and unreliable as a payment mechanism.
The government of Mexico does not recognize cryptocurrencies as legal cash. However, they recognize it as a valid asset class for investment reasons.
Furthermore, the government has taken a liberal stance on digital assets, approving the use of regulated exchanges to purchase and sell cryptocurrency. Here are some of the steps to follow if you plan on buying, storing, and managing Ethereum in Mexico:
- Choose a Reliable Platform to Buy Ethereum
- Create Your Account
- Deposit Funds
- Buy Ethereum
Choose a Reliable Platform to Buy Ethereum
The first step to buying Ethereum successfully in Mexico is to look for a reliable exchange. For instance, if you want to buy Ethereum via a third party or exchange, find a marketplace that connects buyers and sellers directly, like eToro.
Additionally, a cryptocurrency broker is a good option if you only want to trade Ethereum derivatives. You should also research the platform’s regulatory standing regardless of how you plan to use it. Doing so will protect you from losing money to a scam company.
Create Your Account
The next thing to do is register for an account with the selected platform. Complete the verification process as part of the Know Your Customer (KYC) requirements.
This process usually involves presenting a photocopy of your driver’s license or passport, a utility bill, and/or a copy of your most recent bank statement.
Deposit Funds
After passing the Know Your Customer checkpoint, you can make a deposit. Put money into your exchange account, preferably in Mexican Pesos (MXN) or another accepted currency.
You should have no trouble finding a platform in Mexico that accepts your preferred payment method, as most provide multiple options. In most cases, the exchange will accept bank transfers, debit cards, or other forms of payment.
Buy Ethereum
Once you have funded your exchange account, you can buy Ethereum by going to the trading section. You can choose the amount and the price at which you’d like to make your purchase.
After deciding how many ETH tokens to buy, you’ll be able to choose between the Mexican peso (MXN), the US dollar (USD), and the euro (EUR) as the payment currency. Then click buy to finalize the process.
Even though most markets offer cheap cryptocurrency trading fees, fees vary substantially depending on the platform. It can save you money if you take the time to compare them. In Mexico, the cheapest cryptocurrency exchanges charge one percent of the total value of each trade.
Buying, Storing, and Managing Ethereum in Argentina
You can complete the entire process of buying Ethereum in Argentina in about 10 minutes. While Argentina has not yet recognized Ethereum as a legal tender, the government has made no moves to prohibit anyone from using or purchasing the cryptocurrency. Since Ethereum is not illegal but also not regulated, you can use it without encountering any issues.
When it comes to using Ethereum, there are two primary platforms from which to choose. You can first try trading it on a cryptocurrency exchange. The second choice is to use a cryptocurrency broker.
A broker is a service that facilitates the buying and selling of Ethereum, though they are more commonly used to trade derivatives than actual currencies. On the other hand, cryptocurrency exchanges are for long-term investment and trading.
You can follow these steps to buy Ethereum in Argentina:
- Choose The Right Platform
- Create an Account
- Make a Deposit
- Trade or Buy Ethereum
Choose The Right Platform
Finding a reliable trading platform needs to be your primary concern. This is essential since there are numerous platforms out there. Every exchange has its deposit and withdrawal processes, cryptocurrency fees, prices, and trading pairs.
Make sure you go with the most cost-effective platform. Some of the best platforms are Bitex and SatoshiTango. Which platform you choose to use ultimately depends on personal choice. Remember that you can always join other exchanges if you wish to.
Create an Account
After deciding which platform to use, the next step is to sign up for it. Even though this is a straightforward process, you must go through the KYC (Know Your Customer) protocol to verify your identity. The approval process for your verification should take at least a day or two.
Make a Deposit
You can connect a debit or credit card associated with your bank account before you begin purchasing Ethereum. Keep in mind that the required minimum deposit varies by platform.
Trade or Buy Ethereum
When you have enough money in your account, you can now order Ethereum (ETH). You can place a “market order,” which will buy at the current market price, or a “limit order,” which will buy at a predetermined price.
Furthermore, note that there are 12 cryptocurrency ATMs in Argentina, with one in Rosario and the rest in Buenos Aires.
Buying, Storing, and Managing Ethereum in Columbia
Like the other Latin American countries, the government does not recognize Ethereum as legal tender in Colombia. However, you’re free to buy, sell, and have it. Like the other countries, you must choose the right platform, create an account, deposit funds, and proceed to buy.
In Colombia, you can purchase and sell cryptocurrencies at several exchanges. Some of the well-known platforms include eToro and Kraken. If you want to trade easily and securely, it is essential to use a reputable exchange, comply with applicable international regulations, and store your funds in a secure wallet.
Conclusion
Buying, storing, and managing Ethereum in Mexico, Argentina, and Colombia involves giving it lots of thought and following best practices to keep your money safe.
You can navigate the Ethereum ecosystem in these countries by adhering to these guidelines. Furthermore, it will help you make educated decisions that will help them safeguard and develop your investments.
