Exchange Ringgit For Ethereum: All The Options
The Ethereum blockchain is growing in popularity because of the vast number of coins that can be purchased with Ether on exchanges like ForkDelta, and the growing popularity of crypto collectibles. It's smart to want to get in early, but users in Malaysia may have trouble finding reliable places to purchase Ether. We'll break down some of the best options so you can compare them. If you're trying to decide between Bitcoin and Ethereum, try this guide. This video was made with Ezvid Wikimaker.
Where Can I Purchase ETH With MYR?
- Remitano - peer-to-peer exchange where you can buy and sell ETH
- ShapeShift - integrates with MetaMask so you can exchange Bitcoin bought on sites like Coindirect and XBit Asia for Ether in your MetaMask wallet
- Luno - large community and apps for iOS and Android
- Coinhako - simple interface for buying Bitcoin and Ether
- Coinexy - budding exchange currently focused on Bitcoin, but with capabilities for Ethereum and other cryptocurrencies
How Remitano Works
How Do I Choose Which Site To Buy Ethereum From?
Most of these sites are not selling you Ether directly. Instead, they act as exchanges where you can buy and sell among other users. That's why, in general, the more users an exchange has, the better the price you'll be able to find. But if you aren't well-versed in sending money on the blockchain, it might be difficult to go from purchasing Ether to spending it. If you're planning to buy a crypto collectible like Factbar or Etheremon, it's smart to work backwards, go to that site, make sure it uses MetaMask, and make sure you can transfer to your MetaMask wallet before you buy. It's possible to send Ether from one wallet to another, but if you're new to this, keep it simple.
What is Ethereum?
In Depth
Investors in the world of crypto assets are flocking to Ethereum, the blockchain that allows for the development of decentralized applications, or dapps, that utilize smart contracts for trading fungible and non-fungible assets. While most sites where you can purchase Ether are aimed at the US market, Malaysian users have several options that don't require buying in American currency. We'll go over the different ways you can exchange Ringgit for Ether so you can find the best source for your needs.
First, let's talk about why you're looking to buy Ether, because that affects which site you should use. Many people invest in Ethereum for the same reasons they invest in Bitcoin, as an alternative currency. Those who have held onto Ether have seen its value go up, and if you're betting it will go higher, you want to get in quickly. There are even Ethereum ATMs being rolled out alongside Bitcoin ATMs in some cities, so the future looks bright for this currency.
Ethereum is useful just like Bitcoin for the purchase of alternative coins. When a company issues an I.C.O., it has options for how it will sell those assets. Many companies are attracted to Ethereum because it allows for the incorporation of smart contracts. There are many exchanges where you can purchase alternative assets using Ether.
Many companies are attracted to Ethereum because it allows for the incorporation of smart contracts.
Most new tokens on the Ethereum blockchain adhere to a standard called ERC20, a set of six functions for smart contracts that regulate how they are to operate. This can include alt coins, games, and dapps like PoWH3D and Gandhiji that promise income based on participation and referring others to the service.
ERC20 tokens are like Bitcoin and Ether in that they are fungible, meaning each one is the same. If you have two Bitcoins, and you plan to sell one, it doesn't matter which one you sell because they are worth the same amount. You can also deal in fractions of a coin just like you can with dollars and cents.
But some assets are unique, or non-fungible. ERC-721 is a standard for smart contracts dealing in digital assets that are not all the same. One popular example is Factbar, online representations of facts that are researched and verified. If you own a Factbar, you are the only person who owns it at that time, and every Factbar has its own unique value. Highly-desirable Factbars are therefore very valuable because they are rare.
But some assets are unique, or non-fungible.
Because tokens like Factbars and CryptoKitties are unique, you can't buy them on exchanges. Instead, you'll need a browser extension like MetaMask, which integrates with your browser so you can make purchases on these individual marketplaces. If this is your goal, you need to make sure that you purchase Ether from a site that can easily transfer to MetaMask.
Remitano is a simple exchange that also has apps available for Android and iOS. Remitano is a peer to peer exchange, which means you need to find a seller on their exchange, then initiate the transaction. Your Ether will be deposited into a wallet on the site, from which you can then transfer to another Ethereum wallet. You need to make this transfer before you can use your Ethereum to make purchases.
If you're interested in purchasing crypto collectibles like Factbars, or buying more obscure coins on an exchange like ForkDelta, you'll need a MetaMask wallet. MetaMask can be easily downloaded, but you'll have to transfer your funds. ShapeShift is one of the ways you can add Ether to MetaMask.
MetaMask can be easily downloaded, but you'll have to transfer your funds.
On ShapeShift, you'll see that you can exchange many cryptocurrencies and alt coins between your accounts. MetaMask makes the process simple, allowing you to do everything in your browser so you can get to using the extension to make purchases of the assets you want to buy. If you've got Bitcoin, you can exchange it for Ether. Sites like Coindirect and XBit Asia are often set up for Bitcoin before they make Ether available, so you may find more options this way, although it takes a few more steps.
If you want to buy Ether directly, Luno is another option. They have both Bitcoin and Ether for sale, and display price charts so you can see how the market has been moving. You can select your local currency to display prices correctly, deposit money into your account, then use it to buy either cryptocurrency when you see the price you want.
It's always a good idea to read up on an exchange before you deposit money. You don't want to put money into an account, only to find out later that Ether isn't yet available on that exchange, or that you can't transfer what you've purchased. There are also sites that promise to sell you Ether, but don't list any exchange information. Make sure you know as much as you can about the source before you give out your bank details.
You don't want to put money into an account, only to find out later that Ether isn't yet available on that exchange, or that you can't transfer what you've purchased.
There are many other sites that feature marketplaces for Ethereum. Coinhako, based in Singapore, has sales available in multiple currencies. Coinexy is also new to the marketplace, offering peer to peer sales and encouraging users to buy advertisements to sell their coins. Coinexy is still mostly dedicated to Bitcoin, but may grow in the future.
More popular exchanges like Luno, Remitano, and Coinhako are still the smartest bet due to the amout of sellers and their stability. These sites will all display different prices for Ether. This is because subtle changes in the price happen every day due to the market. It may not be wise to select an exchange based on who offers the best price today, because that may not be true tomorrow. Instead, you're better off deciding based on which site seems the most stable, offers more trading partners, or integrates easier with a digital wallet like MetaMask.
Over time, there will be much more integration for Ethereum in all these exchanges, and new ones will pop up as time goes on. You need to understand the risks before getting involved. But if you plan on investing in digital currency for the long haul, Ethereum is a gateway to coins, games, and unique digital assets in a growing marketplace.
