How to Buy Ethereum Classic in 2024 – Beginners Guide

Ethereum Classic (ETC) is the continuation of the ‘original’ Ethereum. Unlike Ethereum, Ethereum Classic retains the proof-of-work consensus mechanism and has a cap on its total supply.

If you’re interested in ETC, this guide explains how to buy Ethereum Classic in 2024. We cover the best places to invest in ETC with the lowest fees and the safest user experience.

Where to Buy Ethereum Classic – Best ETH Exchanges Reviewed

We’ll now discuss the three best places to buy Ethereum Classic in 2024. We cover fees, payments, account minimums, safety, and other important metrics.

1. MEXC – Overall Best Place to Buy Ethereum Classic in 2023 

MEXC is the best place to buy ETC tokens in 2024. It offers the lowest trading fees in the industry; buy and sell orders are processed at 0% commission. What’s more, it takes seconds to open an account. If you’re buying Ethereum Classic with another crypto, there is no KYC process.

If you want to deposit funds with fiat money, you’ll need to upload an ID verification document. The document will be verified automatically, so you’ll be good to go in minutes. MEXC supports debit/credit cards, e-wallets, and online bank transfers. The minimum fiat deposit amount is $50. Deposit fees will apply, but these are determined by the payment processor. Nonetheless, they’re displayed when setting up the order.

In addition to Ethereum Classic, MEXC supports hundreds of other cryptocurrencies. This includes the top trending cryptocurrencies like Bitcoin, BNB, Solana, Cardano, and Dogecoin. If you’re really bullish on Ethereum Classic, MEXC also offers leveraged markets. This includes perpetual ETC futures with leverage of up to 200x.

MEXC is also one of the best crypto auto trading platforms. This means you can ‘copy’ experienced traders like-for-like. MEXC also offers savings accounts, crypto loans, and a native mobile app. That said, the MEXC app is rated just 4/5 on Google Play. On the App Store, it’s rated just 2.9/5. Nonetheless, MEXC is a trusted exchange with verified proof of reserves. It’s also known for lightning-fast withdrawals.

2. Best Wallet – Decentralized Ethereum Classic Exchange With No KYC Process  

If you want to buy Ethereum Classic anonymously, check out Best Wallet. It is considered one of the best decentralized exchanges and one of the leading exchanges that don’t need KYC. Best Wallet doesn’t have an account opening process, so traders simply need to connect a wallet to the platform.

You can then swap one of the tokens in your wallet for ETC. Best Wallet uses smart contracts to execute positions. This means it doesn’t have access to your crypto wallet. Nor does it hold your tokens. Therefore, it offers a safe and private way to invest in Ethereum Classic. We also like that the ETC tokens will be transferred to your wallet instantly.

We found that the purchase process usually takes less than a minute. In terms of fees, Best Wallet has integrated liquidity protocols into its platform. This means it will execute the ETC trade at the best market rate. It doesn’t charge commissions or markups. Best Wallet can be accessed on web browsers or via the Android/iOS app.

3. Binance – Invest in ETC With Huge Liquidity and a 0.1% Commission  

Binance is also one of the best crypto exchanges to buy Ethereum Classic. With over 166 million users, this is the most popular exchange globally. Binance accepts many different payment methods and currencies. For instance, you can deposit funds instantly with a debit/credit card.

Alternatively, you can use the Binance P2P exchange, which is one of the leading peer-to-peer trading platforms. This allows users to deposit funds with a local payment method. This includes e-wallets, bank transfers, and mobile payments. Deposit fees vary depending on the method and currency. Once you’ve added funds, you can buy ETC at 0.1% commission. This amounts to just $1 for every $1,000 purchased.

Binance offers hundreds of other cryptocurrencies, so is ideal for diversification. It offers a simple investment interface for beginners and a more advanced trading platform for seasoned pros. Binance also offers a mobile app for Android and iOS. You’ll also find leveraged markets, savings accounts, and crypto loans.

How We Ranked the Best Places to Buy Ethereum Classic

Here’s how we ranked the best places to buy Ethereum Classic in 2024:

• Safety and Reputation: Not all Ethereum Classic exchanges are safe. We prioritized providers with a secure framework and established reputation. We also explored proof of reserves and account protections like two-factor authentication and IP address whitelisting.
• Fees: We focused on exchanges with low trading commissions. MEXC and Binance charge commissions of 0% and 0.1% respectively. Additionally, we assessed deposit fees when using fiat money.
• Supported Cryptocurrencies: Diversification is crucial when investing in Ethereum Classic. So we only considered exchanges offering a wide range of other cryptocurrencies.
• Deposit Methods: Many investors will be buying Ethereum Classic for the first time. Therefore, we included exchanges supporting debit/credit cards, e-wallets, and online bank transfers.
• Liquidity and Order Execution: We also looked for ETC exchanges with vast liquidity levels and fast execution speeds. This ensures you can buy ETC efficiently and quickly.
• Device Type: MEXC, Best Wallet, and Binance support desktop and mobile trading. This includes native apps for iOS and Android. As such, you can buy and sell ETC no matter where you’re located.

What is Ethereum Classic?

Ethereum Classic is a cryptocurrency and blockchain network that was founded in 2016. It claims to be the ‘original’ Ethereum, which was created a year earlier. Let’s provide some context. In 2016, the Ethereum network was hacked for $3.6 million ETH, then worth about $50 million.

Ethereum decided to ‘reverse’ the hack, which went against the ethos that ‘code is law’. Some segments of Ethereum disagreed with this strategy and hence, Ethereum Classic was created. Just like Ethereum, Ethereum Classic handles smart contracts and decentralized applications (dApps).

It’s also a decentralized ecosystem, meaning no single person or entity controls it. However, there are a couple of key differences between the two projects. First, Ethereum Classic still uses the proof-of-work consensus mechanism. In contrast, Ethereum upgraded to proof-of-stake in 2022.

Second, Ethereum Classic has a limited supply of just over 210 million ETC. This makes Ethereum Classic a deflationary asset. Ethereum, however, has no fixed limits. This means that Ethereum investors are prone to inflation. Nonetheless, Ethereum Classic is worth just a small fraction of Ethereum. Moreover, Ethereum is home to significantly more dApps than Ethereum Classic.

Ethereum Classic Use Cases

Here’s a list of Ethereum Classic’s use cases:

• Decentralized Transfers: Ethereum Classic allows users to transfer ETC tokens on a wallet-to-wallet basis. This means transfers are decentralized, as they don’t go through a third party.
• Smart Contracts: Ethereum Classic enables developers to create and deploy smart contracts. These are decentralized and trustless agreements with unlimited use cases.
• dApps: Ethereum Classic enables other projects to launch dApps on its blockchain. This provides an ecosystem for play-to-earn games, metaverses, NFTs, exchanges, and much more. Transaction fees must be paid in ETC.
• Investment Asset: Ethereum Classic is also an investment asset. its price rises and falls like any other cryptocurrency. Therefore, most people buy ETC to make money.

Is Ethereum Classic a Good Investment?

Ethereum Classic is a risky investment, like all digital assets. Returns can be significant, especially when the markets are bullish. But equally, Ethereum Classic is a volatile cryptocurrency. According to CoinMarketCap, Ethereum Classic trades 88% below its all-time high of $176.

This was achieved during the 2021 bull cycle. That said, some investors will view this as a great time to buy ETC. After all, investors can secure a much lower entry point. In addition, some investors prefer buying deflationary currencies. Ethereum Classic sits in this category, as its total supply is capped.

However, investors should consider the recent price action of Ethereum Classic. Over the prior 12 months, ETC has increased by just 11%. This is considerably weaker than the broader markets. For instance, over the same period, Ethereum has increased by almost 78%.

At just under $3 billion, Ethereum Classic has a much smaller market capitalization than Ethereum – which is valued at over $275 billion. This offers the potential for a greater upside.  Ultimately, you’ll need to consider what the future holds for Ethereum Classic. It will need to attract more developers and dApps to become relevant. This is where Ethereum Classic’s use case lies.

What is the Cheapest Way to Buy Ethereum Classic?

When exploring the cheapest way to buy Ethereum Classic, you’ll need to consider various fees. For a start, fiat payment methods like debit/credit cards and e-wallets can be costly.  Some exchanges charge 2-5% of the deposit amount.

Buying Ethereum Classic with another cryptocurrency like Bitcoin will be cheaper. However, if you don’t currently hold any cryptocurrencies, this won’t be an option. You might also consider local bank transfers. Many ETC exchanges support fee-free transfers via SEPA, ACH, Faster Payments, etc.

In addition to deposit fees, you’ll need to consider trading commissions. MEXC is the best option here; it offers 0% commission on all supported markets. Binance is also competitive, charging just 0.1%.

If you want to withdraw Ethereum Classic to a private wallet, you’ll also need to cover network fees. That said, this should cost no more than a couple of dollars.

Which is the Best Ethereum Classic Wallet?

The best wallet for Ethereum Classic depends on your requirements. First, you’ll need to choose from a custodial or non-custodial wallet.

• Custodial wallets are offered by centralized exchanges like MEXC and Binance. You won’t have access to your private keys. This means the custodian is responsible for keeping your ETC tokens safe.
• Alternatively, self-custody wallets give you full control of your private keys and ETC tokens. One of the best non-custodial wallets is Best Wallet. It comes as a mobile app for iOS and Android. Not only is Best Wallet safe but it offers a private and anonymous experience.

When choosing an Ethereum Classic wallet, you’ll need to consider security features, fees, user-friendliness, and whether it supports other cryptocurrencies.

How to Buy Ethereum Classic – Detailed Tutorial

Read on for our detailed tutorial on how to buy Ethereum Classic in 2024.

Note: For this guide, we’re using MEXC. This is because MEXC offers 0% commissions, it accepts multiple payment methods, and it has a great reputation with crypto investors.

Step 1: Open a MEXC Account

Visit the MEXC website and click on the ‘Sign Up’ button. You can open an account with an email address or a cell phone number.  Choose a strong password and click on ‘Sign Up’.

You’ll then need to verify your email or cell phone number, depending on the option you selected. Your MEXC account is now open.

Step 2: Verify Account

You can deposit crypto without verifying your MEXC account. However, if you want to buy Ethereum Classic with fiat money, a quick verification process is needed.

Select the ‘Advanced KYC’ option. Select your nationality from the drop-down list and the type of ID document you’ll be uploading. Options include passports, driver’s licenses, and ID cards.

Complete the KYC process to proceed to the next step.

Step 3: Deposit Funds

The easiest way to deposit funds on MEXC is with a debit/credit card. Although you can buy cryptocurrency directly, Ethereum Classic isn’t supported. As such, we’d suggest buying USDT. This is because you swap USDT for Ethereum Classic without paying commissions.

Hover your mouse over the ‘Buy Crypto’ button and click on ‘Debit/Credit Card’. Select your preferred currency. You’ll then be asked to choose a payment processor, such as Banxa, Moonpay, and Simplex. By default, MEXC selects the processor with the best price.

Type in the deposit amount; the minimum on MEXC is $50. After confirming the payment, it will be processed instantly. You’ll then find USDT in your MEXC account.

Step 4: Buy Ethereum Classic

The final step is to buy Ethereum Classic. Hover your mouse over the ‘Spot’ button and click on ‘Spot.

On the right-hand side, there’s a search box.

• Type in ETC/USDT. Click the result that appears.
• You’ll now see the Ethereum Classic pricing chart. Scroll down and look for the order box.
• Click on ‘Market’ and scroll the slider to 100%. This means you’re exchanging all of your USDT for Ethereum Classic.

Finally, click the ‘Buy ETC’ button. And that’s it; you’ve just invested in Ethereum Classic without paying any commission.

If you’re a long-term investor, consider withdrawing the ETC tokens to a private wallet.

Conclusion

We’ve explained the best way to buy Ethereum Classic in 2024. The process takes less than five minutes at MEXC.

You can deposit funds with a debit/credit card or e-wallet and won’t pay any trading commissions. Before investing in ETC, make sure you conduct sufficient research.

References

• https://ethereumclassic.org
• https://www.cnbc.com/quotes/ETC.CM=
• https://www.statista.com/statistics/1347421/historical-market-share-of-crypto-exchanges/
• https://www.nytimes.com/2022/10/07/business/binance-hack.html
• https://www.bloomberg.com/news/articles/2022-02-22/attacker-behind-record-2016-crypto-hack-might-have-been-found
• https://www.wsj.com/articles/more-crypto-exchanges-verify-reserves-but-questions-about-assets-remain-11670153687

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