Please make sure you go back and read my article What Is A Crypto Wallet & How Do I Set It Up? if you have not already. It will explain the differences in wallet types and how to set up a Metamask wallet. While you can purchase ETH straight from your non-custodial wallet, there are typically limitations to how much you can purchase and often you’re not getting a good price execution. I prefer to purchase my ETH from a custodial wallet and then I transfer it to my Metamask wallet. I’m going to show you how to do that today.
Best Places To Buy ETH
I personally use Gemini to purchase my ETH. It was founded by the Winklevoss twins (the guys who Mark stole Facebook from) and I have had nothing bad to say about the platform so far. I personally think they should update their charts to allow for candles and studies, but I’m sure things are in the works. Nonetheless, the most popular option has been Coinbase with their recent IPO and most of my friends and family who are new into the space have opened accounts with them.
Once you have your account setup, you’re going to want to deposit however much money you’re looking to invest in that account. Normally, you do not need to wait for your finds to settle in order to make a purchase. So if you deposit $5000 today, you should be able to make a purchase of ETH immediately.
With that being said, after you purchase the ETH, it will most likely take 5–7 business days for that ETH to be available for withdrawal. That means you’re going to have to wait an entire week before you can transfer it into your Metamask account.
soooo… if you’re looking to make a purchase of something special that’s dropping soon (*hint, The Bullish Bears :)), make sure you have that ETH ready in time for the drop. It could take some time before you’re able to transfer.
Transferring Your ETH
Now that you’ve purchased your ETH, you’re going to want to transfer it to your metamask wallet so you can purchase NFT’s. The good thing is, once your ETH is ready for withdrawal, the funds are available to use almost immediately after the transfer. To transfer, go through the following steps:
- Open up your custodial wallet (Coinbase or Gemini) on your cell and go to your ETH position in your portfolio. (make sure you are near your desktop or laptop)
- Go to “withdrawal ETH” or “Send” and click to send to a wallet address. Type in the amount you’d like to transfer and then click continue. In Gemini, it will automatically open up you camera to scan a QR code.
- On your computer, go to the orange fox in the top right of your browser and click on the 3 vertical dots for Account Options.
- Click those dots and then click on Account Details. A QR code should pop up on the screen. Scan that code with your phone and viola!
- It could take a few seconds or minutes to complete the transaction on the blockchain, so please don’t be worried if you don’t see the funds immediately.
I hope this helps you get started in your NFT journey! There are so many cool projects to support right now. Not all of them will make you money, so I suggest you do your research before purchasing anything as an investment. If you’re looking for more advice in the crypto and NFT space, I run a weekly watch list that is exclusive to my Bullish Bears community. If you’re interested in learning more, please check out the project HERE! It would mean the world to me :)