Ethereum is a cryptocurrency (digital money) that can be sent to anyone from anywhere in the world in a matter of minutes. Ethereum is one of the most popular cryptocurrencies available and is also the most widely used cryptocurrency for the depositing of funds to an online brokerage or exchange. The Ethereum cryptocurrency runs on a technology called the blockchain, in which every transaction is recorded and verified by the network. Transactions can not be declined or refunded and are very safe and secure. As well, Ethereum can be sent anywhere in the world for a very low cost as it runs on a decentralized network. There are no third parties or centralized organizations like banks or governments that facilitate transactions. More and more online trading brokerages are starting to accept Ethereum as a viable currency for depositing funds.show more
While the value of Ethereum can be represented by Dollars “$”, Euros “€”, or Pounds “£”, the cryptocurrency itself is represented by this symbol “Ξ”. Also, a more common representation of the units of Ethereum is its ticker symbol being “ETH”. Both the ticker and the symbol follow the units of Ethereum when represented. Another thing to take note is that the Ethereum cryptocurrency is actually just called “Ether”, but is often referred to as Ethereum, which is the blockchain technology platform that “Ether” is based on. As well, Ether can be broken up into many smaller units, each being called “wei”. 1 ether is equal to 1,000,000,000,000,000,000 wei or 1^18 wei. However, Ethereum is rarely represented by “wei”, but rather as “ETH” or “Ξ”.
Ethereum is an excellent form of payment as it is very fast and inexpensive to send. However, there are very few companies who actually accept it as a viable currency for payment. This includes online trading brokerages. They will accept Ethereum as a currency for deposits, but will then require it to be exchanged into another currency such as US dollars, Euros, or Pounds.
Many online trading brokers will convert Ether into their primarily supported currency which can then be used for the trading of various financial assets. However, many trading brokerages do not accept or convert the Ethereum cryptocurrency. If this is the case, Ether can be exchanged for fiat money on various other online exchanges.
One of the most attractive and unique aspects of Ethereum is that you hold and control your Ether, rather than a financial institution like a traditional bank. This allows nearly everyone the chance to hold Ethereum, including in countries where people don’t have access to a bank account. The Ether cryptocurrency can be stored in an “online wallet”, an offline “hardware wallet”, a “desktop or mobile wallet”, or on a cryptocurrency exchange. The safest option is to store your Ether on a hardware wallet, as it can not be hacked and is in your physical possession. There are no fees for holding Ether in any of these wallets and you are in full control of your money