Ethereum is a decentralised, open-source blockchain network that has its digital currency called Ether or ETH. ETH is the second-largest cryptocurrency in the world by market cap. However, unlike Bitcoin, Ethereum’s intention is to be more than just a store of value or medium of exchange. Instead, Ethereum is an open-source, decentralised computing platform that can be used by developers to create and run decentralised applications (dApps) and smart contracts.

Ethereum was first launched on the blockchain in 2015 and since then it has pioneered the concept of a decentralised smart contract platform. Ethereum has stated that its goal is to become a global platform for decentralised applications.

Ether (ETH) fuels the Ethereum blockchain network and is mostly used as a method of payment for transaction fees, commonly referred to as gas fees.

You can buy Ethereum (ETH) on the Swyfxt crypto exchange. With global liquidity providers, Swyftx boasts small spreads and low trading fees.

How to Buy Ethereum in New Zealand with Swyftx?

To buy Ethereum in New Zealand, you will need to sign up for a free trading account with a registered New Zealand Ethereum Exchange platform such as Swyftx. To sign up you’ll need to provide a few details like your name, email address, phone number as well as setting a unique password. The next step is to verify your account. To verify your identity you will need to confirm your details and scan your ID (i.e. drivers license, passport etc). Most customers complete the verification step in 2 minutes or less.

Once completed, your identity will be verified and you are free to deposit NZD via bank transfer. To buy ETH, simply search for the asset, select the amount of ETH you wish to buy and confirm your purchase.

What are smart contracts?

Smarts contracts are computing programs that self execute all parts of an agreement between two parties on a blockchain. The code and agreement contained within a smart contract run on a decentralised blockchain platform like the Ethereum network. Smarts contracts were designed to reduce the need for intermediaries between contractors, therefore reducing transaction costs and improving transaction reliability. Ethereum was designed to provide a platform that allowed the execution of smart contracts using blockchain technology.

Why use Swyftx to buy Ethereum?

There is an extensive range of benefits to using the Swyftx trading platform. The platform gives you access to buy, sell and trade over 260 digital assets including Bitcoin, Ethereum, XRP and more. We offer very low fees and spreads so that when you buy, sell and trade Ethereum and other cryptocurrencies, you’ll maximise your profits. Additionally, You can create automatic ‘buy’ and ‘sell’ orders, set up recurring orders and have access to online support and integrated viewing charts.

For anyone new to the world of cryptocurrency, our demo mode lets you mock trade with artificial currency using real industry data. This will allow you to learn the markets, giving you the confidence to buy Ethereum and other cryptocurrencies for real.