Buying Ethereum on Scallop Exchange
A Step by Step Guide
- How to choose a market and buy with a market order on the Scallop exchange
Ethereum has taken a lot of the spotlight in recent months, with the success of the Merge, the future is looking bright for the worlds 2nd largest cryptocurrency. So you may think that now is a good time to buy ETH, the token that underpins the Ethereum network.
Ethereum's move to proof of stake has made it a less inflationary asset, and potentially deflationary - long term this limits supply and increases price
Let's go through the step by step guide to buying some Ethereum with USDT on the Scallop exchange.
The Scallop Exchange is available here..
Step 1: You're going to first need to sign up or sign in!
Next go to the trade tab on the top left and select 'Classic'
Step 2 - Select Trade > Classic
Now we need to select the right market, so go to the markets dialogue box on the right hand side and type 'Eth', you will see all the relevant ethereum based markets. We will be buing with USDT today, so select ETH/USDT
Make sure you select ETH/USDT and not a similar market like ETHW/USDT!
Step 3: Select market ETH/USDT
step 4: Select a market order
Now we select the type of order that we want to use to purchase our Ethereum, today we will be using a 'Market order' which goes into the market and buys ethereum at the best available price.
Step 5: Enter the amount of Eth you would like to buy in USDT and press BUY
Now once you click 'Buy Eth' the 2000 USDT worth of Ethereum will be bought for you at the best market price and you will find it in your assets tab. And that's it! You have now successfully purchased ETH on the Scallop Exchange.
Congratulations, we hope you found this guide useful. Our aim at Scallop is to make investment and banking on the chain as easy as possible for every user. Please get involved on our social channels or explore Scallop learn for more guides on how to navigate the world of Defi and Crypto!