WETH is also termed Wrapped Ethereum. Basically, it is the tokenized version of Ether. The WETH (Wrapped ETH) is a cryptocurrency that enables users to place pre-authorized bids. WETH is used to buy and sell through different crypto exchanges like WazirX.
WETH and ETH are equal in value and can be exchanged directly on your crypto exchange profile. A wrapped coin is a prototype token that can be unwrapped at any time and is marked to the price of determining coin.
Mainly, every blockchain has a wrapped version of its native cryptocurrency, such as Wrapped Bitcoin, which is equivalent to BTC in terms of value. For Wrapped Ether, a smart contract replicates the price of an ETH in real-time.
As a result, you can always exchange Wrapped ETH for Ether in a 1:1 ratio. All other wrapped coins include WBTC. It can also be redeemed at any time for the original asset. Read the steps that should be followed by buying WETH.
How to buy WETH?
WETH is the very trending token in the crypto world. You can pay with cash, a credit card, or even PayPal for the transaction. Yet, there are a few rules that you need to follow while buying a WETH. Let’s begin with the step by step guide:
The transaction or purchase can be done through a debit or a credit card. Well, as per the great investors, you can purchase WETH with a credit card as it is simple. The first step should be to buy Bitcoins or Ethereum with a preferred card. After that, then the token will be converted into a WETH.
Take the following steps:
- First, we start with any of the steps you need to purchase Bitcoin or Etherium on your preferred exchange. For the crypto exchange, you try the WazirX platform as it offers easy to buy and sells bitcoin.
- Then, you need to transfer your Bitcoin or Etherium to a WETH for better conversion.
- Then, the next step will be to convert WETH to Bitcoin or Ethereum.
- To purchase WETH, please follow the steps mentioned below.
Step 1: Create an account on the crypto exchange platform
You must first create an account with WazirX or any other preferred crypto exchange in order to purchase Ethereum for the WETH exchange. To create an account, you need to choose a preferred crypto exchange.
- First, fill out the form by clicking the ‘sign up button. In the form, you need to fill in the information. Fill in your name, email, password, and location for the further process.
- Try to choose the private cryptocurrency exchange which has a privacy feature. They first notify you to confirm your identity. The whole process will take some time. It is a trustworthy way to convert regular currency into cryptocurrency.
Step 3. Move Ethereum from WazirX to the Exchange
You should find your ETH wallet address after opening an account with the exchanges. The specifics of finding the address vary depending on the website. For the further process, you need to ensure the address of the deposit or receiver.
Step 4. Transfer Ethereum
Transfer Ethereum to the receiver/deposit ETH address from step #3 from your WazirX account or any other account/wallet where you keep your ETH.
Step 5. Convert Ethereum to WETH.
When Eth occurs as a new exchange account then it will be ready to trade for WETH.
The trading process varies depending on the cryptocurrency exchange and is largely the same across platforms. In general, you need to take WETH/ETH trading pair. Then, click on the place an order button to buy WETH using your ETH funds.
Now, you are ready with the conversion of Eth into the WETH. Now, your token is ready to trade. We’d hope this guide has helped you in understanding the steps that are to be followed in order to trade WETH.