Where To Store Ethereum Classic ETC?
Within this guide, we will be making use of the easiest and most handy wallet for storing your Ethereum Classic (ETC). MyEtherWallet (which can store any coin ERC20 Tokens, including ETC. For added security, we would strongly suggest using a hardware wallet such as the Trezor or the Nano Ledger
How To Buy Ethereum Classic (ETC)
We would recommend using an established exchange platform such as Binance. You can either choose to store them on the platform or withdraw them and keep them in a personal wallet. If you are looking to hold for Simple tokens longterm, then move them off the Binance platform. If you are new to Binance, carry on reading this article for a step-by-step guide on how to use this trading platform.
Sign-Up To Binance To Get ETC
Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. You will be sent an email to confirm your email address. Click the link in the email. If you can’t see it, then check your spam folder.
You will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login’.
A pop-up will advise you to set up 2FA (two-factor authentication) on your account. We strongly recommend you set up 2-factor authorization (2FA) on your account.this second level of security makes it very unlikely they will be able to get into your Binance account.
Adding Funds To Binance
Hover your mouse over ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals’. This screen displays any coins which you have stored on Binance – you will need to deposit some. I would suggest using Ethereum due to the lower sending fees. However, you can deposit other coins.
Type ‘Ethereum’ in the search box. This will narrow the wallets displayed to just a few- in those, find Ethereum. Press ‘Deposit’ You will be given an Ethereum (ETH) deposit address. Make sure you have the correct address. If you send a currency to the wrong address, it will be lost forever. (The image below show LTC – this is for example purposes only).
Using The Exchange To Buy ETC
The exchange page on Binance might appear too much to handle to start with, but don’t worry, you only need to use a small part of it.
There are 2 methods for buying coins on Binance:
- A ‘Limit’ order, which enables you to manually set the price you want to buy ETC Coin at.
- A ‘Market’ buy, which fills your order automatically at the best price available. The price may have spiked at that time, so be careful not to overpay. If you like the price then go ahead and use this method. Above the Buy ETC’ button, click the ‘Market’ option.
In the input box marked ‘Amount’ you now need to fill out what number of ETC you want to buy. It could be simpler to use the percentage buttons below the input box – for example, press 50% if you’d like to exchange 50% of your Ethereum for ETC.
Once you’re satisfied with the quantity, press the buy button. Your order will be filled immediately.
Withdrawing Your ETC Tokens
If you’re happy with it, you can just leave your coins on Binance and they would in all probability be safe. On the other hand, exchanges have been compromised in the past, and users have lost coins, therefore we do suggest you keep them in a personal wallet. (The image below shows LINK coin – this is for example purposes only). Ensure you have selected ETC.
- Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. In the search box, type ETC. You will now see your new ETC in your ETC wallet.
- Click the ‘Withdrawal’ button.
- In the boxes that appear, complete the information:
- Label: Write ‘My wallet’
- Address: Put the wallet address that you copied from your ETC wallet.
- Amount: Press the ‘Max’ button to send all your ETC.
When you’re positive all information is accurate (check you’ve inputted the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you will be asked for a code from your phone. Enter it and press ‘Submit’. You will be sent an email to confirm the withdrawal. Go to your email and click the link that’s been sent to you.
Ethereum Classic (ETC) is a split from an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork was created to refund The DAO token holders.
This means that all the balances, wallets, and transactions that happened on Ethereum up until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act independently to each other.