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How to Buy Wrapped Ethereum (WETH)


Want to know how to buy Wrapped Ethereum (WETH)? You can buy ETH on eToro, Webbull Where Robin Hood and exchange it for WETH.

Would you like to make an offer on the important OpenSea NFT marketplace? Or do you want to implement WETH in a yield farming platform? To do this, you will first need to buy WETH, the wrapped version of Ether (WETH). Wrapped ETH (WETH) has a wider range of use cases than ETH.

What is the difference between WETH and ETH?

Ether (ETH) is the native token of the Ethereum blockchain. If you are looking to use the ERC-20 standard of ETH, you may need to convert your ETH to WETH. This is a detailed guide on exactly how to buy Wrapped Ethereum (WETH).

What is WETH?

Wrapped Ethereum (WETH) is an ERC-20 token pegged to Ethereum’s native ETH token. The ERC-20 token standard enables the capability of smart contracts on the Ethereum blockchain. A smart contract is a computer program that enforces the terms of an agreement. Therefore, ERC-20 tokens enable all sorts of things. Since both are pegged to Ethereum, ETH and WETH have the same price. If you want to access a paid service using an ERC-20 token, you need to wrap your ETH. Some platforms automatically trade it for you as the first step in the transaction, but in other cases you have to do it yourself. WETH is the tradable version of ETH and is frequently used on decentralized finance (DeFi) and decentralized application (dApp) platforms.

Brief history of WETH

WETH was launched in 2017 and was pegged to ETH. ETH is the second largest cryptocurrency in the world and may soon even challenge Bitcoin for the top spot. You can view ETH price history here.

ETH cannot be traded directly with ERC-20 tokens that live on the Ethereum blockchain. To exchange ETH for these tokens, you must first wrap it, creating WETH. One of the main reasons WETH was created in the first place was to use dApps in the Ethereum ecosystem.

How to buy WETH

Before learning how to buy WETH, you will need regular ETH.

Step 1: Open an online account.

The first step to getting WETH is to open an account on a crypto exchange to buy ETH. To open an account, you will need to provide items such as:

  • Your full legal name
  • Your address
  • Your phone number and email address
  • A government-issued ID (includes driver’s license, passport, or military ID)
  • A password of your choice

Depending on the exchange, you may need to provide more personal information. It is a good idea to have the information provided above ready to use when opening an account. Most exchanges allow you to open an account in as little as a few minutes; however, some exchanges take longer to verify your identity. Once your identity has been verified, you are ready to start investing.

Buy ETH. Being the second largest cryptocurrency by market cap, many popular crypto trading platforms support Ethereum. Some of your best options include eToro, Webull and Robinhood Markets Inc. (NASDAQ: HOOD).

  • This advertisement promotes investment in virtual cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and the United States (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, without EU protection and unsupervised by the EU regulatory framework. Investments are subject to market risk, including loss of principal.

Step 2: Purchase or download a wallet (optional).

To get WETH, you will need a wallet that supports the token. You can choose from two main types of crypto wallets: hardware wallets and software wallets. Software wallets are often easier and faster to use, but are less secure than their hardware counterparts. Some of the best software wallet options currently available on the market are the Exodus Wallet and MetaMask. Then you can get WETH by connecting your wallet to a decentralized exchange (DEX) like Uniswap and exchanging your ETH for WETH.

Best Hardware Wallet: Ledger

Ledger is one of the best hardware wallets on the market. It is easy to use and supports sending and receiving WETH. Once you purchase a Ledger hardware wallet, you download its software to your computer and create an account.

You will be assigned a wallet address (usually a long string of letters and numbers) and then you can send and receive thousands of cryptocurrencies through the wallet. Hardware wallets offer an extra level of security over software wallets, but they cost money, while software wallets are usually free. Additionally, Ledger offers the ability to connect to software wallets such as MetaMask to check your account balance.

Best Software Wallet: MetaMask

MetaMask is a free and widely used online wallet for Ethereum. It is available as an extension on Google Chrome, Mozilla Firefox, Brave, and Microsoft Edge browsers. It also has an app on iOS and Android phones.

  1. Allows you to exchange ETH for WETH directly in the wallet.
  2. Click on the wallet extension icon at the top right of Google Chrome.
  3. Click Redeem.
  4. Exchange as much ETH for WETH as you want.

Step 3: Trade for WETH via a DEX.

  1. Launch Uniswap.
  2. Connect your wallet with the “Connect Wallet” button in the upper right corner.
  3. Select ETH at the top and WETH at the bottom as shown below.
  1. Enter the desired amount of ETH you wish to exchange for WETH.
  2. Press Wrap, complete the transaction in the wallet window and in a few seconds your WETH should appear in your wallet

Note: If you don’t see your WETH after the exchange, you may need to add the token to Metamask (or whatever wallet you’re using). To do this, simply scroll down to the Assets tab of the Metamask window and click import tokens. You can either search for WETH there or copy and paste the token address from a site like CoinMarketCap.

Exchange, sell or convert your ETH to WETH

The decision to trade, sell or convert your crypto is based on your personal goals and preferences. If you are looking to take profits on WETH, a common strategy is to sell some of your WETH on the upside and hold some of it long term to remove some risk. Most exchanges allow you to sell your crypto for cash or exchange it for USDC, a stablecoin pegged to the US dollar. If you are trying to accumulate more crypto in the long term, taking profits when crypto prices rise could allow you to accumulate more when prices fall.

By following the steps above, you can convert your ETH to WETH using Uniswap. If you are looking to place a bid on OpenSea, you will need to convert your ETH to WETH. If you want to sell your WETH for cash, it’s easiest to convert it back to ETH first.

Current Crypto Prices

Since hitting all-time highs in November 2021, crypto prices have been falling. In November, Bitcoin hit its all-time high of over $69,000 and Ethereum hit its all-time high of over $4,800. However, in June this year, Bitcoin and Ethereum hit 52-week lows. Bitcoin rose to $17,601.58 and Ethereum rose to $883.15. Recently, the two tokens were able to rally, putting Bitcoin around $21,000 and Ethereum around $1,600.

Is WETH a good investment?

WETH can be a good investment if you are looking to have tradable ETH to do things like bidding on OpenSea. However, since it is pegged to the price of ETH, its price will follow. To learn more about whether ETH is a good investment, please visit here.

Q

How to exchange WETH for ETH?

A

The process is as simple as exchanging ETH for WETH. Simply go to an exchange like Uniswap or Metamask’s exchange feature, enter ETH and WETH, choose the amount you want to exchange, and complete the transaction.


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