How To Buy Altcoins
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There are a ton of altcoins. These days, any tech-savvy programmer can whip up a white paper and an altcoin. Altcoins come in a staggering variety of flavors. Check out our blog post Best Altcoins, where we list our top 8 picks for 2020. How do you sift through the mounds of altcoins to find the hidden gem This is no easy feat.
There are many factors to consider when looking to purchase an altcoin. Do you want a reputable name Should the altcoin be exclusively a cryptocurrency or can the altcoin live on a platform This list can be endless, so look through the top altcoins, read up on different altcoin traits that appeal to you, and select a crypto.
Knowing astronomical crypto returns, you may not want to pass it. However, buying lesser-known altcoins is more complicated and riskier than it appears. Fortunately, you came to the right place, as this guide shows you how to purchase altcoins safely in 2019.
Some altcoins are easier to get than others. They are listed on numerous exchanges and are easy to acquire. For example, Litecoin (LTC) is listed on at least 150 trading platforms. Ripple (XRP) is listed on more than 110 exchanges. The most popular privacy coin Monero (XMR) can be found on more than 50 exchanges.
However, not all altcoins are that popular. Being listed on popular exchanges takes time, especially for new projects and their respective altcoins. Lesser-known coins are typically listed on just one or two questionable reputation exchanges, which makes the acquisition much more complicated. More often than not, you have to register on multiple exchanges to get specific, low-profile altcoins.
In most exchanges, altcoins are paired either with Bitcoin or Ethereum. You will need to trade them for altcoins. In some cases, you will need to register and transfer cryptocurrency between a few exchanges to get what you want. On the other hand, it is a relatively easy process and returns often outweigh the trouble. So if you don't have any Bitcoins or Ether yet, let's start at the very beginning.
Now that you have chosen the most suitable exchange, it is time to get there, register an account and purchase Bitcoins or Ether (or altcoins, if they are listed there). Both Bitcoin and Ethereum are popular and widely accepted cryptocurrencies. They also have the most trading pairs, so swapping them for altcoins is easy and convenient.
If you can get the altcoins you want using a fiat-to-crypto exchange, your mission is accomplished. However, usually fiat-to-crypto exchanges have a very limited selection of altcoins, so what you seek may not be there. That is why there are many so-called altcoin (crypto-to-crypto) exchanges.
Here comes the fun part - getting your much-wanted altcoins. Once the deposit reaches your crypto-to-crypto exchange wallet, you can head to the market and trade your BTC or ETH for altcoins.Be aware that purchasing low-key altcoins come with more risks than obtaining time-proven, widely acknowledged projects. Little-know coins with anonymous team members and too good to be true promises can turn out to be just elaborate scams.
If you are planning to leave your altcoins in the exchange wallet, the history of exchange hacks should not give you good nights' sleep. Most exchanges are prime targets of hacker attacks because they keep lots of crypto in their wallets. Besides, exchanges have full control over your funds, so they actually do not belong to you until you store them in a private wallet. Hence the saying, "not your keys, not your Bitcoin."
The safest way to store your altcoins is to use a hardware wallet. Yes, they do cost you a few extra bucks, but that is nothing compared with a complete sense of security. Ledger and Trezor make the most popular hardware wallets. Besides, they support a lot of altcoins. However, if none of them provide support to the altcoin(s) you hold, you can use the project's native wallet.
The exchange in question is considered to be reliable, secure, and well-established. Users can expect all of the common payment gateways to be present within the platform - you can purchase Bitcoin and altcoins via a credit or debit card, or bank transfers, as well. The entire process is very newbie-friendly, so if you've never bought crypto before, you needn't worry - there shouldn't be any hurdles along the way!
Created in 2011 and located in San Francisco, Coinbase has one of the largest trading volumes for Bitcoin. However, they also allow you to buy and sell three altcoins, which are Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH)!
Although the amount of altcoins available to buy is not as much as other exchanges, you can buy Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC).
I have created a comparison table below of all of the exchanges mentioned above. This might make it easier for you to compare the above exchanges and help you decide the best place where to buy altcoins.
I understand that it can be really difficult to pick a specific one, as they all have their own advantages and disadvantages! But at least you now know the best places where to buy altcoins and how to buy altcoins with USD.
There are thousands of alternative coins, otherwise known as altcoins, that are proffering solutions to different problems in the crypto market. In this guide, we provide a step-by-step tutorial on how to buy altcoins with USD or other fiat currencies and list the best places to acquire these speculative assets based on our review.
Before understanding how to buy altcoins, knowing where to buy altcoins is a crucial part of the process. We have provided a brief overview of some of the best altcoin exchanges below based on our reviews.
Binance is an excellent choice for those considering buying cryptos other than Bitcoin. The exchange has operated for almost a decade and is currently the largest in the market based on trading volumes. Binance operates in over 100 countries, including the United States, where it operates via its American exchange Binance.US. Binance offers a lot of benefits for anyone looking to buy altcoins. The trading platform supports over 600 altcoin projects to buy such as Ethereum, Solana, and many others making it an incredibly liquid platform for anyone looking to buy and sell altcoins.
To buy altcoins on Binance, simply sign up on the exchange and make a minimum deposit of $10. Depositing is the primary factor to consider when buying altcoins on Binance. It also has support for several payment methods including wire transfers, cards, payment processors, and e-wallets. As for fees, Binance charges a standard 0.1% fee for trades. However, traders can purchase BNB tokens to enjoy a 25% discount on trading charges.
It is worth noting that Binance isn't so easy for beginners to set up. The interface is not as user-friendly as other exchanges. The homepage can also be overwhelming. Despite these shortcomings, the exchange has an extensive library of resources that teaches and directs new users on how to maximize the platform. For more information on why we picked Binance as a great platform for those looking to buy altcoins, read our full review on Binance.
The biggest drawback with Coinbase is the exchange's complex fee structure. The exchange charges fees for buying altcoins, which are calculated when a buy order is placed. Some factors determining fees include the order size, the chosen payment method, and market conditions (liquidity, volatility, etc.). For more information on the buying fees, read our Coinbase review.
eToro supports over 80 cryptocurrencies, including the popular names Ethereum, Dogecoin and Cardano. Trading fees on eToro are pegged at 1%. The platform factors the fees immediately after an order is placed, so traders know how much they're paying upfront. Investors are free to withdraw their funds after selling altcoins to fiat at any time but the broker charges a $5 fee per withdrawal. Learn more about the broker in this eToro review.
Kraken is another top exchange in the market. The broker trades billions of dollars daily and offers a great way for beginners to enter the market. Based in San Francisco, the platform is regulated in several jurisdictions. The altcoins exchange is notable for its emphasis on security. The exchange keeps 95% of customers' funds in cold storage, encrypts sensitive information, and provides configurable account timeout to safeguard trading accounts against unauthorized access.
Kraken currently accepts over 126 altcoins and is a great place to buy XRP and other tokens. The exchange has a strong base of altcoins for traders to choose from. The lineup includes the likes of Cardano, Ethereum, Tether and Polygon. Traders looking to buy altcoins on Kraken can use the Instant Purchase option or the Kraken Pro platform. The fees for the Instant Purchases are 0.9% for stablecoin purchases and 1.5% for other crypto projects.
On the other hand, trades on the Kraken Pro are subject to either a 0.26% taker fee or 0.16% maker fee for transactions up to $50,000. Another area of interest is the funding options available on Kraken. The exchange supports bank wires, debit cards and e-wallet solutions, but their fees differ. For instance, Kraken charges 3.75% + 0.25c for card deposits, Apple Pay or Google Pay. ACH online banking purchases cost 0.5% + a Kraken fee of 1.5%, or 0.9%, is applied depending on the altcoins purchased.
Most altcoins are built on distributed ledger technology. Today, there are many blockchains available. For instance, Ether (ETH) was originally built to operate solely on the Ethereum blockchain, while the Binance Coin is resident on the BNB Smart Chain.
It's easy to think that Bitcoin is the only cryptocurrency worth investing in. However, this belief is wrong. Altcoins are also highly valuable assets with meaningful use cases and potential upsides. Here are some reasons investors should consider how to buy altcoins: 59ce067264