I will show you how to buy altcoins in 4 simple steps with illustrations which is easy to follow. It requires no experience with trading or crypto. I will show you how to do it on trusted exchanges so you do not have to worry about scams.
So what is altcoins? Altcoins is what is known to be all coins except Bitcoin. There are to this date over 2000+ altcoins (according to Coinmarketcap there are at writing of this post 2322 cryptocurrencies). Many of the different altcoins are not worth anything, and should never be invested in. However, there are plenty of exciting altcoins such as Neblio, Cardano, Nebulas and so on.
How to buy altcoins?
First you create an account on an exchange which sells or trade altcoins. I personally use Binance. I have never had any problems depositing or withdrawing. Binance is one of the biggest and most well-known exchanges and therefore also a very trusted exchange. The Binance exchange is also a easy platform to buy altcoins from.
Binance is an innovating exchange. They have their own cryptocurrency which offers you 25% fee reduction. Furthermore, they are starting to role out FIAT (Dollar, Euro and such currency) to crypto purchases. Just like exchanges like Coinbase and Kraken.
If you live in a country like me, where Binance has not enabled FIAT to crypto payments you need to purchase Bitcoin or other crypto on another exchanges. You can learn how to HERE. It is easy and simple, so do not worry.
Step 1: Create the account
Sign up at Binance HERE. The process of setting up your account is fast and simple. The only thing you need to get started is your email (i recommend you to get a two step authorization).
Step 2: Send you crypto to Binance
While the picture is small i am sure you can see the point i am trying to make.
Then you copy the deposit address from Binance and insert the address in your “recipient” column in Coinbase. When you are sure you have the right address, and the right amount you wish to send, you simply press “continue” and confirm the transfer.
DO NOT MIX CRYPTOCURRENCY ADDRESSES. BITCOIN CANNOT BE SENT TO ETHEREUM OR ANY OTHER CRYPTOCURRENCY! Just to clearify, you can only send bitcoin to bitcoin – Ethereum to Ethereum – Litecoin to Litecoin and so on. Do not try to send bitcoin to any other crypto address, you funds will be lost.
Step 3: Find your trading pair
If you have Bitcoin, Ethereum, Litecoin or whatever currency it might be, you will have to find the trading pair which you wish.
Lets say you want to buy Cardano (ADA) and you have bitcoin.
At the exchange (picture above) you find the ADA/BTC trading pair. ADA is the Cardano, and BTC is Bitcoin.
Just click the trading pair to get into the trading page of Bitcoin and Cardano.
Step 4: Buy the crypto
Once you are on the trading page with will see a box labeled “Buy X” with a box labeled “Sell X” next to it. That is the trading boxes.
You can now try and get the price which you want to pay in the “Limit” tab. You enter the price you want to buy at, with the amount you wish to buy. It then calculates the total price of the trade.
If you choose to make a market order under the “market” tab, it will automatically buy at the price which is available right now. Market buys are much easier and if you are new to buying altcoins i recommend using market orders.
You can now buy any cryptocurrency which Binance has to offer. Moreover, you can replicate the process to any other exchange if you wish to. It is really simple, it takes less than 10 minutes to complete the whole trade from step 1 to step 4.
If you do not have any Bitcoin, Ethereum, Litecoin or other common trading currencies, you can go to my Bitcoin purchase guide HERE. It is simple and takes approximately 15 minutes to purchase your Bitcoin.