Investing in cryptocurrency has become very popular worldwide. After the initial bitcoin, there came different alternatives of cryptocurrency hence the term, “Altcoins.” These have managed to capture the interest of investors.
Altcoins have become the most sort after crypto on the market and many people are asking themselves how to buy them. This article serves to give a step to step guide on how to buy Altcoins.
Where to Buy Altcoins?
There are quite a number of professional exchanges where one can purchase altcoins. These include Binance, CEX.IO, Coinbase, Kucoin, and Changelly. These exchanges are considered great and most recommended although they also come with their downside.
Below, we give you an insight into how you can use each of the above-mentioned platforms, as well as their advantages and disadvantages to help you make informed decisions.
Binance
Binance is considered to be one of the best platforms. In fact, Binance is a very easy and safe platform to use for all your cryptocurrency trading. All you need to do is follow a few steps below:
- Register for an account
- Verify your identity
- Buy your altcoins
You can effortlessly buy your altcoins using a wide range of payment options including bank transfers, credit or debit cards, and cash. Binance accepts a wide range of currencies.
After completing these 3 steps, Binance deposits your altcoins into your Binance wallet where you can instantly begin trading your crypto for the different products and services offered on the Binance platform.
CEX.IO
CEX.IO is also another exchange that offers a wide range of cryptocurrencies and is recommended by many. To have an account with CEX.IO you need to follow a few steps below;
- Sign up for an account
- Verify you account
- Fund your account
After funding your account, you can immediately start purchasing any type of cryptocurrency you want. CEX.IO offers a simple and advanced process of buying crypto. Though it is highly recommended, like any other platform, CEX.IO also has its pros and cons. Below is the list of both the pros and cons of using this platform:
Pros
- It provides a good selection of altcoins
- It has excellent security
Cons
- High trading fees compared to other exchanges
- No phone or live chat support, which results in poor customer service
Coinbase
Coinbase is another platform also known to be user-friendly and very recommended in terms of customer service. Like the above two, you can use credit and debit cards, or a bank account. The following steps are required to open an account with Coinbase
- Register
- Verify your identity
- Purchase altcoins
Pros
- It is perfect for beginners
- It has excellent security
- Good customer services
- Quick and easy verification
Cons
- It is only available in a few selected countries like Canada, Australia, Singapore, and the US.
- Using a debit or credit to deposit is expensive
KuCoin
Kucoin is one of the fastest-growing cryptocurrency exchanges on the market. It is based in Hongkong and is mainly used by Chinese investors. If one is familiar with other exchanges like Binance, it is easy to use the KuCoin platform. The process of registering for an account with KuCoin is similar to every other exchange platform, it includes the following three steps:
- Register
- Verify your details
- Begin funding your account
Pros
- It offers 24/7 customer service through different platforms like WeChat, phone and webcall.
- It has an app one can fully use on their mobile device.
- Most of the transactions are completed in a very fast and effective manner.
Cons
- The trading interface is not user friendly for beginners
- Not yet regulated
- Does not support fiat currency
Changelly
Unlike the rest of the exchanger mentioned above, Changelly is an exchange platform that does things a little bit differently from the status quo. It aims to get you the best prices on the market.
Pros
- It is available in all countries because it does not require any government-issued I.D
- It allows customer anonymity
- One can purchase their altcoin with fiat currency
Cons
- It does not allow payments through mobile wallets like PayPal
- Users are not allowed to use debit cards
- There are limits on transactions
What is the Difference Between Altcoins, Coins, and Tokens?
With the growing rate of cryptocurrency trading, it is very important to have the right knowledge of all the terminologies used and their meaning and uses. Many traders get confused with the above three terms. Therefore, we are going to try and clear out the confusion by stating their differences and unique uses.
Altcoins, coins, and tokens are considered the three main types of crypto. The main difference between them is in their uses.
Where to Store Altcoins?
After purchasing your cryptocurrency, the next thing to worry about is where to store it. Altcoins are managed through the use of a wallet. There are two different types of wallets, hot wallets or cold wallets.
Hot wallets operate online and cold wallets are not connected to the internet. The main difference between the two is that a hot wallet is used for frequent trading and cold wallets are for long-term storage.
How to Track Your Trades?
All the transactions carried out using different cryptocurrency platforms are traceable and manageable using different applications. There are quite a number of cryptocurrency trackers that can be used to track your day-to-day trades. These include bitcourier, coin market manager, crypto pro, and so many more.
Privacy and Security Tips
Unfortunately, if your wallet is not secure, you may lose all your altcoins to hackers. This is why it’s very important to take note of some privacy and security tips. Listed below are a few tips to help keep your wallets private and secure.
- Secure your wallets
- Secure your devices
- Back up all your crypto data
- Enable strong authentication
- Avoid public wifi
Conclusion
Altcoins have gained momentum over the past few years and it’s for a good reason. Lately, a lot of transactions are completed using cryptocurrency, and altcoins are great alternatives to Bitcoin. At the end of the day, you still get to make secure transactions, and they are processed at lightning fast speeds.
