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How do I buy altcoins?

how to buy altcoins and some popular options in the industry

January 28, 2021 | 

1765 Views | 

JOHN K MWANIKI | 

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Cryptocurrencies offer various ways of generating wealth. There are more than 6,000 cryptocurrencies and over 250 exchange platforms available. More people are looking to join the crypto industry. As a result, it can be challenging to wrap your head around everything in the crypto world. 

While bitcoin is the most well-known cryptocurrency globally, there exist other alternatives to it known as altcoins. There are tons of altcoins, and more are coming up every day. Creating an altcoin only requires a tech-savvy programmer to whip up a white paper and an altcoin. Most altcoins offer more features than bitcoin, making them a more exciting investment. This article will discuss how to buy altcoins and some popular options in the industry. We will also look at how to choose the best altcoin for investing in. 

Should you buy altcoins?

With many promising blockchain ventures, you must research the altcoins available in the cryptocurrency market. By investing in many high-quality altcoins, you can invest in many early-stage companies working on revolutionary technology. More so, some altcoins are even more profitable than bitcoin.

Based on your intentions as a trader, investing in altcoins is different from bitcoin. They feature a smaller market cap size than bitcoin, and their prices are often dependent on bitcoin's price. Thus, it can be frustrating to keep monitoring bitcoin's price, especially if you want to move opposite the trend.

But, altcoins can also be extremely lucrative if you are aware of bitcoin movements and the crypto market. By keeping a keen eye on the market's price volatility, you will realize that altcoins have more dramatic and sharper profit gains. They also have lower liquidity than bitcoin, meaning smaller traders and investors can take part in livelier trading. They can also make more enormous profits than what is possible when trading bitcoin in larger markets.

As more and more altcoins are released, some are easier to find than others. They are on many exchanges, and some are easier and cheaper to acquire. Some popular altcoins in the market are Ethereum (ETH), Litecoin, Ripple, Bitcoin Cash, Tether, NEO, and Monero, among many others.

How to buy altcoins

1. Conduct thorough research

One of the most fundamental step before investing in the cryptocurrency market is to conduct in-depth research. With your goals and the amount of investment you want, doing your own research determines your investment's success. Create a list of some of the best altcoins to invest in according to popular and reliable sources.

You can get some potentially lucrative projects on Coinstats or CoinMarketCap when creating a list of potential altcoin investment targets. Depending on the criteria you want, you can judge these projects and predict their success. Focus on learning what these projects entail instead of making commitments. Narrow down to a manageable number of projects, like maybe five, and research them further to discover which is most suitable for you. 

You must utilize credible sources of information as there are many scammers and fraudsters in the cryptocurrency market. Some shill-free resources include Binance Research, Messari, and ICO Drops.

2. Choose the best exchange platform

Upon finding the best altcoins to invest in, you also need to find a trustworthy and convenient cryptocurrency exchange. These platforms allow its users to use fiat currency to buy altcoins at a fee. Beginners in the crypto space should always stick to mainstream exchange platforms like Coinbase, Kraken, and Huobi.

Binance is another good and reputable exchange due to its digital asset selection. Not only does it allow different forms of payments, but it also has a large trading volume. Other small cryptocurrency exchange platforms include Bittrex, KuCoin, and HitBTC.

3. Buy altcoins or bitcoins

Different exchanges provide different ways to buy altcoins. In some cases, you have to buy bitcoin or ethereum to trade them for altcoins. In other cases, you must transfer your crypto between a few exchanges to finally get the altcoin you want. However, the process is worth it due to the immense returns, and in some cases, the process is relatively easy.

When you cannot buy altcoins directly using fiat currency, the next best thing is to use bitcoin. Bitcoin is the reserve currency in the crypto market. Every altcoin has a bitcoin trading pair available on most reputable exchange platforms. With Bitcoin, you have immense market mobility as it is the most dominant and important cryptocurrency in the world. So, when buying altcoin with bitcoin, here are the steps to follow:

  • Let us use Binance as the exchange. So, go to Binance, register and open an account, then proceed to buy bitcoin. 

  • Once your wallet has bitcoin, explore various markets to find one with the altcoin you want to buy. You may see it in the form of a trading pair, like RIPPLE/BTC.

  • Decide how many altcoins you want to purchase. You can opt to spend BTC during the purchase of convert BTC into fiat currency, which aids in determining the exact worth of your altcoin.

  • Upon determining the best payment method, trade-in your bitcoin for your preferred altcoin.

  • Proceed to transfer your altcoins to your hardware wallet for added security.

But, when buying altcoins directly with fiat currency, the process is more straightforward. It involves:

  • Choose the exchange of your choice. It is advisable to conduct all your transactions in one exchange. Proceed to create an account and find the altcoin market that corresponds to your local fiat currency.

  • Deposit funds into your crypto exchange wallet. Take note that different exchanges have varying transaction fees and efficiency. For instance, while debit and credit card payments are instant, bank transfers may take up to several days to reflect in your exchange wallet.

  • Once you have fiat currency in your exchange wallet, determine the number of altcoins you want to buy. Once you make the transaction, your exchange wallet will have altcoins. 

Conclusion

Now, you can effectively buy altcoins from any exchange in the world by using the simple steps mentioned above. However, you have to ensure that you have done adequate research before making any investment. By picking the right altcoin, you can realize good profits, even with a small starting capital. 

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