Many people who hear about cryptocurrencies want to invest in them. But they don’t know how, so they stick to the largest ones, like Bitcoin or Ethereum.
All those other coins are called altcoins and some altcoins offer features that Bitcoin does not have, like faster confirmation times or more anonymity. Today we will be giving you a guide on how to buy altcoins
How to Buy Altcoins – Step By Step Guide
Altcoins are cryptocurrencies other than Bitcoin. The majority of altcoins, however, have never been able to rival Bitcoin in terms of market capitalization, user base or popularity. Altcoins are usually cheaper alternatives to Bitcoin, and many users appreciate the differences between the cryptocurrencies.
Step 1: Choose Your Wallet
The first step is to buy your wallet or exchange account. You can choose from several options such as Binance. Exodus, or MyEtherWallet or check Coinmarketcap to see where you can buy and store your preferred altcoin. These wallets allow you to store your tokens once you’ve made your purchase.
Step 2: Choose Your Exchange
You’ll have to decide which cryptocurrency exchange you want to use for purchasing altcoins. Some of the most popular exchanges include Binance, KuCoin, IDEX, or Changelly. An excellent way for beginners to start is by using an exchange that accepts fiat currency (regular money like USD) so you don’t first have to convert your money into Bitcoin and then buy the altcoin with it.
Step 3: Verify whether you want to use USD or Crypto
Depending on the altcoin in question, it might not be available on any fiat-to-crypto exchange at all. In that case, you’ll need to start by buying bitcoin or ether from an exchange like Coinbase or Gemini. From there, you can transfer your funds to an exchange that supports altcoin trading.
Step 4: Buy the Altcoin
Convert your BTC or USD to the altcoin of your choice on an exchange. The process should be very similar in most cases and should only take a few minutes once BTC has been transferred from your wallet to the exchanges.
Step 5: Withdraw to a Hardware Wallet If You Desire
You can choose to Withdraw the altcoins from the exchange to a hardware wallet if you desire more security. And that’s it! .You now successfully own Altcoins.