Over a period of a few months Bitcoin has come into the mainstream and a lot of people had started investing in it. Since Bitcoin prices are pretty high, people are now investing in various Altcoins which has a potential to give huge returns.
Generally, In short Term trading, people Buy Low and High sell within a very short window of time of a few hours, days or weeks.
And if you are new to Cryptocurrency trading and want to know the basics of Buying/Selling Altcoins like:
- Where To Buy Altcoins?
- Which are the Best Cryptocurrency exchanges to buy altcoins?
So, In this article, I will cover some of the Best and the easiest ways through which you can buy cryptocurrencies.
Let me tell you one more thing, though Bitcoin prices have skyrocketed there is still a huge scope through which you can make money. If you invest on the right cryptocurrency at the right time, you can make a huge profit out of it.
But before you invest in any cryptocurrency, make sure to do your own research. Never fall prey to those who claim to send you buying/selling signals.
Here is a small checklist that you must keep in mind before you select Best Cryptocurrency Exchanges in the world.
Things To Consider before joining an Exchange
It’s good to check a few things before you start investing your money using a certain exchange.
Reputation: This is the first thing that you must consider before selecting an exchange. The best way to know if the exchange is trustworthy is to read a few reviews on Reddit or Bitcointalk. Both of these forums are the best when it comes get reviews about a certain exchange.
Fees: Before you select an exchange to trade on, make sure to check the charges and fees. The fees should be minimal so that you can make a good profit out of it. If the fee is high, it would be difficult to book your profits n small trades.
Ease of Use: This is another factor that you must surely take into consideration. Traditional Cryptocurrency exchange might seem a bit difficult if you are extremely new to trading. So, you can choose some other exchange which has more simple UI and are more user-friendly.
Availablity: Most of the time exchanges are not available for all the countries because of legal constraints. So, Check if your country is supported by that exchange or not.
Payment Modes: This is another thing that you need to keep in mind. You need to check what are the Payment Methods like Bitcoin, Credit Card, Debit Card, PayPal or Wire Transfer. An exchange with maximum payment modes is generally better.
However, If you are extremely new to cryptocurrencies, then I might be a hard time to buy altcoins from an exchange. For that, I would recommend you to head to my other post where I explained about the best ways to Buy Bitcoins easily.
5 Best Cryptocurrency Exchanges for Altcoins
Changelly is an Instant Cryptocurrency Exchange site which allows you to convert one currency to another instantly.
You just need to create an account and within a few clicks, you can buy any altcoin supported by them.
Changelly was founded in 2016 and has already gained more than 1 Million users, thanks to its ease of use. It is a sister concern of Minergate, which is one of the best Mining pools in the world.
The best thing is that you do not need to go through major identity verification. You just need to complete an email verification and your account is ready for transactions.
Since you create a user account, Changelly provides you a dashboard where you can keep track of your previous transactions(conversions) and spends.
Currently, Changelly supports around 35 cryptocurrencies with new crypto being added regularly.
It only takes around 5-20 minutes for a crypto-to-crypto exchange.
- You just need to select the cryptocurrency pair.
- Enter your Receiving Address
- Send the currency to Changelly’s address
- That’s it! You will receive your cryptocurrency within 20 minutes.
This method is really very simple and quick.
Also, They charge a transaction fee of 0.5% which is pretty decent as per the market standards. Along with the commission, miner fee will also be levied which will be deducted from the final crypto balance.
Along with exchange, Changelly also allows you to Buy Bitcoin using your Credit and Debit Cards.
It’s pretty easy and you just need to Visit Changelly and follow my complete Changelly Guide.
But before you head towards buying cryptocurrencies, make sure that you have a wallet to store those cryptos.
Shapesfhit is another Instant Cryptocurrency Exchange which allows you to convert one cryptocurrency to another without any verification or signup.
Unlike Changelly, Shapeshift allows you to only convert one currency to other and not with fiat currency(Cards).
Shapeshift started in 2014 and since then has concluded millions of transactions. They have a huge reputation in the crypto world and no scam has even been recorded in their name.
Currently, Shapeshift supports 40 cryptocurrencies which you can trade in.
You can see the complete steps of using shapeshift on my guide here. Though the guide shows Bitcoin to Ethereum conversion, all steps are absolutely similar for other currency pairs.
However, I prefer to use Changelly because it provides a complete track record of all the previous transactions and the exchange rates are also a bit lower than Shapeshift.
Bittrex is one of the Top exchange in the world for cryptocurrency trading, operating in the U.S. since 2014. They comply with all the rules of United States, hence we do not need to worry about the safety of our funds.
Currently, It allows trading in 190 cryptocurrencies.
Bittrex is a Direct Trading Platform where users around the world set their Buy/Sell Prices and on an exact match, a trade is successful.
They charge a minimal fee of 0.25% per trade.
There are 3 different type of verification on Bittrex, each having a certain withdrawal limit.
- Basic Verification – Name, D.O.B, Address – 1 BTC/Day
- Phone Verification – 3 BTC/Day
- Advanced Verification – Identity Verification – 100 BTC/Day
Bittrex has an easy to use and clean UI allowing you to concentrate more on trades. You can also select various charts like Candlestick, Area Chart etc.
Inorder to get started with Poloniex,
- You need to create an Account
- Verify it using Email or Personal Id
- Deposit funds
- Start Trading/Buying Altcoins
Also, There are two types of verification:
- Level 1 – It allows you to withdraw upto $2,000 USD
- Level 2 – You can withdraw upto $25,000 USD
If you are a frequent trader, then Bittrex is a go-to exchange for you to buy Altcoins.
Poloniex is the Biggest and best cryptocurrency exchange in the world which started its operations in 2014.
I started my cryptocurrency trading with Poloniex however now I use Bittrex for regular trades.
Poloniex allows you to trade in 110 cryptocurrencies and charge a fee of 0.15% to 0.25%. The fee depends upon the amount of trade and whether you are a maker or taker.
There are four primary markets on the Polo:
- Bitcoin (BTC)
- Ethereum (ETH)
- Monero (XMR)
- Tether (USDT)
You can only deposit funds with cryptocurrencies as it is strictly a Non-fiat exchange.
It also has a troll box where you can regularly ask questions and see what others are discussing about cryptos.
Beware: Thesedays, Poloniex has become very volatile because of large number huge pumps and dumps. This is the reason why I left trading on Polo.
Bitfinex is one of the biggest cryptocurrency exchange which started its operations in 2014.
It allows you to trade 13 cryptocurrencies by depositing BTC or USD.
They charge a commission fee of 0.1% to 0.8% depending upon the amount. Also, There is no fee on deposits while you have to pay a certain fee on every withdrawal.
However, Bitfinex charges a 0.1% fee on all bank wire deposits, with a minimum fee of $20. On the top of it, your bank charges might also apply which would make the overall charge to be high.
You can see a detailed fee structure on Bitfinex official page here.
You need to create your Id using your email id and then verify it with your personal Identification.
Also, I would like to tell you that Bitfiniex was once hacked in August of 2016, where about 120,000 bitcoins were stolen. However, Most of the users have been repaid.
Which One is the Best Cryptocurrency Exchange?
I hope by now you must have selected the best cryptocurrency or altcoin exchange for yourself. If you are still struggling to select one, then I would recommend:
Changelly: If you do not want to regularly trade or Buy/Sell your cryptos. Here you will have to pay miner/transaction fee every time you transfer your crypto along with the commission.
Bittrex: If you want to trade regularly then Bittrex is a great option. Here you can store your crypto for a short period of time thus saving you from extra fees.
Remember not to store your crypto on Exchanges for a longer period of time. There have been many incidences like Mt.Gox Hack where users lose their hard earned money.
So this is it for Today!
Do comment below which exchange would you use to Buy Altcoins or cryptocurrencies?
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