How to buy altcoins

how to buy altcoins

You can use one of five ways to buy cryptocurrency. Let’s talk about the advantages, disadvantages and peculiarities of each method to figure out how to buy altcoins.

Through a wallet

There are dozens of cryptowallets that allow you to exchange currencies. In other words, they can receive fiat for altcoins.

It’s easy. Firstly, you have to login to the wallet and go to the exchange section. Next, you have to select the currency with which the altcoins will be bought, as well as the cryptocurrency you want to buy (these can be Dash, Ripple, Ethereum, Monero and other coins). When buying a cryptocurrency through a purse, you can pay for it with a bank card.

The processing of the transaction will take several seconds, after which altcoins will appear on the account.

✅ Advantages of the method:

  • Speed;
  • Ease of use;
  • Availability of various payment systems;
  • Reliability;
  • Safety.

❌ Disadvantages:

  • High fees;
  • Unfavorable rates.

What’s more, if you plan to buy altcoins through your wallet all the time, find the option with a minimum fee. Today among them are e.g. HolyTransaction, KeepKey, Exodus and some other wallets.

Through an exchange

Algorithms for buying altcoins on the exchange:

  • register on the exchange and get an account;
  • pass account verification (on those sites where this is mandatory);
  • choose cryptocurrency to purchase;
  • generate an order (specify how many tokens you want to buy and at which rate you are willing to do so);
  • sell fiat to the user who agreed to the transaction, and obtain the necessary amount of altcoins.

Also, you can choose an existing offer instead of creating an order yourself.

To do this you have to:

  • enter the trading interface on the exchange;
  • find an order book;
  • select an order with the most favorable rate (this is usually in the top line in the table);
  • click on the offer and agree to its terms.

If you create an order yourself, you will have to wait a bit, but there is an opportunity to purchase altcoins at your rate. When accepting an order from another user, rates will not be the most profitable, but altcoins will appear on your exchange account in a few seconds.

✅ Advantages of the method:

  • You can buy several altcoins simultaneously;
  • secure fund storage (if the exchange uses cold wallets);
  • the opportunity to replenish the account on the exchange with fiat (available not on all sites);
  • additional earnings are available due to fluctuations in the rates of altcoins.

❌ Disadvantages:

  • the order may hang for a long time, and the rate may change to a disadvantageous one;
  • fees and hidden payments;
  • time-consuming funds withdrawal (may take 2-3 days).

The most popular altcoin cryptoexchanges are EXMO, Bittrex, Poloniex, Bitfinex and Binance. Here at any time you can buy more than 100 altcoins and store them on the purses of the exchange account.

How to buy altcoins through an exchanger?

Altcoin purchase through the exchanger will take a couple of minutes.

It is not necessary to register on the site – just go to the web resource and select desired cryptocurrency. Next, determine the number of tokens to be purchased and the method of payment. You will also need to specify a wallet where altcoin will be transferred.

Then the system will do everything by itself – writes off money from the bank account (or other payment system account) and transfer altcoin to the desired purse. You only need to confirm the purchase.

✅ Advantages of the method:

  • high competition among the exchangers, which leads to low fees;
  • altcoins are received within 2-3 minutes;
  • You can buy altcoins using mobile phone account, plastic card, and many other ways;
  • all operations are protected.

❌ Disadvantages:

  • transaction amounts are limited;
  • The exchange rate is not the most profitable ones (exchanges offer more popular rates).

You can buy altcoins using services like CryptoXchanger.net. They monitor exchangers and offer resources with the most profitable rates.

Mobile applications

If you want to know how to buy altcoins… Well, then you can download a special mobile application. There are programs available from exchanges and exchangers, there is also independent software.

Buying altcoins through the application is the easiest way. It is enough to install a program, enter the number tokens into the special window and confirm the operation in an online banking. Altcoins will be sent to the account, created automatically after an application is installed.

✅ Advantages of the method:

  • the most convenient method of all;
  • the purchase is instant;
  • all operations are protected.

❌ Disadvantages:

  • a limited choice of altcoins (in many services they can not be bought at all – only bitcoin is available);
  • Limited transactions amounts;
  • You can pay for cryptocurrency only in an online bank.

Popular mobile applications for cryptocurrency purchase, like Coinbase, offer increased limits and instant execution of transactions.

P2P purchases

A distinctive feature of the crypto-currency market is that it does not like intermediaries. Developers of digital money try to rid of third parties in transactions, since this is unprofitable.

If you think how to buy altcoins, and do not want to pay third parties for that, you can use P2P-services. They allow you to purchase cryptocurrency directly from other people, bypassing a variety of services. This allows you to reduce fees and accelerate transactions.

You can buy bitcoins on a variety of P2P platforms. As for altcoins, there are not so many options. There are no specialized large platforms, where users exchange altcoins among themselves, yet. But they can be replaced by bots in the Telegram messenger.

Buying altcoins via Telegram

Let’s figure out how to buy altcoins, using e.g. Telegram channel SKY ETH BANKER as an example. It was launched in January 2018.

To get started with the bot, you need to use this link and login to Telegram. Next, the bot will offer to choose a language and will show the Ethereum exchange rate. Then you need to choose the type of transaction (buying or selling Ethereum) and choose the preferred method of payment.

After the user determines the payment method, the bot will check the available offers and display them on the screen. For each order statistics on the seller – the number of successful transactions and other information – are available. If the seller is reliable, and his offer suits you, you can click on “Continue the deal”.

It remains only to enter the number of altcoins that need to be purchased. Next, the bot will give a few tips on how to complete the transaction. Using them, you will receive altcoins on your account in 3-5 minutes.

It is worth noting that the number of bots in Telegram for cryptocurrency purchase is growing. Today, along with SKY ETH BANKER, you can use the ETH CHANGE BOT service. Also available is BANKER bot – there is an opportunity to purchase Ethereum, Litecoin, Dogecoin, Dash and Bitcoin Cash.

✅ Advantages of the method:

  • The purchase of altcoins takes 3-5 minutes;
  • No need to register on third-party sites, it is enough to have an account in the Telegram messenger;
  • The user can independently choose offers from other people and select the most favorable exchange rate.

❌ Disadvantages:

  • It is unsafe – even though bots tells you that transactions are guaranteed and protected, the probability of fraud and loss of money exists.