Cryptocurrency

Where to buy altcoins

  • 17.04.2018
  • 19

Today, the number of altcoins is already measured in hundreds, and many of them can bring larger profit in trade than Bitcoin. Therefore, there is a very logical question, where to buy these altcoins? In this article, we’ll figure out what services are suitable for this and what are their main features.

Via the exchange

If you already know which altcoins to buy, probably the easiest and most reliable way to do this is using exchanges. Such trading sites offer a fairly large selection of different currency pairs, as well as the opportunity to make a deal at a very favorable rate.

Let’s take a look at some of the largest altcoin exchanges:

  • CEX.IO. The exchange has been operating for more than 5 years and allows trading in more than 20 currency pairs. It supports payments with Visa, MasterCard, as well as bank transfers. In addition, the exchange has a fully functional mobile application, where you can buy altcoins at any convenient time. However, CEX is not recommended if you do not wish your financial information to be disclosed to third parties. CEX employees can ask you for financial documents and your bank statement for a long period (the last 6 months or even a year). If you do not agree, your account will be blocked.
  • Poloniex.com. Perhaps the most famous and large cryptoexchange, which allows you to work with more than 60 different coins. Poloniex managed to prove herself as a reliable and  trusted site. However, you will have to meet verification requirements, if you want to make transactions worth more than $ 2,000, and also to work with USDT, because the exchange does not support fiat. You can learn more how to turn bitcoin into USD.
  • LiveCoin.net. It is an international exchange, which works with USD, EUR and a number of other fiat currencies, which simplifies cryptocurrency purchase. The only thing is that you have to verify your profile to use bank transfers. LiveCoin has rather low fees, and there is also a pretty impressive list of different coins available for trading.
  • Bittrex.com. This exchange operates since 2015 and has established itself as one of the safest resources on the Web. In addition, several hundred different currency pairs are available for trading, including fiat money. Bittrex can be used not only as an exchange platform but also as a wallet. We have set up a guide on how to buy bitcoin on Bittrex for you.

In addition, there are other exchanges, where you can buy altcoins with profit. The most profitable approach is to track specific proposals depending on your needs. Sometimes smaller exchanges offer more favorable terms.

✅ Pros:

  • You can buy altcoins at a bargain price.
  • Exchanges are usually lower than on instant exchange services.

❌ Cons:

  • It takes a long time to close the order.

Via the wallet

Most cryptocurrency wallets support exchange transactions. That is, you can use them to purchase altcoins. What you need is to:

  • find a wallet that supports the desired altcoin.
  • choose the purchase method.
  • pay for the purchase order (most wallets support fiat currencies and digital money).

Everything is extremely simple! But you’ll have to pay for speed – exchange rates in purses are not always profitable, and for the transaction itself, you will have to pay a fairly high fee. If it is more important to you to buy fast then to buy cheap, then buying altcoins through a wallet will be an excellent option.

 Pros:

  • It’s fast.
  • There is no need to use third-party resources.
  • High security level.

❌ Cons:

  • High fees.
  • The exchange rate is often unfavorable.

Via exchanger

Cryptocurrency exchangers, where you can instantly exchange one currency for another, work in the same way as services for fiat services. You go to the site, choose the right direction of exchange and pay for the application. There is a rather large number of similar services. Let’s take a look at some of them:

  • 60cek.com. One of the most popular cryptocurrency exchangers, which offers very profitable rates for various altcoins, as well as a large number of exchange directions, including fiat. The exchanger operates in a manual mode, so operations take from 5 to 15 minutes.
  • LocalBitcoins.com. This exchanger works on P2P-basis, where the exchange is carried out without intermediaries between users directly. You can choose one of the appropriate orders and buy top altcoins depending that suits you.
  • ChangeBot.info. This exchanger operates on the same principle as LocalBitcoins. Users create orders and exchange funds with each other. The service works with a large number of currencies, both digital and fiat.

Exchange rates are also recommended to be monitored regularly because they are adjusted depending on the prices on the exchange.

 Pros:

  • Fast transactions.
  • Large selection of payment systems.
  • The ability to choose the exchanger from a large number of options.

❌ Cons:

  • The exchange rate is not always profitable.
  • High fees
  • The limited volume of purchase.

P2P purchase

Despite the fact that this method of altcoins purchase is the most unreliable, it still has its place. It is a direct purchase of coins from other users. Occasionally, such proposals are posted on thematic forums and Telegram chats. So that you find a user who sells the desired altcoin and start a dialogue with him, agreeing on the price and volume.

Beforehand, it is better to study the user’s rating, and also to get acquainted with the history of his previous transactions – usually, those who are engaged in exchanges, provide such information without any problems.

✅ Pros:

  • The ability to buy altcoin at the best price.
  • There are no restrictions on the volume (you can buy even a single coin).
  • Fast transactions.

 Cons:

  • High risk of a scam.

Summary of where to buy altcoins

Thus, there are a lot of options where to buy altcoins. The choice depends entirely on your needs:

  • Quickly and reliably – through an exchanger or a wallet.
  • Profitable and reliable – through an exchange.
  • Profitable and fast – P2P-purchase (very high risks).
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