Many opportunities for making money are presented by cryptocurrencies. More than 250 trading platforms have been made accessible along with over 6,000 coins. More individuals want to work in the crypto industry. Because of this, it can be harder to understand everything in the world of crypto.
When Bitcoin came out in 2009, it made it possible for a lot of alternative cryptocurrencies to take its place. A lot of these types of altcoins may provide you with significant gains, like Bitcoin delivered in its initial stages. This guide will walk you through how to buy altcoins while explaining each step.
Altcoin season coincides with when the best cryptocurrencies that aren’t Bitcoin do significantly better than Bitcoin in terms of percentage gains. Typically, this takes place after Bitcoin’s price went up a lot. Take advantage of the gains by investing in prior to the price going up. Start making money with altcoins by following these steps.
How to Buy Altcoins?
Prior to you step right into the hot altcoin market, you must find out as much as you can about the projects you’re thinking about. A study from CoinGecko.com says that since 2014, over fifty per cent of all altcoins did not succeed.
“DYOR” is a common phrase in the world of digital currencies that means “do your own research.” What this means is don’t believe the commotion, even when it’s altcoin season. On the contrary, make your very own choices based on what you know.
1) Choose a Crypto Exchange
The initial stage is to choose a trustworthy digital currency exchange. It would help if you verified the platform’s validity and accessibility in your area prior to making a deposit. We’ll take advantage of MEXC for this guide on how to buy altcoins. MEXC offers some of the cheapest rates on the market as well as a broad selection of crypto trading pairs. That makes it an ideal option to buy or sell altcoins.
2) Register on MEXC
After selecting your wallet category, you’re going to be asked to enter an email address. Then, it’s necessary to request a confirmation email in order to confirm that your email is accurate. You’ll have the opportunity to finish KYC shortly after confirming your email address. If you opt to perform KYC, verifying your name could take a bit more time.
3) Deposit Funds
After being verified, you can add a payment method while making a deposit. The most efficient way to add money for several exchanges can be accomplished via a wire transfer. For example, there are no charges associated with bank deposits at MEXC. You can sell your currencies, such as dollars for USDT or USDC, at MEXC, where you can buy alternative currencies.
4) Select an Altcoin to Buy
Be sure you’re familiar with the terms of a purchase and add the required payment information. Immediately following that, proceed to click “Buy Now.” You are able to exchange your cash for USDT or USDC at MEXC.
4) Select an Altcoin to Buy
Find the altcoin you want to buy in the Spot Trading tab. You will see two coins. A trading pair is something like ETH/USDT. You could buy or sell ETH for USDT.
5) Place an Order
Let’s initiate a purchase now. Market orders, limit orders, and stop-limit orders are the three fundamental types of options that can be made use of in modern trading systems like MEXC. Most of the time, the costs of trading for limit orders are slightly lower than those charged for market orders.
On the other hand, prior to you making a move, verify how much the platform charges. MEXC has spot trade fees of 0.1%, but those who own MX tokens are never required to pay any fees.
Market orders: Market orders are trades that should be carried out as soon as possible at the selling price that is currently on the market.
Stop-limit orders: These allow you to specify the higher and lower limits for the selling price for specific orders. A limit order gets called into action when the price hits the set stop price. At this moment, the market will buy or sell the token right away at the set price.
How to Securely Store Your Altcoins
Upon completion of the purchase, your valuable altcoins will be stored on the exchange. This point is the right moment to transfer the cryptos from an exchange to a wallet that you might have bought them to hold.
• Use Exchanges – Suitable for Short-Term Only:
It only takes a few clicks to trade and keep your crypto. However, some risks come with using a platform to store crypto.
• Utilize a Hot Wallet—An Easy Choice:
With a hot wallet, these credentials are kept on an electronic device that is linked to the Internet, like a laptop or mobile device. It becomes simple to get to your digital currency with a hot wallet, which can function as an app or a computer add-on.
• Use a Cold Wallet – Most Secure Option:
Hardware wallets, as well as wallets made of paper, have been examples of cold wallets because they are not linked to the Internet. Get an updated hardware wallet if you are looking for the best security.
Moving Your Altcoins to a Self-Custody Wallet
You’ll be required to give the address of your wallet in order to receive it. The address for this account can be found in your wallet app or, if you have a hardware wallet, the associated app.
- Please choose the coin/token that you wish to withdraw.
- Make sure you select the right network. (Most platforms only list networks that work with each other)
- Submit the address of your wallet. (Copy/Paste to avoid mistakes)
- Select the total quantity to be withdrawn.
You’ll have to deposit transaction costs for using the blockchain network in order to transfer your crypto from your exchange wallet to your wallet. It depends on which exchange your altcoin works on, along with how busy the network is when you remove it.
FAQs
Conclusion
By following the simple directions above, you are able to purchase altcoins through any exchange in the world. But before you put any money into something, you need to make sure you’ve done proper study. You can make good money with altcoins even if you only have a small amount of money to start with.
