It was 2011 where only single Cryptocurrency was traded in the market by very few people but now around 2000+ cryptocurrencies traded in the market. So this guide is to help Crypto investors on how to buy Altcoins using Bittrex and CoinBase.
What I explain here will be a common process for every exchange it won’t matter what exchange or wallet you are using such as Cryptopia, Binanace etc.
Altcoins is a term referred for those coins which are not that much popular as Bitcoin.
So the definition of Altcoins varied for a user to user but ideally, Every coin other than Bitcoin is known as Altcoins.
Before learning on how to buy Altcoins, make sure you are aware of the future of Altcoins in which you are intended to invest in.
We all know Bitcoin is the mother of cryptocurrency and traded for a very high value and every single news impact the price of Bitcoin.
Currently, Bitcoin is traded around 4000-5000$ which has already crossed the limit of 13000$ in the Year 2017.
So Investing in Bitcoin is a high-risk game. Now here alternative for all the people is to invest in Altcoins.
So How to Buy Altcoins? But before that.
Do you know what are Altcoins?
If not then let’s brief that first.
What are AltCoins
Other than Bitcoin every coin is Known as Altcoins. Trading of altcoins happens against Bitcoin or fiat currency like USD or EUR etc.
But every currency is traded mostly against Bitcoin.
If I will ask you how many Altcoins you are aware of then probably you may answer me a few but if I ask what are the use of them then probably you won’t have an answer for me.
Never jump on buying any cryptocurrency unless you have a future vision or idea about that coin. Because this is digital currency born with a vision to solve peoples problem.
So do invest in that which has a strong vision and actual future growth possibility.
Let me brief you about some.
Ethereum (ETH) this is born with a vision to remove drawback of Bitcoin and first open platform which invited people to join their blockchain technology and build token open it.
Every Coin based on Etherum platform is known as ERC-20 Token. It improves the transaction speed and among the second highest cryptocurrency in Price.Can check our Ethereum guide for more detail.
Litecoin is again the solution of the problem for Bitcoin per block duration time. It is 4 times faster than Bitcoin and has the capacity to do around 56 transactions per second.
It is among the third popular choice of the crypto trader. You can check more detail about Litecoin in our Crypto Guide.
It is widely accepted for banking transactions due to its capacity to confirm 10,000 transactions per seconds which are far better than Bitcoin and any other cryptocurrencies.
It has one of the highest market circulation supply of around 84 million which is 4 times higher than Bitcoin.
It is fun for Cryptocurrencies and people around the world are using this to give tip to each other and the funniest part is its max supply is unlimited.
You can mine Dogecoin easily but the question Is Dogecoin mining Worth?
So I don’t think this is a coin for investment.
It is a competitor of Ethereum which is a smart Economy project which brought with an idea or vision to trade every cryptocurrency on their platform.
It is a blockchain based public platform where everyone can join them and their integration with Onchain make this among the popular choice of investment. Learn here more about NEO
In such a way here is a very long list such as XML, Eos, Tether, Tron, Sia, Bitcoin Cash, Bitcoin Gold which can’t stop if I start writing for all of them.
But my point is to identify that which has good vision and future growth possibility.
This guide is limited to give you an idea about how to buy Altcoins but to help our readers we have analyzed the previous year 2018 and prepared list of Top 10 Cryptocurrency to invest in 2019.
Check that list and decide which one you want to invest. If you want to try emerging trending Crypto platform than have a look for.
I hope before learning about how to buy Altcoins? You should have an idea about where to Buy Altcoins?
Where to Buy Altcoins?
The process of buying through an exchange or wallet will be explained later in detail but first, decide to which platform you should buy altcoins?
There are multiple ways to do so as most of the Altcoins are traded on big Exchange such as CoinBase, Bittrax, Binance, Cryptopia etc.
All Above Exchanges are the best place to Buy Altcoins. If you want to learn Bittrex vs Binanace then we have detailed guide for you.
So New question came into mind out of the above list from where to Buy Altcoins?
Ideally, have in mind below points before you chose any place.
Make sure that exchange charge you minimum transaction fees and easy to use and should have large volume traded on daily basis.
To trade on exchange require your digital or fiat assets available on Exchange wallet, so make sure that exchange is most secure and non-vulnerable to hack.
Make sure that exchange allows you to access your account from multiple locations and should have availability from multiple countries.
It should provide you mobile, Website and if possible Rest API access to the platform.
Ideally, every currency is traded on a big exchange such as Bittrax, Finance, Cryptopia etc.
But make sure whatever you chose should have all the possible highly traded Altcoins to trade on else it will cost you a lot to move your cryptocurrency on another platform.
So Now you are ready and understood very well.
This time to learn how to Buy Altcoins?
How to Buy Altcoins on Exchange
I hope you already got an Idea that in which coin you should invest and What should be criteria to chose any exchange.
So if you are beginner then definitely you are looking for a place from where you can start your Cryptocurrency buying.
As a beginner you will have fiat currency either USD, EUR, GBP etc but not every platform accepts such currencies.
To Buy Altcoins you should have a wallet which could hold your cryptocurrencies.
If you do not have any then I would suggest you check the guide on Top 7 Best Cryptocurrency wallet and create an account with one.
Let say you have an account with CoinBase which is among the best choice of the worldwide crypto users.
But If you already have an account with CoinBase and if you are looking for a CoinBase alternative then here are our best suggestions for you.
CoinBase will help us to convert Fiat Currency into Cryptocurrency.
CoinBase is not only a wallet it is a small exchange which has few currencies listed to trade for buy or sell purpose, here is the list of those Currencies.
If your choice is to buy above-listed Altcoins then you can buy them from CoinBase only and you are done with How to Buy Altcoins.
Else you want to buy any cryptocurrency which is not listed with CoinBase then go for below guide.
Now chose one out of CoinNBase Listed cryptocurrency which has fewer transaction fees as compared to Bitcoin.
This is what I am suggesting because If you buy Etherum and while you transfer from CoinBase to other exchange to buy your altcoins then your transaction fees will be less as compared to Bitcoin.
But make sure to the exchange from where you buy Altcoins should be traded for Ethereum (Just for example because this is what you are going to purchase from CoinBase) else Buy Bitcoin.
Otherwise, you would have to change Ethereum back to a traded currency such as (Bitcoin, USD) then with that converted currency you will be able to buy your altcoins.
I hope you got Idea about it.
Now go through below steps to set up an account with CoinBase and convert fiat currency to Bitcoin.
- Do Signup with Coinbase .
- After Sign up it will ask you for Identity verification, it will get approved within 24 hours.
- It has an option to Deposit your USD, GBP or any listed currency.
- Do transfer money using your Credit, Debit card. Be aware transaction fees will apply.
- Now You have CoinBase account with Fiat Currency.
- Simply go to Exchange of CoinBase and place your Bid to buy any coins such as Ethereum, Litecoin, Bitcoin etc.
- If your order fulfilled then you will have now cryptocurrencies.
This is simple and easy steps to Buy cryptocurrencies using CoinBase.As I said if your choice is among the above-provided list then you won’t need to do anything because you got your Altcoins.
But what if you want Neo Coin which is not listed with CoinBase.
Just to let you know NEO is among the popular altcoin choice check here.
So this guide will help you on how to buy on Bittrex as Bittrex is among the top listed exchange.
To buy Neo or any other Altcoins we have to move towards a big exchange like Bittrex which is listed with multiple currencies.
First Step will transfer your purchased Cryptocurrencies from CoinBase to One of the Exchange.
Transfer from CoinBase to Bittrex
Here what I would suggest is go for Bittrex. This is among the best Cryptocurrency platform which has a large number of cryptocurrencies traded on a daily basis.
So the combinations of CoinBase and Bittrex is the best place to buy Altcoins.
If not Bittrex then you can choose another exchange like Binance, Cryptopia etc but the process will be Quite similar.
Here I would explain using Bittrex.
This time is to transfer your purchased coins from CoinBase to Bittrex.
I have drafted a full detail guide on How to transfer your purchased Cryptocurrencies such as Bitcoin, Ethereum, Litecoin from CoinBase to Bittrex.
Now I can assume that you have done the successful transfer of Ethereum from CoinBase to your Bittrex Wallet if had any issue comment me I will provide you a legit solution.
Your transferred coin, you could verify from Below Process.
- Login to Bittrex
- Click to Top Right corner wallet option. All list of wallets will be visible, now search for your transferred coin lets say you have done the transfer for Ethereum.
So Do the search for ETH in search option and listed coin with available balance will display
On the screen you have two options one will Pending validate and other is an available balance.
If you have sent just know and still waiting to confirm in blockchain than will be displayed in Pending Deposit and if confirmed then will be in Available Balance.
Hence, you can start trading only if you have your Cryptocurrency in Available Balance.
You have landed on a big platform like Bittrex where thousands of coins are traded every day.
So let me finish your purchase guide with Bittrex and will answer your question on How to buy Altcoins?
How to trade on Bittrex
To Buy an Altcoins on any exchange will need understanding about trading on that platform so you should learn first about How to trade on Bittrex.
The second important thing you should be aware of what currency you can trade on Bittrex?
So let me tell you in how many currencies Bittrex allowed you to trade.
If you will go through the market section on Bittrex you will find four ways.
- Bitcoin Market
- Ethereum Market
- USD Market
- USDT Market
Yes, this should be your point of Focus while doing purchase from CoinBase.Here we have purchased Ethereum so we can buy Altcoins using Ethereum in Ethereum market.
Ethereum is a tradable market in Bittrex if any other coins then that will require conversion back to the above-traded market.
This costs you extra transaction Fees.
So go through below steps to buy Neo as your Altcoins, I am taking Neo as my choice of Altcoin and an example.
To Buy NEO coins using Ethereum or any other Cryptocurrencies first go to that specific market here in this guide I will go through Ethereum Market.
To Purchase NEO first check whether this is registered with Bittrex or any other exchange or not.
Good news is NEO registered with Bittrex.
So now We have to learn How to trade on Bittrex because here you are selling Ethereum in exchange for NEO.
- Go Market option on the TOP right corner and click that.
- Scroll Down for Ethereum Market and search for NEO in find and hit enter.
- Now you will be navigated to the new screen on which all trading is going on. Here on this screen if you want, then you can change the market out of above suggested and in the Search box, you can change Any other Altcoins which you want to trade.
- On Above Ethereum -NEO live trading screen people are selling and buying NEO in exchange of Ethereum. This case will be similar to other Altcoins.
Now you are landed on Exchange this time is to understand how to trade on Bittrax.
It has three following terms.
It specifies the Buy price which you or any buyers wants to spend while purchasing any other cryptocurrencies
If you will place 0.002 ETH=1NEO then your bid will be 0.002 ETH in Ethereum market.
Bid price will be the amount which every buyer wish to spend in the exchange for your Altcoins or expected coins.
It is reversed market if you already have NEO coin and want to exchange that for Ethereum.then you can place sell order for NEO.
Let say you place 1 NEO=0.002 ETH, so if 1 order got fulfilled then in return you will 0.002ETH which will store into ETH wallet.
This will display the last price for which the same coin was traded. This can give you an exact idea that what is the current exchange price for your expected altcoins.
If you want to place the future bid for buying NEO for less than current price than here you can check the max and minimum price of NEO in the past 24 months.
These terminologies are most important before to start or learn how to trade with Bittrex or any other trading platform.
Now let’s do the purchase of Altcoin.
This time is to do actual trading or exchange of Coins from Ethereum to NEO.
Here in below screenshot, you can see the trading platform which has all the record for currently traded coins.
You have your Ethereum transferred from CoinBase to Bittrex hence Ethereum balance will be displayed as an Available Balance.
If you want to Buy NEO then you will have to select Buy and place your Buy bid, let say you want 10 NEO for 0.01 ETH, so divide them you will get your Each NEO price.
Select Buy Option visible on the screen.
Then on below entry, Quantity of NEO provide how many NEO you want.
Provide Bid Price this could be any such as the Last price, Bid price or Ask Price you can choose in drop menus as shown below
Here Bid means whatever Buy price someone has already placed in current trading to Buy NEO coin and Ask means whatever Sell price someone has placed to sell per NEO coin.
In summary, always Bid price will be less than Ask price hence chose Bid in case of Buy New Coin.
So if you want to fulfill your order immediately then you can choose one of them.
If you want to place the future bid for less price than you can put the same as I explained earlier by doing manual entry.
Based on the above two entry, we will get the expected total ETH deducted from our account to get the specified quantity of NEO coins.
If you have that much amount then simply hit Buy NEO button, if not then do changes in quantity and price of NEO until you have a total amount less than or equals to total Ethereum available in the balance.
Whenever your Bid will match with market traded values, your order will auto fulfilled and NEO will be credited to your account.
If not reached your expected Bid price, in that case, your Order will be in My Open Order History.
Until you cancel that My Order from order book your amount of ETH will be reserved.
While you cancel that order from open order then it will be added to your Available ETH balance.
For each transaction, Bittrex will charge you a minimal fee of 0.25%. Which varies so you can check on Bittrex.
I hope you got an idea about how this works and how to Buy Altcoins using Bittrex.
The process we explained is about Buying any Altcoins using Bittrex in summary if you want to sell your earned coins then Select sell option and repeat vice versa.
This time place your NEO sell price higher than market traded rate so you will get the good return for the sell of each NEO coin.
One Bonus Tip!!
NEO which you purchased earlier, it was just because someone has placed Sell order in Bittrex order history.
This is the concept of trading which we use everywhere.
I hope you learned a lot about How to trade on Bittrex.
So the concept of buying Altcoins from any exchange will be similar.
Chose the one best which you find cheap and easy to use here the CoinBase Alternatives has a list of all of them based on privacy, transaction fees and lot many other factors.
Bottom Line on How to Buy Altcoins
First, you need a platform which helps you to convert your fiat currency into Cryptocurrencies and in such case you can use coinbase else can go for the coinBbase alternative as already shared in the previous guide.
Now you have that currency, send that to any big exchange on which your expected Altcoins is registered there is a very long list of exchange such as I explained about Bittrex, Binance, Cryptopia and lot more.
So found your best such as Cryptopia, Binance, Bittrex and repeat the same processes of trading which we did with Bittrex.
Place buy bid and wait for an order to fulfill. In such a way you can buy cheap altcoins and complete your goal to buy altcoins.
Make sure you secure your exchange or wallet account with 2FA security and if possible go for one which does IP appress verification of your login system.
If you want to sell CryptoCurrency for USD or any fiat currency or want to cash out than check our exclusive guide.
I found Bittrex among the best due to its popularity and security features.
This is the end of this ultimate guide on how to buy altcoin and how to trade on Bittrex to convert your coins into Altcoin.
Latest posts by Kirtish Vyas (see all)
- Bluehost Login (Review): How to Open Hosting Account (2020) - January 9, 2020
- 7 Key Points of Facebook Libra CryptoCurrency : Ultimate Review - December 31, 2019
- What is Oberlo: Is Oberlo Worth In Shopify DropShipping (2020) ? - December 20, 2019