Best Place To Buy Altcoins In 2020: Beginner’s Guide

April 2, 2020      Tarulika Jain

Ethereum and EOS can revolutionise the blockchain businesses completely. Litecoin and Bitcoin Cash can execute the transaction at a much faster rate than bitcoins. Ripple and Stellar have the potential to quick up the process of international bank transfers. Hold on!! Confused about these names mentioned?? These all are alternative coins or altcoins available in crypto markets.

Satoshi created bitcoin over 11 years ago, but there are almost 5000 crypto coins in the market. Term altcoin coined by Andrew Chow to describe the coins which are using the codebase of BTC with minimal change in minor details, to improvise the customer satisfaction. In the current situation, when most of us want to diversify our portfolio and don’t want to invest only in bitcoin, we need to learn about the best place to buy altcoins.

Before Where, Let Us Explore How!!

Many of us have heard about altcoins, but might not know how to buy altcoins! If you already own a crypto account, it is excellent. Still, if you are a newbie, then you have to create the crypto account on any of the known exchange (Binance, Coinbase, Bitfinex, Coinmama etc.) (You can also learn to open your crypto account from the guides on Cryptoknowmics too!)

 

So, here are the few steps you have to follow before buying the altcoins:.

  • After creating your crypto account on the platform (will be mentioned below), with bank transfers, credit card or debit card and sometimes with PayPal, buy the bitcoins(direct options are still limited) and store in your wallet.
  • In the next step, you need to find the exchange from which you wanted to buy altcoin (list of the exchanges can be viewed on CoinMarketCap).
  • After signing up crypto-to-crypto exchange, transfer some of your bitcoins from wallet to exchange purchase altcoins (By hitting deposit button and doing the needful like scanning the codes).
  • Locate your altcoin on the exchange which is paired with BTC (like BTC/NEO) and finally hit the purchase button to own the altcoins.
  • The most important step, once you own the altcoins, then don’t forget to get them off from exchange and store in your crypto wallet (preferably cold storage).

Thus, these are the typical steps which need to be followed after finding the best place to buy altcoins in 2020.

Where To Buy Altcoins In 2020?

Now comes the question if there is a website or offline marketplace or any broker needs to be hired to buy altcoins. Oops!! No need to worry, this guide to buy altcoin can answer all your questions before buying altcoins.

The easy way to buy altcoins is via crypto exchanges either after buying BTC or directly from your fiat currency (if available). But what exchanges to purchase altcoins?

 

Kraken:

  • Allow the bank transfers but not credit or debit cards for deposits and withdrawals.
  • Wide range of altcoins with low transaction fees.
  • Easy verification process but highly secured.
  • Live chat option in case you stuck in between.

Poloniex

  • Highly liquid with a wide variety of altcoins.
  • Cryptocurrency needs to be funded to purchase altcoins( does not support fiat!!).
  • no fees for deposit and withdrawal process.
  • no verification process till you trade up to $2000 on a per-day basis.

Cex.io

  • Diversified range of altcoins.
  • Thankfully!! Accepts bank account transfer and credit/debit cards.
  • Highly secure crypto platform.
  • Huge transaction fees.

Bisquare

  • Highly decentralised (You own and control your funds!).
  • A secured network for a variety of altcoins.
  • Range of fiat payment methods.
  • Complicated interface for newbies.

Mentioned exchanges can be used to directly purchase the altcoins either from your fiat currency or from bitcoins. They undoubtedly have the best site to buy altcoins, but there are some other players available in the crypto space.

  • Some of the centralised exchanges like Coinbase, Binance, Bittrex, Kukoin etc. also facilitate users to own altcoins (but with BTC only!).
  • Decentralised platforms like Changelly, Coinmama, Swapy and the mediators like local crypto and LocalBitcoins can also be chosen to swap your bitcoin to own the altcoins and diversify your crypto portfolio.

So, the best place to buy altcoins depends upon the needs and requirements of the users and facilities provided by crypto platforms.

Quick Review Of Ways To Buy Altcoins

Best Place To Buy Altcoins In 2020: Beginner’s Guide

 

In this beginner’s guide to buy altcoin, several ways to buy altcoins can be summed up as:

 

  • Directly through crypto exchanges (Kraken, Bisquare etc.).
  • Exchanging the crypto to purchase altcoins via crypto-to-crypto exchanges (Coinbase, Binance etc.).
  • Atomic swapping to acquire altcoins through crypto brokers (Changelly, Swapy etc.).
  • Peer-to-Peer exchange (Localbitcoins etc.).

Mode of payments to facilitate the transaction could be:

 

  • Credit/Debit Cards.
  • Bank Transfers.
  • A cryptocurrency (Bitcoins).
  • Fiat Currency (Cash).
  • Paypal (Online app).

How To Buy Altcoins In India?

Before the verdict of the Supreme court which lifted the blanket ban on the cryptocurrency market (March 4, 2020), it was challenging to write about the exchanges who are facilitating the trade of altcoins in India. But, now crypto enthusiasts are looking for the best place to buy altcoins in Indian crypto markets. Many exchanges and service providers are coming up and helping to buy bitcoins in India.

 

Best Place To Buy Altcoins In 2020: Beginner’s Guide

 

Exchanges like Poloniex and Bittrex, provide the diversified range of the altcoins to Indian crypto enthusiasts with the least verification process. Also, some exchanges like Coinbase (offering Litecoin and Eth only) and Binance (ETH) can serve as crypto-to-crypto exchanges to buy altcoins. Zebpay is also popular among the Indians through which you can instantly buy bitcoins and further use for purchasing the other coins. Website of LocalBitcoins, which connects the numbers of sellers and buyers and provides escrow accounts, can also help the Indian traders to diversify their portfolio after buying the crypto coins. Crypto Brokers like Shapeshift, ChangeNow can help in atomic swapping and enable you to buy altcoins. In the coming days, few more startups are expected to provide the platforms for crypto traders looking to purchase bitcoins in India.

Final Thoughts

Hopefully, this guide will help you in finding the best place to buy altcoins. But keep your eyes wide open while investing your funds into altcoins, no matter whichever platform you choose. Read the facilities, guidelines and make sure that the website or platform you are using is authenticated. And one more thing, do not forget to store your private keys into the crypto wallet and never share the keys!

 

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.