Buying bitcoin and ethereum is as easy as buying a product on amazon, but there are details worth considering.
First of all, all you need is to register at coinbase.com and you are good to go. After getting verified, which is pretty easy compared to other websites but can take a fair amount and a couple of tries, you need to deposit money with your credit card by clicking on buy/sell and then preferably on ethereum to safe transaction fees later on. Depending on the amount you deposit, this transaction can cost between $2 and $50. If you have no credit card, you can simply send money with your debit card, which takes around one day if you send it by 6pm. The amount you send will be deposited in your countries currency; now you can change the money to bitcoin, ethereum, bitcoin cash or lite coin. Beware the transaction fees: If you want to send the money to a trading platform, you should always buy ethereum as the transaction fees are minimal. Never send bitcoin, the fees are horrendous. If you want to stay with one of the above coins, you are down now – it’s as simple as that.
Now, if you want to buy promising altcoins like REQ (Request Network), ENJ (Enjin Coin), XRP (Ripple) or XRM (Monero) [these are just a couple and keep in mind that they might fail, so don’t invest what you can’t afford to lose and inform yourself before investing], you need to register on a trading platform like Binance or Bittrex. Binance is my favorite as the verification process is easy and fast and it features a lot of altcoins other trading platforms don’t. Another advantage is that you can withdraw up to 2 BTC (more than $30,000) without being verified. After horror stories about people not getting verified on bittrex or bitfinex with their money stuck, I’m fine with binance.
After having registered on binance, you click on Funds -> Deposits Withdrawals and choose deposit on the ethereum row, given that you bought ethereum on coinbase to save fees. (If you didn’t, you should really consider changing your bitcoin to ethereum to save money. It is easy and does not cost anything using gdax.com, which belongs to coinbase. You can simply use the same credentials without having to register again.) Now make sure to copy the whole wallet address and send a small amount to test the address first. Just click on account on coinbase, click send on your ethereum wallet and follow the instructions.
Keep an eye on the price
After a couple of minutes, sometimes half an hour, you should be able buy altcoins with your ethereum on binance. Click on Exchange – Basic, make sure to select ETH on the upper right and search for your favorite coin. Now you can simply choose an amount of coins, then click on buy to proceed. Just make sure that the price you pay in ethereum (shown in the grey box above the amount) corresponds with the last price shown at the top of the website. You can always try to underbid, but be careful not to overbid by too much.
By now, you should be a proud owner of the altcoin you believe in – now it’s time to hodl. Depending on the amount you invested, you should consider buying a Ledger Nano S to store your coins safely: You can learn more about that in our Cryptocurrency 101.
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