How can you buy altcoins?

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How can you buy altcoins
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Fortunately, buying altcoins is not difficult. Most people perceive this to be a challenging step as well. I will explain step by step how to buy altcoins below.

Step 1:

Examine altcoins

Before making a purchase, it is important to do proper research. All the big investors in this world say it: make sure you know what you are investing in. You can do research using technical analysis or fundamental analysis.

Technically analyze altcoin

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When you do, you examine the price to determine the correct entry point. You do the same thing for the moment of departure. Here you can read more about conducting a technical analysis.

Basic analysis altcoin

Fundamental analysis is somewhat easier to perform, even if you need some knowledge of Blockchain and crypto. In fundamental analysis, you look at the underlying history of a Cryptocurrency or token. Think, for example, of the purpose of altcoin, how it works and who is on the team.

However, partners, competition, and tokenomics may all be beneficial to your study. More information on doing fundamental analysis may be found here. By doing research, you can decide for yourself which altcoin is best to buy. Later in this article, I will go into more detail about the different altcoins you can buy.

Step 2:

Choose the exchange on which you want to buy altcoins, or choose a broker

Cryptocurrencies are made on a crypto exchange. This is a website that can be compared to a stock broker. On the crypto exchange’s website, you specify which altcoin you want to buy, and at what price you want to do it. For many, it is difficult to choose an exchange, because there is a lot to choose from.

The obvious choice then is to use eToro. This means that you do not have much money to use the exchange. In addition, there is free-range: you can get more than 50 different altcoins from this altcoin broker.

Apart from eToro, you also have no choice from (international) crypto exchanges, such as:

Coinbase

Binance

KuCoin

Uniswap

SushiSwap

Kraken

Bittrex

When you are new to the crypto realm, it is preferable to start with a central exchange (CEX). You may also use a decentralized exchange (DEX) like Uniswap or SushiSwap, however, this is more difficult for newcomers. A CEX is therefore a much safer choice for beginners of crypto traders.

Step 3:

Store altcoins securely in your wallet

After you buy your altcoins, you need to store them in a special crypto wallet. This is a wallet where you can store cryptocurrencies. You can choose between two different types of wallets:

It is important to know the difference between a cold and a hot wallet. With a software wallet, your cryptocurrencies are stored online, for example in the wallet on the exchange you used. This means that your cryptocurrencies are always available.

A hardware wallet is much more secure because you can disconnect it from the internet. You can compare it to a USB stick where you store your cryptocurrencies. When you disconnect this USB memory from your computer, the coins on it are not available.

Step 4:

Keep an eye on the altcoin price

Of course, you want to make money on your investment. To do this, you need to sell your altcoins for a higher price than the purchase price. For this, it is important to keep an eye on the prices of the altcoins you have purchased. This is frequently possible at the crypto exchange you used, but it is also possible on CoinMarketCap.

Step 5:

Sell your Altcoins for a profit

Selling your altcoins at a profit is the most fun part of crypto trading. After all, this is the time when you may profit from your investment. Of course, it is possible to lose money. However, this only occurs when you sell your Cryptocurrency for a lesser price than you paid for it.

Do you think that one of your altcoins has reached a good price? Then you can consider selling your altcoins on the stock exchange where you also bought them. You can do research on your altcoins to determine if the price has reached the right price. Again, this may be accomplished by technical or fundamental analysis.

Which altcoins should you buy?

Even back to the beginning. Before you buy altcoins, you must first decide which crypto to buy. As mentioned, it is best to investigate this yourself through basic or technical analysis. Still, you can be completely new to the crypto world. Chances are good that you have not heard of altcoins like Polkadot or Ethereum.

The best altcoins right now

You can keep an eye on crypto news to find out for yourself the best altcoins right now. Are you completely new to the world and really do not know what altcoins are out there? Then you can do some research on altcoins below:

Ethereum (ETH)

There’s a lot of money out there.

Ripple (XRP)

Cardano (ADA)

Polkadot (POINT)

Chainlink (LINK)

Holo (HET)

Coinmama

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