Hi Good People,
Where to get started with Altcoins like ETH LTC etc?
Was seeing reviews was almost going to start with coinspot but they aren't appearing to positive so not sure where and who to get started with,
Drop the knowledge below please!
Thank you & HNY!
You can use Binance and Kucoin for 90% of the decent altcoins
for info on kucoin:
https://medium.com/@passivecrypto/dividends-from-crypto-curr…
There's quite a lot of info on the other threads here but depends on what alts you want to buy. If you want to venture out of the bigger market cap coins (ETH, LTC, XRP), you'll most likely have to send BTC/ETH to another exchange to purchase them. (i.e. you won't be able to buy all alts directly using AUD.)
I'm in a similar situation to you. Wanted to get in due to the boom of alt coins. I signed up to BTC Markets and Binance due to much better rates compared to Coinspot.
The procedure is:
1. Sign up to BTC Markets and Binance.
2. Verify your account for both. (This took me a while since BTC Markets had to send out a verification code through the mail)
3. Deposit money through BPAY to BTC Markets.
4. Buy Bitcoin or Ethereum.
5. Transfer the Bitcoin or Ethereum to Binance and use it to buy whichever alt coins you like. (You may want to transfer it to an offline wallet first as others have recommended instead of transferring it to Binance directly).
I got in it 2 weeks ago and still waiting for step 3 to go through due to the public holidays.
Hope this helps.
I was typing out the exact same steps. this is spot on!
The fees and delays in sending BTC at the minute do not add up.
its not uncommon for BTC transactions to take days at the minunte.
If you own ETH, do not trade it, Hold it.
2018 is going to be big for ETH.
So many pltforms have been built on ETH which will drive the value up.
If any thing buy LTC.
This is a good move at the moment as LTC is likley to go up in the short term which may go some ways towards reducing the AUD exchange premium rate.
Whilts you are holding LTC to trade, it is more likely to increase.
LTC is ultrafast to send and the fees are really sharp.
Crytopia allows you to trade LTC directly for numerous other coins.
Akternatively LTC can be traded to ETH or BTC on Binance etc to trade for whatever.
The best advice I can give you, do not be in to much of a hurry to trade.
Only buy the dips and significant pullbacks.
Even BTC has significant pullbacks eventually.
Its common for new people to buy the top in fear of missing out and panic selling when it drops.
If you are looking at what to buy, Alexs videohas some really good recommendations.
Did you mean HODL it? :)
I've been trading alt coins for about 6 months now (I'm not a day trader though) and I agree with Cheap Charlie above.
Just a warning, please don't send BTC. Last time I sent BTC from btcmarkets to Binance, it took 2 weeks to arrive and a 2.2% fee. During this time, BTC went down by 20% too… With ETH, it took 10 mins and 0.1% fee.
LTC is a good start as well. LTC founder sold all of his coin holding and donate a bunch of it to LTC development. Probably quite a few millions. So we hope to see lots of new LTC features in 2018.
My wife is obsessed with Power Ledger (POWR) - an Australian company that will revolutionise the energy industry. Well, we hope so….
Final advice is, do your research. Ready the whitepapers. Read the road map. Invest in things that you are interested in and believe in.
May the future be with you!
@Abelin: BTC market pays less fee to miners so sending BTC from them can be really slow, have heard it takes days during busy period. I prefer to buy from coin jar and send to Binance and usually coin jar rate is much better than BTC as well. POWR is a great project but also look into Ven, WABI, SUB, MOD and ICX which are all on Binance are going to be great coins to HODL in 2018 IMO
@Abelin: Another coin i believe is Utrust(UTK) which just got listed on Ku coin on 29th and gone up more than 100% since then. Utrust are looking to be paypal of crypto world and is a project i am a big fan of, i got some in ICO and picked up more coins when they hit exchange.
tell your wife about SNC, they have a much smaller mcap than power but their technology will be ready 8 months sooner and they have a partnership with BMW
Thanks for the steps haha,
I'll take my first steps and see how we go, cheers
Hi Sorry for being stupid, how do you transfer the Ethereum from BTC Markets to Binance?
Don't need to be verified on binance unless you want to withdraw more than 2BTC is that right?
So ahh…. silly question, what are the follow on steps to sell and get AUD $? Am looking to buy a hardware wallet and maybe dabble a few grand as a long hold/gamble.
Hi, Can you recommend another exchange than Binance? It's on registrations pause (not taking new)
I also signed up for https://poloniex.com/ when Binance was paused, but haven't used it yet.
There is also Bittrex, but it is still paused.
Hi - Sorry for the delay, i got put in the naughty corner for "spamming" the comments with my r#####L link, so i couldn't post.
@cheepo - sorry, your comment got deleted with mine. You might have to post it again.
THIS!
Coinspot is beyond annoying when it comes to signing up and have a lousy service. Unlike any other exchange they require your drivers licence + bank statements and make you take a picture of yourself holding some stupid message for verification. Then they take anywhere from 2 to 4 weeks to get back to you to tell you if they have approved your account or not (which can result in loss of potential profit). If not approved repeat the whole process again and wait another month. They also dont accept scanned images for some reason ! They have recently put a temporary ban on all AUD deposits although I am not sure if that has more to do with Australian banks or coinspot. Use BTCMarkets for XRP, ETH and LTC or use international exchanges to buy and transfer to wallet.
So how you deposit money to BTC mkt when their is ban by Oz banks
I think it still works. Some banks selectively closed some accounts as per the below article. Coinspot being crap just froze all AUD deposits.
http://www.smh.com.au/business/bitcoin-tensions-rise-as-inve…
Ok thanks
The first company to make it a non convoluted process to buy & sell is going to make a mountain of cash.
Coinbase is pathetic in nearly every aspect, it has a decent UI for buying though so it's almost the market leader.
But that's the thing, Coinbase's simple UI means that mums and dads (and in some cases grandma and grandpa) have an easy entry into crypto and can view their portfolio/performance easily.
Not being able to sell in a lot of places is huge. They've got plenty of problems atm.
There is still prime opportunity for new companies to spawn.
Yep that's true. Not being able to sell for AUD is pretty annoying!
Tbh buying LTC or Eth and then transferring from exchange to exchange is such a simple process. As long as there is atleast 1 way to simply change your money from fiat to crypto you are sweet. I just change from fiat to LTC or Eth on BTC markets and then go for it on binance or cryptopia.
secret
Try BTCMarkets.
It only does the main alts though.