The Best Altcoin Exchange
What's the Best Altcoin Exchange?
The following is a review of products of which I am genuinely very supportive. I have bought crypto using Binance and have no hesitation in purchasing more through them. However, I may receive compensation if you click on any of the Binance, Coinbase or Coinsqare links.
This article should not be interpreted as advice to purchase cryptocurrencies or trade. It is merely educational material.
What is an altcoin? An altcoin is a digital cryptocurrency alternative to bitcoin. Altcoins include Ethereum, Litecoin, XRP, EOS, Stellar, Cardano and many, many more.
I'm going to keep it simple for the reader as I know of only a few altcoin exchanges that carry large volume, a large variety of coins plus flexible deposit/withdrawal methods. What is the best exchange for altcoins? I'll cut to the chase and recommend only three exchanges to work with, Coinbase to exchange fiat for Ether and Binance to trade Ether for whatever altcoin you want, and finally Coinsquare if you live in Canada for withdrawals. Binance in my opinion is the best alt coin exchange, and the other two exchanges are necessary for deposit and withdrawals of fiat. Sticking to these three will save you time and effort. They all handle vast amounts of crypto volume. This handling of large quantities is not a guarantee of insolubility of a company, but it does put the odds in your favor.
I cannot cover every region of the globe in regards to initial deposit of fiat to crypto and withdrawal of crypto to fiat. My discussion will apply to the U.S., Canada, Britain, Australia and Europe.
At present, November 2018, Coinbase exchange has over 13.3 million users. As mentioned above, the volume is essential for the stability of the company. It is by no means a guarantee of insolvency, but again it places the odds in your favor. Coinbase is considered a very stable exchange that's regulated by U.S. law.
Purchase of cryptocurrencies on Coinbase is quick as they act as a market maker. They allow you to purchase at a price that they set. Before you buy your crypto, you must fund your account in USD. This buying can be done quickly with Coinbase through a credit card at a lower rate of 3.9%. I say lower rate because there are some exchanges that charge upwards to 5% or more. The fee is cheaper if you transfer from your bank account.
For a complete up to date rates for purchase or withdrawal within your country refer here:
As of today, the rates are the following and again, differ for each country as indicated below:
Coinbase accepts debit, credit card and wire transfer for deposits and wire transfers for withdrawals for the U.S. and U.K. and Europe. The other countries: Canada, Australia, and Singapore, are allowed credit card/ debit buy-ins but are not able to withdraw fiat. This inability to withdraw fiat means that you have to transfer your crypto to another exchange that does allow fiat withdrawal.
A little confusing, I know. If you're not from the U.S, U.K., or Europe and have more significant amounts ($5000 plus) to transfer into Coinbsase, then it's best to find a local broker and then transfer to Binance to buy your altcoins. 3.9% applied to a credit card deposit is too much when dealing with more substantial sums of money.
Coinbase is quick, easy and cheap if you live in the favored countries.
How to Use Coinbase
Next, you'll come to the following registration screen:
Fill out the indicated name, email, etc. and make sure to use the name issued on your passport or drivers' license. When choosing the password, make sure you use a combination of capital and lower case letters plus some numbers. Fill out the captcha box, check the agreement and then press "create an account".
The next step is to log in and confirm the account. On the opening screen, at the top, there is a settings tab.
Open that tab and go to security.
There you can verify your phone, address and submit your I.D. Document verification, just follow the directions. If you don't sign up right away, then you'll be reminded the next time you sign on.
You'll be asked to add a payment option after verifying your identity in the initial account setup. If you chose to skip that option, you could add a payment method from within your account by clicking on the Buy / Sell link in the top menu and select Add a new account under Payment Method.
Once you've added some fiat to your account, you can buy Bitcoin or preferably some Ethereum which you can then transfer over to Binance where you can buy the altcoin of your choice. Below is a video that shows you how to transfer crypto from Coinbase to Binance:
Binance has become known as the best altcoin exchange out there. It contains one of the largest selections of altcoins. Starting in China and then moving to Japan, Binance soon after moved to the European country of Malta to avoid the over-regulation of the first two.
It has gained a tremendous amount of popularity because of the expertise of its founders, it's smart advertising tactics, a variety of offered alt coins and a very low fee structure. There are few exchanges with as low fees as Binance. These low fees make Binance the best altcoin exchange to trade with.
Add to this that Binance has handled a previous hack attempt with great professionalism and competence and you have the recipe for one of the most trusted exchanges out there. Unfortunately, at this time Binance does not offer funding through fiat, but this may change in the future.
How to Use Binance
After you log in, press on the exchange button on the top and you're given two choices, basic or advanced. After a little trial and error, you'll find the platform easy to use. I would stick with the basics for now and trade only with minimal amounts until you get used to the functions. The advanced form of the platform goes into a little more depth and contains more technical indicators.
You can just look up the trading pair that contains both the crypto you want and the one you're trading with(Ethereum) on the right hand of the chart below. You can look up charts that include the Bitcoin price and Ripple price with respect to Ethereum or the price of any other alt coin with respect to Ethereum. If you can't find the altcoin you want listed in terms of Ethereum, then check out whether it exists with respect to Bitcoin.
The Basic view looks like this:
On the right, it provides a more natural way of looking up the desired crypto pair whereas with the advanced it's not as easily discernible.
The advanced mode is not as navigational friendly and only has one list from which to choose the appropriate pair. The advance platform can be observed here:
How to use the exchange is covered in this video:
Although very low compared to other exchanges, I've supplied a Binance fee description as well:
Coinsquare is one of Canada's best crypto exchanges. It is well established and takes extra measures to keep clients crypto investments safe. Over 98% of the coins on Coinsqare are held in cold storage to protect from any hackers. It is relatively easy to sign up to Coinsquare and it has low purchase fees and withdrawal fees when dealing with more massive amounts.
Their deposit fees are shown below:
As can be seen, Coinsquare charges a reasonable amount for a deposit except in the case of credit cards. If I were Canadian, I would use Coinsquare to transfer a more substantial amount into. For a smaller amount, I would use a credit card at Coinbase. On a side note, for fiat withdrawals as a Canadian, I would use Coinsquare as well. As a Canadian, you're unable to withdraw from Coinsbase.
Here are Coinsqaure withdrawal fees:
To convert fiat to ethereum if I lived in the US, Europe, Britain or Australia, I would transfer the fiat to Coinbase and then to Binance to buy the altcoin. Again, Binance is the best altcoin exchange because of its low fees, large selection of alt coins, huge volume, and speed of execution.
To convert fiat to Ethereum as a Canadian, it's less expensive, when dealing with more substantial sums of money, to send a wire transfer to Coinsquare. You can then proceed to transfer the purchased Ethereum to Binance.
From Binance the altcoin can be transferred to a hard wallet ethereum address if it's an erc20 token. If not an erc20 token then another specialty wallet will have to be used.
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