Cryptocurrencies are all the rage right now, and with good reason! These digital assets offer an exciting new way to do business and invest, and they’re growing exponentially in popularity.
However, like with any new investment, there’s a risk involved. That’s why it’s important to know how to buy Altcoins safely.
In this article, we’ll outline the three main ways to buy Altcoins safely, and provide tips on how to avoid common scams. By following these tips, you’ll be able to make an informed decision about whether to buy a particular altcoins.
How do I buy Altcoins safely? Step-by-step guide
If you are new to the world of cryptocurrency, then you may be wondering how to buy Altcoins safely. Well, worry no more! In this guide, we will walk you through the process of buying Altcoins safely and securely.
Do your research: Before you buy any Altcoins, it is essential to do your research. Make sure that you are aware of the risks associated with each coin and what the potential returns might be. A good place to start with is coinmarketcap; look at the supply of the asset.- Avoid coins or token that runs in trillions and quadrillions.
Now that you are done with the research stage, the next thing you will need is a crypto wallet where you will store your cryptocurrency. And in this tutorial, we will use Binance; it will serve both as an exchange and a wallet.
Create an account: Before you can buy Altcoins in a centralized exchange, you need to sign up for an account, this will allow you to make transactions and store your Altcoins safely, so go ahead and create a new account here.
Verify your identity: [Not always the case though], however, it is important to verify your identity in other to increase your transaction limit. This can be done by uploading an identification document and taken a selfie with your phone or Pc.
Fund your account: Fund your trading wallet using credit card, clicking on ‘’Buy crypto” choose Credit Card tab. Select your card currency, change BTC to USDT. The next page will show you the amount of USD you need to pay to get your desired crypto in return.
Note: the Altcoins you want might not be available for direct purchase with credit card; hence the need to buy USDT first, later you will trade it for the Altcoins of your choice.
Enter your card details: Enter your credit card details carefully, check ‘I agree to Binance Terms & Conditions’ box, then click on ‘Pay now’. Enter the code from your authentication app or SMS code sent to your phone number and click Submit.
After you have confirmed the purchase, the Altcoin will be added to your account and can be traded on the Binance platform.
You are done with the first stage, next is to swap or trade your usdt for the Altcoins you want, to do thing.
Don’t forget, if you have coin already in a different wallet, you can skip step 1-5, just locate the coin, copy the public address, go to your wallet paste and send. Come back here and continue from step six.
Swap or sell: Now it’s time to buy your desired Altcoins to do so, click on spot inside the Binance app, select the currency pair and the amount to exchange with the usdt you bought via credit card.
Wait for some minutes for the order to get filled: Boom, you have your Altcoins ready in your wallet now.
be prepared to lose money: It is important to be prepared for the possibility of losing money when buying Altcoins, also don’t be a paper hand; hodl your coin for longer period.” You make real profit in crypto when you hold good coin for longer”
How to avoid crypto common scam
Cryptocurrency scams are on the rise, and many people are becoming victims. Here are a few tips to help you avoid crypto common scams:
- Do your research. Before investing in any new cryptocurrency or digital asset, be sure to do your research. Do your own research into the project, the team behind it, and the technology involved.
- Don’t trust anyone on the internet. Always be cautious when dealing with people you don’t know well. Stick to reputable sources and never give out any personal information, passphrase or financial details and don’t connect your wallet to unsolicited websites.
- Don’t invest more than you can afford to lose. Never invest more money than you are willing to lose. If something sounds too good to be true, it probably is.
- Don’t fall victim to phishing scams. Never give out your personal information, such as your username and password, to anyone, real customer service agents don’t ask for such details from you.
- If you use telegram, you have to be weary, because 90% of private chats you get are from scammer’s pretenteding to show you an overnight success coin to buy.
Can hardware wallets store Altcoins?
Yes, hardware wallets can store Altcoins. However, it is important to be aware that not all Altcoins are compatible with all hardware wallets.
This is because different Altcoins have different security features, and some may require specific features not found on some hardware wallets.
As a result, it is important to research which Altcoins are compatible with which hardware wallets before making a purchase.
How do I buy Altcoins on my trust wallet?
If you want to buy Altcoins using a trust wallet, then here is what you need to do:
Open your trust wallet app.
- Click on wallet then Select the coin you want to buy.
- Click on the ‘Buy’ button.
- Enter the amount of coins you want to purchase.
- Click on the ‘Next’ button [You will be redirected to a third party website].
- Enter your credit card details.
- Click next and follow the prompt to receive your coin in split seconds.
How do I trade Altcoins for profit?
If you are looking to trade Altcoins for profit, then you will need to find a reputable and reliable exchange. There are a number of exchanges available online that allow you to trade Altcoins for fiat currency, and in some cases, you can also trade Altcoins for other cryptocurrencies.
Before you start trading, it is important to do your research and understand the different types of exchanges available. There are centralized exchanges, which are where you deposit your fiat currency and then trade Altcoins for other cryptocurrencies or for fiat currency, a good example is the one we mentioned previously.
These exchanges are generally more reliable and have higher liquidity than decentralized exchanges. Decentralized exchanges are where you trade your own cryptocurrency for other cryptocurrencies.
Once you have found an exchange that you are comfortable with, it is important to create a trading portfolio. This will help you to track the performance of your Altcoins and make informed decisions when trading.
Why is it so hard to buy Altcoins?
It can be difficult to buy cryptocurrencies, especially Altcoins. There are a few reasons for this.
First, it can be difficult to find a reputable and reliable exchange.
Second, it can be difficult to understand the nuances of cryptocurrencies and the various risks and benefits that come with them.
Finally, it can be difficult to purchase cryptocurrencies without spending a significant amount of research.
However, if you follow the steps we listed in this blog post, you should be fine, and with time your knowledge and skill will improved just like mine.
I remember start off with Bitcoin in 2017, it was hard and confusing, but today I have grasp more than I could imaging, but it start with the zeal and commitment to do so.
Binance was my first crypto exchange and it made life lot easier for me, you too can leverage on the exchange simplicity to start yout crypto journey before going to Defi platforms.
How to buy Altcoins on pancakeswap
Buying Altcoins on Pancakeswap is pretty simple, if you have set up and funded your wallet you can simply follow this step, otherwise read our article about trust wallet, so you will learn how to set up your wallet correctly.
- Make sure you have smart chain in your wallet for transaction fee.
- Open your trust wallet and tap the Dapps menu.
- Search for Pancakeswap and load the application.
- At the top right corner, change network from Ethereum to Smart chain.
- Connect your wallet to the Dapp.
- Click on trade at the bottom to open the exchange interface.
- Choose the coin you want to buy- Note you are exchanging your already owned coin for another Altcoins.
- Enter the mouth you want to swap.
- Click on swap
- Confirm the contract call.
- Disconnect your wallet after the transaction is successful.
- Go back to your wallet to check if you have received your coin, if no- get the contract address of the coin, add it as custom token and it will show up.
How to buy unlisted cryptocurrency
Just before you think of buying unlisted cryptocurrency, don’t fail to remember that there are lots of scam coins and token all over the place, so be sure you know what you are doing before throwing money into crypto’s that are not listed on major exchanges, even though that doesn’t guarantee safety, but at least, it does in a way.
With that been said, here is how to buy unlisted cryptocurrencies:
There are a few ways that you can buy unlisted cryptocurrencies. The first way is to use a digital currency exchange allow you to buy and sell cryptocurrencies in a safe and secure environment.
This method require that you do proper research about the cryptocurrency you are looking to buy, so you follow them up, immediately there is an announcement of the coin being listed, you book a spot and buy early.
The second way is to find an online marketplace that specializes in unlisted cryptocurrencies. These marketplaces allow you to buy and sell cryptocurrencies without needing to register or provide any personal information; you just need to connect your wallet. You can use coinmaketcap watch list to spot unlisted cryptocurrencies.
If you’re still undecided about whether or not to invest in cryptocurrencies, or you’re just not sure how to go about it, start here!
Our guide will teach you everything you need to know about buying Altcoins safely, from the basics of digital currencies to the most common scams. Stay safe and secure while investing in this exciting new technology!
Have some questions that we didn’t answer in this article? Leave them in the comments below and we’ll get back to you as soon as possible.