18 Sep How to Buy Altcoins with USD [Step-by-Step Buying Guide]
Buying cryptocurrencies with USD is a common question for those who are new to investing or have recently started. This article will walk you through the process of buying altcoins using USD, from start to finish.
The altcoin exchange is a website that allows users to buy and sell cryptocurrencies. In this article, we will go through the steps of buying altcoins with USD.
So you have some US dollars and want to invest in an altcoin in the hopes of increasing your savings, and you’re wondering, “How can I purchase altcoins with USD?” We’ll use the word “altcoin” to refer to any digital currency other than Bitcoin in this special cryptocurrency tutorial. You may accomplish this in a number of ways, including utilizing one of the main cryptocurrencies or an electronic wallet service.
Where Can I Purchase Altcoins?
You can purchase altcoins on a variety of websites. However, there are over 2000 cryptocurrencies, and no exchange currently supports all of them. So where you buy your tokens is determined on the kind of token you want to buy. You will be able to select from a number of exchanges for relatively well-known currencies like as Ethereum, Litecoin, and EOS. The number of exchanges for lesser-known tokens like ArepaCoin or Revain is far less.
The issue of where to purchase altcoins does not have a single, universal solution.
The vast majority of lesser-known cryptocurrencies are traded on exchanges that do not accept fiat currencies such as the US dollar, Chinese Yuan, or Brazilian Real. Some exchanges, such as Binance and Bittrex, have a larger selection of altcoins than others, but no exchange includes all of the 2400+ tokens available, so you’ll have to do some digging to find out where your desired token is listed. More on it in the step-by-step instructions that follow.
The Best Way to Purchase Altcoins
Because most cryptocurrencies cannot be purchased directly with fiat currencies, you will need to convert your dollars into tokens that can be bought directly. There are two primary methods for doing so:
- Through fiat currency-accepting crypto exchanges: You may purchase crypto tokens directly with US dollars on exchanges like Coinbase or Kraken. However, not all cryptocurrencies listed on each exchange have this option. Kraken has a list of 18 tokens that can be purchased using US dollars. Coinbase has a total of nine.
- Electronic wallets that enable bitcoin are services that allow you to receive, transmit, and make payments via the internet. PayPal is the most well-known e-wallet, although there are others. Some of them, such as Uphold and Skrill, enable you to exchange US cash for crypto tokens. Skrill may hold up to 9 tokens. Uphold accepts 16 different tokens and enables for fiat-to-fiat trade.
As a result, the first step will be to convert your USD to a major crypto token, which can then be traded for the token you want to buy. However, we’ll go over it in more depth in the step-by-step tutorial that follows.
The Best Place to Purchase Altcoins
There are many of exchanges where you may buy altcoins. Some of the sites are huge, with hundreds of tokens available. Others are much smaller. Of course, the best site for purchasing altcoins is determined by the token you want to purchase.
When it comes to purchasing altcoins, there are two things you want to look for in an exchange: security and choices. So you’re looking for a site with excellent security procedures and as many listed tokens as feasible. The following are some of the most popular altcoin exchanges:
- Binance now has 162 tokens listed, with a 24-hour trading volume of more than 920 million dollars.
- There are now 243 tokens available for trade on Bittrex. The volume of their 24-hour market is approximately $25 million USD.
- Poloniex is a cryptocurrency exchange that trades 56 different tokens with a daily trading volume of about 16 million dollars.
Altcoins may be purchased quickly and safely on any of these exchanges.
Buying Altcoins: A Step-by-Step Guide
Method 1: Using an e-wallet service to purchase cryptocurrencies in USD
We’ll utilize Uphold as an example in this lesson. Other e-wallets operate in a similar manner. Simply ensure that your wallet service supports cryptocurrency. Uphold offers wallets for USD as well as the crypto currencies it supports. These wallets are referred to as cards in this country. So you’ve got a USD card, a BTC card, an ETH card, and so on.
- Let’s pretend you have an Uphold account. If you don’t have one yet, you can make one for free by clicking here. The first thing you’ll need to do is get your USD into your wallet. Select the USD card from your dashboard. This will lead you to a screen where you may use the US money you have on Uphold to do various tasks. Select “Add Funds” from the drop-down menu.
- You may fund your USD card with four different methods: a US bank account, a Euro bank account through SEPA, a credit/debit card, or cryptocurrency. Select “from a U.S. Bank Account.”
- Click “Create” after filling in the necessary information and accepting the terms and conditions. In case you connect several bank accounts to your uphold account, the “Name this account” option is there so you may choose a name that is simple to remember. The name on the bank account and the name on your uphold account must match. After you’ve connected your account, you’ll be able to choose it as an option when adding money to your USD card. It takes approximately 5 business days to execute a transfer.
- Purchasing crypto tokens is simple and takes just a few seconds once money are available on your card. Let’s say you wish to buy 20 dollars worth of ETH in this example. Like previously, click on your USD card and you’ll be brought to the same page where you connected your account. Instead of selecting “Add money,” you should now click “Transfer between your cards.” The following window will open:
- Fill in the amount you want to spend (in USD). The current rate, charge, and ultimate credited amount will be shown. If everything seems OK, click “Confirm,” and the transaction will be finished in a matter of seconds. Congrats! You’ve just made your first cryptocurrency purchase.
Method 2: Using a crypto exchange to purchase altcoins in USD
We’ll be using Kraken in this tutorial. Other exchanges work in a similar manner. The first step, like previously, will be to fund your wallet with a bank transfer. Just make sure your exchange supports trading in fiat currencies.
- After you’ve logged in, go to the “Funding” page.
- (THE STEPS AND SCREENCAPS FOR DEPOSITING USD INTO KRAKEN WOULD BE INCLUDED IN THIS SECTION.)
As you can see, purchasing your first cryptocurrencies with USD is a simple, straightforward, and quick process provided you are purchasing a token that can be bought directly with fiat money. However, this is only true for a tiny percentage of all coins. What method would you use to buy another altcoin?
Assume you want to purchase some Monero (XMR).
The first thing to keep in mind right now is that not all tokens are immediately interchangeable. Trading pairings are how exchanges group their tokens together. As a result, one token may be purchased with bitcoins but not with ether, and vice versa. Different trading pairs are available on different exchanges.
Example of How to Purchase Monero
- We’ll start by locating your exchange and trading pair. Go to Crypto Market Cap and enter the coin you want in the top right search box.
- The search will return details on the coin, including as technical statistics, market volume, and a price chart. The top 10 exchanges for your cryptocurrency, ranked by market volume, are shown on the left; click for a complete list, including trading pairings.
- Binance trades Monero and has an XMR/ETH trading pair, as you can see by scrolling down the list. That implies Ether can be used to purchase Monero.
- The next step is to log into Binance, go to “Wallets,” and then “Deposit.” You’ll be sent to a screen where you can choose the token you want to deposit. ETH in this instance.
- The address for your Ethereum wallet on Binance may be seen on the right. To use this wallet, you must first transfer your ETH to it. To save the address, copy it to your clipboard.
- Return to the exchange or wallet where you changed USD to ETH in the first place. I’ll use Uphold as an example. Select “Send to Cryptocurrency or Utility Token” from the Dashboard after clicking on your ETH card.
- Click “Ether (ETH)” when you reach the bottom of the page.
- Paste the Binance wallet address into the first box, then enter the amount of ETH you want to transfer and click Confirm. The transfer will begin and should take just a few minutes to complete.
- Return to Binance and choose “Echanges” from the top ribbon, followed by “Basic.” A trade screen will be shown to you. To view all ether trading pairings, click “ALTS” and then “ETH” in the right column. Scroll down and click on the “XMR/ETH” trading pair. A trading interface for the monero/ether pair will now appear. You’ll be able to purchase XMR with ETH or sell XMR for ETH from this page.
Purchasing cryptocurrencies using USD may be straightforward, but it can also be complicated. It all depends on the particular token you want to buy. Direct buying is a possibility for major cryptocurrencies like Ethereum, Litecoin, BAT, and EOS, and there are exchanges (like Coinbase or Kraken) and e-wallets (like Uphold or Skrill) that make it simple. After making an initial fiat-to-crypto conversion, you’ll need to go to crypto-only exchanges like Binance or Bittrex for lesser-known cryptocurrencies. This concludes our tutorial on how to purchase cryptocurrencies using USD.
If you have any questions or feedback, please leave a comment below!
Also read: The Best Cryptocurrency for Under a Penny
Bitcoin has been the most popular cryptocurrency for a while now. However, there are other cryptocurrencies that have seen their value increase over time. One of these cryptocurrencies is Ethereum. To buy Ethereum, you will need to use USD. This guide will show you how to do so. Reference: how to buy altcoins in new york.
Frequently Asked Questions
How do I buy altcoins without an exchange?
You can buy altcoins on a cryptocurrency exchange. You can also purchase them with other cryptocurrencies, such as Bitcoin or Ethereum.
What is the best exchange to buy altcoins?
The best exchange to buy altcoins is Binance.
How do you make money buying altcoins?
I make money by buying low and selling high.
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