Many have asked me how to get started with bitcoin or altcoins.
It isn’t as complex as you may believe.
MOST Altcoins are paired with Bitcoin (BTC). So you MUST have bitcoins in a bitcoin wallet. Then you send the bitcoin to Poloniex. There are a few exceptions which I won’t discuss here.
How To Start Trading CryptoCurrencies (AltCoins)
- Get a bitcoin wallet. Here is my video on a simple bitcion wallet, http://blockchain.info for a beginner: https://youtu.be/JLbBPNV7A98
- Now buy Bitcoins and put it in your wallet. There are many places to buy bitcoins. Here are a few:
USA , Canada , UK – coinbase.com (if you take this route and open an account with coinbase, I highly recommend that you transfer all of your bitcoins out of your coinbase wallet and put them in your blockchain.info wallet.
GLOBAL: *** Paxul – MORE THAN 300 WAYS TO PAY FOR BITCOINS! ***
- Then you go to Poloniex and sign up on the altcoins trading platform.
BitQuick – BitQuick.co
For Australia,Newzealand – Cointree.Com
For India – zebpay.com
For Philippines – Coins.ph
For Singapore – Coinhako.com
For Malaysia – Coins.my
For Nigeria And Africa – nairaex.com
For Dubai, UAE, (Middle East and North Africa) – bitoasis.net (can buy with credit card)
More Options: localbitcoins.com, luno.com (almost all countries including Nigeria and Ghana)
Purchase bitcoins using credit card/debit card – cex.io , buy.bitcoin.com,
cryptopay Buy and sell bitcoins plus get a debit card.
Log in at Poloniex.com. Be sure to get verified so you can be able to withdraw.
Then you go to Balances –> Deposit/Withdraw after you log in and you will see a large list of altcoins. BTC is at the top. That is the symbol for Bitcoin.
On the right side, you will see Withdraw/Deposit. Click Deposit.
Follow the instructions Then send the bitcoins in your blockchain.info wallet to your Poloniex wallet. Why? You need to use BTC to purchase cryptocurrencies on any exchange.
Now figure out which cryptocurrency (altcoin) you want to purchase. Then click on Exchange on top left hand side of Poloniex while you are logged in. On far upper right side you will see a search box. Put in the name of the altcoin (cryptocurrency that is not bitcoin are called altcoins because they are alternatives to bitcoins.). Then search for that altcoin.
Charts will appear in the body of the page.
Scroll down and you will see a buy and sell order feature along with a buy sell order book which shows you real-time trading activity.
oh yeah… don’t just jump.
do some online research before purchasing. Ask questions but beware of the negative nellies and the pumpers’ hype!
More to come