Buying cryptocurrency has to be one of the largest topics of online conversation in 2017 — I know I get asked about it all the time. The fact of the matter is that with ever changing global policies, world leaders and shaky governments, decentralized currencies are needed now more than ever – s0 here is my cryptocurrency trading guide.
Cryptocurrency? Will I turn into a robot?
Nope! You’ve probably heard of Bitcoin, one of the original and certainly the most popular cryptocurrency. It, along with Ethereum & Litecoin will open up the door for your crypto trading adventures.
Today, I’ll teach you how to buy Bitcoin, Ethereum & Litecoin — and in turn — give you the tools you need to be able to purchase any coin on the Bittrex marketplace.
1) Guide to Buy Bitcoin, Ethereum or Litecoin on Coinbase
For those just getting into the hobby of buying and investing in cryptocurrency, I hands down recommend Coinbase. Sign up for Coinbase here. If you sign up through my link, we’ll both get $10 worth of Bitcoin for free.
Once you’ve signed up, you may have to go through a couple steps for verification depending on your country of origin. The verification steps are:
- Approving a bank account/credit/debit
- Coinbase will post two test transactions to your account for values ranging from $0.01 – $0.10. All you have to do is log into your bank website and check what these values were & then confirm them on Coinbase. Easy peasy.
- Verifying Identity
- In some cases, you may have to upload a picture of your photo ID
Once you’ve verified your identity and connected a payment method, you’re ready to buy cryptocurrency. Click over to the Buy/Sell page any amount of the coin of your choice. Note, for trading purposes I recommend BTC or ETH — as I’m not aware of any LTC markets.
- Does Coinbase support my country?
- Coinbase supports the following:
- United Kingdom
- Czech Republic
- San Marino
- Coinbase supports the following:
- How long does it take to get my BTC/LTC/ETH?
- For credit/debit transactions, instantly! For bank transfers, up to 5 business days.
- Bitcoin is expensive, do I have to buy a whole coin?
- No! You can buy small fractions of any coin.
- What should I invest in?
- Sorry, I do not give investment advice. I advise you to research your investments carefully 🙂
2. Learn How to Transfer Cryptocurrency
Now what do I do with this robot money?
Great question! Many of those who contact me through my chat window are hoping to enter the wider cryptocurrency markets or transfer their funds elsewhere. So, now were going to learn how to transfer your coins from Coinbase.
- Go to the Accounts tab
- Select the Wallet from which you are going to send funds & click “Send”
- Once you’ve entered the proper BTC/ETH/LTC wallet address, select the amount you wish to send and you’re good to go!
A few words to the wise. You must make sure that you are sending BTC to BTC wallets, ETH to ETH wallets, and so on and so forth. You will lose your assets attempting to send, for instance, Bitcoin to a NEO wallet.
The transaction normally takes up to an hour to be completed on both ends.
3. How To Trade Cryptocurrency on a Marketplace (Bittrex)
So now that you’ve got somewhat of a grip on Bitcoin, Ethereum & Litecoin, you may want to do some speculation and invest in lesser known coins (altcoins). In order to do that, we’re going to have to use a marketplace or exchange. For this example, we’ll be using Bittrex — my favorite exchange.
First, create an account on Bittrex. The process isn’t too complex, but the dashboard can be a little intimidating. Here’s a little breakdown of the pages:
- Markets — Here you can see BTC & ETH markets where you can buy altcoins.
- Individual Market — Here you can see the history of the exchange value of the market you wish to trade in.
- Wallet — Here you can see all of your balances & wallets. Whenever you would like to trade on Bittrex, you’ll need to transfer some funds into a Bittrex wallet to trade with.
Here’s a breakdown of the process using Coinbase & Bittrex:
- Determine which asset you are going to trade with (I’ll choose Bitcoin for this demo)
- Generate a Bitcoin wallet address on Bittrex by clicking the ‘+’ button on Wallets page, BTC row.
- Copy the generated address from Bittrex
- On Coinbase, go through the send process described above & send funds to the address you have copied from Bittrex.
- Wait for the transaction to settle (Up to 1 hour)
Once you have a Bitcoin balance in Bittrex, you can use it to purchase any other coin on the Bittrex Bitcoin market. This process can also be replicated with Etherium, using the Bittrex ETH market.
Now that you have funds in Bittrex, just go to whichever market you would like and look to the bottom right to find the buy tab (this image uses the ‘Antshares’ market for example):
Once you’ve found your price, click buy and wait for the magic to happen! Shoot me a message if you are at all confused.
Additionally, here are some guides I have written on specific coins:
4. Store Your Coins in a Wallet
Lastly, once you’ve had your fill of trading, you may wish to keep your coins secure in a wallet. For the most secure source, I would use a hardware wallet:
However, if you’re going to be holding altcoins, there are a few web application wallets that will hold different types. My favorite:
Some coins can only be stored securely in their own wallets from the development team, so you’ll need to do some research on each coin you invest in.
There we go! Hopefully you should be well informed on how to buy cryptocurrency, how to trade it, and how to store it. I’m usually online in the live chat window during USA (PST) hours if you can’t seem to figure something out.
Any other questions?