How to buy altcoins — best & worst ways

This short Medium post is a condensed version of an (already short!) guide on how to buy altcoins we've added on our site. Check the full version for more details.

  1. General principle is: Buy Bitcoin -> Exchange it into the altcoins you need. Buying BTC can be done via Localbitcoins, Paxful, Blockchain.info, etc. etc.
  2. New services for direct altcoin purchases exist. E.g.: Changelly (to buy altcoins with a credit card).
  3. These ways of buying altcoins are bad: centralized, Tether-tied exchanges like Poloniex, Bittrex, Bitfinex (account freezes, data leaks, extra fees, withdrawal queues etc.) or large brokers like Coinbase (slow, verification required, extra fees).
  4. Do not store altcoins in third-party wallets and on exchanges. The rules for selecting a Bitcoin wallet apply here too. Both Trezor and Ledger support a lot of alts, so get one of those hardware wallets.

We had to write this because people are googling “how to buy altcoins” a lot, and there is a Hackernoon post sitting at #1, misleading newbies that bittrex/coinbase are the only options to get into alts.