How to buy altcoins — best & worst ways
- General principle is: Buy Bitcoin -> Exchange it into the altcoins you need. Buying BTC can be done via Localbitcoins, Paxful, Blockchain.info, etc. etc.
- New services for direct altcoin purchases exist. E.g.: Changelly (to buy altcoins with a credit card).
- 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).
- 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.