As we have mentioned before, exchanges are online platforms where you can exchange one cryptocurrency for another one, although also, many of them allow us to do the same with fiduciary (FIAT) currencies, there are even some that we can use as wallets to store the cryptocurrencies that we have been accumulating.
In other words, exchanges are fundamental pieces to work with digital currencies.
How to get altcoins?
One of the most populars exchanges where it is possible to adquire altcoins are Binance, Bittrex, Bitfinex, Upbit, Bithumb, among others. These have hundreds of cryptocurrencies that can be exchanged for bitcoins, ethereum and other currencies.
In many occasions you can get altcoins for free as a reason to promote the launch of a new cryptocurrency and related application. This is a good opportunity to get altcoins if you do not have a lot of capital to invest.
Binance
First of all, Binance is an Asian Exchange that was created during the year 2017, it has become very popular with CoinBase.
Its name comes from the mixture between the words “binar” and “finance”. Since its inception, this exchange has been growing little by little in the market to enter the top 3 in terms of capital movement.
In addition to functioning as an exchange, Binance is also an incubator or accelerator of independent projects that are related to Blockchain technology. Users can invest in certain plans that seek financing through the platform.
Binance has its own currency called Binance Coin [BNB] which main feature (at the moment) is to reduce commissions on the platform, you will get a significant discount of 50% in the first year, each year this discount percentage is reduced.
Binance doesn’t support trading by margin and it is not possible to make “shorts” or “longs”.
Advantages of Binance
Binance shares with the majority of cryptocurrency exchange platforms some points in common regarding their advantages, such as security, performance or usability.
This is common in any popular exchange, so in this case the specific advantages that make the platform recommendable are the following:
• Security: Binance uses an architecture of several clusters and a system of different levels that improves the stability of the exchange.
• High performance: it is also a high performance exchange, which allows you to process more than 1.4 million orders per second.
• Liquidity: at the same time, it offers great liquidity in several pairs of cryptocurrencies.
• Variety: with Binance you can trade with a wide variety of currencies, such as Bitcoin, Ethereum, Litecoin or the BNB itself.
• Accessibility: the underlying Binance platform has already been implemented in more than 30 exchanges and works on all devices, with a translation into numerous languages.
Binance Platform
Go to the Binance website (www.binance.com), click on the [Login] button on the menu and enter your information to log in.
We choose the currency in which we will make the deposit. For our case we will use Bitcoin, because the pair used by Binance is BNB / BTC and we copy the BTC address that is provided to us there.
Once we have transferred the Bitcoins to the address of the Binance wallet. We return to the Exchange and click on Exchange — Basic.
Trading on Binance
1. Binance ad display area.
2. Display area for the chosen transaction pair at 24h volume level and other statistics.
3. Display area for sales orders in real time.
4. Display area for purchase orders in real time.
5. Display area that shows candlestick chart and option to change Market Depth view.
6. Area to select the different types of transaction orders.
7. Area to execute the purchase order.
8. Area to execute the sales order.
9. Area to change to another transaction market / transaction pair in real time.
10. Display area of recently executed transactions.
To enter a transaction order, using the following image as an example in the BNB / BTC market, enter the BNB amount and the price at which you wish to buy it. Once confirmed, click on the “Buy BNB” button (Buy BNB) to execute the order. The same concept and principles are applicable for the “Sell BNB” function (Sell BNB).
Keep in mind:
• The initial price, by default, will show the price of the last transaction. You can choose to place a market order (of the “market” order type) if you wish to immediately make the best purchase or sale orders in the order book.
• You can use the% function located below the “Amount” field to conveniently calculate the specific percentage of your balance that you want to buy / sell in the market.
How to withdraw from Binance
Taking out funds is just as easy as putting funds in the account. Go to the Funds page by pressing the button where it says “Withdrawals” and it will take you to the page shown in the image. Input the address to where you wish to make the withdraw and the amount and click on submit. In this example we use a Bitcoin.
Bittrex
Bittrex is one of the most used exchanges we can find in the market today (sitting at the moment in the top 10), proof of this is that it has a large number of users who make use of its services, among other things, because Bittrex provides excellent security guarantees, which provide trust to all the people that we want to operate with cryptocurrencies.
It is very easy to use and very intuitive, and we can also trade with a large part of the market cryptocurrencies.
The main CEO of Bittrex is Bill Shihara, an expert in the sector who has worked, for many years, as a security engineer in companies as well known as Amazon or BlackBerry.
Advantages of Bittrex
• Bittrex has a been able to maintain solid reputation for a long time.
• This exchange has one of the best security practices and stable wallets.
• Security systems are constantly updated and tested to ensure that Bittrex exceeds the best industry standards.
• Bittrex supports a selection of more than 200+ cryptocurrency.
• Traders can design their own algorithmic trading bots.
Bittrex platform
The Bittrex platform is very simple to use and the platform processes and executes orders as soon as they are placed. The Bittrex charts do not have many indicators available but according to the analysts, this trading platform is much better than those offered by other exchanges.
Bittrex also does not support trading by margin and it is not possible to make “shorts” or “longs”.
Now to create our address we would go to wallet and choose the option to deposit, in our case ETH or BTC, which is what we have bought in Coinbase, with the idea of buying altcoins.
Below you will find trading options in Bittrex, where you can buy or sell the currency.
• In Units will be the amount of coins you want to buy. If you press the “max” button, the amount will be automatically placed once you place the purchase price (you would buy all the available balance in BTC if you use this option).
• In Bid you must place the price you want to buy the currency, where in the blue button of “price” you can choose the one that has been used in the last operation (LAST), the last purchase (Bid) and the last sale ( Ask).
• In Type you must leave it in Limit to make the purchase instantly. However, there is the option of “conditional”, in which it is possible to add that the operation is fulfilled if the currency is “higher than” or “lower than” the amount you place on your right.
• Finally there is the Total, which would be the amount of BTC that the operation will cost you (including the commission).
• In case of sale, than the box on the right, the options are the same. Where the “conditional” function is ideal to place a stop limit
From the “orders” section we can see all the orders that we have open.
Finally you will find “My order history”, where you can see your trading history for that particular currency. You will have the date, the type of operation, the purchase or sale price, the amount of coins and the bitcoin price (depending on the market could be ETH or USDT) of the operation.
How to withdraw from Bittrex?
Taking out funds is just as easy as putting funds in the account. Go to the Balance page by pressing the button where it says “Wallets” as shown in the image. Press the minus sign (-) in the currency you wish to take out. In this example we use a Bitcoin.
