How to invest in 100+ Cryptocurrencies with a detailed guide + Hardware wallet recommendations
By on ALTCOIN MAGAZINE
If you are interested in investing into cryptocurrency, this guide will show you how you can buy hundreds of different cryptocurrencies out there including Ethereum, EOS, Ripple, IOTA, OmiseGo, Augur, Dash, Stellar Lumens and many more.
The barrier for entry into cryptocurrency investing has been lowered over the years, this guide looks at the many ways in which you can invest into many different cryptocurrencies.
Investing directly using cash:
The more popular and stable cryptocurrencies can be bought directly using cash, below are the most popular exchanges for buying cryptocurrencies directly.
CEX
CEX is a great exchange to quickly and easily buy Bitcoin as well as Ethereum, Bitcoin Cash, Bitcoin Gold, Ripple, Dash, Zcash and Stellar Lumens.
This exchange supports every country around the world,account set up is also fast and simple.
Like the other exchanges it has a built in wallet but you also have the option of sending the Bitcoins to your own personal wallet straight after purchase, using this option can save you money on transfer fees since the Bitcoins are sent to your personal wallet straight away.
Payment methods include wire transfer, online bank transfers and credit/debit card payments.
A few things to note:
Basic accounts can buy up to $1,000/£1,000 worth of cryptocurrency per day, and up to $3,000/£3,000 per month.
Verified accounts can buy and sell an unlimited amount of any cryptocurrency offered on CEX.
Basic accounts can only use debit/credit cards to buy cryptocurrency, if you want to use a bank transfer to deposit funds into CEX you will have to verify your account first but the verification process is fast and simple.
CEX supports all countries around the world and is a personal favourite of mine.
You can use CEX to buy Altcoins here: Buy Cryptocurrency at CEX
BitPanda
Note: This exchange only allows investors in European countries to BUY cryptocurrency for now, this may change in the future.
However investors from any country in the world can SELL crypto on this exchange.
BitPanda is currently Europe’s most popular Bitcoin exchange and it allows you to purchase Bitcoin as well as Bitcoin Cash, Ethereum, Ripple, Litecoin, IOTA, EOS, Komodo and Dash instantly using various methods including bank transfers, wire transfers, credit/debit card payments, Neteller and Skrill.
Processing time takes roughly 20 seconds and verification only takes a few minutes and allows you to:
Deposit €49,990 Euros/ £44,874.17 GBP a day via Bank Transfer
Withdraw €500,000 Euros/ £448,750.68 GBP a day via Bank Transfer
Trading limits are unlimited which means you can buy and sell as much cryptocurrency as you like.
When you purchase any cryptocurrency it is then stored in one od BitPanda’s built in wallets (they have a Bitcoin wallet for Bitcoin, a Litecoin wallet for Litecoin, a Ripple wallet for Ripple, Euro wallet for Euros etc.)
You can easily send your coins to another wallet which I recommend if you plan to store your coins long term, I will list my wallet recommendations towards the end of this guide.
A few things to note:
All European countries are supported by BitPanda and as far as I know only countries based in Europe can use BitPanda to buy cryptocurrencies for now.
If you want to sell cryptocurrency however, you can do so from any country in the world.
BitPanda supports the following fiat currencies:
- Euros ( €)
- British Pound (£)
- Swiss Franc (CHF)
- US Dollar ($)
BitPanda currently supports the largest number of cryptocurrencies for a fiat based exchange with 14 cryptocurrencies on offer:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Ripple
- Litecoin
- IOTA
- Pantos
- Stellar Lumens
- Komodo
- EOS
- Dash
- OmiseGo
- Augur
- 0x
Plus more are constantly being added to their selection.
I have found BitPanda to be very fast and reliable and this is currently one of the best options for investors living in anywhere in Europe.
New coins are always being added to this exchange and it is a personal favourite alongside CEX.
You can use BitPanda to buy Altcoins here: Buy Cryptocurrencies from BitPanda
Coinmama
It is very easy to purchase Bitcoins and other cryptocurrencies with Coinmama, you can buy cryptocurrencies using a credit or debit card within minutes. Like CEX this exchange supports all countries worldwide.
Coinmama offers Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano, Qtum and Ethereum Classic, which is a lot of cryptocurrencies for a cash based exchange.
You will need a Bitcoin wallet address before you buy Bitcoins from Coinmama but there is a built in option to generate a free software wallet using a separate Bitcoin wallet provider.
Accounts verified with a passport can buy $10,000 (£7,836) worth of cryptocurrency, accounts verified with 2 forms of ID can buy $50,000 (£39,197) worth of cryptocurrency and accounts with Level 3 verification and above have no limits.
Coinmama has additional payment methods including bank transfers and wire transfers but the only one I saw was Credit/Debit Card payments, other payment methods might depend on the country you live in.
Coinmama supports all countries around the world
You can use Coinmama to buy Altcoins here: Buy Cryptocurrencies at Coinmama
Investing into Altcoins using Bitcoin or Ethereum:
Binance:
Binance is a cryptocurrency-to-cryptocurrency exchange where you can use Bitcoin (BTC) or Ethereum (ETH) to purchase the many cryptocurrencies they have on offer. For this example we will be buying Cardano (ADA) using Etheruem (ETH).
To buy cryptocurrencies from Binance you simply need to create an account, then transfer some Bitcoin or Ethereum to your wallets on Binance.
Once you have some BTC or ETH on your account you can then buy over 38o cryptocurrencies, with a lot of popular cryptocurrencies being accessible on this exchange.
Check out Binance here: Binance Crypto Exchange
Where to store your Cryptocurrencies:
How a Cryptocurrency Wallet works
Once you own any cryptocurrecy you can store them in a personal wallet where you control the private keys or wallet seed.
Storing coins on an exchange long term is not recommended because exchanges can potentially be hacked or taken down by authorities.
Cryptocurrency wallets are usually comprised of three elements:
Example of a recovery passphrase whilst setting up a Ledger Cryptocurrency wallet
• The Wallet Seed/Recovery Phrase: Also known as a mnemonic passphrase, this is a backup phrase that is used to recover your Bitcoin wallet if it is ever lost. You should always keep a backup of your wallet seed or recovery phrase on a piece of paper or you can even use a physical backup tool.
• The Public Address: This is where you send Bitcoins to, it is a string of alpha-numeric characters that represents a possible destination for a bitcoin transfer.
• The Private Key: In a cryptocurrency wallet, the private key is a secret number that lets a user spend Bitcoins. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. All Bitcoin addresses generated from a wallet are related to its private key, it is recommended to keep a backup of your private key if the wallet does not provide you with a wallet seed or recovery phrase, along with your recovery phrase you should not reveal your private key to anyone.
Software Wallets
You can store your cryptocurrency in a software wallet which is simply a software program or application that lets you store, receive and send cryptocurrency.
In this case I recommend downloading the official wallet for the cryptocurrency you have chosen to invest in.
Some people might be put off by having to manage multiple cryptocurrency wallets but think about this, most of these altcoins are in the early stages.
By the time your favourite altcoins are supported by larger wallets, they would have already grown so much in value.
This is the cost of being an early adopter, early Bitcoin wallets were complicated to use but the early adopters have profited tremendously.
Leaving your altcoins on exchanges is another option but it is always better to keep them in your own personal wallet.
Hardware Wallets
A hardware wallet (or a physical Bitcoin wallet) is a special type of Bitcoin wallet which stores the user’s private keys in an offline environment using a secure and encrypted hardware device.
Hardware wallets have major advantages over software and paper wallets:
• Multiple cryptocurrencies can be stored on one wallet so managing multiple cryptocurrencies is easier.
• You can send Bitcoins from a hardware wallet an unlimited amount of timess, paper wallets can only be spent or sent from once for security reasons.
• Hardware wallets are immune to computer viruses or malware that attempt to discover a users private keys, this is due to their built-in encryption procedures that make the private keys unrecognisable to any unauthorised parties.
• Hardware wallets can be used to to receive and send cryptocurrencies at any time, as opposed to a paper wallet which must be imported to a software or hardware wallet if you want to transfer your Bitcoins out of it.
My recommendations:
Ledger Nano S
The Ledger Nano S is currently the most popular hardware wallet, along with the Ledger Blue it supports the largest amount of cryptocurrencies and is routinely adding new coins.
Check it out here: Ledger Nano S
Ledger Blue
The Ledger Blue is Ledgers latest physical wallet that also supports hundreds of cryptocurrencies and it includes a large, color touchscreen.
Your wallets private keys are stored securely offline using BIP 16, BIP 32, BIP 39 and BIP 44 encryption.
Check it out here: Ledger Blue
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The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and to bring it to the hands and the minds of the masses. This article was written and composed by
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