How to start buying crypto-currencies in 10 minutes?
[EDIT 06/27] IOTA can now be traded on Bitfinex and you don’t need to go on Slack to buy it anymore.
As crypto-currencies are getting more and more traction — top 20 crypto-currencies have seen there value increase by 1980 % on average since the beginning of the year — it may be time to challenge your SAVINGS account that brought you 1$ over the past 10 years and start investing for real .
Crypto-currency it’s like penny stock except… you can’t lose. If Bitcoin paved the way, you can now choose across several hundreds of different crypto-currencies and here is the fastest way to get started.
In order to be able to trade in the largest diversity, you’ll need to get registered on the following platforms — Kraken, Poloniex, YDX.
Step 1: Open a Kraken account and get verified
Very few exchanges let you deposit fiduciaries money (USD, EUR, JPY etc…) and Kraken is one of them. Even better, if you’re based in Europe, you can deposit EUR for zero fees via SEPA transfer. If you want to transfer USD or GBP, you’ll have to pay a $10/£10 fee.
Additionally their fees on transaction are very low — 0.16/0.26% when you buy and sell — and they decrease if you trade high volumes of crypto-currencies. In comparison, Coinbase takes 1.25% when you buy and when you sell on their platform.
Eventually they do not require you to upload an ID to start trading with a 2000$ daily limit. Coinbase does.
Kraken trading interface
Step 2: Make your first deposit
If you’re making your deposit in EUR, select “SEPA” not to pay any fee.
If you’re making your deposit in USD, select “SWIFT” and Kraken will charge you $10 on top of whatever your bank fee is.
Step 3: Open a Poloniex account
Poloniex is also one of the largest crypto-currencies exchange and allow trading on a much higher number of different values, however you cannot deposit EUR, USD etc… on the platform so you’ll need to buy Bitcoin on Kraken then transfer these to you Poloniex account.
Poloniex trading interface:
Step 4 [OPTIONAL]: Open a Bitfinex account
If you want to start trading IOTA — a new crypto-currency with high potential as it aims at facilitating nano-transaction between IoT objects — you can do so using Bitfinex which replaced the informal way to trade them on the YDX slack.
Bitfinex trading interface:
Step 5: You’re all set! Now start trading.
You know a simpler to start trading on these crypto-currencies? Feel free to let me know in the comment section!
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Important: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.
