Simple Guide to Cryptocurrencies

Brief Background

Upon doing basic research and deciding to enter the Cryptocurrency Markets, I started searching with Google for some guidance on how to start buying and trading the digital coins (cryptocurrencies). Sure enough, there are many sites that do just that. The only problem is they are very extensive and detailed which end up being extremely complicated. From this experience I came up with this simple guide that gives you the basic requirements to get started.

First understand that you can only buy with regular currency (USD, Euro, etc) the major coins (Bitcoin, Ethereum, Litecoin, etc.) and to acquire alternate coins you must trade for them with one of the major coins. Both transactions are executed in coin exchanges. In this guide we'll be using two of the major exchanges, COINBASE and BINANCE considering their known security, reputation and ease of use. Let's get started.

Step 1. Open an account in each of the Exchanges.

At Coinbase you must provide a Debit/Credit card or bank account for your transactions. For verification they will send 2 small credits to your bank and you must be able to identify them. This process may extend to 1 or 2 days depending on the bank. This must be completed before the next step. Binance will be used if you want to obtain alternate coins (best income opportunities). Use the following links to open the accounts.

Link to the COINBASE Exchange

Link to the BINANCE Exchange

Step 2. Buy your major cryptocurrency at COINBASE.

Coinbase is oriented to USA and Asia traders. European traders can substitute BITPANDA for Coinbase, all else applies. At this point you should have your Coinbase account verified to proceed. Login and select Buy/Sell menu, choose the cryptocurrency you wish to buy from the Bitcoin / BitcoinCash / Ethereum / Litecoin options. If you intend to trade your funds for alternate coins it's recommended to buy Ethereum. Choose the payment method if you have more than one. Enter the dollar amount you wish to buy and press the BUY button. The transaction will now appear on the right panel with applicable fees. Now you may follow on the Dashboard until the purchased funds are available in your selected cryptocurrency account/wallet. If the transaction was with a debit card the funds will be available within minutes, with a bank transfer it may take 6-7 days. If you wish to hold on to the funds purchased in that cryptocurrency, the process is finished here. If your intention is to trade them for an alternate coin go on to the next step.

Step 3. Trade the cryptos from COINBASE at BINANCE.

Login to your Binance account and select Deposit under Funds and there select the cryptocurrency you will be receiving from Coinbase under Deposit Coin (Ethereum recommended). A long string deposit address will be given that must be copied to memory to paste it at Coinbase. Now go back to Coinbase and under accounts select the wallet where you have the funds and press the Send button. Paste the address generated at Binance in the Recipient Box shown and enter the amount of funds to send. A maximun amount option will display, select it if you want to send all the funds available. Press continue and a verification code will be sent your phone. Check the code on your funds and enter it in the space provided and press Confirm. At this point your funds will be transferred to Binance.

Return to the Binance account to verify the arrival of the funds from Coinbase (may take up to 45 minutes). Once available you may exchange them for your favorite alternate coin (Ada, Dash, Ripple, Tron, Verge, etc). To make the trade select Basic from the Exchange drop menu. The page that will be displayed may be intimidating but it's not. At the top of the right panel next to the word favorites choose the currency where you have the funds (ETH for Ethereum) and in the search box beneath favorites enter the 3 letter code of the alternate coin that you want to trade for. You will see the two coins paired inmediatelly below. Press the paired coins and they will be replicated in the BUY box in the middle, just under the graphs. Enter there the dollar amount you want to buy and press the BUY botton. This completes the process, now to check your balances press the funds tab on top. To trade your alternate coins for dollars you basically need to reverse the process. That is, at Binance exchange the alternate coins to Ethereum, send the Ethereum back to Coinbase and withdraw them into your bank account. Hope this guide may have been helpfull. Best of luck with your Cryptocurrency Trading.

CryptoCoins Ranking      Ranking of Exchanges

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The risk of loss in trading or holding Digital Currency is possible. You should therefore consider whether trading or holding Digital Currency is suitable for you in light of your financial condition.