If you wish to be a true cryptocurrency investor, then the next step after Bitcoin and Ethereum is to invest into Altcoins. Altcoins are tokens that are used by other blockchain companies that are based in either Bitcoin or Ethereum.
You can think of an Altcoin as a share in another company. Trading Altcoins is almost the same as trading stocks on the Stock Exchange. The only difference is that instead of trading Fortune 500 companies, you will mostly be trading tokens that belong to small blockchain technology companies.
Some of these companies are the future, and their tokens value will soar to the moon in the course of a year, sometimes increasing their value by up to a hundred times. Others are gimmicks and don’t have much of a future. They are just there to take your investment money and run.
Before you invest in any Altcoin, you should always do your research into the company. Make sure to look at their official website, read their white paper and ask yourself several questions:
- Does this website look/sound legitimate?
- Are they solving a problem?
- Do they have a new idea, or are they just replicating another company?
- Can their token increase in value?
- Do they have any reputable backers?
If you do you do all of your research and answer ‘Yes’ to most of these questions, then you are well on your way to making a successful investment. This is cryptocurrency that we’re talking about here, so there is always a certain amount of risk that you will need to weight out.
Note: Bittrex have currently closed registrations and are only accepting new users via applications. Binance still has an open sign up system and are currently the top exchange in terms of altcoin trading volume. You can signup for Binance, by clicking here.
Why You Should Use Bittrex
Bittrex offers their users an advantage when it comes to this. Unlike some Altcoin exchanges which will list any and all tokens, Bittrex will only list tokens which have proven themselves to be viable investments and that are backed by genuine companies. When you invest in an altcoin on Bittrex, you don’t have to worry about a shady foreign company running away with your hard-earned money.
Bittrex has a very easy-to-use dashboard. Once you acquaint yourself with all of the details, it will be second nature to you. Transactions are fast, easy, and will be quickly deposited into your digital wallet. All Bittrex users are given an online wallet that will individually store all of their separate Altcoins as well as their Bitcoin and Ethereum funds.
How To Sign Up
Currently, Bittrex is only accepting sign-ups for corporate accounts. The end of 2017 saw an enormous increase in the popularity of cryptocurrency investments, and most major exchanges were unable to keep up with the constant influx of new users. It was causing all of their servers to crash, funds to go missing for hours at a time, and wreaking havoc on the investments of their long-time investors.
To combat this, they have set up a temporary block on individual user sign ups while they take time to restructure their database and add new servers to their network. Hopefully, this won’t take longer than a couple of months, and the general public will be able to start investing again.
However, if you are a business owner, and can prove it to them with the appropriate paperwork, then you can still apply for a corporate account. They are making a special exception for these accounts since they cannot afford to lose out on large executive investments.
If you go onto their homepage and scroll down a little bit, then you will notice an orange button that says ‘Get Started Now.’ Click this, and you will be redirected to the area of the website where you can submit a request for a new account.
Verifying Your Account
Once you have successfully signed up, you must now verify account to prove that you are who you really say you are. This may seem somewhat tedious, but it’s necessary to prevent instances of fraud or robotic signups.
For basic verification, all you will need to do is provide your personal details. You just need to enter your full name, address, and phone number. This will allow you to withdraw up to 10 BTC a day from your accounts, which is usually enough for most people.
Once you complete your enhanced verification, then you will be able to withdraw up to 100 BTC a day from your accounts. To complete this, you will have to scan a copy of your passport or other important government documents and take a face picture. Bittrex will then cross-reference all of the details to ensure complete accuracy. It usually doesn’t take more than 20 minutes.
Once your account is verified and ready to go, then you will be able to start investing into Altcoins. The easiest way to invest is to use Bitcoin or USDT (a cryptocurrency called Tether, which is tethered to the price of the US Dollar). You are not able to upload your credit card or bank account information.
The easiest way to do this is to purchase Bitcoin from a larger exchange such as Coinbase, and then send Bitcoin funds to your Bittrex wallet address. Click the navigation tab in the upper right-hand corner that says ‘Wallets.’ Look down the list until you see ‘Bitcoin.’
You will then see a plus (+) and a minus (-) button. Click the ‘+’ button, and you will see a popup window that provides you with a unique address to deposit your Bitcoin to.
Go back to your primary Bitcoin exchange or your personal wallet, opt to ‘send Bitcoin’ and provide the unique hash address that Bittrex just gave you. Within 10 minutes, your Bitcoin funds should be in your account.
If you look in the upper left-hand corner of the screen, you will see a navigational button that says “BTC Markets.” If you clickhere, then you will be able to search for all of the Altcoins that you wish to invest in.
Once you select one, you will be redirected to that Altcoin’s page where you will be able to see it’s performance in a graph, and where you will be able to buy and sell the token. Once your order is filled, it will appear in your Bittrex wallet.
Bittrex is one of the best Altcoin exchanges out there. It has had a very good history and has a trusted reputation. Let’s take a look at the key features that make them great:
- Lightning fast transaction times
- Secure account verification
- Enhanced accounts can withdraw up to 100 BTC a day
- Bittrex only lists reputable Altcoins