Altcoin is the fastest growing opportunity in the current money markets. They are coming up rapidly in the world of cryptocurrencies despite the domination of Bitcoins and Ethereum. Over 1,300 altcoins exist currently.
The meteoritic rise of altcoins is attributed primarily to the hype of tokenization and ICOs, initial coin offerings. The main issue with these emerging cryptocurrencies is the lack of exchanges that support them. However, there is one exchange, coinexchange.io that aims to cover all the existing coins.
Like most of the altcoins it aims to support, CoinExchange is a relatively new player in the altcoin exchange business. Nevertheless, it has become the home of several altcoins most of which few people know exist. The exchange has two goals. The first one is to offer a secure platform where traders can buy or sell their coins. The second objective is to be a platform for launching new ICOs.
CoinExchange is an excellent starting place for those who wish to trade small amounts on some obscure crypto currency such as DavorCoin, Xgox, Go byte, Nucleon and much more. Besides its extensive list of altcoins, the exchange has a very accurate Bitcoin exchange rate.
The key transactions in CoinExchange are the buying and selling of coins. The processes are very straightforward. This is step by step guide on how to buy coins on the site.
It took me less than an hour to figure out some of the tricks I have shared here. Some of them you will not find on the support page of the platform. I have also added screenshots to give you a glimpse of how it works.
Let‘s begin the journey!
Buying coins from CoinExchange
Step 1: Creating an account
The creation of an account in CoinExchange is a simple process that requires only your email, username and passwords. You will have to validate your email before moving on. After you have successfully confirmed your email, you will see such a page.
It is time to move on to the next step.
Step 2: Depositing coins
Coins exchange can only be successful if you use the coins deposited in your account. You can deposit these coins from different exchanges such as binance or coinbase or the altcoin wallet you use to keep your coins.
Therefore, purchasing coins from this platform can only be possible if you already have another crypto currency.
You need to follow the steps below to deposit coins to your CoinExchange account.
It is worth noting that;
To transfer your coins from your e-wallet to another, you need a destination address. The following procedure explains how you will obtain the address through which you will send the coins to your CoinExchange account.
- First, log in to your CoinExchange account.
- Click on “My Account” tab located in the upper right corner of the page and select “Balances”.
- Once the page has loaded, locate the coin you want to deposit into your account. You can do this by typing the name or the ticker code on the search bar on the right side of the page.
- The ticker code is nothing but an abbreviation of the coin’s name. Bitcoin, for example, is BTC.
- Once you have located the coin you wish to transfer, click on “Actions” and on the drop down select “Deposit”.
- In this example, I am interested in transferring Litecoin, LTC.
- Clicking on the “Deposit” leads you to the page where you can generate the destination address as shown below.
- Click on the “Generate address” button to create an address. The platform will generate a one-time address for your transaction as in the screenshot.
- With the address, you can go to your altcoin wallet, select the amount you wish to send, paste the destination address and submit.
- After sending the coins, you can click on the “View Deposits” tab to check your deposits status. It may take some time for the transferred amount to reflect in your account.
- Click on the “Markets” tab. This will load all the active markets at the moment as shown here.
- Click on the drop-down arrow in the “Select Markets” bar and select the coin you wish to use to buy another, in this example, LTC.
- It will filter out all the active markets on the coins you may buy and their rates. I choose to buy Dogecoin, so I clicked on DOGE/LTC button.
- Selecting a market leads you to the selling and buying page as seen below.
- Check the Sell Orders at the bottom of the page to find a price at which you are willing to buy the altcoin. Alternatively, you can manually enter your price in the Price field.
- If you want to spend all your coins, click on the amount next to “Available Balance” on the top right of the Buy Order form. It will automatically fill all the areas.
- Once all the fields on the Buy Order form are filled, submit your order by clicking on the “Submit Buy order” button. A pop-up window prompting you to confirm the purchase will appear as shown.
- In case you have entered more money that you have, a warning indicating so will also appear as seen on the right corner of the image below.