Beginner’s guide to buy crypto-currencies and some tips
After noobish start in June and a lot of learning from my own mistakes I can give you some advises how to start, how to save some money and tips if you want to trade
Choosing the project
Find a project that you really believe it will rise in the long term. Check out the market cap, the project team, roadmap, current state of the development, and worth of the market they are trying to cover. What are the problems they are trying to solve, and who are the competitors. Doing proper research will make you feel more confident when holding. Check also if the coin has fixes total supply and what percentage of the total supply is in circulation to predict future inflation. You can find a lot of useful information about the coin on http://ift.tt/1oKjfXP . If you click on your desired coin under tab/markets you can see list alt-exchanges where you can buy it. Another useful website is http://ift.tt/2fLGOI6 where you can find dates of interest for various coins.
Procedure for buying
Most of the alt coins are trading on exchanges with altcoin ->BTC/ETH pairs. So first you need to obtain BTC or ETH. Coinbase is the most popular choice for that purpose but I would suggest you http://ift.tt/Xos2VL since they have lower fees (0.25% compared to 1.5%). After you bought BTC you can transfer it into BTC wallet on alt exchanges and start trading. Some of the popular alt exchanges are Binance, Bittrex, Bitfinex, etc. I prefer binance since they have the lowest fees (0.1% compared to 0.25%/0.2%). I also grew quite fond of their user interface. Check out advanced mode. You can use this referral link if you like http://ift.tt/2AtUqRI I would also recommend to use 2step verification for logging in.
Tips
Don't buy at all-time high if the price was rising too suddenly. I usually search for the dip for the coins that I believe in long term. Rule of thumb: all cryptos are pretty much influenced by BTC. When BTC rises suddenly most of them fall. When BTC falls down suddenly most of the cryptos fall. When BTC is stagnant or has a slow steady rise, alt coin flourish. And last, remember to take part of your profits when it's skyrocketing. Usually, there is a correction after sudden increase. Just holding, without taking the profit is still haunting me with my NEO (Antshares). It's always good to take profit to increase your stack. Have fun and good luck trading/investing!
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