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After the Bitcoin news went mainstream, I had family members wanted to buy altcoins. Everyone wanted to buy that damn XRP coin.
Anyway, do your research first and know that we are not providing financial advice on Blackandise.
How to Buy Altcoins?
After hours of repeating myself, I was able to educate my family on altcoins for last Christmas. Here is a simplified method of buying altcoins on Binance.
1. Start With Coinbase
Use the Coinbase app to buy some Ethereum (ETH) or Bitcoin (BTC).
2. Sign Up for GDAX [now Coinbase Pro]
Go to GDAX and sign in using your Coinbase information.
You’ll have to verify if this is your first time using GDAX.
In GDAX, deposit BTC or ETH from your Coinbase account. You can do this by selecting BTC/USD or ETH/USD from the drop-down, and then select DEPOSIT.
At the DEPOSIT FUNDS screen, select the COINBASE ACCOUNT tab. Enter the source (ETH wallet or BTC wallet) and then enter the amount.
Select the blue ‘Deposit funds’ button to continue.
This process is fast! After you have the BTC or ETH in your GDAX account, you can send it to Binance.
3. Register at Binance
Go to Binance and REGISTER for a new account.
You’ll need to verify if you plan to do big orders.
Once in your new Binance account, select FUNDS and then DEPOSITS.
Select Bitcoin or Ethereum (whatever you have on GDAX now) and then you’ll see the Bitcoin Deposit Address or Ethereum Deposit Address. Copy the address and go back to GDAX.
4. Back at GDAX [now Coinbase Pro]
On GDAX, select BTC/USD or ETH/USD and select WITHDRAW.
At the WITHDRAW FUNDS screen, click the BTC Address or ETH Address tab. Paste your copied Binance Bitcoin Deposit Address Binance Ethereum Deposit Address. You can only use the Bitcoin address for BTC, you can only use the Ethereum address for ETH. Enter the amount you want to send. Click on the blue ‘Get Code’ button to get your verification code emailed to you.
Select the blue ‘Withdraw funds’ button to continue.
5. Deposit Notification
Wait on an email from Binance confirming the deposit. This can take up to 30 minutes.
6. Buy Altcoins
Now you can buy altcoins after you have thoroughly researched the altcoin. Binance currently has some of the popular altcoins to buy such as Bitcoin, Litecoin, Ethereum, Ripple, Stellar Lumens, Bitcoin Cash, Ethereum Classic, and many more. Binance adds new altcoins weekly and removes any altcoins causing trouble for the community.
You are officially an altcoin trader.
You can either keep your altcoins on Binance or you can get a desktop wallet, mobile wallet, or hardware wallet to transfer your altcoins, for added security. Some altcoins do not have wallet yet so do your research if you want to be a successful altcoin trader.