Welcome back everyone to the next topic of cryptocurrencies. Hopefully, by now you’ve used my link to sign up for your Coinbase account and have gone through the verification process, maybe even purchased a little bit of crypto in your account. Thanks so much for using my link and getting us that free $10 worth of Bitcoin too by the way.
You may be wondering what the next step is if you don’t plan on just buying and hodling one of the 4 coins supported by Coinbase. Where are all those smaller cryptos or altcoins that are like super cheap? Well, they’re on other exchanges, like Coinbase, except with more supported coins. Now depending on the cryptocurrency, you are interested in, it may only be offered at one exchange or another.
Here are a few exchanges that I use most frequently that I strongly recommend creating accounts at so that you can buy some altcoins with your Bitcoin or Ethereum.
I’ll be sure to add details about each of these exchanges later. I just want to be able to get this info out before the prices start skyrocketing again as they appear to be doing.
You only need to create the accounts to gain access to the wallets. You won’t be withdrawing your coins for USD from these accounts. GDAX will link with your Coinbase wallets since it is Coinbase’s exchange. We’ll use that to avoid the Coinbase fees.
Now, what should you do next?
Once you’ve created a few accounts at some of the different exchanges, you’re pretty much ready to send some cryptocurrency from your Coinbase wallet to the exchanges where you can trade the smaller coins.
First, send to GDAX
Since this is Coinbase’s exchange, there is no fee and transaction time is instant when moving from your Coinbase wallet to GDAX. Go ahead and deposit your crypto within GDAX from your corresponding Coinbase wallet.
Next, send to a Crypto Exchange
Once the coins have settled on over to your GDAX account, you’ll want to use the Withdraw option to withdraw your coins into another wallet (the one at the exchange, we’ll say Binance for the sake of this post). In your Binance account, you will need to navigate to “Funds” then “Deposits Withdraws” in order to find your wallet address in your new exchange account.
I can’t stress this enough, but triple check the wallet address that you are trying to send your coins to before you send them off. If the address is incorrect, your coins will be lost forever. I say to triple check this because even copy and pasting the address (which usually is fine), there is a slim chance that a hacker injected a script to change the wallet address from yours to theirs upon copy and pasting. So just make sure the addresses match up before you send it and you should be just fine.
Since we sent the coins from GDAX, we might have been able to avoid any fees in this process which is great because Bitcoin’s fee is kind of high right now.
Finally, Buy some Altcoins
Once the transaction is verified and the coins are available to trade in your account, you can pick out a coin and buy as much of it as you would like. This part is very similar to trading at the stock market, so be sure to set your limit orders and stop losses. Even if you don’t set stop losses, just don’t sell anything for a loss, just wait, it will come back if it is a trustworthy coin.
Finding and Researching Cryptocurrencies
There are a few websites that I use to do my initial research on a particular coin. I’ll just share a few links that I find the most useful and let you check them out on your own. But feel free to let me know if you have any questions too, there’s just a lot to cover.
Aside from these and the actual exchanges, I also follow a handful of people and sites on different social media platforms. I’ve also joined a handful of groups on FB but I feel like the community in each of them are hit or miss as to whether people are just trying to sell or scam you or actually discussing the coins so beware of those groups.
The more you explore, you should soon be able to gather that a lot of people want you to use their referral links. I hope that you would use mine if you wish to ask for my help since it helps me out in the long run as well. Sort of makes it worth it for me to help you guys out.
Feel free to shoot me a message or let me know if you have any questions about any of this. I’ll check back into updating this post more soon.