Where to Start
This is for beginners in the cryptocurrency market: there is absolutely nothing wrong with being a newcomer in this new trend and technological evolution. If you’re looking to find out where to buy cryptocurrencies, a good place to start is coinmarketcap.com. Coinmarketcap.com lists all the cryptocurrencies out there. Choose whatever cryptocurrency you want to buy, click on it and it will take you directly to the coin’s page. You will see the “charts” and “markets” tab. Click on “markets” to see a list of all the cryptocurrency exchange platforms where you can purchase that crypto.
Cryptocurrency Exchange Sites: The more, the Better
Basically, you have to sign up with those exchanges if you want to purchase any altcoins. Some exchanges are not offered in certain geographic areas, so you must sign up with a cryptocurrency exchange that is available in your location. In addition, you would need to sign up with around 5 to 10 exchanges in order to have a wider variety of cryptocurrency options that may include the one you are looking for. The reason is because not all altcoins are available in every exchange. In general, these are the most widely recommended exchanges with the widest range of altcoins: Binance, Bittrex, Poloniex and HitBTC. There’s also Kraken, Coinexchange and Cryptopia. Signing up with these exchanges should cover all the altcoins you’re planning to get, unless they are brand new, in which you may need to wait for partnerships.
One advantage of owning cryptocurrencies that is listed on just a few exchanges is there’s room for prices to grow when they get listed to new exchanges. As soon as those altcoins get added to the other exchanges, there will be an injection of demand and a market cap and price increase. If you see a cryptocurrency not listed on one or more of these exchanges, it just means that there is going to be more opportunity for growth. On the flip side, it might mean that volume and price will remain stagnant. There are other websites to obtain information on Bitcoin and other cryptocurrencies but Coinmarketcap is the most popular and preferred choice.
Security is Priority
When you sign up with these exchanges you will be required to provide personal information including a bank statement and passport. Everyone has to do this. It’s not to scam you or anything like that but for the event that the SEC or other regulatory committee comes and inquires what process these exchanges are following, these exchange platforms must prove their due diligence and client on-boarding process. It makes them legitimate in case they need to be audited or checked out. It’s very important to comply because it’s for the security and protection of the company and their clients.
Further reading: What you Should Know about Custodial vs Non-Custodial Exchanges