Topic: How do I exchange BTC/ETH/LTC into smaller alt coins? (Read 182 times)

Yeah, that's what I've been looking at today. Thanks for the advice. I'm gonna start with buying some ETH then use another exchange and buy some other coins, then put it all in my hw wallet. This is only my day 3 ever reading into this.. I'm addicted, confused, excited.

MyEtherWallet supports Ethereum and any ERC-20 token (https://myetherwallet.github.io/knowledge-base/faq/sending-bitcoin-btc-ltc-xmr-to-myetherwallet.html)

Just using Ledger Nano S/MyEtherWallet and Coinbase will not allow you to buy anything except BTC, LTC, and ETH (https://myetherwallet.github.io/knowledge-base/getting-started/whats-the-difference-between-an-exchange-and-myetherwallet.html)

In order to buy most other currencies, you will have to use another exchange such as Bitfinex, Bittrex, Binance, Kucoin, etc. Take a look at https://coinmarketcap.com/ and search for the coin you want. It will list the markets you can buy/selel from

No, MyEtherWallet can do these with the Ledger Nano S:

1ST (FirstBlood)
300 (300 Token)
ADST (AdShares)
ADT (AdToken)
ADX (AdEx)
AIR (AirToken)
ALIS (Alis)
AMIS (Amis)
ANT (Aragon Network Token)
APT (Aigang Pre-Launch Token)
ARC (Arctic Coin)
ARN (Aeron)
ART (Maecenas ART Token)
AST (AirSwap)
ATH
ATL (Atlant)
AVA (Avalon)
AVT (AventCoin)
BAT (Basic Attention Token)
BCDN (BlockCDN)
BeerCoin
BET
BKB (BetKing BankRoll Token)
BLX (BlockChain Index)
BMC (Blackmoon Crypto Token)
BMT (BMChain Token)
BNC (BraveNewCoin)
BNT (Bancor)
BOP (BlockOptions)
BOU (Boule Token)
BRAT
BQX (Bitquence)
BTE (Bitcoineum)
CAG (ChangeBank)
CAN
CAT (BlockCAT)
CCC (CCCoin)
CDT (CoinDash Token)
CFI (Cofound.it)
CMC (CryptoMart Coin)
COB (Cobinhood Token)
CRB (CreditBIT)
CREDO
CryptoCarbon
CTL (Lampix)
CVC (Civic)
DAB (DAB coin)
DALC (Dalecoin)
DAO
DATA (Streamr)
DATA (DataBrokerDAO)
DDF (Digital Developers Fund Token)
DENT
DGD
DGX 1.0
DICE
DNT (District0x)
DROP
DPP (DA Power Play Token)
DRP (DCORP token)
ECN (E-Coin)
EDO (Eidoo Token)
EHT
EDG (Edgeless)
ELIX (Elixir)
EMV (Ethereum Movie Venture)
ENJ
EOS
ETBS (EthBits Token)
FAM (Fame)
FRD (Farad)
FTC (FeatherCoin)
FUEL
FUN (FunFair)
FYN (FundYourselfNow)
GBT
GELD (SGelderGER)
GNO (Gnosis)
GNT (Golem)
GTC (Game.com Token)
GTKT (GoldenTickets)
GUP (Guppy)
H2O (HydroMiner)
HGT (HelloGold)
HKG (HackerGold)
HMQ (Humaniq)
HST (Decision Token)
ICE (iDice)
ICN (Iconomi)
ICOS
IDEA
IFT (Feed Token)
IKB
IMT (Immortal)
IND (Indorse)
ITT (Intelligent Trading Technologies)
IXT (iXledger)
JET (new/Jetcoin)
JET (old/Jetcoin)
KICK (KickCoin)
KIN
KNC (KyberNetwork)
KZN (Kaizen)
LIFE
LINK (ChainLink)
LOK
LNC (Lancer Token)
LRC (LoopRing)
LUCK
LUN (Lunyr)
MANA (DecentraLand)
MBRS
MCAP
MCI (MusIconomi)
MCO (Monaco)
MDA (Moeda Loyalty Points)
MGO (MobileGo)
MIT (Mainstreet Investment Token)
MKR (MakerCoin)
MLN (Melon)
MNE (Minereum)
MRV (MacroVerse)
MSP (Mothership)
MTH (Monetha)
MTL (Metal)
MTR
MTX (Matryx)
MYD (MyEtherWallet Donations)
MYST (Mysterium)
NET (Nimiq Network)
NMR (Numeraire)
NxC (Nexium)
NXX (Nexxus)
NIMFA
OAX (OpenANX)
OHNI
OMG (OmiseGo)
ONEK
OPT (Opus)
PAY (TenXPay)
PIX
PLAY
PLBT (Polybius)
PLR (Pillar)
PLU (Pluton)
POE (Po.et)
POOL
POS (PoS Token)
PPT (Populous)
PRO (Propy)
PRS (Persian)
PRSP
PT
PTOY (Patientory)
QAU (Quantum)
QTUM
QRL (Quantum Resistant Ledger)
REP
REX (Real Estate Tokens)
RLC
RLT (Roulette Token)
RLX (Relex)
RNDR (Render Token)
ROUND
RVT (Rivet Token)
REQ (Request Token)
SALT
SAN (Santiment)
SCL (Social)
sense
SGEL
SGT (Status Genesis)
SHIT (ShitCoin)
SIFT (Smart Investment Fund Token)
SKIN (SkinCoin)
SKO1 (Sikoba)
Smart
SNC (SunContract)
SNGLS
SND
SNM (Sonm)
SNT (Status Network)
SPARC (Science Power and Research Coin)
SPARTA
STORJ
STRC (StarCredits)
STX (Stox)
SUB (Substratum)
SWT (SwarmCity)
SYN
TaaS
TBT (TBoT)
TFL (TrueFlip)
TBC2
TIME
TIX (BlockTix)
TKN (TokenCard)
TME
TNT (Tierion Network Token)
TRST (TrustCoin)
Unicorn
VERI (Veritaseum)
VEN (VeChain Token)
VIBE (Vibehub)
VIBEX (Vibex Exchange Token)
VIB (Viberate)
VOISE
VRS
VSL (vSlice)
VSM(OLD)
WBC (We Bet Crypto)
WCT (WePower Contribution Token)
WiC (Wi Coin)
WINGS
WOLK
XAUR (Xaurum)
XID (Sphre AIR)
XRL (Rialto)
YUP (Yupie)
ZRX
ZST

I heard that  myetherwallet only for ethereum coins i am not sure please correct if i am wrong, for every alt coins you require separate wallet. And also on the exchange part binance looks cheaper as teh transaction fees are less compared to other crypto currency exchanges, mainly need to look at the transaction fees ,because that itself will eat away so much of amount.

Ok, so after a few more hours of watching youtube videos and reading about hardware wallets and exchanges, I now understand that MyEtherWallet will open the possibility to be able to buy a couple of hundred different alt coins as well as the 20 most popular coins on the Ledger Nano S (native support on the device).

My conclusion is thus so far that a Ledger Nano S with MyEtherWallet and Coinbase are the three things I need to buy, store and sell crypto coins. If I want more than these 220 coins (there are what.. 11.000 of them?) I need to use different online or software wallets in addition to the hardware wallet.

Am I onto something here?

You can ex and trade on https://wex.nz or eth detla trade site

Bittrex doesn't allow new user registration at the moment.. :/

You need to send your coins to a wallet operated by another exchange that offers them. Here's a list of a few companies that offer a considerable number of altcoins - none of them allow you to deposit or withdraw fiat currency. Only cryptos.

Cryptopia
Binance
Liqui
Bittrex

Just discovered that the Ledger Nano S hardware wallet can store many alt coins if used with MyEtherWallet:

https://ledger.zendesk.com/hc/en-us/articles/115005439585

Edit: But its a lot to read up on. Like metamask extension for google chrome. Do I need that? Man, the more I read about how to buy crypto coins.. The more I find out I need to learn and read. Vicious circle!

Sooooo TRUE. I learned this the hard way. 

All right. Looking further into Yobit as we speak. Seems like this might be one of the most newbie friendly exchanges. I do wish to store all my coins on a hardware wallet. I decided to order the Ledger Nano S as its the newest hw wallet, and possibly also the best one. So even if I start with smaller amounts of money to buy coins.. They'll stay safe in the hw wallet. Now I have to research if the Ledger Nano S can take any coin. I thought I learned it did before I ordered it. Many late nights...

Edit: I now realise I'm gonna need both a hardware and several software and/or online wallets.. Cause different wallets store different coins, just like different exchanges offer different coins. It would be infinitely much simpler if all exchanges and wallets offered all coins. Oh well. Too bad I can't just use one hardware wallet. I am now forced to also use software and/or online wallets to get alt coins.

The best is to not keep big values at exchange and also don't keep for long time. I had no issues with Poloniex, others had; I verified my account at Bittrex and I am fine; I used Cryptopia, Yobit and many other exchanges with small amounts and I had no issues.

There are many fees. There's the exchange fee. There's the withdrawal fee. The withdrawal fee contains the network fee (tx fee), but when you'll have to send from your wallet, you will pay the tx fee again.
All add up and if you play with small amounts these fees may become a burden.

And it depends on the coin. If you withdraw 100$ as Bitcoin the fees could be even 10$ (or more!!) and if you do the same with Litecoin it will cost a lot less. You really have to do your research.

Edit: afaik Bittrex has bigger withdrawal fee than Poloniex for Bitcoin; each exchange is different.

Thanks for your reply.

Well, I might mix up the terms, but yeah, that's approximately what I've read. Alt coins are different projects that are later released onto the market. Right? I don't _have to_ buy alt coins, but I can. And if I do, I have used up my bitcoins. They are indeed high risk, these alt coins. But the profit can also be very good if they're successful. If I understand correctly. Well, I read that the Ledger Nano S have support for certain coins built in, and I can add many alt coins too.. If I'm not mistaken. Ive read that Yobit isn't safe? Maybe outdated info. I think Yobit has got the highest amount of alt coins. But Bittrex is the preferred exchange.Let´s hope they'll let new users register soon. Ill watch the fees. Aren't they usually 0.2 or 0.4%? That's not really a lot is it? 100 USD transferred means less than a dollar in fees?

I appreciate your well written newbie advice!

I am not sure you've got it right. Altcoins are not change, they are each and every one completely different projects.
You don't "have to" buy altoins, you can keep your bitcoins.
Make sure your hardware wallet can work with the types of coins you buy.
Usually you check what coins/projects you are interested in and then you search which exchanges have them listed.
Cryptopia or even yobit can be of use if you don't like bittrex or poloniex.
Be careful with the transfer fees, especially if you do tests with small amounts to check out the exchanges.
Each coin needs its own wallet (some will be "linked" to the hardware wallet).

So I´ve spent the last days reading articles, guides, watching videos on youtube on how to buy crypto currencies etc. To a complete crypto newbie, the amount of information out there is completely overwhelming. And I haven't found ONE simple & good guide that explains what you need to do in a basic 1-2-3 steps way.

Ive figured out I need a wallet, so I ordered a Ledger Nano S. Its the safest way to go (hardware wallets). I also need to use an exchange, and start with buying either BTC, ETH or LTC. Then I have to transfer them (?) to a different Exchange (or just use the latter exchange) to buy other currencies, alt coins.. Smaller currencies. After extensive research, I found out that the exchange with the highest number of different currencies are Bittrex. But Bittrex doesn't allow new users to register at the moment. Bitfinex, the largest exchange at the moment (according to volume) seems way too complicated for a newbie. How would Poliniex be? In a review from September its stated that Bittrex has 270+ alt coins and Poloniex has got 90+ alt coins. If I could find an exchange thats both newbie friendly and featuring many alt coins that'd be great! Hope I got the initial process right.. Exchange BTC/ETH/LTC -> Alt coins. Put them in a wallet, preferable a hardware one. (I will have my Ledger Nano S within a couple of days!)

Any advice would be greatly appreciated! We all have our learning curve... I'm at the bottom of the ladder now.

Edit: To sum it all up...  I want to buy crypto coins of all kinds, including the smaller alt coins, and I'm trying to figure out how to!


Merry Christmas!