Around the middle of 2019, the cryptocurrency market rebounded in a big way after a pretty rough end of 2018 and the beginning of 2019. Nearly every crypto asset recovered and has grown steadily recently (as of the writing of this article). As you could imagine, this rebound led to a renewed interest in cryptocurrency among many individuals.
You have not only the people coming back to the industry but also thousands upon thousands of new people interested in investing or trading crypto because of the recent growth in the market. While many people buy, sell and trade Bitcoin, as it’s the largest cryptocurrency on the planet by a wide margin, there are plenty of people who want something different.
Of course, we’re talking about altcoins. There are tons of other cryptocurrencies out there in addition to Bitcoin that you can buy, sell, trade and invest in. These all fall under the umbrella of the term altcoin. There are over 1,000 different kinds of cryptocurrency out there to choose from.
However, while buying Bitcoin is always pretty easy and straightforward, the same cannot always be said for altcoins. While most exchanges let you buy Bitcoin with fiat currency (such as USD), this isn’t always the case with altcoins. Some cryptocurrency exchanges require individuals to purchase altcoins, by using Bitcoin. So if you want to simply buy some Litecoin with your USD, you might not always be able to.
As a result, many people have worked with less-than-reputable exchanges or individuals to make these trades happen, and it doesn’t always have a great outcome. Scams, huge fees or other predatory behaviours can be common in the crypto world, so it is important to care about security.
Best ways to buy secure altcoins
In an effort to help those who want to purchase altcoins with fiat in a safe and secure manner, we have decided to craft this article to help. We will mention and talk about a few of the best ways you can secure altcoins in a way you can feel good knowing your safety is protected.
While it isn’t that friendly to newcomers due to its complex interface, Kraken is one of the best places to safely and legitimately buy altcoins with fiat currency. You can make deposits with a plethora of different currencies, and use those to purchase over a dozen altcoins directly. It is especially good for those wanting to purchase with EUR.
This saves you time and energy, and while there is a fee for fiat deposits, it is worth it in most cases. Withdrawing quickly is also one of the major selling points of Kraken. They also offer many trading tools that professional users will enjoy. But again, if you are brand new to the space, you may want to go somewhere a little more “beginner-friendly”.
If you want a lot of options for buying altcoins with fiat currency, Bitfinex is likely one of your best bets. They offer support for dozens of different altcoins, including many that are quite obscure. Bitfinex also accepts numerous fiat currency, whether USD, yen or others. They offer many customization options and many advanced features targeted at professional traders.
In addition to their support for many altcoins and fiat currencies, Bitfinex also has among the lowest fees in the market. This can be good for those who are making frequent trades, as the fees can most certainly add up over time. However, this exchange isn’t allowed everywhere, so always know the requirements of exchange before attempting to register.
CEX.IO is one of oldest cryptocurrency exchanges out there and has a great reputation. It is used by many people and offers many of the most popular altcoins on the market, that can be purchased with fiat currency directly. One of the best benefits is that CEX not only offers altcoins that can be purchased with fiat but also support a variety of different fiat currencies. Many of the most popular currencies in the world can be traded for altcoins through the CEX platform.
Also, whether you are a new user in the crypto space or someone who has been investing in altcoins for a while, CEX will work for you. It has a simple interface, while it also is powerful and featured enough for expert users. In addition to offering a plentiful amount of altcoins, CEX is also revered for security. They pride themselves on being the most secure cryptocurrency exchange, so there is no need to worry about the safety of your fiat to altcoin purchases. Of course, because of this high level of security, you should expect a robust verification process to ensure you really are who you are.
While Coinbase might not offer the same variety of coins as some of the other options we have mentioned, it still has a couple of different altcoins you can purchase with fiat currency. The benefits of choosing Coinbase is that it is one of the most popular and most highly regulated of all the crypto exchanges out there. It has millions of users and is respected in the space, and is especially popular among residents of the USA, where it is based.
But whether you want to use USD or another currency like EUR or GBP, Coinbase will work. You can rest assured that trading on the platform is safe and your transactions will be legitimate. Of course, this regulation also has some downsides, but if you are purely looking for safety and security when investing, you can’t go wrong with Coinbase.
In conclusion, we hope that this article was able to help you learn where you can buy altcoins with fiat currency in a safe manner. Also, be aware that exchanges could add or remove support for certain fiat/altcoin pairs at any time, so be on the watch for any news regarding those types of changes.
Of course, before ever investing your hard-earned money into any cryptocurrency, be sure to not only research the altcoin and exchange but also ensure you only spend what you can afford. The volatility of the cryptocurrency market is why many invest, but it would be foolish to forget about the potential risks.