Guide to buying altcoins on international exchanges

saor

saor

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Many altcoins aren't available to buy locally with ZAR or you might just prefer the charts and layout of international exchanges.
Here's how to use them.

overview.png

Let's say we want to buy DOGE (Dogecoin).

First step is to go to coinmarketcap.com and search for DOGE or dogecoin. Under the MARKETS tab is a list of exchanges where DOGE is trading, and also the trading pair available. The trading pair is the currency used to buy DOGE, and will usually be Bitcoin, ETH or USDT.

markets.png

I'm going to pick Binance as it has nice amount of trading volume. If you don't yet have accounts on any exchanges, it's better to just pick those with the most volume, in this case Binance. Once I've registered at Binance and logged in, I need to get Bitcoin or Ethereum into my Binance wallet so I can start buying DOGE.

1.) Buy bitcoin or ethereum at one of the local exchanges (valr, luno, ice3x etc.).
2.) Once done, go back to the international exchange and find the list of currencies and look for the DEPOSIT option. So I want to buy DOGE with Bitcoin, I find Bitcoin and choose DEPOSIT:

deposit.png

3.) Now I can send Bitcoin from my valr wallet to the binance bitcoin address provided, or just scan the QR code with the valr app. Once the transaction has gone through, the exchange will let you see when the deposit has been received.

depos.png
 
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Sweet.
Time to buy DOGE.

In Binance find the Bitcoin / DOGE trading pair and select it.



Once on the trading page it can seem a bit overwhelming at first, so here's a quick explanation on how to buy at the going rate and do a more detailed explanation in a later post.

buy it.png

I want to buy 10 000 DOGE.

1.) In the BUY section I select the current going rate per DOGE (which here is 0.00000118 btc).
2.) Choose the amount I want to buy (10 000 DGB).
3.) Check the total cost.
4.) Click BUY and the trade will go through.

If you set a price that's higher than 0.00000118 and click buy, your order will eat through the order book until you reach your price. Don't do this. Buy as cheap as possible.

If you set a price that's lower than 0.00000118 and click buy, your order will go into the green part of the order book until the price drops and your order can be filled.

You now have 10 000 DOGEin the exchange wallet.

What you do now is up to you - but it's a good idea to send these DOGE to a wallet where you own the private keys. Or keep on the exchange to sell. If you do this you may as well use the SELL section and set a price much higher than you bought for and click sell. Your order now goes into the red part of the order book way at the top and out of view, so that when the price rises and reaches your order, you sell for profit.
 
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[video=youtube;IDGDfwRVJAg]https://www.youtube.com/watch?v=IDGDfwRVJAg[/video]
 
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I'll give it some digital glue for now.

If someone is feeling energetic a FAQ of sorts with links to how-to threads would be nice ;)
 
morkhans said:
I'll give it some digital glue for now.

If someone is feeling energetic a FAQ of sorts with links to how-to threads would be nice ;)
Click to expand...

+1 to that. There's so much new info and data flying around me at the moment. I need all the help I can get :D
 
Gory51 said:
+1 to that. There's so much new info and data flying around me at the moment. I need all the help I can get :D
Click to expand...
Would videos of something like I posted above be useful or is it easy enough to follow with text & images?
 
Thanks dude, I bought a bunch of Digibyte after reading your other thread and checkout their tech. Will just most likely forget about it, hold and see where it takes me.

Thanks for the guide.
 
What is easiest way/app to check

BTC vs dollar vallue
 
There is also an app called Delta, which I prefer, some of my lesser known coins weren't showing their true value on Blockfolio, a nice surprise :D
 
Hi,

Does anyone know of an exchange that will offer me charts priced in USD rather than South African Rands? I rather work in USD to buy digital coins. Luno doesn't offer this. Does Coinbase offer this feature?
 
Kumar59 said:
Hi,

Does anyone know of an exchange that will offer me charts priced in USD rather than South African Rands? I rather work in USD to buy digital coins. Luno doesn't offer this. Does Coinbase offer this feature?
Click to expand...

Binance exchange will offer you charts in USD for the tokens you want to buy including their BTC equivalent. Coinbase will probably serve you a localized page of their website that displays the amounts in local currency which is ZAR.
 
South African Exchanges are very bad investments. Btc for example on a good day available for +- R9000 more than what the price is. That goes for all coins listed in South Africa. Risk has new hights here :)
Its like we and Africa is used as a Hedge for America.
What else would explain the prices. Exchanges should be connected to others to add liquidity and offer Arbitration to take advantage of price differences resulting in providing fair price
These are some exchanges i use.
Binance , Bithump , Bittrex , Bitfinix , Kraken , Coinbase , Poloniex
 
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Kumar59 said:
Hi,

Does anyone know of an exchange that will offer me charts priced in USD rather than South African Rands? I rather work in USD to buy digital coins. Luno doesn't offer this. Does Coinbase offer this feature?
Click to expand...
Try TradeView. You can just open a chart in a new tab .no need to even join
 
I also recently became interested in forex trading and it interests me specifically Altcoin. I am currently studying the Binary Options Review http://lifeimitatingdesign.com/ and I hope that I will soon become a successful trader
 
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Updated the OP with new images etc. using DOGE and Binance.

--This isn't the DOGE thread.--
 
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