Buying Altcoins on CoinExchange.io
In this tutorial, I will show you how to buy the BitTorrent (BTT) token from CoinExchange.io. To start with you will need an active account at Coinbase and CoinExchange.io. The general concept is that there are Wallet Services and Exchange Services. We will purchase our Bitcoin from a Wallet Service and transfer it to an Exchange Service to trade for altcoins.
Step 1. Coinbase Wallet
If you are new to Coinbase you will need to set up your payment method. I recommend using a debit card because the purchased cryptocurrency will be available immediately. You will need to purchase however much Bitcoin you want to invest in. For this example, I will use $50 dollars.
First, you will need to click on the “Buy/Sell” link in the navigation bar. This will take you to a screen where you can enter a Debit Card and purchase Bitcoin.
Be aware of Fraud Detection
If this is your first time buying cryptocurrency you may have to deal with fraud detection from your bank.
You may have to click a link or call your bank to make sure you can use your bank card to purchase cryptocurrency. This has been heavily restricted. Some credit card companies will not allow it.
Step 2. Transfer the BTC to your CoinExchange BTC Wallet
Once your bitcoins are available you will need to transfer them to your CoinExchange.io bitcoin wallet.
Get Your CoinExchange.io Bitcoin Wallet Address
- Once you log in click “My Account” then select “Balances” from the drop-down menu item.
- Make sure “Hide Zero Balances” is not selected.
- Filter the list for “btc”.
- Under “Actions” there is a drop-down menu item “Deposit BTC”. Click that.
- Your Bitcoin Wallet address on CoinExchange.io will be displayed. Copy that.
Coinbase to CoinExchange.io
Now, you will need to transfer the bitcoins from Coinbase to CoinExchange.io. In CoinBase click on “Accounts”. On this page, look for the “BTC Wallet” and click “Send”.
A dialog will popup where you can enter your CoinExchange.io Bitcoin Wallet address. Then you will need to send the amount you want or you can click “Send Max”. Then click “Continue”.
I recommend putting a Note that let’s you know where these coins are being transferred. This helps when you look back on your transaction history.
Once the coins have been transferred you can proceed to the next step.
Step 3. Exchange Bitcoin (BTC) for BitTorrent (BTT)
This is the fun part. Once you have Bitcoin in your CoinExchange wallet you can trade your Bitcoin for any of the listed altcoins on the exchange.
Looking at the current graph the token is on the decline.
Placing an Order on CoinExchange.io
This is actually rather tricky. You will eventually get the hang out of it, but you need to understand how this process works. There are several prices being displayed: Bid, Ask, Last Price, etc. If you put the Ask you can get an immediate purchase. Otherwise, if you put the price at ”
0.00000010″, it will not purchase unless the Ask prices hit that low. The bid price represents the maximum price a buyer is willing to pay. The ask price is the lowest a seller is willing to receive.
PROTIP: Make sure you have Two-Factor Authentication (2FA) enabled. Wallets and exchanges are highly targeted by hackers. Also, consider getting a hardware wallet if you get serious.