29 Oct How to buy altcoins
In my previous articles, I mentioned about buying Bitcoin and Ether with SGD in Gemini or local exchanges like Coinhako. After buying the biggest 2 coins (in terms of market cap), the more adventurous individuals will want to explore further and buy other coins (referred as alternative coins altcoins). This article is a comparison between the popular exchanges around, and the exchanges I use personally.
The leading exchange at the moment, with a 24h volume of over $370m. It started in 2014 as a U.S based company, and has the largest number of trading pair out of the 3 exchanges listed above.
- Over 250+ trading pairs
- Fast account setup
- Relatively helpful customer support
- Intuitive UI
- Fees – 0.25%
- Slow listing of coins
- Slow release of Bitcoin forks (Bitcoin gold in this case, HitBTC and Binance has given it out but no news from Bittrex)
Binance is an up-and-coming exchange that is based in Hong Kong. Binance raised $15m during its ICO, and the exchange matching system has matching speed of up to 1.4m transactions/second.
- Fees – 0.1% (50% discount if you use BNB to pay for fees)
- Fast and helpful customer support – their telegram is very active
- Community voting for coins to get listed
- New coins get listed fast (KNC, Request, Everex…)
- Distributed Bitcoin Gold promptly
- Backend problems – binance double credited users with double the amount of Request tokens
- UI can be improved
- Smaller pool of trading pairs but growing at the moment
That said, I’ll probably be putting my BTC with Binance for the upcoming Bitcoin fork in November.
The newest kid on the block. Kucoin is also an exchange based in Hong Kong, and is touted to be the 2nd Binance.
- Listing new coins (First exchange to list Redpulse)
- 0% promotional fees for listing of new coins (WTC, RPX…)
- Fees – 0.1%
- Referral program
- Backend problems – server lagged when RPX was listed (took me 1 hour to login and sell)
- Small pool of trading pairs
I’ll be trading most of my trading in Binance and Kucoin in the near future (using Bittrex only for SYS because Binance/Kucoin don’t have SYS pair). The relatively lower fees can add up to be a considerable sum. You can sign up on Binance and Kucoin using my referral code, you will have my eternal gratitude.