Explore the best altcoin exchanges for diversifying your crypto portfolio with top coins like Ethereum, Ripple, and Polkadot.
Alternative coins — From Ethereum to Polkadot, these coins offer traders and investors a landscape beyond Bitcoin. However, to maximize the opportunity with altcoins, you need the right platform. Here, we will explore the best altcoin exchanges and how to use them.
What Are Altcoins?
Altcoin is an abbreviated term used to describe all of the cryptocurrencies with the exception of Bitcoin. There’s a wide brand of various types of general policies, but each is distinctive and features its very own benefits. While some are more robust for smart contracts and decentralized apps like Ethereum, others, such as Ripple, provide mainly fast and cheap cross-border payments. If you’re looking to diversify your portfolio or explore new projects, top altcoin exchanges offer the perfect environment for acquiring, selling, and trading these assets.
There are some main points to consider while choosing a platform. The difference between a good exchange and a bad exchange is monumental for your overall trading ability and future success.
Security and Reputation
The best altcoin exchanges prioritize your security in its parts with two-factor authentication (2FA), encryption, and cold storage for your money. As always, do your due diligence before accessing any exchange. Seek out platforms with good reviews, a solid track record on security, and they tell the users how they do what they do.
Trading Fees and Liquidity
The most important factor to think about is trading fees. Again, for anyone who trades regularly, lower fees can make a big difference to your bottom line. And finally, another thing that has a big influence on how seamlessly your trades will go is liquidity (how easy can you buy or sell your altcoins). Do use high liquidity exchanges to prevent gagging and high price slippage.
Accessibility and Ease of Use
Although an important feature to mention, it is a necessity and not a bonus — an interface that is easy to navigate through — this is especially important for beginners. Altcoin exchanges provide easy-to-use platforms which help traders in executing trades, checking prices, and keeping track of their portfolio. Accessibility — the ability to accept all types of payments and be mobile-friendly — is another factor that contributes to seamless trading.
Top Exchanges for the Most Popular Altcoins
Binance
Binance exchange is generally considered one of the best all-around altcoin exchanges, with tons of coins, low fees, and a secure platform that suits both novices and advanced day traders alike. It has a pleasant interface, high liquidity, making it one of the first choices for altcoin traders.
Kraken
Kraken is the clear winner for US traders. With high security, low fees, and held in high regard, Kraken is one of the most trusted platforms for trading altcoins in North America. Plus, Kraken has many altcoins available, which makes it a good choice if you want diversity in your portfolio.
KuCoin
KuCoin stands out for its wide range of altcoin trading pairs. KuCoin has also been open to listing some more obscure assets if you are searching for a specific altcoin. It has low fees and is providing decent liquidity.
Coinbase
Coinbase is actually one of the easiest platforms to use out there, particularly for newbies. This site is among the most used ones for newbies to crypto, allowing them easily trade altcoins securely. While it is a bit more on the expensive side than some other exchanges, its simplicity renders it a top choice for newbies.
Bybit
Bybit is probably your best choice if you are looking for a platform that meets the needs of active altcoin traders. It is also a split exchange, meaning that users trade with derivatives/leverage, offering advanced trading features, making it your top option if you want to lose yourself in the depths of the altcoin ecosystem as a more experienced trader.
Phemex
Phemex values privacy. Phemex has always been at the forefront of prioritizing user privacy. For traders who care about data safety and privacy, Phemex is an exchange that is worth checking out. With a lot of altcoins to choose from and robust security, it makes sense.
How to Start Trading Altcoins
After selecting the best altcoin exchanges that meet your requirements, now it is time to begin. Just follow this simple start:
- Register and Confirm Your Account: Open an account on your selected exchange and go through the required identity verification (KYC).
- Funding Your Account: Depending on the payment methods of the exchange, you can deposit fiat or crypto.
- Step 3: Choose Your Altcoins: You will see all the altcoins that the platform has available, now you just choose which ones you want to trade.
- Create an Order: Buy or sell based on your market reading and trading strategy.
- Portfolio Tracking: To benefit either by making more profits or to avoid losses, follow your trades closely.
- Cash Out: When you are finally happy with your profits, you can cash out your altcoins to a safe wallet.
The Bottom Line
Appropriate choice of exchange is key to your success as an altcoin trader. You can find the best alternative coin exchanges to facilitate your trading style by searching based on security, fees, liquidity, and ease of use. No matter if you are a novice reader or a pro trader, there is an amount for you in exchange. So, go slow, research, and enter the trading of altcoins with confidence.
