As you know, cryptocurrency exchanges have been absolutely flooded with new users.
Bittrex, our recommended exchange for “altcoins,” has temporarily suspended new user registrations. The company simply can’t deal with its current traffic.
If you already have a Bittrex account, this won’t affect you. And I suspect it will reopen registration soon.
I realize this is frustrating for new users, but difficulties such as this are part of being an early adopter. It can be a pain at times, but the benefits far outweigh the inconveniences.
New Exchange: Binance
I am recommending all users, including those with Bittrex accounts, set up a new account at Binance.com. You can register here: https://www.binance.com/register.html.
Binance is a leading cryptocurrency exchange based in Hong Kong. Fees are extremely low, and they offer recommended security features such as two-factor authentication. (You’ll need Google Authenticator on your phone for this.)
Binance offers two of our three recommendations: Ark (ARK) and OmiseGO (OMG). I will have another update very soon on how to buy Vertcoin (VTC) if you don’t have a Bittrex account. I’m going to recommend members who don’t have a Bittrex account use Shapeshift.io to buy this coin. More details on this very soon.
Binance also offers many promising smaller coins, particularly those based in Asia, which is a very hot area for cryptocurrencies.
Below I have included a screenshot of what Binance looks like when you log in.
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To buy on Binance, you’ll need to transfer bitcoin to your new wallet on Binance. So new users will need to buy bitcoin on an exchange that accepts traditional currency, such as Coinbase or Gemini.
Once you’re logged in to your Binance account, click on the “funds” tab at the top. Select “deposits/withdrawals.”
I recommend using bitcoin to buy. So search for bitcoin, then click “deposit.” Now go to the wallet that has your bitcoin in it and send some to that address.
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I recommend doing a very small “test send” first. It may take a long time for the transaction to go through, since the bitcoin network is currently congested.
In the top right, you will see a small icon of a person. This is where you go to see your balances and view your account information.
Below that (the second arrow down from the top) is where you search to find coins.
Everything on Binance is priced in cryptocurrencies. I recommend using bitcoin to buy, because bitcoin markets have the most volume.
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Now click on “ARK/BTC.” This is a “trading pair.” It simply means you’re paying for Ark with bitcoin.
Once you click on ARK/BTC, the buy/sell section in the middle of the same page will change to ARK.
You have three choices when buying or selling: limit, market or stop-limit. If you’re a novice, I strongly recommend using the market option, as shown below.
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If you use the market option, you will automatically buy at the lowest available price. Use the limit option only if you’re comfortable with it.
Note: There is no confirmation prompt, and once you click “buy,” your order should go through immediately. So triple-check everything first!
To buy OmiseGO, the process is the same. Simply search for “OMG” or “OmiseGO” and follow the same steps.
Here are some Binance tips:
- When you click on “exchange,” you have two options: basic and advanced. I recommend using the basic interface.
- Triple-check your numbers before submitting a buy or a sell, especially if you’re using limit buys. Count the zeros carefully.
- You can buy Binance coins (BNB) and use them to pay fees on the exchange. You receive a 50% discount on fees by doing this. You buy those coins the same way we bought Ark in the example.
Good investing,
Adam Sharp