Dear First Stage Investor,
Cryptocurrency exchanges are exploding. During the second half of 2017, nearly every major exchange experienced a record number of new user sign-ups.
The result? Growing pains. Several exchanges have experienced temporary outages or even crashes during periods of high volume.
With surging cryptocurrency prices, tens of millions of new entrants are flooding the market each day. The exchanges are facing major infrastructure concerns, as most do not have the resources in place to support such a breakneck pace of growth.
Over the last few weeks, several major exchanges (including Bittrex, Binance and CEX.IO) have halted the creation of new accounts.
While we expect these pauses to be temporary, there’s simply no telling how long they will last…
That’s why I’m now recommending that you use a few different alternative exchanges for your altcoin purchases.
Unfortunately, there’s no “one size fits all” exchange. No single exchange offers every major cryptocurrency and altcoin we may seek to purchase.
So moving forward, I’ll likely provide an exchange recommendation with every coin recommendation. This way, there’s no confusion as to which exchange supports the coin(s) in question.
Additionally, I’ll provide a specific wallet recommendation. As with exchanges, there’s no “one size fits all” wallet.
As you build out the altcoin segment of your crypto portfolio, you’ll need several different wallets to support the different coins that you own.
I understand that, at first blush, this may feel clumsy and tedious. My best advice is to make organization your top priority. Here are some additional tips you should implement today to better manage your crypto investments:
- Maintain a file (written or electronic) of the exchanges and wallet providers with which you have an account.
- Include a listing of the coins you hold in each wallet.
- Bookmark the webpages of each exchange so that you can quickly and easily access your accounts.
- Consider using the app “Blockfolio” to monitor all of the positions in your cryptocurrency portfolio.
- Create accounts on my recommended exchanges as soon as you possibly can. There’s no way to predict when any exchange may temporarily halt account creation, so this is the best way to avoid that scenario.
Please keep in mind that my team cannot help you with exchanges that have temporarily halted new account registration. First Stage Investor is not affiliated with any exchange and cannot resolve these issues.
My best advice is to hold tight and wait for my next recommendations (in the coin and exchange space) before making any rash decisions.
In the meantime, if you have questions, please send them to mailbag@earlyinvesting.com. We will do our very best to provide additional guidance and direction.
Keep your eyes peeled, as I’ll keep you abreast of any changes in this space as soon as I can.
Good investing,
Adam Sharp
Co-Founder, First Stage Investor