Go Advanced

πŸ’ͺ Let's diversify your portfolio ✨

🚨 Remember! 🚨

Investing in cryptocurrency does not guarentee a return and your capital is at risk!
Before you continue you need to be 100% sure that you’re comfortable investing your money that may return nothing.

Going Advanced

Make sure you’ve already signed up to Coinbase and followed the get started guide first. We’re going to now show you how to sign up for another exchange that allows you to trade alt-coins and potentially increase your profits.

Step 1: Follow the Get Started guide

Before we can get started you still need to set up a Coinbase account, so make sure you’ve completed the get started guide first.

If you have, let’s continue!

Binance sign up

Step 2: Sign up to Binance

Binance is another cryptocurrency exchange and has much more coins available to trade in compared to Coinbase.

Simply sign up using the link below.

Step 3: Get verified

Much like with Coinbase, you need to get verified on Binance in order to increase the trading limits. Again it’s a very simple process of sending some photos of your ID.

Binance verify
Binance deposit

Step 4: Transfer some Ethereum

Now in the get started guide you purchased some Ethereum. What you’re going to do here is transfer some or all of it to Binance from Coinbase.

This will then enable you to purchase some of these alt-coins.

Have a look at the current prices, use CryptoWatch to get an idea of what’s happening and remember you can also find out more about different coin histories at Coinmarketcap.

Step 5: Let's start trading

So this is where things get real. You’ve got your Ethereum in your Binance account, let’s look at some alt-coins and pick a few to purchase.

When you’re logged into Binance simply visit Exchange > Advanced.

Binance exchange
Binance alt-coins

Step 6: The available alt-coins

This is the tricky bit. You need to select the BTC/ETH button at the top and change it to ETH (Ethereum).

From that list you can then see the different alt-coins available for you to trade.

Before you make a choice, it’s a good idea to do some research and understand what those numbers are telling us.

Pair

This indicates the current pairing of coins for the row. In the picture above you see TRX/ETH as the first row, this refers to TRON and Ethereum.

Price

This indicates the current price per coin/token, the first being relative to Ethereum (in our case, since ETH has been selected as the base currency) and the latter being $USD.

24h Change

This indicates the total flucation of price over the past 24 hours, which +green being an increase, and -red being a decrease.

24h Volume

This indicates the total amount of base currency (in our case ETH) that has been exchanged for this current row. That’s both buying and selling.

Step 7: Picking a coin

Remember that the whole idea of diversifying with alt-coins is to reduce your exposure to the market (for example if you only invest in one currency and that crashes) and to increase your chances of one of the coins’ prices sky rocketing.

Before you make a decision, ensure that you have done adaquate research into the coins. First start by comparing their prices with Coinmarketcap and CryptoWatch, these will give you a greater idea of what the coin is doing.

Make sure you visit the coin’s website, if it looks good, and they name their team members (plus links to their profiles on LinkedIn and other professional sites), then it’s generally a good sign.

Furthermore have a look at the chatter on social media in places like reddit/r/cryptocurrency.

Once you’re ready to make a trade on Binance then continue to the next step.

Coinmarketcap
Binance trading

Step 8: Making a trade

Once you’ve picked a coin, head to the bottom right of the screen and you will see the trade section. Simply enter how much of the coin you wish to purchase and hit buy!

 

Please remember that cryptocurrency prices can go up as well as down. Ensure you do research before hitting the buy button. Start off with small amounts and get comfortable before you go too fast.

πŸŽ‰ Congratulations πŸŽ‰

You’re now an advanced cryptocurrency investor!

Be sure to keep checking the value of your invesement, and remember it can go down as well as up.