Right now it is a very frustrating time for people wanting to enter the cryptocurrency space. One the one hand, there has been a sell off that has created a buying opportunity for many of the smaller coins such as Ripple (XRP) and Monero (XMR).
On the other hand, many of the major exchanges, such as my recommended exchange Binance, have closed registrations to new traders.
Fortunately there is another way to acquire many of the alt coins. Here’s how:
1: Set up a wallet that supports the major cryptocurrencies such as BitCoin.
I recommend Coinbase. Fund it with at least $100.
The fastest way to do that is to connect a Debit or Credit card, which will fund your account instantly.
Follow that up with connecting your bank account which can take several days.
2. Set up a wallet that will support the alt coin that you desire to own.
My top recommendation would be to use a service called CoinPayments.
CoinPayments is actually designed to allow merchants to accept payment for products and services in cryptocurrencies. It’s what I use for this site to take payment in cryptocurrency.
However, you can actually just use them as a wallet since their system is designed to receive, hold, transfer, and convert funds for their merchants. This makes it very easy. They support virtually every cryptocurrency you’d be interested in (60+ and counting).
As you begin to accumulate and want to move some of them onto dedicated wallets you can do so, but this lets you acquire these coins now with only one setup required.
3. Convert your “major” coin into an “alt” coin using this conversion tool.
There is a tool called Changelly.com that will allow you to convert one cryptocurrency to another at the current market rate. You can go here to make the conversion, but for your convenience I’ve added the converter into this post below.
Here’s how to use it:
You first choose which major currency you are starting with. This will be whatever is in your Coinbase wallet such as BitCoin or Ethereum. Then you will choose from the dropdown menu which altcoin you want such as Ripple.
Your “Recipient Info” will be the address from your CoinPayments wallet.
Your “Payment” information will be the address of your Coinbase wallet.
The altcoins that are supported by this tool fluctuate somewhat based on network load. When the load is too great sometimes a specific altcoin may not show up in the list. Be patient and try at a later time.
Choose the starting currency you have in your coinbase wallet and then choose the coin you want to acquire from the drop-down menus, hit exchange, and you’re good to go.
BE AWARE: The conversion can take several hours. Be patient.
So there you go! That’s how you can acquire altcoins without a trade exchange account. Let me know if you have any questions.