What is an Altcoin?
An Altcoin is any cryptocurrency other than Bitcoin. The name simply means ‘Alternative Coin’ and was coined (pardon the pun) in around 2011 when one of the first Altcoins called ‘Namecoin’ launched.
Altcoins are traded on an Altcoin exchange, stay tuned to learn more about these trading platforms.
What is an Altcoin Exchange?
An Altcoin exchange is a trading platform which lets you trade Altcoins. These exchanges usually don’t require KYC checks and are used frequently by thousands of traders worldwide due to the increased volatility of Altcoins.
How do Altcoin Exchanges Work?
Altcoin exchanges work by matching orders of different altcoin traders on an Altcoin trading platform. Once the order is matched, the assets are transferred accordingly between the two parties.
How to Use an Altcoin Exchange
Getting started trading Altcoins on an exchange is a simple and easy process. You can get started instantly without any special knowledge.
- Sign up on an Altcoin exchange
- Make a deposit
- Begin trading
What to Look For in an Altcoin Exchange
Before using an Altcoin exchange, there are certain things you should asses first to ensure that it is the right Altcoin trading platform for you. Below is a list of some of the main things you need to look out for in an Altcoin exchange.
- Design & User Experience
- Customer Support
- Deposit/Withdrawal Methods