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Q: Which are the best altcoins to trade?

This is generally a matter that every trader needs to decide on their own. However, with that said, altcoins such as Tether, Ethereum, Solana, Ripple XRP, Cardano, BNB, and more.

Q: What are the best altcoin trading platforms in the United States?

The best altcoin trading platform in the US is eToro, thanks to its extreme benefits that favor traders, such as 0% commission, copy-trading, low minimum deposits and investments, and alike.

Q: Do I need a crypto wallet to trade altcoins?

Yes, you should own a crypto wallet where you can safely store your assets and have them protected from online threats such as hackers, scammers, or even exchanges’ control.

Q: Are altcoins legal in the US?

Yes, most altcoins are legal in the US. Some altcoins are considered to be securities, but purchasing them is not so problematic for the buyers in the eyes of the law, but rather for their issuers if they did not follow the law and registered their coins as securities with the SEC before launch.

Q: How much money do I need to trade altcoins?

If you choose to use eToro, you only need to deposit $50 per deposit, while you can use even less money ($25) per investment into altcoins on its platform.

Ali Raza Crypto Writer

Updated: February 5, 2024

The cryptocurrency industry has evolved significantly in recent years, as evidenced by the number of projects that continue to emerge in the crypto space. This has also led to an increase in the number of investors, especially those looking to invest in alternatives to Bitcoin, known as altcoins.

In this guide, we will take a closer look at these coins, including the best altcoin to buy if you are a beginner and want to diversify your portfolio. We will also highlight key considerations when choosing the right altcoin exchange platforms. These platforms play a crucial role in facilitating the buying, selling and trading of altcoins.

In This Guide

What Exactly is An Altcoin?

Altcoins are generally defined as any cryptocurrency other than Bitcoin (BTC). As the crypto space has evolved, investors have become increasingly attracted to cryptocurrencies other than Bitcoin, as many of them offer various utilities and have promising growth potential. These altcoins are gaining ground in the industry, with more and more innovative projects emerging using cutting-edge technologies.

Types of altcoins

Stablecoins — cryptocurrencies pegged to another asset that is typically used to back them up and ensure that they will have a stable value.
Security tokens — tokens that are actually very similar to stocks, although they only exist in digital form.
Meme coins — joke cryptocurrencies that were inspired by the original meme coin, Dogecoin. Due to its success and surge in popularity in early 2021, meme coins are quite common these days.
Privacy coins — cryptocurrencies that use advanced technologies to mask transactions and give their users true anonymity when making online payments
DeFi tokens — cryptocurrencies that have specific use-cases within decentralized finance protocols.
Utility tokens – Utility tokens are used to access services within a network. For example, they can be used to obtain services, pay network charges or collect rewards.

What’s The Difference Between Bitcoin and Altcoins?

As mentioned above, the term altcoin refers to all cryptocurrencies except Bitcoin. In general, one of the biggest differences is that best altcoin to buy try to improve on the limitations of the cryptocurrency they are competing with. In the case of Bitcoin, for example, many altcoins have emerged that aim to reduce the harmful effects of the mining process and make it easier to use. Others offer more utility and innovative features that have the potential to explode in the future.

Another difference is that Bitcoin dwarfs altcoins in terms of market capitalisation and is referred to as digital gold. Many of the best altcoin to buy have different market caps, and many of them may thrive on specific use cases such as smart contracts, fast transactions or even fun and entertainment.

What Are Bitcoin Forks?

A fork in the Bitcoin network represents a separation of the network, creating two distinct “branches”, each with its own protocol. One of these branches will maintain the protocol that existed before the fork, while the other will adopt a new protocol with different rules.

Bitcoin forks can be divided into two categories, “soft” and “hard”. In the case of soft forks, the new branch is still compatible with the original branch. In contrast, “hard” forks are incompatible with the original branch, indicating the creation of an entirely new blockchain.

The Future of Altcoins

Of course, not all altcoins launched after Bitcoin have managed to stay in the market and be legitimate, and some have even been scams. Although the crypto market is characterised by increased volatility and these fraud risks, some of the alcoins have proven to be useful and valuable to investors.

However, the main reason an altcoin fails is a lack of utility. Recently, as technology develops and is implemented in the crypto space, more and more altcoins are prioritising security and a number of useful facilities and features for investors. Some of the best altcoin to buy have managed to rise to the top of the list and attract huge amounts of capital. According to the source, the total market cap of all cryptocurrencies is $1.65 trillion.

If you are looking to diversify your portfolio into the cryptocurrency market, best altcoin to buy may be a cheaper option than Bitcoin. However, it is important to remember that the cryptocurrency market, regardless of the type of coin, is still in its infancy and is characterised by volatility.

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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

The Best Altcoin Exchanges Reviewed

In this section, we provide an in-depth review of each platform, highlighting their unique features, user interface and the range of popular altcoins they offer. By gaining insight into these selected platforms, investors can make informed decisions about where to buy altcoin.

1. eToro – Overall best altcoin exchange

First on the list is eToro, which is by far the best online brokerage platform for beginners, no matter what type of asset they want to trade. Of course, this also means that it offers cryptocurrencies – in the US, there are 25 cryptos available to buy, with the possibility of adding more in the future.

As of now, the exchange supports Ethereum, Ethereum Classic, Dash, Litecoin, Stellar Lumens, NEO, EOS, Cardano, IOTA, ZCash, Tezos, Chainlink, Uniswap, Mana (Decentraland), and Dogecoin.

eToro has been around since 2007, and during this time, it expanded to include 140 countries and serve over 20 million traders. It is very user-friendly, to the point where expert traders find it too simple for advanced trading. However, if you are a begginer who wishes to engage in altcoin trading, it is perfect for traditional finance platforms.

eToro offers several payment methods, has a low minimum deposit of just $50, and doesn’t charge any commissions on your trades. So all you have to pay is a very low spread. The platform is also highly regulated and licensed by some of the world’s top regulatory bodies.

In addition, eToro is rich in user-friendly features such as copy trading, which allows beginners to follow successful traders and copy their moves in real time, thus using other people’s trading knowledge to make profits. eToro also offers a demo account to test out the platform. This way, you can familiarise yourself with the platform which is an perfect option for best altcoin to buy.

Pros:

Very user-friendly
Offers up to 25 altcoins
No commissions
Low spreads
Offers crypto derivatives
Supports copy-trading

Cons:

Not suitable for advanced trading

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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Note: Only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash, and Ethereum.

2. Binance — The largest altcoin trading platform by volume in the world

Binance is the world’s largest crypto exchange by trading volume and one of the largest, if not the largest, in terms of the number of best altcoin to buy. There are hundreds of altcoins that the exchange is offering, with thousands of available trading pairs.

The platform is popular and claims to offer numerous products, tools and features for trading. However, for beginners, Binance can be advanced and complicated to use, but the good thing is that there is the Binance Academy, where beginner investors are provided with tutorials and educational resources to help them understand how the platform works.

Binance also offers a massive ecosystem ripe with digital assets, including crypto loans, highly popular metaverse coins, and much more. It has two blockchains, one specifically dedicated to smart contracts, dApps, DeFi, NFTs and other similar aspects of cryptocurrencies and popular altcoins such as Luckyblock or Cake.

It also has a launchpad that regularly hosts IEOs, and it has numerous subsidiaries around the world that provide services to users who cannot use its main exchange platform due to regulatory issues.

Pros:

Advanced technical indicators and charting features
Very low commissions
Thousands of supported pairs
Strong security measures
Supports fiat deposits
The largest exchange in the world

Cons:

Charges 2% on credit/debit card deposits
Slow customer support
For beginners can be complicated

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Your capital is at risk.

3. Coinbase – Best crypto exchange in the US

Coinbase is the largest cryptocurrency exchange in the US. Coinbase is a good choice for altcoin trading if you are looking to trade safe assets that are unlikely to have issues with the regulators in the future. The platform is 100% regulated by the US authorities, which means that everything it lists and offers is carefully checked and examined.

Coinbase serves as a cryptocurrency platform, offering users the ability to trade, purchase, or securely store various cryptocurrencies, including the more recent addition of NFTs (Non-Fungible Tokens). Operating across more than 100 countries, the exchange boasts a substantial user base, with 108 million verified users as of the third quarter of 2022.

As a result, none of the listed assets are considered controversial or problematic in any way. There are not many of them due to Coinbase’s tendency to play it safe, but the platform is slowly onboarding new ones all the time.

Other than that, Coinbase is very user-friendly, designed for beginner traders, and is now available in much of the world, making it a solid choice for many non-US traders as well.

Pros:

Easy to use
Has a mobile app
Over 35 million users
Been in business for nearly a decade
Regulated
Operates outside the US

Cons:

The fee structure is complicated, and trading fees themselves are expensive
Poor customer service

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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

4. Kraken – Popular exchange with a wide range of best altcoin to buy

Kraken is one of the first cryptocurrency exchanges in the United States, having been founded in 2011 in San Franciso. With over 4 million users in 176 countries, it has been operating since 2013 with a Bitcoin trading platform.

You will notice in our review of Kraken that the exchange is regulated as a Money Service Business (MBS) by FinCEN in the US and FINTRAC in Canada. It is also regulated by the UK’s FCA, Australia’s AUSTRAC and Japan’s FSA. Kraken is now one of the top five cryptocurrency exchanges in the world, alongside Binance and Coinbase.

Kraken users can begin the trading process by registering and adding funds in local currency. It is important to note that the platform requires users to comply with know-your-customer protocols, which include meeting identity and authentication requirements.

According to the source, Kraken has a trading volume of $384,984,206 in the last 24 hours and $121,221,260,092 in the last 7 days. The platform currently has 215 cryptocurrencies, 7 fiat currencies and 644 markets (cryptocurrency trading pairs). The most popular trading pair on Kraken is SOL/USD.

Pros:

Fully regulated crypto exchange
Good safety and security
Wide selection of digital assets
Offers crypto futures and margin trading
Easy to get started with

Cons:

High fees and minimums for deposit and withdrawal
Limited deposit and withdrawal methods
Markets trading platform only for advanced traders

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Your capital is at risk.

Best Altcoin Trading Platforms Fees Compared

	Trading fee	Deposit fees	Withdrawal fees
eToro	0.90%-2.90% only for buy orders (varies by coin)	None	$5 per withdrawal
Binance	0.10% maker or taker	None for bank transfer	Varies depending on payment method and country
Coinbase	1.49% per slide	3.99% on debit cards	Up to 2% on debit card withdrawals
Kraken	0.16% maker	None	0.16% maker

Ranking Criteria

Our experts pay particular attention to key issues when recommending suitable platforms for beginners looking to buy altcoins. Some of the key criteria they highlight are:

First and foremost, they emphasise the importance of an easy-to-understand user interface, ensuring a simple and accessible experience for those new to cryptocurrencies.
Security is another key consideration, and recommended platforms must offer robust measures to ensure the protection of users’ assets and information.
Transparent and favourable fees are also an important element, as they can have a significant impact on the total cost of transactions.
The diversity of altcoins available for trading and flexible deposit and withdrawal options are taken into account to provide investors with a wide range of choices.
Demo accounts and educational resources are very important for someone just starting to invest in altcoins. For example, even though Binance is a platform more suitable for advanced traders, beginners are provided with educational materials to learn how the platform works.

How to Trade Altcoins?

There are three main ways to trade Altcoins:

Using spot markets
Using futures markets
Through CFDs

Trading via the spot market means that you need to create an account on a platform that lets you hold your crypto coins in a wallet. After you create an account, you can link the wallet to it and start buying and selling any available coin. After you create an account, you can link the wallet to it, and start buying and selling any coin that is available on the platform. Typically, there are small spreads or fees to pay here, but for the most part, platforms such as these make money by charging fees for deposits, withdrawals, or both.

Trading via the futures market allows you to trade crypto futures, which is fairly similar to trading stocks and commodities. Essentially, when you buy altcoin futures, you are buying the right to purchase at a specific price by when the contract expires. Lastly, there are altcoin CFDs, or Contracts For Difference.

When you buy CFDs, you are not truly trading altcoins but contracts that use them as underlying assets. Essentially, you are just making a bet regarding which way the price will go, and if your prediction is correct — you get to earn money, regardless of whether the price of the altcoin used as an underlying asset is going up or down.

List of the largest altcoins by market cap

According to our research for this altcoin trading guide, several major altcoins rank among the top due to particularly high market caps.

Best altcoin to buy	Price	Market Cap
Ethereum (ETH)	$2,244	$269,818,324,454
Binance Coin (BNB)	$237	$35,983,625,658
Tether (USDT)	$1	$90,558,512,569
Solana (SOL)	$69	$29,597,348,528
Cardano (ADA)	$0.554	19,571,652,099
XRP (XRP)	$0.6251	$33,731,331,676

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Risks of Trading Altcoins

One thing to note is that altcoin trading comes at a risk. Yes, the opportunities that the altcoin markets can offer are great, and you can secure massive profits in a very short amount of time. However, the same volatility that empowers traders can also mean their downfall, as the situation turns around very easily and extremely quickly in crypto, especially when it comes to altcoins.

This is because altcoins’ behavior is dictated by Bitcoin, which commands more than half the total crypto market cap. Bitcoin is the dominant force in the crypto industry, which means that it is also more liquid than best altcoin to buy.

Then there is the lack of regulation, which makes cryptocurrencies a very risky investment. You have to do your due diligence in researching the projects and making sure that investing in them is the right decision, which is not always easy.

Finally, there are other threats, such as hackers, scammers and the possibility that the entire altcoin market fails, which would doom most projects. The likelihood of the major altcoins failing is very low, but the possibility still exists.

Altcoin Trading Strategy

Trading altcoins is not just buying and selling. You need to keep in mind that there are special trading strategies that you need to follow to achieve maximum effect during trades. Not all strategies will work equally well for every coin, and not all of them fit the personality of every trader, so finding the right trading strategy for you, regarding the asset you wish to trade will require some research and then trial and error.

This is best done on demo accounts, such as the one eToro offers. As for which altcoin trading strategy to choose, that is something that you need to choose yourself. Some of the most popular ones include copy-trading, Altcoin trading signals, and altcoin trading robots.

Copy-trading was mentioned briefly earlier in this guide, and it is a strategy that you can employ on specific platforms that offer it. It revolves around finding a professional trader who trades the assets you wish to trade. If the trader has a mostly successful, profitable trade, it is reasonable to assume that they know what they are doing and that you can mirror their moves to achieve the same results.

Altcoin trading signals is another popular altcoin trading strategy among traders with limited user experience. This one is not that different from using copy-trading, since you also use the software. Only this time, you are not automatically buying and selling to mirror them, but you receive an alert about their order.

This is a popular alternative to copy trading that is a good choice for traders that already have some knowledge of trading – enough to feel confident (and even prefer) to make their own decision regarding whether or not to act, instead of just making the move automatically.

Lastly, there is the use of altcoin trading bot. Altcoin trading bot is an automated system that trades on your behalf and operates within the parameters provided by the trader. However, for it to function adequately, the trader first needs the working knowledge of the market and the way it works to provide the altcoin trading bot with proper instructions.

Altcoin trading bot can act on your behalf if you are too busy to trade yourself or simply wish to use software that will rely on facts and actual market events rather than emotions.

How To Buy Altcoins on eToro

Now that you know where to trade altcoins and some details about the altcoin market, all you need to do is give it a try. If you decide to do the former, we have prepared a short guide to help you. We should note that this guide is specific to the eToro trading platform, but also that it’s not too different from what you’ll have to do on any trading platform or crypto exchange.

Step 1: Open an account

Start by heading over to eToro’s platform and opening a free account. You can do so with your email or simply by logging in with your Facebook or Google accounts.

Step 2: Upload ID

The second step is to upload your ID, driver’s license or passport to complete the KYC (Know Your Customer) procedure required by the law in pretty much every country. You will also have to fill out a form that will share some personal information with eToro.

Step 3: Deposit funds

After having your account properly set up and verified, your next step is to deposit money that you will use in trading. This is done by clicking the “Deposit Funds” button in the lower-left corner of eToro’s platform, then typing in the amount, selecting a payment method, and entering payment details for your method of choice.

Step 4: Trade altcoins

Finally, you are ready to make your first altcoin trade once your money has arrived. Use eToro’s search function to look up the coins you wish to buy, click the Trade button next to them, and enter the details of your trade. With that, you are done, and you will be the owner of your cryptocurrencies. Next, withdraw them to a private wallet to store them in the safest way possible, and wait for the right time to sell or use your cryptos.

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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Conclusion

Altcoin trading opens up many opportunities for would-be traders and investors, from the possibility of making a profit to enjoying the unique benefits offered by the crypto industry. Especially when you consider that these altcoins are constantly evolving, implementing advanced technology and artificial intelligence. However, in order to start trading, you first need to buy the coins on the best altcoin trading platform around, and we believe that title should go to eToro.

eToro has been around for a decade and a half now. It has a great reputation, useful features and is extremely easy to use. It also offers traditional investments. If you are already trading these or want to further diversify your portfolio, then you should definitely give it a chance.

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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

FAQs

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References

Ali Raza Crypto Writer

Ali is an experienced writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profiled investment sites including CCN, Capital.com, BeInCrypto, Bitcoinist, and NewsBTC.

Ali studied Master in Commerce with Finance at The Islamia University of Bahawalpur from which he graduated in 2012. Since then, he has used his skills and finance knowledge to create insightful content that helps readers to better understand the cryptocurrency space. Ali regularly analyzes the markets to stay ahead of trends and spot potential changes. He is able to distill these trends into clear and actionable insights.

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