If you are new to Cryptocurrencies and cryptoassets and are looking to get started, then you are in the right place.
Assuming you understand all of the risks involved in any investment, the first thing you will want to do is obtain a coin wallet. A coin wallet allows for storage of your crypto similar to how a bank stores cash. Different wallets allow for storage of different coins. There are currently 5 types of digital storage for coins at the moment:
1. Hardware wallet
2. Paper wallet
3. Online wallet
4. Mobile wallet
5. Desktop wallet
For ease of use and convenience, we will explain how to get started using Coinbase as your first wallet. Coinbase (using GDAX) is also an exchange, so you can use it to buy, sell, and store your BTC (Bitcoin), ETH (Ethereum), and LTC (Litecoin). Coinbase has excellent insurance policies regarding your crypto and is very beginner friendly.
Feel free to use our invite link, or use a friends! CoinBase Referral!
On the Coinbase homepage you will see a place to enter your email address and after you click 'Get Started' you can proceed to fill in the rest of the required information.
After your account is made, you will need to link it to a bank account or the credit/debit card you intend to deposit your funds from. Keep in mind that each coin will vary in transaction speed as will the payment method you decide to select. For example, bank account deposits can take up to a week to process whereas card deposits tend to be much faster.
The final step will be to verify your identification using either a passport, driver's license, or a photo ID. This is a step almost every coin purchase site will make you complete. You can now choose to directly buy one of the major coins offered through coinbase using your bank account.
Where Can I Buy Altcoins?
In order to buy altcoins you will need to use an exchange such as Binance. Binance has proven to be reliable and secure and offers an extensive list of altcoins to choose from.
Again feel free to use our invite link, or use a friends! Binance Referral!
To register, simply go to and fill in the required information. It is absolutely recommended that you immediately enable 2FA (2 factor authentication) to increase security.
Now you are ready to deposit funds from your coinbase account into your binance account. Let's start with an Bitcoin example. You will want to open up your Binance account in one tab and your Coinbase account in another. On Binance, navigate to the top of the page where it says funds and click Deposits. Now type in the coin or token you are looking to deposit. In this case we will type BTC. You will now see your BTC address listed. This is the address that you will want to send your Coinbase BTC to. You can only send BTC to this address. Any other coin will not work and you may lose the funds entirely.
Go to your Coinbase account in the other tab and navigate to the Accounts tab. Here you will see the amount of each coin you currently own. All you have to do here and click send on your BTC wallet assuming that is the coin you originally purchased. Since you are sending to your Binance wallet you will choose the Wallet address option. Enter the amount you want to send and then use the aforementioned Binance BTC deposit address as the location to send to. You may want to start out with a small initial transfer to ensure that you are properly performing the transaction. Remember, different coins have different transactions speeds and your Bitcoin deposit will most likely not be instant. If you need to check the deposit status on Binance, you can always go to the Funds dropdown bar and selection transaction history.
How Do I Actually Buy Altcoins?
Now that you have successfully deposited a major coin into your Binance wallet, you are capable of purchasing any coin listed on the exchange. Let's say you join Tethos and we make a call that reads something like $ADA 2150-2200 Entry. This means we are buying the coin ADA (Cardano) once it is in this range of 0.00002150 sats (satoshis) to 0.00002200 sats. If you decide you want to buy $ADA as well you will log in to Binance, go to the Exchange drop down menu and either select basic or advanced. For this example we will guide you through using the basic UI.
On the right hand side you will notice the coin list. Here you can click ADA/BTC or search for ADA. Make sure the BTC pairing is highlighted (next to the favorites list icon).
When buying or selling a coin, you have 3 options; Limit, Market, and Stop-Limit
It is important to remember that no matter when you make an order, it is first come first serve. Just because a coin is valued at 100 sats and you put a buy order in for 100 sats, does not mean your order will successfully go through. This is a perfect example of why it is important to look at how many shares are being offered at a certain price. You will enter a line whenever you make a buy or sell order and you have to wait for every order before you to be executed in order to successfully make a trade.
At Tethos we always make Limit or Stop-Limit orders. Unfortunately, Market order buys or sells lead to a lot of unintentional losses. Market buy orders will execute a purchase of a coin at whatever price is being offered. This can easily backfire especially when a coin is amidst a pump and dump or volatile day. If you you see a coin mooning and are feeling intense FOMO and are so eager to get in that you place a market order, you may pay far more than what you were expecting since your order was in line behind all orders placed before yours.
To place a Limit order, select your coin from the list on the right. Again, for this example we are showing ADA/BTC. Underneath the coin's chart you will see options to Buy and Sell ADA. The number automatically listed in the price box is the latest trading price of the selected coin. If you have a chart open for awhile, this may not reflect it's true latest price. Let's say the current trading price is 0.00002170 sats but you only want to buy it if it reaches 0.00002165 sats. You simply manually enter the price you want to pay and the amount of shares you want. Choosing one of the percentage tabs will purchase that amount of the desired coin. A call may say to ladder into a coin. In the ADA example, you can start with 25% of your available funds by selecting the button before ordering and wait for the coin to potentially dip lower before buying more. Laddering is a great way to mitigate risk and a frequently used Tethos tactic.
Selling a coin is almost identical to buying one. Just choose the price you want to sell a coin for and the percentage of your currently held shares you want to sell and click place sell order (right side, red).
If you are using Binance you should definitely consider using Binance Coin (BNB) to pay your fees. This will reduce the transaction price of all orders to .050%. Since transaction fees can add up if you are frequently trading, this is highly recommended.
You are now ready to buy and sell cryptocurrencies! Feel free to ask us questions about anything at anytime.
Getting Started With Bitmex
Trading on Bitmex can be overwhelming but here are two video to get you completely ready for leveraged trading today! Included are our referrals for additional discounts on trading fees. If you have any further questions please ask via Discord or Telegram personally thanks!