Cheapest way to buy altcoins

[High Plains Drifter]

  Gents,

  I would like to buy some altcoins for investment purposes and was wondering how to do it most cost effectively.  If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock?  If so would setting up a wallet be the way to go?  Thanks!

[lynn_402]

Indeed setting up a wallet is a lot safer than keeping your coins on exchanges; many theft have happened in the past and will happen again.
Cryptsy has a high exchange volume, so unless you buy for tens of thousands of dollars in one-shot, you should not "jack the price up" too much. Or if you want to have a lot of a coin that has a very low trade volume, the best option might be to mine.

[Soappa]

If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock?

Bitcoin or altcoin exchanges work pretty much like stock exchanges, and the "market price" is determined through order matching.
So, if you place a big buy order, the price will be affected.

If so would setting up a wallet be the way to go?

Setting up a wallet won't give you any coin. You could get coins from mining or doing p2p trades.

[Glizlack]

If you want to buy large amounts of lightly traded altcoins you cannot help but to raise prices. One strategy to minimize increase is to buy them over span of weeks or even a month. The slower you buy the less you affect the coins.

Steve

[lynn_402]

If you want to buy large amounts of lightly traded altcoins you cannot help but to raise prices. One strategy to minimize increase is to buy them over span of weeks or even a month. The slower you buy the less you affect the coins.

Steve

You could also rent mining rigs, from https://leaserig.net/

[EnterReturn]

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

[lynn_402]

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

When you setup a wallet, you are the only one who controls it. If your computer is safe and you have strong encryption, your coins are definitely yours. If you leave them on an exchange, you have to trust them to take care of your coins, and many of them have been hacked in the past leaving users coinless.

[sartech]

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

try to search about MtGox and you'll find out... if you're a trader is ok but you'll take a extra-risk.

[High Plains Drifter]

  So as long as your password is solid you shouldn't have to worry about your online wallet? 

[DolanDuck]

For most users keeping coins on a trusted exchange is safer than storing them on a local hard disk/usb,
but if you know how to secure your savings efficently, the best option is to install the wallet.

[tokyoghetto]

  Gents,

  I would like to buy some altcoins for investment purposes and was wondering how to do it most cost effectively.  If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock?  If so would setting up a wallet be the way to go?  Thanks!

Over-The-Counter trades...off-exchange. You can get big trades done, without moving the price.

Find trusted members willing to sell you coins, use escrow if possible. I have made plenty of big trades this way, in the most illiquid markets.

A week ago I was offer 10000 TEK OTC. I didn't get any buyers, but trades like that do come up from time to time.

Be careful and use your best judgement.

[lynn_402]

For most users keeping coins on a trusted exchange is safer than storing them on a local hard disk/usb,
but if you know how to secure your savings efficently, the best option is to install the wallet.

It's not quite hard doing a back-up, really. If your computer is not secure, there is much chance that a trojan will steal your exchange coins anyways, so keeping a desktop wallet is good for everybody. Although a safe online wallet, like blockchain.info which does not keep your private keys, is a good compromise.