Here’s a comprehensive guide on how to buy Auroracoin and sell them, mostly on Auroracoin exchanges. Auroracoin really started the trend of ‘National Cryptocurrencies‘. The idea is to pre-mine 50% of the coin and distribute it to the people of Iceland. It’s a neat idea with some potential, but Auroracoin seems to have taken off by leaps and bounds. It became the third largest cryptocurrency by market cap, surpassing even Litecoin! (Of course, there’s valid criticism of market cap inflation, based on how this market cap was calculated as it included all the entire pre-mine too). Auroracoin thus became a great coin to trade. If you’re Icelandic, check out the Airdrop procedure on how you can redeem your Auroracoin. In the first round, every Icelander gets 31.8 AUR, which is a pretty good deal.
However, as soon as the Airdrop begins, there will be a rush of new coins and therefore likely to exert a downward pressure on prices. This is to be expected, as there are very few Auroracoins available for trade currently but they will massively go up in supply when the Airdrop begins. Therefore, you might want to sell Auroracoin and lock in a profit, or if you’re Icelandic, sell Auroracoin and take a profit or sell now with the intention to buy Auroracoin back when the airdrop finishes and prices stabilize. In any case, it is important to be able to quickly trade on Auroracoin exchanges based on price movements, up or down.
If you’re interested in trading Auroracoin, here are the best exchanges for it –
Bter: This is my preferred way to buy Auroracoin. Bter has been around for a long time and has proven to be a stable and reliable exchange. It has a good amount of liquidity in the Auroracoin market. Bter also trades with CNY (Chinese Yuan) so it improves market liquidity overall. If you’re new to cryptocurrencies and don’t know where to buy or sell Auroracoin, Bter is a safe and easy choice.
Cryptsy: Cryptsy has started to trade Auroracoin and has included the AUR/BTC trading pair. Cryptsy is the largest altcoin exchange in terms of number of crypto-currencies but has had many problems and complaints related to latency issues. It’s based out of Florida, USA, so it gives some consumers more confidence than Bter. Definitely a good option to consider.
MintPal: MintPal is a much more recent exchange than Bter or Cryptsy but has been pretty successful so far. It is fast, has a clean interface and has a better support than either Bter or Cryptsy. However, the volumes are very low and subsequently the spreads are too high. It might be a good exchange in the future with more liquidity. If you’re already on MintPal, it’s good to know that they are also trading Auroracoin now.
SwissCex: Another relatively new exchange but with a great interface and easy trading. Just like MintPal though, the volumes are low and the spreads high. I’ve used SwissCex for certain altcoins that don’t trade on Bter or Cryptsy and have been pretty happy with their customer service and website overall.
Some other smaller exchanges also trade Auroracoin but I think these should be enough for both beginners and people already involved in altcoin trading.
Right around the airdrop on March 25th, expect to see a high trading activity. Like I mentioned, I’d expect to see prices steadily fall with an increase in supply of coins for trading. It wouldn’t be a bad strategy to sell all or part of your airdrop receiving with the intention to buy it back later, although of course no one knows if this would be the right strategy.
Photo Credit: Emil Kepko