I don’t think the “buy all supported cryptos by marketcap” plan is a good one at this stage of the crypto asset market. This works well for equities because all the scams, shady companies, etc. are already filtered out for you, but that’s not the case right now in the crypto market. You have to be a lot more careful here and do more research.
If you have no interest in doing this research now, buy Bitcoin only and be done with it. If you want to spread your exposure a bit more and still stick to the mainstream stuff, buy Litecoin and Ethereum as well. Here’s why:
- Bitcoin has the first-mover advantage, name recognition, highest volume, etc. It’s the most important crypto asset now and will probably maintain that title.
- Litecoin is one of the earliest Bitcoin Core forks and is the testing ground for many of Bitcoin’s improvements.
- Ethereum is the first and largest of the second-generation blockchains, enabling a platform for distributed applications.
Here’s a quick run-down of what I know of some of the others supported by Ledger:
- Dogecoin: joke crypto, famously friendly community but not really an investment
- Zcash: privacy-focused crypto, but with some issues. For example, it’s security depends on it’s trusted initial setup, the way the first block is generated. Monero is (IMHO) a better privacy-focused crypto, but it’s not yet officially supported by ledger.
- Ripple: completely centralized crypto (ie. nonsense), most of the currency is owned by Ripple itself. Not actually used by any banks.
- Bitcoin Cash: fork by people looking to take control of Bitcoin.
- Ethereum Classic: original Ethereum, pre-DAO fork. Less momentum than Ethereum.
- NEO: similar to Ethereum, platform play.
- Bitcoin Gold: bitcoin fork. Probably worthless, but at least it has replay protection.
- QTUM: similar to Ethereum, platform play. Supposedly, “run Ethereum DApps on the bitcoin blockchain”. PoS, so beware.
I don’t know much about the others, so I won’t comment.
Basically. I send EUR to Bitstamp so I don’t get hit by whatever conversion fees they apply. You can withdraw BTC from Bitstamp for free, so I usually do that because most exchanges list more BTC pairs than ETH. Settlement time is basically the same for both, it really depends more on the number of confirmations the destination exchange waits for.
As for other exchanges, I basically use Kraken and Bittrex. Bittrex has more coins but they really screw you over with withdrawal fees. Compare fees for the ones they have the coins you’re interested in.
But, like I said, if you just want some exposure to these assets, get the big three in Bitstamp, withdraw them to your ledger and just forget about it for a while. If you want to play around with a small amount of money, then send some BTC to Bittrex and go nuts. But do some homework first.