Early 2021 showed a sharp rise in the prices of cryptocurrencies. Thus, many newbies entered this market intending to make a profit. Trading is a profitable activity that demands convenient tools and fast reactions to market fluctuations.
Since you are reading this, you must want to know the best ways of converting coins. The good thing is that this article is all about the ways of exchanging.
Read on and you will be able to swap currency on your own, even if you have never done it before.
There are a few ways to buy coins or convert them.
Each of them has its specific features, you are going to find both pros and cons of each of the variants. This should help you pick the proper one for yourself.
Table of Contents
Just buy coins for fiat
If you don’t have any investments but would like to start, you can buy cryptocurrency with fiat money. All fiat-to-crypto exchanges demand users’ registration and verification. That means you will have to provide your personal information to the service as well as send copies of your documents and selfie with your passport.
This is called KYC (know your client) verification and usually takes several days. Usually, large market players have accounts on such sites, as they manipulate with big sums of money and need to use a reliable place for it.
However, if you are just a beginner and don’t have large sums to convert, this procedure may seem too time-consuming to you.
You definitely need something faster and simpler. Go ahead reading and you will find out the proper way.
Also Read: Let’s Know How To Get Started With Bitcoin Trading!
Exchange on decentralized sites
Unlike centralized platforms that require your registration and verification, decentralized sites do not imply verification. You maintain anonymity and swap coins fast and easy using a convenient toolkit even a newbie can handle with.
If you don’t know how to convert litecoin to bitcoin quickly and easily, go to the Godex.io website. The service does not store your funds, they just move between users in the process of the exchange.
Thus, no hacker attack may harm you. The site provides the best rate, so you don’t have to scroll other platforms looking for the rate differences. Another advantage is that the platform has plenty of coins available for swapping.
How to exchange with Godex?
When you enter the Godex.io site’s home page, you see a calculator right in the middle of it. Its left side is meant for entering the coin you sell. Alternatively, its right side is for the coin to buy.
The Godex algorithms will start tracking the rate of your deal through other sites searching for the most profitable option.
You’ll get the current rate in a matter of minutes just on the screen. It is likely it suits you, but if not, wait for a while and the service will propose to you another option.
Once the price is okay for you, go ahead and press “Exchange”. Now you got to enter the wallet address, which is a rather responsible task. Be sure to check the number you indicate as a single mistake in digit will cause a loss of all the funds.
If everything is correct, move on and pay the application. The procedure will take no longer than 30 minutes.
As you can see, the whole process of swapping coins on the decentralized platform Godex is not a big deal. It does not ask for your personal data, so you don’t risk that someone will use it further.
Also Read: Do You Want To Enter The Crypto World? Things You Need To Know About Bitcoin!
Also, the calculator is a pretty convenient tool so even if it is your first converting, you are going to succeed. The site is highly protected from DDoS attacks.
It has various charts for you to find out the current market situation and its dynamic in time frames. It will help in developing your trading strategy.