The crypto market showed upwards movement at the beginning of 2021. Thus, many young traders aimed at making a profit on crypto boost entered the market. This article is about the options for exchanging cryptocurrency and the pros and cons of each of them. Go ahead to learn more.
There are several ways to exchange coins. Check them out before deciding on an exact place for trading.
Buying cryptocurrency with fiat
If you don’t have any coins and the crypto boom inspired you to purchase some for fiat money – no problem, use a centralized exchange. Also, if you are an experienced trader and want to withdraw your profits from the wallet, you may convert it into fiat. The fact is that such exchanges always demand new users to pass registration and KYC (know your client) verification. This applies to provide your personal information, documents, and photos with an opened passport. As you may guess, this takes several days. So if you are aimed at opening your account, welcome. But if you’re searching for a way to convert coins instantly, centralized exchanges are not your option.
Perform Crypto exchange
There are also decentralized services that usually don’t require passing verification. It allows you to stay anonymous and protect your personal information. As long as you are not a big player, decentralized platforms are a proper option for you. They usually propose a wide range of crypto assets, you may choose any pair and exchange them. Besides, such platforms don’t hold your coins – they only transfer them to other users in the process of conversion. This also makes them rather safe. Godex.io is among such platforms. It is easy to work with and even if you are a beginner in trading, you will succeed.
How to Convert ETH to BTC
The crypto industry is all about anonymity, which Godex meets best of all. Traders around the world appreciate it for its simplicity and convenience of use. So here is a complete guide on how to convert ethereum to bitcoin on Godex:
- Go to Godex.io and find the calculator right on the home page. The developers of Godex were aimed at making this tool user-friendly so that even a beginner if trading can easily handle it.
- Select the coin you want to sell in a relevant list. In our case it is ETH.
- Next, choose the coin to receive in the right column. It is BTC in our case.
- Enter the number of coins you want to send.
- Now you can see the number of BTC you may receive for your ETH. The Godex algorithm provides you with the best rate on the market in real-time. If the price provided does not suit you, wait for a while and the system will propose you another option. You don’t have to upload the page, the site renews the information automatically.
- If the price suits you, go ahead and press “Exchange”.
- Enter the wallet address. Be especially attentive at this stage. Even a single mistake can lead to failure since the essence of blockchain technology lies in its irreversibility.
- The conversion usually takes from 5 to 30 minutes.
Now that you got to know it’s fairly convenient to exchange ETH and BTC without registration and waiting time, you can perform the same operation with any other coins. Moreover, using this exchange you maintain anonymity and don’t face additional fees on Godex.