The cryptocurrency market got over a boom in December 2020. A skyrocketing rise in prices has attracted many new participants, willing to invest and trade in this area. Bitcoin is hitting new hies and other popular coins, including ETH and LTC, are not far behind.
This contributes to both market development and infrastructure. More and more convenient tools for swapping cryptocurrency appear on the market.
This article is about the ways to convert coins. So, if you are one of those enthusiastic newbies with a burning desire to start cryptocurrency trading, keep on reading.
Centralized services
There are many large centralized platforms for exchanging crypto coins. Big players usually have accounts on such sites. They store funds on CEXes (centralized exchanges) and trade. Such services always demand users’ identity verification.
If you want to start your trading journey on one of the CEXes, you will have to pass the registration and KYC verification procedure. The whole process of your identity check will take several days.
Mind that prices of popular coins like BTC, ETH, and LTC change really fast. Therefore, it might be a poor decision to wait for so long. Do not rush to upset as there is a faster and simpler way to exchange coins — DEXes.
Also Read: 3 Major Differences Between Bitcoin and Facebook’s Libra
Sill, we are going to provide you with a top list of centralized exchange platforms.
Top 5 centralized exchanges
- Binance
- Coinmama
- Kraken
- Coinbase
- CEX.io
Decentralized exchanges
As you might have guessed, such sites imply neither verification of your identity nor registration. Thus, you not only save time but also maintain anonymity. You don’t store your coins on decentralized platforms, funds only move from one user to another.
This means, using such services, you don’t risk losing your money because of hacker attacks. Another advantage of decentralized platforms is the high speed of exchanging — you can swap coins in a matter of minutes.
TOP 5 decentralized exchanges
- NetEx24
- WmExpress
- I-Obmen
- 365Cash
- Godex
In our opinion, the last service on the list is the most beginner-friendly. So, let’s take a closer look at how to exchange litecoin to bitcoin on Godex.io.
How to use the Godex calculator?
Godex.io has a very convenient interface. The site does not ask for additional commissions and you are not going to face hidden fees during the conversion process.
Everything is clear and transparent on Godex. The site is protected against DDoS attacks, so you should not worry about the security of your funds. The main tool of Godex is a calculator, you will find it on the home page.
As you can see, the calculator includes two columns for coins. On the left one, you should choose the coin you wish to sell, and on the right one — the coin you wish to buy.
Once done, move on and let the platform analyze the rates on different popular sites, searching for the best option for you.
As you know, coin prices are different on various exchanges. There is no need to investigate the rates on all other resources yourself, just rely on Godex and you will get the most profitable proposition in a matter of minutes.
If the rate provided suits you, go ahead and press “Exchange”. If not, wait for a couple of minutes and the site will propose you another variant. Once it is okay, move on.
You have to enter the wallet address for the coins to be credited. Be especially attentive at this stage, as a mistake in one single digit will make the operation invalid. You can’t stop or undo the transaction in the blockchain.
Also Read: Can I Shop With My Bitcoins: Here Is What You Should Know
Once you checked the wallet address, pay the application. You are going to receive coins in half an hour or less.
As you might have noticed, the whole procedure of swapping coins on a decentralized platform Godex is not a big deal. It does not require your personal data and identity verification. Plus, you will not waste loads of time on account access.
You are not going to face hidden fees or commissions. Once the rate is fixed at the beginning of the application, it does not change through your exchange. So, you are certain to receive the exact amount of coins you planned, independently of market fluctuations.
The Godex platform provides charts that show the rates in dynamic and in relation to each other or the US dollar. This helps a lot when making a trading strategy, especially if you are a beginner willing to understand how things work here.
