The cryptocurrency market is a constantly changing one. Over time, many new exciting projects have been introduced along with new crypto tokens. These new tokens have been created with definite goals in mind, such as beating top cryptocurrencies, enhancing scalability for developers, and many others. Some have even been designed to be used as collateral in crypto loans or be staked in crypto casinos.
As the number of ways in which crypto tokens can be used keeps expanding, a crypto swap may be necessary. Just like in traditional financial systems, where you can convert one currency to another, you can also convert one crypto to another instead of depositing cash to purchase that crypto.
Buying crypto involves many processes including creating an account, verifying your details, and depositing funds to get your crypto. There are hundreds of digital currencies available, so imagine if you had to open several accounts to access these coins. Instead, you can choose to swap crypto to avoid all this trouble.
How to do a crypto swap
You can swap cryptocurrency of any kind to another one as long as those digital currencies are available on that trading platform. For instance, you can swap Bitcoin to other digital currencies such as Monero, ETH, Litecoin, USDT, and several others on a crypto exchange as long as that specific exchange deals with the digital currency you need.
Doing a crypto swap is very easy if you have a wallet that supports the cryptocurrency you want to swap your current crypto to. All you have to do is choose an exchange and select the convert crypto to crypto option. Then, choose your current crypto and the digital currency you wish to convert it to. You will then be given details you will be required to complete, and your transaction will instantly go through.
Top crypto exchanges like NakitCoins do not require you to create an account to conduct the swap. You can complete transactions of large value without any limit or restrictions. You can use a crypto calculator to determine the value of other cryptocurrencies you will receive when you do a Bitcoin swap.
Over the counter crypto swap
Many people are used to doing crypto transactions online but do you know that you can also conduct crypto transactions over the counter? Online exchanges, however, pose many risks and are nest for those who are tech-savvy. Exchanges like NakitCoins have identified this gap and have opened physical offices where customers can walk in and deposit crypto to their accounts using cash.
You can swap crypto here instead of having to do it online. The procedure is the same, but this option limits the risks compared to those you may face when using decentralized online exchanges. All you need is some crypto and a wallet in which you will store the swapped digital currency.
What should you look for in a swap crypto exchange platform?
How safe the exchange is, the transaction limit, fees, and the cryptocurrency choices are some of the top things any crypto enthusiast or experienced investor should look at before choosing a swap crypto exchange. Doing a Bitcoin swap is not a process for which the ease it will be completed should be considered, you should be safe as well.
You need to choose an exchange where there is no possibility of losing your assets midway through a transaction. After finding a secure exchange, you can check on other factors such as the supported coins, its ease of use, and user feedback.