Are you new to the cryptocurrency world and wondering what crypto swap is all about? Well, there are many challenging concepts in this dynamic world, and exchanging crypto for crypto might be one of them. Crypto swap involves doing an exchange of one crypto, say Bitcoin, for another, for example Ethereum. It is best offered by exchange platforms that have dynamic calculators with algorithms to convert the appropriate rates.
As a beginner, you cannot swap crypto blindly, and as such, you need a platform that will enable you to do this. So, here is a simple beginner’s guide to help you make informed decisions.
Table of Contents
Qualities of an Exchange to Do Crypto Swap
Variety of coins
As a beginner who is interested in crypto swap, if you want to try numerous cryptocurrencies until you find one that is best, you need an exchange with a variety of coins. It should allow you to swap Bitcoin to Monero, Ethereum for USDT, Ripple for Bitcoin cash, and so forth.
It is best for the fee to be calculated in percentage, say 1% of the coin you need to swap. This makes crypto swap a convenient and affordable service. Therefore, make sure that you choose a platform that is not too expensive.
Non-custodial crypto swap
A platform that does not need to hold your digital asset is the best for crypto swap. Investors are scared of losing their finances, so they only trust their digital wallets. Hence, non-custodial services are the best. After all, they are the fastest.
Examples of Platforms to Do Crypto Swap
Whenever you are looking for a reliable swap crypto exchange, Nakitcoins is a fantastic choice. You can swap your crypto on NakitCoins for many reasons: it has a large variety of coins, the services are fast, it is affordable, and the platform is secure.
This is dubbed as the best crypto swap for beginners. Their crypto-to-crypto services are user-friendly, secure, and very affordable. The best part is that you can swap cryptocurrency using a hardware wallet because Changelly has partnered with the ledger.
Unlike the other exchange platforms we have discussed, SwapSpace is an aggregator that brings dozens of exchanges together and supports over 300 digital coins for crypto swap services at affordable fees.
How to Swap Crypto Easily?
The first step is to choose your preferred exchange platform that is affordable and has a variety of coins to swap. The above examples are just a few of the many reliable platforms. Read about their crypto swap services and get started.
The next thing is to use their exchange calculator to determine the rates. For instance, if you are interested in a Bitcoin swap, start by entering the number of Bitcoins you want to exchange and enter your preferred payment crypto. It will give you the amount of crypto you will get in your digital wallet. Note that the fee has already been factored in by the calculator.
Complete the process by clicking the swap button. After that, you will receive your coins.
Any beginner now knows something about crypto swap services. It is best to take your time to make informed decisions when venturing into this. This should help you take off smoothly. All the best.
You may also like: Fascinating Cryptocurrency Facts You Should Know