Here Is a Guideline to Exchange Bitcoin for Ripple
Are you going to exchange Bitcoin for Ripple? Here is a guideline about how to do it fast, conveniently, and without issues. Ready? Read on.
First of all, find a good exchange service. It can be a traditional platform or an instant exchange, it is up to you. If you prefer anonymity and know how to use a cryptocurrency wallet, an instant exchange is better because there, you can count on a significant benefit, and the number of drawbacks is minimum.
Cryptocurrency Conversion on an Instant Exchange Platform
When you choose an instant exchange such as LetsExchange Bitcoin to XMR converter, you can count on the following benefits:
- No account registration, no personal data shall be provided. It means that you can swap your coins asap, as soon as you decide to do so.
- The best rates are chosen among the available exchanges. An instant exchange usually applies a special tool to search for deals on available exchanges. The tool compares the conditions and picks the best deal. So, you are guaranteed that you are going to get the best conditions.
- Fast transactions: An instant exchange pulls liquidity from traditional exchanges. The offer is picked only in the case if there is enough liquidity to complete the transaction. You don`t have to wait for ages.
- Non-custodial services: the platform doesn`t take ownership of your coins nor does it manage them in any way. You are the only one who makes decision regarding the funds you are going or not going to swap.
- An opportunity to choose a fixed or a floating rate. When you choose a fixed rate, you can be sure that it isn`t going to change while the transaction is being processed.
There is one drawback only. Instant platforms do not usually offer the service of a wallet. So, to use such an exchange, you need to have your own wallet where you keep the coins and where you can receive the swapped funds. It might be an obstacle for complete beginners. Other than that, instant exchanges are highly beneficial.
Traditional Exchange Platforms
If you choose a traditional platform, you can also enjoy a number of benefits. The main of them are the following:
- Such a platform has its own liquidity pool. It means that exchange fees might be lower than those charged by an instant exchange.
- Usually, in the case of a traditional exchange platform, you can count on the service of a wallet. Such wallets support all the coins supported by the platform and are easy to use.
Drawbacks are there, too. The most significant are:
- The private keys to your coins are kept by the exchange, not by you.
- If liquidity is lacking, your transaction might be delayed.
Now, you know the main drawbacks and benefits of swapping your coins on two main types of exchanges. Check what is more convenient for you, and choose an option that complies with all your requirements.