Are you going to invest your Monero coins in Bitcoin to ensure coin growth? You need to find a safe platform to do so. To choose a reliable place for your transfers, check whether the service you are thinking about to exchange crypto comply with some important requirements:
Before you convert XMR to BTC, make sure that the platform is safe. To do so, check whether it complies with the following criteria:
- The website is safe for transactions. The very first thing to check is whether the website is SSL-protected. If the URL starts with https, it means that the platform is safe, and all the data you are sending there is secured.
- The service supports the needed cryptocurrency. If there are no coins that you want to swap, you simply cannot use the platform even if other criteria might be just perfect.
- Customer support is available if not instantly then at least within a couple of minutes. Well, the platform needs to have a live chat for that. If nobody is there or if a support agent cannot solve your issue, it is better to look for another place to swap your coins.
- The feedback online is available, an exception might be made for new platforms only. Don’t rely on the reviews provided on the company`s website. There are independent resources used for such purposes. Also, it looks suspicious if all reviews are positive: it might be a sign that they were bought by the company. Make sure you check what issues people complain about and check whether for you, it is ok to face those issues.
With or Without KYC?
While for some people, registering an account and passing all the possible verification procedures are pretty fine, others are looking for an opportunity to exchange coins without these procedures. There are platforms such as https://letsexchange.io/ that don’t require their clients to register or provide any personal data.
If you opt for an option without KYC, make sure you have a wallet to store the coins that you are going to receive. Also, make sure you aren’t going to deal with fiat money – if you need to make a deposit or withdrawal in fiat, the option without KYC isn’t going to work.
Now, when everything is ready, check the exchange rate that the exchange offers. Also don’t forget to use a live calculator (now, this tool is offered by the majority of exchanges) to check the final result. You can even do it on several platforms to find out where you are going to get more coins.
Once everything is checked, you are ready to request a transaction. Provide the needed information (usually, it is a cryptocurrency type and the number of coins that you want to sell, and a cryptocurrency that you want to buy). And that’s it. You have done your part. The exchange is going to compare the rates and pick the best deal with the most profitable conditions. You deposit the money needed for the transaction, and the deal is closed. The funds are transferred to your cryptocurrency wallet.