There is nothing easier than exchanging fiat currency. How to exchange crypto money? Believe it or not, it’s even easier. You don’t even have to leave the house. That’s what virtual currencies are for so that all transactions can be carried out on the Internet.
Let’s see how you can exchange the second most popular electronic coin ETH to XMR and how to do it most profitably.
There are a few options for exchanging ETH for other digital coins. Let’s list them all:
- Exchangers;
- Cryptocurrency exchanges;
- Sale to individuals.
Exchangers
This is something like the usual swap offices. You come, give money to the cashier, and get the necessary currency.
In some countries, a fee is charged for the trade. Cryptocurrency exchanges work the same way: you go to the resource, give it money (enter the wallet address), pay a commission if necessary, and receive the essential fiat or other altcoins to the specified account.
The speed of receiving money and, accordingly, of carrying out an exchange operation differs from the resource and its workload at the current moment. Sometimes the trade is carried out in a couple of minutes, and sometimes you must wait a whole day.
There are many resources for exchanging Ethereum for other crypto coins or fiat currencies.
How to choose among all the variety? Pay attention to the following criteria:
- Commission size. Some exchangers operate without deducting transaction fees. But on such resources, there may be increased commissions for withdrawing money.
- Exchange rate. Exchangers use the same rates. Make sure it’s not too low.
- The number of reserves. The more reserves of the exchanger, the faster your operation will be: this is a fact.
- Service hours. If you choose an exchanger with which you plan to cooperate permanently, please note that it works around the clock seven days a week.
- Reviews. Positive user opinions are another plus for the exchanger. Do not be lazy and read reviews before you start working with a resource.
- List of payment systems with which the resource cooperates.
Crypto exchanges
You can not only trade for profit but also simply exchange RVN to ETH and vice versa.
Please note that many crypto platforms charge a fee for withdrawing money. Such double taxation of commissions is probably the only disadvantage in the exchange. Otherwise, there are only benefits:
- Possibility to set your price. True, be careful in the desire for your benefit.
- Evaluate what is more important to you: get more money or make a transfer as quickly as possible;
- Round-the-clock operation. All trading platforms operate 24/7;
- Reliability. Quality exchanges value their reputation. They take all security measures to protect user accounts and prevent theft of money from accounts;
- Relatively low commissions. Even double fees in their amount cannot be compared with the commissions that many exchangers charge.
“From hand to hand”: forget about reliability
This method was popular in the early days of cryptocurrencies. Today, when there are exchanges and exchangers, only the riskiest owners of Ethereum and other coins are ready to sell coins or buy them from individuals.
Yes, one advantage of this option that can encourage you to take risks is the absence of commissions and a favorable exchange rate. But still, we advise you to think carefully: is it worth taking the risk if the benefit is not too great?