If you have a couple of Monero coins and are thinking about exchanging them to BTC, and you have never done it before, you need to know exactly how to choose an exchange service and complete the transaction to get your Bitcoin coins into your wallet. For you, we have prepared important pieces of advice to guide you through the entire process safely and effortlessly.
Tip 1
You are going to exchange one cryptocurrency to another, thus, you can do it without registration and verification on some exchanges. For example, you can check the XMR to BTC exchange rate on LetsExchange.io, and request a transaction there.
Check though whether the exchange is safe and whether you can entrust your funds to it. For example, the website shall be SSL-protected, customer support shall be available, and similar. Also, don’t forget to make sure that the exchange supports the needed coins.
Tip 2
Open a Bitcoin wallet if you don’t have one. If a platform selected by you offers a wallet, too, you can use the service. Some platforms though don’t offer this service, thus, check it in advance. It is more reliable to choose a non-custodial service to have full control over your funds. You can opt for a cold or a hot wallet. A cold wallet is good if you are going to keep the coins. If you want to try yourself in trading or spend them asap in any other way, we recommend getting a hot wallet.
Tip 3
Now, check how everything works on the platform. Every respected service would offer a live calculator. There, indicate what number of which coins you want to exchange, and select the coin you need to buy to check how much you are going to get to your wallet. Also, don’t hesitate to check a live chart that also shall be available. There, you will learn about the price movements and the current trends in the market.
Tip 4
Now, it is time to trade! Choose a platform that offers an easy-to-use interface. We will explain the entire process with the example of https://letsexchange.io/. There, move to the all-in-one exchange widget. Just move to the respective page to swap the coins. Now, follow these steps:
- In the top dropdown, choose a currency to sell. In your case, it is XMR.
- Provide the number of Monero coins to swap.
- In the lower dropdown, choose a currency that you want to buy.
Then, the system will compare conditions on the available exchanges and will pick the most convenient deal for you. Once it is done, you will be asked to deposit your coins needed for the transaction. Then, the transaction will be completed. Your coins will be transferred to your wallet. LetsExchange will offer you to download a receipt with the transaction details, you can use or ignore this option.
Tip 5
Check the wallet balance to ensure everything has gone finely. That’s it, the transaction is completed, and you can either keep your coins or continue trading. As you can see, once you find a reliable exchange, the entire procedure doesn’t take a lot of time and is pretty straightforward.
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