Cryptocurrencies can be converted into other cryptocurrencies, fiat and electronic capital. We know 4 of the most popular ways to cope with this task. It:
- online exchangers;
- cryptocurrency exchanges;
- electronic payment systems;
- personal agreement.
Online exchangers
These are platforms where one cryptocurrency is converted into another (like – convert TRX to BTC) and exchanged for fiat. There are a lot of them. Your task is to find the one with the best reputation.
Most online exchangers require:
- register;
- link the wallet to the sold and purchased cryptocurrency.
Some support anonymous exchange. But this is too risky. Because in most cases no refunds can be made. Remember: anonymous exchange is only possible on sites with an impeccable reputation.
The online exchanger can use its own funds or post offers from customers. If you come across the first option, you may be faced with a shortage of fiat or cryptocurrency. If the second is fraudulent.
The advantage of online exchangers
Fast conversion. This procedure usually takes up to 30 minutes. Sometimes – 5-10 minutes. In the case of cryptocurrencies, it goes very quickly.
Online exchangers can:
- take a fairly high margin;
- publish an irrelevant course.
In addition, in times of strong market volatility, there is a chance to face a liquidity shortage.
Most online exchangers convert cryptocurrency to fiat and vice versa. A pure exchange of a coin for another is offered to the owners of the most popular coins: bitcoin, ether, dash, etc.
Cryptocurrency exchanges
This is the best place where you can realize how to convert TRX to BTC. But you will have to spend time registering, opening and replenishing an account.
Benefits of exchanging cryptocurrencies on a crypto exchange:
- Favorable prices. You can buy and sell a crypt or create an order yourself to be placed in the order book.
- Low commission. Unlike sites where cryptocurrency is exchanged online, crypto exchanges charge 0.1–0.2% per transaction, and some even less. But you have to pay a commission for the withdrawal of funds.
- Multi-wallets. Most of the popular exchanges offer accounts that support all of the coins featured. Therefore, there is no need to register many wallets.
- High liquidity. The monthly turnover of the largest crypto platforms is estimated at trillions of rubles. This means that there will always be a buyer.
- Support for rare coins. Separate platforms offer access to 1000 pairs of different coins.
Disadvantages of exchanging cryptocurrencies on a crypto exchange:
The duration of the withdrawal of funds. This can take up to 72 hours.
We do not recommend using crypto exchanges to store cryptocurrencies. Most of them work with hot wallets. Therefore, if hacked, your coins can be stolen.
Few crypto exchanges support withdrawal to fiat. If you plan to withdraw the exchanged crypt to a bank card or account, make sure that such a service is available.
Electronic payment systems
WebMoney, Payeer, AdvCash, Capitalist, ePayments and many other sites have been offering replenishment in Bitcoin for several years. By internal conversion, it can be exchanged for other types of digital cash: analogs of the ruble, dollar, euro. And then withdraw it in any convenient way.
Electronic cryptocurrency exchange, disadvantages:
- Unprofitable course. Compared to the stock exchange, it is much worse. Even some online exchangers offer better terms. True, there are more risks.
- Extra commissions. You pay when replenishing the EPS wallet, converting cryptocurrency, withdrawing the exchanged funds. That is, not 1-2 collections, but 3 at once.
