Introduction
Are you interested in trading cryptocurrencies? If so, you’ll need a reliable, accurate crypto conversion site to help you acquire or convert the coin you want instantly to suit your needs. You may be wondering how it works, or, perhaps, even what it is, even if you’re new to the world of cryptocurrency, once you have got the grips with the terminology and the process, converting crypto becomes rather simple.
The DeFi boom of 2020 sparked the creation of the DeFi crypto exchange. Also, at the time of writing, we’re in what’s known as “alt season” — a period when Bitcoin takes a backseat and smaller-market-cap cryptocurrencies take centre stage. Bitcoin’s dominance has fallen to just 42.8%, due to this, traders and investors would be looking for ways to convert their bitcoin or other cryptocurrencies into one another to exploit and get the best from the market.
Crypto conversion sites allow users to compare the value of various crypto coins to other digital currencies while also exchanging one cryptocurrency for another in real-time. Anyone who wants to become adept in the crypto market has to find one of the best crypto exchanges around. Cryptocurrency exchanges are a crucial tool in every trader’s toolkit since they allow you to make quick decisions regarding the value of a currency.
What does it mean to convert cryptocurrencies?
Converting cryptocurrency refers to the process of swapping one form of cryptocurrency for another. Simply put, cryptocurrency conversion is the exchange of one crypto asset for another. Most often, to trade crypto for another, you need to select the coin you want to convert and the coin you want to change it to. After that, you’ll be prompted to input the needed quantity in units.
Let’s look at converting BNB to BTC as an example. You could have a stash of Binance currency (BNB) that you’d like to exchange for Bitcoin in this scenario.
A conversion would give you the amount of Bitcoin (BTC) that is equivalent to the amount of BNB that you hold. On the most basic level, that is what crypto conversion is. Still, there are exchange fees and a couple of other things to bear in mind before you do it.
You’ll come across terminology like currency pairs and trading pairs. Simply said, this refers to the two currencies involved in the crypto conversion.
Some cryptocurrencies can only be exchanged with specific cryptocurrencies or stable coins then later converting it to your desired crypto coin. For example, if you want to convert Ripple(XRP) to Ether (ETH), you might need to first convert it to a stable coin like (USDT) before converting the USDT to ETH. For these reasons, some trading pairings will be more common than others. Bitcoin commonly appears in trading pairings.
What should beginners look for in crypto conversion sites?
Security, custody, privacy and choice should all be at the top of a crypto enthusiast’s shopping list.
Crypto should always be converted or exchanged in a secure setting. While some centralized exchanges and decentralized exchanges allow you to keep ownership of your coins while a transaction is in progress, others do not.
After you’ve discovered a crypto trading platform you can trust, you should look into the various cryptocurrencies available. Most crypto exchanges now accept dozens of different cryptocurrencies, including some of the most valuable coins available.
The finest crypto trading platforms pay close attention to customer input and offer additional coins as demand dictates. They also take great efforts to provide a user experience that is comfortable to those who are used to fiat-based services.
In addition, you should search for a simplified experience that is free of fragmentation. If you have to constantly move your crypto from the platform where you acquire it, the crypto exchange or site where you convert it, and the wallet where you retain it, your security may be jeopardized. Sites that provide all of this in one spot make things a lot easier.
Purpose of crypto conversion
There are so many reasons why we convert crypto, but the most important ones are:
- You can always change one crypto currency to another if you want to. For example, if you already have Bitcoin but wish to switch to Cardano.
- It enables you to swap your current currency for one that will allow you to purchase the money you wish. For instance, suppose you have Ripple but need Ether to purchase Solana.
- It allows you to benefit by taking advantage of a stronger currency than the one you are trading. If Ether is strong versus Bitcoin, for example.
This isn’t an exhaustive list, but these are the most common reasons for converting bitcoin.
How do you convert cryptocurrency
You can convert cryptocurrency in 5 easy steps. These are:
- Choose which of your existing coins you wish to convert for your target cryptocurrency.
- Make sure you have a wallet that can handle both cryptocurrencies or one that can handle the currency you’re exchanging for (assuming the crypto that you hold is already stored in a wallet).
- Make use of a cryptocurrency conversion site. Good crypto tools will show you the amount you’ll get into your crypto wallet with the least amount of transaction fees. It’s a good idea to double-check whether any fees apply just to be cautious.
- Proceed with the transaction after you’re satisfied with the amount you’re obtaining and understand the fees involved. For the system to debit and credit the correct accounts, you’ll need to provide your public wallet keys. The remainder will be taken care of by a decent conversion platform.
- While the platform executes the transaction and both blockchains are updated, you will most likely have to wait a little time. Don’t worry, this is very normal, and your currency will be in your wallet shortly.
Make sure you’re utilizing reliable exchanges or websites and that you’re staying secure at all times.
What are the best crypto conversion sites?
There’s no denying that cryptocurrency is the newest trend in currency trading these days. You may begin trading once you have a thorough knowledge of how this digital currency works for people. But first, you must select an outstanding converter to assist you.
Crypto swapping platforms provide a convenient and safe crypto-to-crypto gateway, allowing you to conduct all of your transactions from either a custodial or non-custodial wallet. You may not need to send your coins to a crypto switching service or exchange before using the quick crypto-to-crypto exchange option, depending on the size of your wallet. Wallet providers frequently include crypto exchanging services, allowing customers to securely convert their currencies from their own wallets.
Simplicity, quickness, affordability, and security are the main benefits of such crypto exchanging services.
With that in mind, the following are some examples of solutions offering dedicated crypto conversion sites:
WhalesHeaven (recommended)
WhalesHeaven is a cryptocurrency exchange that offers optimum simplicity and convenience when converting your cryptocurrencies to one another, it also provides the flexibility of converting the cryptos yourself. Whalesheaven was created to provide a safe haven for low and large volume traders to exchange their cryptos for other cryptos. A normal crypto exchange, whether a centralized crypto exchange or decentralized exchange, may not provide all of the functionality that a regular user, particularly a crypto whale, desires.
Whalesheaven does not force its customers to go through a lengthy KYC procedure, allowing them to maintain their anonymity. They offer a minimal transaction charge and no withdrawal fees, which sets them apart from the competition. They also offer a responsive customer service team that is available at all times to assist clients. The team will work to resolve any issues that arise and will listen to user feedback. Whalesheaven checks all the boxes for crypto investors looking for high security. (whalesheaven.com)
Changelly
Changelly is also one of the best crypto exchanges with a fully-fledged platform that is great to exchange any type of cryptocurrencies for small trading fees. You can visit the site by clicking the following link (https://changelly.com)
Shapeshift
It is a currency converting website that is great to exchange any type of cryptocurrency, and it is also one of the quickest ways. It follows no fiat exchange policy and offers low crypto exchange fees. Also, you need to create a crypto exchange account as your cryptocurrency conversion would be very private. Visit Shapeshift’s website (https://shapeshift.io/)
Cryptonator
It’s an excellent option for anybody seeking a solution that works with a PC, Windows Mobile, or any other web-enabled device. Cryptonator enables converting crypto coins to fiat currencies, as well as other crypto coins and currencies. Hundreds of coin designs and fiat money alternatives are available.
This is a simplified and straightforward tool to use for anyone who wishes to convert bitcoin values of practically any of those alternatives to fiat currency.
CoinCalc
This is a simple cryptocurrency converter that was previously known as Flip. It has hundreds of the greatest cryptocurrencies to invest in, thus CoinCalc is a good place to start. It features a lot of calculator buttons that you may use to convert many cryptocurrencies at once.
Conclusion
In the continuing crypto revolution, crypto conversion sites are essential. They remove the most prevalent roadblocks to entry into the cryptocurrency market. These technologies can make it easier for crypto traders to access cryptocurrencies with a low market capitalization in specific instances. There is every reason to expect that crypto conversion will continue to play a key role in the crypto sector, based on their easy, rapid, and less difficult approach to a cryptocurrency exchange.
If you want to know how to use cryptocurrency in the crypto market, and get the precise swap pair that you want which is not always attainable, start by finding one of the best crypto exchanges that best suit your needs.