One of the most popular cryptocurrency pairs is Monero (XMR) to Bitcoin (BTC). If you want to convert your Monero coins to Bitcoin, you are most likely looking for the safest and fastest way to do it. Moreover, you probably want to ensure itâ€™s done on a reliable exchange website. That’s why this guide was created.
Letâ€™s dive into the process!
Step 1. Obtain XMR
The first thing you need to do is get XMR coins. There are three main methods for this.
- Buying: You can buy XMR with fiat currencies or another cryptocurrency you already own. Simply get an XMR wallet and a good exchange where you can buy it easily, then withdraw the XMR coins.
- Trading: You can also acquire XMR through trading. First, youâ€™ll need a trusted broker you can work with. The main idea is to make a profit by purchasing a cryptocurrency as cheaply as possible and selling it at a higher price. You can do it yourself or find a trusted broker to work with.
- Mining: The most difficult way to acquire XMR is through mining. You can either go for GPU or CPU mining, but all in all, itâ€™s expensive and time-consuming.
Step 2. Choose the Exchange
Now that you have your XMR coins, youâ€™ve only completed one part of the process. You need to choose a cryptocurrency exchange platform to convert XMR to BTC.
These important factors should be considered:
- KYC/AML policy: An important feature of any exchange platform is the Know Your Customer and Anti-Money Laundering policies. Some exchanges require your personal information, such as photo identification, to prevent money laundering, tax evasion, etc. These processes can take a lot of time, and traders may even lose their profits because of them.
- Reputation: Look through customer reviews online to see what others have to say about the exchange platform. If you find a lot of negative comments or claims for refunds, itâ€™s obvious that there is something wrong with the converter, and itâ€™s better not to deal with it.
- Exchange volume: Some platforms have volume limitations and do not allow traders to carry out the number of operations they expected. Consequently, they may suffer losses or not receive the desired amount of profit.
- Transaction fees: This point applies more to traders who often buy and sell crypto than to investors. However, this depends on the size of an investment in relation to the size of each trade. Evidently, itâ€™s better to go for a site with low fees.
- Exchange speed: The faster you exchange, the faster you see a profit.Â
Luckily, there are various exchange platforms that offer anonymity, unlimited exchange volumes, speedy processes. One of them is Godex.io.
Step 3. Use the Exchange
Since Godex.io is a good example, we will use it to complete the final step.
- Choose the currency you want to convert. You will have to select XMR and BTC in the You Send and You Get fields.
- Keep in mind that you need a BTC wallet to send the coins to. You will submit this wallet address to the crypto platform.
- Once it has been approved, it will take between five and 30 minutes to finish. You can also use this process the other way around to convert BTC to XMR.
Now that you see how itâ€™s pretty straightforward to convert XMR to BTC, you can stop testing the waters and start trading cryptocurrencies confidently.
If you want to enjoy the benefits of a well-rounded exchange platform, it is advisable to go for a reliable one, such as Godex. Apart from XMR to BTC, there are hundreds of other cryptocurrency pairs available to trade and exchange.Â