In October 2020, we entered a new bull market. It brought many new people into the industry; they were inspired by the example of other investors and traders and decided to repeat their success.
With the growing popularity of cryptocurrency assets, the quality of the infrastructure is developing as well. At the moment, buying and selling cryptocurrencies is not difficult as it was a few years ago. However, it is pretty challenging to trade digital assets and remain anonymous nowadays.
This article will talk about all the methods of converting cryptocurrencies currently available. We will discuss their strengths and weaknesses, and each of you will be able to choose the way that suits your specific task.
Direct exchange
You can buy cryptocurrencies directly by negotiating with a person. This method has undeniable advantages: you don’t depend on any site and don’t pay any commissions. There are no restrictions with this option, as you can agree on any transfer amount.
However, this method of exchange is very risky since the human factor plays a central role here. If you don’t know the person and cannot fully trust them, it is better not to use this exchange option, especially with large sums. The fact is a person can simply disappear once they receive the money. And given that transactions in the blockchain are of no return, and the identity of the wallet owner is difficult to trace, it will be almost impossible to get your money back.
Experts don’t recommend using specialized forums with advertisements for the direct exchange of digital currencies. Use direct exchange only if you trust the counterparty 100%.
Cryptocurrency exchanges
Cryptocurrency exchanges are the easiest and fastest way to buy cryptocurrencies with fiat. At the moment, a vast number of such services are operating in the market. They all offer different conditions (fees, liquidity, limits, privacy policy, etc.). They are more suitable for small exchanges as most of them have limited reserves.
Centralized exchanges
This cryptocurrency exchange option is one of the most popular. On most of these exchanges, orders occur with lightning speed, with a nominal fee charged. However, this high speed and convenience come at a price:
- First, the coins on the exchange don’t belong to you 100% since their actual owner is the exchange from the perspective of the blockchain.
- Second, to access the full functionality of the exchange, you need to confirm your identity as a rule.
- Large centralized exchanges are often targeted by hackers, who can get hold of your money and personal information.
Decentralized exchanges
If you don’t want your data to fall into the wrong hands, you should use decentralized exchanges. One of these sites is Godex. There are 201 digital coins available on this platform. TRX to BTC exchange online on Godex can occur literally in a couple of clicks.
There is no need for registration on this site. That is, to gain access to the complete functionality of the exchange, you don’t need to enter any information about yourself (including email address, login, password, etc.), pass verification, or send your documents. The Godex platform does not store the IP addresses of its clients on its servers. The platform guarantees complete anonymity of its users.
How to exchange cryptocurrencies at Godex.io?
There is a calculator on the main page; it serves for fast and easy exchange of cryptocurrencies. To make an exchange, you need to complete the following steps:
- Select the exchange direction (for example, TRX to BTC, BTC to ETH, etc.).
- Enter the number of coins you want to convert and click “Exchange”.
- Enter the wallet number for the transfer to arrive at.
- Check the wallet address two or three times and pay for the application.
The operation time varies from 5 to 30 minutes. However, it all depends on the blockchain network workload at the time of the exchange.
Important to know! Cryptocurrency transactions cannot be returned or canceled. For this reason, be sure to double-check your wallet address before paying for the application. If you enter at least one character incorrectly, your funds will be lost forever.
Conclusion
The cryptocurrency market capitalization is estimated at more than $2 trillion. This industry is developing at a breakneck pace. More and more new convenient services are constantly emerging in the market, making life easier for crypto investors.
Several years ago, buying cryptocurrency was not an easy task. But now, buying coins is a straightforward act even a beginner can handle. In 2021, it has become much more difficult to remain anonymous. But thanks to the decentralized exchange Godex.io, anyone who has access to the Internet can trade cryptocurrencies without worrying about the safety of their personal data.
