2008 brought a new class of assets that are not tied to any specific authority or bank — cryptocurrencies. Despite the skepticism that surrounds digital money, they rapidly spread around the world and gained the attention of users. In 2021, the market value of all cryptocurrencies exceeded 1 billion. Although crypto adoption is on its rise, you still cannot pay with bitcoin, ether, or other crypto coins in most places. Yet, you can profit from exchanging one cryptocurrency for another if you understand the basics of trading and can analyze the situation on the market. The most straightforward way to exchange crypto coins is to do it using an online converter.
What is an online crypto converter? It is a special online service that provides services for exchanging funds from various payment systems (including digital currencies in all directions). The converter charges a commission for its services and usually uses its own cryptocurrency rates. These rates may be different from those of the largest exchanges. The pricing policy on the exchange is determined by all its players, who can raise or lower the rate of a particular cryptocurrency. When it comes to an exchanger, the rate is influenced by its owners. An online converter is directly involved in cryptocurrency trading. The good thing is that some converters can offer the best possible rate, by analyzing all the variations of prices in the market.
Benefits of online converters
An online exchange service has several undeniable advantages:
- The converter has a simple interface because there is no need to present analysis schemes and features of price changes.
- There is no need to register or go through the verification procedure, so you can buy coins almost instantly.
- Currency converters usually work with all popular payment systems, so funds can be quickly transferred to your account or wallet to buy or sell currency.
- Transactions are performed very quickly and automatically.
- Most often, converters do not have limitations for the withdrawal amount. Even one coin can be exchanged.
- Converters provide a high level of security as they do not store coins on their platform but exchange and send them to your wallet.
How does the converter work?
So, the easiest and fastest way to do nav to btc exchange is to use an online converter. Let us take a closer look at how it all works.
Thanks to numerous benefits, most users still prefer to use converters. Let us review how you can make a transaction on the example of the Godex site. The algorithm includes five simple steps.
- Select the currency. You will need to go to the exchange page. There will be several windows to fill in – you need to select NAV coin and specify the number of coins you want to exchange to BTC. A built-in calculator will instantly show the amount that you can get upon purchase. If you accept the offered rate, you can proceed by clicking the “Exchange” button.
- The next step is to specify the address of the wallet where you want to receive the coins. It can be an official wallet for BTC or any multicurrency wallet.
- Now you need to send the required amount of NAV coins to this wallet. By this action, you activate the exchange process. Note that blockchain transactions cannot be canceled after this action. So take time to recheck all the details.
- After receipt of your funds, the platform analyzes all exchanges to find the best rate for your operation. Normally, the whole process takes from 5 to 30 minutes.
- Once your transaction is done, you will be able to check all the details on the “Completed” page.
Everything is simple and fast. Anybody can visit the platform and exchange more than fifty different cryptocurrencies. The site does not require registration, has no withdrawal limits, and does not collect your data. The platform can only ask you to provide your email address so they could contact you in case of an issue. All transactions are very fast, but you need to take into account that various coins require different confirmation times.
Key takeaways
A crypto converter is your business partner in financial transactions. So you should approach the selection wisely. Be sure to check the exchange operations’ speed in advance, as cryptocurrency transactions require serious confirmation, and often more than once. It increases the processing time of your application. While reputable exchange services keep it within reasonable limits, then unscrupulous exchangers may deliberately delay the operation to get a more profitable exchange rate at your expense. It would be best to make a trial exchange before trusting large amounts to a new exchanger. It will allow you to test the technical conditions of a potential partner and make the right choice.
