Investing in cryptocurrencies is one of the most risky. At the same time, the daredevils have the most chances of getting rich very quickly. It is known that the volatility of cryptocurrencies is the highest among all other assets. It remains to figure out how to properly invest in digital money. You will also need knowledge on how to sell one currency and buy another, for example, exchange BTC to ETH or vice versa. We will also tell you in more detail how crypto coins are traded and what hardware and software tools are needed for this.
Simple digital coin trading tools
The safest is to invest in popular coins. They are also the easiest to find, buy or sell. BTC to ETH exchange and the reverse operation can be found on any exchange or online exchanger. In both cases, the calculation of the cost on the sites occurs automatically. If you need BTC to ETH calculator, then just go to the page of any crypto exchanger.
In addition to exchanges and exchange services, there are P2P platforms that help sellers and buyers find each other. However, you assume all risks. Remember, CFD trading platforms are the way to play on margin. You will not be able to withdraw the purchased cryptocurrency to your personal wallet.
How to open a personal account in cryptocurrency?
If you still did not have any cryptocurrency, you will need to buy a hardware crypto wallet or create one on your computer. We do not recommend using mobile and cloud wallets for storing large amounts of money, as these wallets are most susceptible to hacking.
To buy coins on the exchange, you first need to create an account. You must verify your identity and only then will you be allowed to trade. First, you have to make a deposit in fiat currency, and then buy the necessary crypto coins. If you plan to trade on a daily basis, then it is better to withdraw the purchased coins from the exchange account and store in your personal wallet.
How does the exchange take place from a technical point of view?
If you decide to use the exchanger, the whole process will take you no more than 10 minutes. For example, you need convert BTC to ETH. Follow simple steps:
- Open the godex.io website.
- Select the coins you want to sell and the coins you want to buy from the drop-down menu.
- Enter in the field where you give the coins the amount that you want to exchange;
- The calculator will automatically show you the amount of coins that you will receive in the next field (including the service commission).
- Enter the address of your cryptocurrency wallet. If you are dealing with multiple currencies, you must have a multi-currency wallet. If your wallet does not support the type of coins that you want to purchase, but you enter it anyway, the purchased tokens will disappear.
- Click on the Exchange button if you agree to complete the transaction.
Done. In 10 minutes the funds will be in your wallet.