Crypto exchanges give you the ability to trade or exchange one cryptocurrency for another. This is made possible by selling one currency and purchasing another. For example if you would like to convert Dogecoin into Bitcoin, you would have to enter an exchange by Selling a set amount of DOGE so that you can receive BTC. With the conversion rate at the time of this article, if I enter an exchange with the pair DOGE-BTC, in order for me to receive 0.002752 BTC, I would have to Sell 8000 DOGE.
Their a many of exchange websites you can choose from as well as websites that allow you to simply trade from one cryptocurrency into the other. The list provided below in no particular order are great websites you can use.
Coinbase & Coinbase Pro
Coinbase is one of the leading platforms for Bitcoin and cryptocurrency trading. Coinbase allows you to Buy, Sell, Send, Receive, and Trade cryptocurrencies. The digital coins that they offer on their standard program are Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple. Each digital coin offered on their platform comes with a unique Wallet Address that you can use to receive transactions from.
On Coinbase’s standard platform you are able to exchange between the set cryptocurrencies they offer with their easy to use trading feature. You can simply select Bitcoin and choose to exchange it with another digital currency like Ethereum instantly. Because it’s instant, you will be trading using the market value of each digital coin.
If you are looking to exchange Bitcoin into another cryptocurrency not offered on there standard platform, that is where Coinbase Pro comes into play. Coinbase Pro is for serious traders or for people who have far more cryptocurrencies to trade. You have the option of converting Bitcoin into Doge Coin, Neo, Ripple, and more. You are also able to set a limit price on when you want to order or buy at market value.
Binance
Binance is one of the leading crypto exchange platforms on the internet. Their main focus is to provide users with the ability trade a variety of cryptocurrencies. Their are over 100+ digital assets on the platform to exchange. Convert Bitcoin into Binance Coin or any other cryptocurrency by entering a trade where you will Sell one coin and instantly purchase the other. You will see values such as BTC-BNB which is also known as pairs. This particular pair is converting Bitcoin into Binance Coin. If the value is viewed as BNB-BTC instead then you are selling Binance Coin into Bitcoin.
Binance allows you to trade on a variety of platforms. If you are online, you can use their website to perform trades. If you are an advance user who uses platforms like Arbistar or Tradesanta, you can connect to those platforms using an API and trade from their. Binance also offers a desktop app and mobile app which will allow to you to conduct your exchange operations.
Bittrex
Bittrex is another major player in the game when it comes to trading cryptocurrencies. Like Binance, Bittrex allows you to connect their API into another trading platforms which help you to generate profits. If you are looking for a platform just for exchanging purposes, then Bittrex will work well to. Bittrex allows you to pair and exchange from a variety of cryptocurrencies such as Tron, Cardono, Ripple, and more.
A plus regarding this platform is that they provide fast deposits and withdrawals. That means your funds transferred on their platform can be ready for trading quickly and securely. Bittrex protects your funds with a multi-stage wallet strategy which means the majority of your funds are kept in cold storage. Hackers will have a difficult time stealing your funds from your wallet on this platform.
Changelly
The Changelly platform is best known for converting or exchanging cryptocurrencies. You can convert Bitcoin into anyone of the available digital currencies on the market such as Litecoin, Bitcoin Cash, Ethereum, and more. You can also convert other digital coins into Bitcoin. All you need is a funding account and a withdrawal address and your all set.
Using the Changelly platform is straight forward and easy to use. To convert one cryptocurrency into another, simply select the digital coin you want to exchange in the “You Send” field and enter the amount. In the “You Get” field, choose the digital coin you want. You will see the value you will receive. Once finished, select “Exchange Now”. You will have to enter a wallet address for where you want your funds to go to.
Changelly straight forward approach has made thousands of exchanges made both easy, fast, and secure. Note that their transfer fee is set at 0.25%.
Gemini
Gemini is a crypto trading platform that works online but even better through the mobile app. Gemini allows you to Buy and Sell Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Zcash on their platform. Gemini is straight forward and easy to use. To get started, simply sign-up and verify your account with a wire-transfer from your bank.
Once your account is verified, you can buy, sell, trade, send and receive Bitcoin. To exchange from one digital currency into another, you will have to first Sell it on the platform. Once sold, it will turn into the fiat currency you signed up with. If your account is in the United States, when you sell Bitcoin, the amount converted will become USD. Now that you have USD available, you can then purchase some digital coins in the cryptocurrency of choice by selecting the Buy option.
For example, the exchange path for Bitcoin to Litecoin simply is like this: Sell BTC to USD, then Buy LTC from USD .Be aware that their is a .99 cent fee (US) for Buying (converting from fiat currency into cryptocurrency) for each transaction.
Conclusion
Mining or purchasing cryptocurrencies is no longer the only option you have for obtaining other digital coins. With the host of many emerging websites online, you have the option of exchanging Bitcoin or altcoins and then sending them to your online or hardware wallet.
Each of the platforms mentioned above have their strengths and weaknesses. Make sure to be aware of the fees associated with exchanging between cryptocurrencies, you can potentially see your value rise or diminish.
