When it is time to exchange one coin for another, the difficult side of crypto becomes obvious. There are plenty of platforms, some of them with bad intentions for unsuspecting coin owners. To prevent you from investing with such sites, this article looks at how to convert IOTA to BTC safely.
Let’s get right into it.
Factors to Consider When Selecting an Exchange
It is difficult to identify a bad exchange at first glance. A couple of considerations are always advisable to ensure you are not making a bad choice.
The ability to perform transactions worth hundreds of millions without revealing your identity has always been the focal strength of cryptocurrency. It would thus be unwise to exchange at a site that doesn’t ensure 100% anonymity. Do appropriate research: your exchanges have to be made on a platform that only leaves your identity known to yourself if that’s what you want.
Plenty of altcoins were introduced to the market under the promise of faster transactions than BTC allows. While none of them have reached the pioneer’s level, it is clear that the speed of transaction matters. Choose a website that will complete your exchange within five to twenty minutes. A longer waiting period can be disappointing.
Profitable and Fixed Exchange Rate
The exchange rate refers to the rate at which your coins are traded. A fixed exchange rate while conducting a transaction gives the expected results, and changeable rates can lead to expenses.
Reliability is as simple as it sounds: can you trust the crypto exchange you’re choosing? An unreliable site has to be the last thing you’ll ever pick. The pointers to an unreliable exchange are a shady history and changes to operating policies repeatedly for no valid reason.
With the above factors in mind, let’s move on to the very process of trading on one of the most reliable platforms.
Steps to Convert BTC to IOTA on Godex
Step 1. Go to the Godex.io webpage.
Step 2. Choose the currency.
- In the You Send field, choose BTC from the drop-down menu and type the number of coins you’d like to exchange.
- Then, in the You Get field, select IOTA.
- After that, the You Get field will automatically calculate the amount you will receive.
- Then click the Exchange button.
Step 3. Put in a wallet address.
- Fill in the Destination address.
- Then specify your BTC wallet address in the Sender Address section below (it may be used as a refund address if needed).
- Verify that all data have been correctly entered.
Step 4. Make your deposit.
Step 5. The exchange starts and completes in a short while.
Finding a reliable platform that will also offer you great profits requires a lot of research. While the process may be tasking, you at least know what to look out for. However, if you are convinced by this article, you should try to convert IOTA to BTC with Godex.io.