Cryptocurrencies have grown exponentially in terms of both value and popularity ever since they were introduced. Today we have numerous cryptocurrencies including Bitcoin (BTC), Monero (XMR), Ethereum, Ripple, Litecoin, and many others. Each of these digital currencies trades at a different price, with Bitcoin being the most valuable of them all.
Many crypto investors choose to invest in the various cryptocurrencies available because of each currency’s various unique benefits. For instance, people choose Monero because it offers complete anonymity. Some choose Ripple for its wide acceptability as a payment option, and others Bitcoin because it is safe, secure, and can yield huge profits.
XMR is one of the rapidly rising cryptocurrencies because of its complete anonymity making many investors rush to invest in it. You can buy XMR with a credit card, but you can also convert BTC to XMR, which is very simple. In this article, we share all the information you need to know about how to convert BTC to XMR.
How can you convert BTC to XMR?
You can only convert BTC to XMR using crypto exchange sites that offer crypto-to-crypto exchange services. Initially, making a crypto-to-crypto exchange was impossible; but today, this is one of the most popular services offered by the top crypto exchanges. You can use several exchanges to convert BTC to XMR, and the popular ones include Nakitcoins, Coinbase, Changelly, and Cryptmixer.
You have to be careful when choosing a crypto exchange service, as any transaction that is conducted online tends to attract scammers. You need a reliable crypto exchange with which you will be assured that you will lose nothing when you use their services. Here are the factors that can guide you when choosing a reliable crypto exchange for converting BTC to XMR.
- Reputation
While the cryptocurrency industry has only existed for a dozen or so years; it can be quite a profitable venture. Many more people are investing in digital currencies with each passing day, and as a result, several crypto exchanges have sprung up to accommodate this growing demand.
Unfortunately, this also creates space for scammers as they can create fake exchanges. That is why you should always consider using reputable crypto exchanges such as the ones mentioned above. Conduct adequate research about the exchange you are thinking of using and check whether there have been previous complaints about it.
- Availability in your country
You can use several top exchanges to convert BTC to XMR but some of these exchanges might not be available in your country. Before you choose an exchange, confirm whether it is legally allowed to conduct business in your country. Additionally, it is always a good idea to check on your country’s crypto laws, if any, to avoid finding yourself on the wrong side of the law.
- Trading volumes
The number of transactions carried out in a day on a particular crypto exchange can tell you whether it is reliable or not. It is not just the number of transactions but also the volume of the transactions. This tells you that the exchange is reliable enough to be trusted by many people and liquid enough to handle a considerable volume of transactions.
- Security and support
There have been reports about top crypto exchanges being hacked into and people losing a substantial amount of money as a result. You need to choose an exchange that employs sophisticated encryption techniques to guarantee your crypto’s safety. Plus, these exchanges must have support available 24/7 if you have any issue that requires to be addressed.
How to convert BTC to XMR on crypto exchanges
The steps to convert BTC to XMR on various exchanges are similar, but some sites will require you to sign up while others do not. Be sure to check whether the exchange has an inbuilt wallet that supports XMR and if not, you should get one first.
You will visit the site of your preferred exchange and select the crypto-to-crypto exchange option. Here a drop-down menu will appear showing the various crypto-to-crypto transactions you can do. Select the BTC to XMR option and insert the number of bitcoins you want to exchange. You will see the exact amount of XMR you will receive in your wallet once you complete the transaction.
Click on the exchange option, and you will be asked to enter an XMR address to which the coins you exchange will be transferred to. Click next, and the transaction details will pop up, including the fees. Verify the details, and if they are correct and you are good with the fees charged, click OK; the transaction will be confirmed and XMR coins transferred to your wallet.