A Beginner’s Guide To Crypto Swapping: What It Is And How To Start

Millions of people have taken an interest and even entered the crypto world in recent years and with it, swapping what many see as the currency of the future.

They’re mostly motivated by crypto’s potential to be a reliable and long-term store of value. So far, a survey on Nigerians’ thoughts about cryptocurrency revealed that 58% of adults say they believe it could be the currency of the future. This percentage encompasses people of different ages, backgrounds, genders, and ethnicities, all fuelled by crypto’s high profile in recent years.

If you’re a newcomer growing increasingly interested in trading or investing in crypto yourself, then you have much to learn regarding this digital currency. One of the things that will benefit your journey is knowing about crypto swapping.

Below, we’ll dive deeper into crypto this topic by discussing what it is and how you can begin:

What is crypto swapping?

As its name suggests, crypto swapping is the process of exchanging one coin or token for another. This is not to be confused with trading crypto, which may have a similar meaning.

Trading crypto requires exchanging your coin for fiat currency and then using this fiat to purchase another coin. Fiat currency is a form of money declared as legal tender by the government and is trusted to be valuable. Some examples are the US dollar or the Japanese yen. While this traditional way of obtaining another crypto is workable, crypto swapping is much more convenient.

This is because crypto swapping allows you to directly exchange the coins you possess with another coin. Thus, it’s a quicker way to get your ideal cryptocurrency. One instance where crypto swapping will benefit you is when you intend to buy something requiring a specific coin you don’t have. For example, if a shop only accepts Bitcoin (BTC) and you currently have Vertcoin (VTC), you can quickly swap and purchase your item. Another is when your current coins aren’t providing you an opportunity to profit on the market. You may quickly swap them for well-performing crypto for your benefit.

How to start crypto swapping

You can swap crypto on different platforms, including centralised and decentralised exchanges. Each has its pros and cons.

Since a centralised exchange is operated by a central organisation that facilitates transactions on their platform, you can guarantee peace of mind when swapping your crypto. Since many people begin their crypto journeys on centralised exchanges, this also means that they’re user and beginner-friendly. Thus, it won’t require technical knowledge to complete a swap. Meanwhile, a decentralised exchange isn’t controlled or regulated by any authorities. While this gives you complete control of transactions and swaps, it also means you can get into conflicts since no middleman or organisation is overlooking the exchange.

No matter what you decide, choose a platform that offers swap-free crypto trading, especially for the most popular currencies. This lets you swap crypto that is free from fees, allowing you to achieve your goals more effectively since you don’t have additional charges to worry about. Additionally, select a platform that enables you to swap 24/7 for convenience. This way, you can exchange your crypto at the optimal time, whether to make a purchase or perform better on the market. However, note that some crypto pairs may have trading breaks for a few hours on weekends.

Crypto swapping is advantageous for traders. Remember to consider the platform where you’ll make the swap, ensuring that it is safe and with swap-free advantages for your benefit.

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