Exchanging Stellar Lumens for BTC or any other coin requires at least one constant for success: a trusted exchange to handle the process. But did you know that a legit crypto platform does not necessarily mean a profitable one? Fees and limits are important facets of coin exchange.
This article explains XLM to BTC conversion, also covering a formula for highly beneficial crypto trading.
Let’s get into it!
Find the Platform Offering the Lowest Fees and Highest Transaction Limits
- Godex: Among the lowest the market has to offer
- Binance: Market Maker and Marker Taker are both 0.1%
- Coinbase: Flat fee plus percentage fee depending on the activity
- Kraken: Up to 0.26% of the total order cost
- Godex: No maximum limit; minimum limit depends on the coin
- Binance: Level 1 users can trade two BTC daily; level 2 can trade up to 100 BTC daily
- Coinbase: Varies and is checked through the app
- Kraken: $0 for deposit; $5000 for withdrawal for starters
Use Safe and Trusted Wallets for XLM to BTC Conversion on Godex
This is also known as a hardware or offline wallet. It is a wallet type not connected to any online resources. If you’ve used a physical and protected box where you stored cash, this is its adaptation in crypto.
Types of Cold Wallets
- Paper: A paper wallet is a printed document containing the keys and QR codes for a crypto account. Obviously, it is not connected to the internet.
- Hardware: A hardware wallet is a device that stores your cryptographic keys offline to prevent hacking. It is very secure.
A hot wallet is a virtual wallet that requires no hardware device. It is simply hosted online, and it gives you keys for access whenever you want.
Types of Hot Wallets
- Desktop: This is simply a wallet stored on your computer. It cannot be accessed by anyone who doesn’t have your keys.
- Mobile: This wallet is saved on your smartphone in the form of an app.
- Online: This wallet is accessed through a website. It can be reached through your desktop or smartphone.
Do Well to Avoid Platforms with a Doubtful Past
Some sites have duped customers before and are now back with a rebranded icon. You must avoid such sites at all costs.
Keep in Line with Local Regulations
Cryptocurrencies can be banned in some countries. So make sure your coin isn’t restricted when you engage in crypto transactions.
When the focus is on profitability, trading fees and limits are critical considerations. A site with low trading fees and high limits is your best shot at reduced expenses. Be careful when considering this: some scammers may attempt to lure you with appealing offers. Reputation and privacy are important too.
Obviously, the decision is yours eventually. Make a smart choice.