It’s a fact that Bitcoin (BTC) doesn’t provide anonymity in transactions. This is why many Bitcoin (BTC) users tend to convert their BTC into XMR in order to make their transactions anonymous.
If you’re looking for the best BTC to XMR converter, this article provides the top five exchanges that have built their credibility and reliability over the years.
Here are 5 Trendy BTC to XMR Conversion Platforms
These platforms that we have listed below are popular among traders. Here, we review their features, strengths/weaknesses, and share our observations.
1. Godex
This cryptocurrency exchange has over 200 coins available for customers to trade in. They offer anonymous crypto trading and don’t request personal details of customers or account registration.
They use a 100% automatic system so there’s no room for human error. The unlimited transfers, fixed rate of transactions, round-the-clock support, and a smooth user experience are some of the reasons why Godex ranks among the best exchanges.
Strengths
1. No personal data required
2. Over 200 listed cryptocurrencies
3. Unlimited order size
4. User-friendly design
Weaknesses
Doesn’t provide fiat currency support
2. Kraken
Since its founding in 2011, it has grown into one of the largest Bitcoin exchanges in the world. It has a wide selection of national currencies and digital assets. Kraken is rated by several independent news media sources as a secure and good trading platform.
Strengths
1. High security measures make it a safe platform
2. Reasonable deposit/withdrawal fees
3. Nice interface, with a trading market overview
Weaknesses
1. Low leverage
2. May seem complicated to novice traders
3. Bitfinex
This crypto exchange aims to cater to moderate and advanced traders that want to trade significant amounts of cryptocurrency. Bitfinex provides a large number of coins for trading with more than $4 billion in trading volumes, consistently for 30 days. This makes it a very active and liquid market.
Strengths
1. Large number of cryptocurrencies
2. Advanced platform
3. Many order types
Weaknesses
1. Lengthy verification process
2. Limited options for payment
3. Doesn’t provide live chat support
4. CoinSwitch
With CoinSwitch, customers have a platform on which they can pick from the best rates among the cryptocurrency exchanges. Customers can check live prices of cryptocurrency on top exchanges through CoinSwitch.
Strengths
1. Unlimited transactions
2. Offers over 300 coins with more than 45,000 currency pairs
3. Intuitive and easy-to-use interface
4. 24/7 customer support
Weaknesses
1. Not available in the US
2. Trading fees and withdrawal limits might differ due to the currency pair
5. Changelly
With a few clicks, it’s possible to convert many currency pairs on this platform. It works as intermediaries between cryptocurrency users and exchanges, providing quick and simple swaps for more than 140 cryptocurrencies.
Strengths
1. No record of security breaches
2. 24/7 customer support
3. Offers API and widgets
Weaknesses
1. Does not allow the use of debit cards
2. Slow at times
After choosing a good exchange, you need to take care of a reliable wallet where you can store your Monero coins.
Where to Store Monero?
By default, Monero is private but it still has to be kept secure after buying.
1. Monero Wallet is the best way to keep your XMR coins. It’s a secure place where you can store, send, and receive coins.
2. USB Monero cold wallet. It is very effective in terms of security, especially when dealing with multiple cryptocurrencies. In the case of USB Monero cold wallet, you only need ten minutes to install and configure the wallet for your Monero coins.
3. MyMonero is an online wallet with no complaints from users. The creators of this wallet are the developers of the Monero currency. This gives you a reason to trust the wallet and not worry about the possibility of losing coins.
While there are different types of wallets to store coins, your choice will depend only on your preference for security and the spending amount.
Summary
The anonymity which Monero offers is one of the main advantages of this coin. This is why many Bitcoin owners convert their BTC to XMR. To do this, you should choose a reliable exchange that meets your needs.
After choosing a converter, you should choose a wallet to store Monero. You can also keep XMR coins in your wallet if you already have one, and if it supports this cryptocurrency.
Watch this space for updates in the Technology category on Running Wolf’s Rant.
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