Many seasoned crypto investors understand the frustration of seeing the market rocket up, yet, experience bitter disappointment over an inability to access the exchange to buy/sell Bitcoin or tokens and lock in profits.
This occurrence is more common than you might think and it happens religiously on many cryptocurrency trading sites.
If it is not the typical error message saying 'the platform is experiencing a large amount of traffic, please try again later' or the other old chestnut, 'something went wrong, please try again' or,
even 'due to high demand, trading of this asset is currently suspended'. Being confronted by any of these messages can prove devastating and believe me, it will only get worse as more and more people learn about crypto and start to join the party!
As discussed throughout many blog articles on CryptoNutCracker, we strongly advise against leaving your altcoins and tokens on crypto exchange sites. While we acknowledge that you may need to do this in advance at times, in order to set a 'sell/buy cryptocurrency order', it is nevertheless risky.
During the last bull market, there were many traders and investors swindled by disreputable practices of some cryptocurrency trading sites. I am not trying to frighten you, however, it must be said if only to impress upon you the very real dangers of letting your crypto out of your control for any length of time.
You name it, we have heard it all, whether it is legitimate crypto coin exchange genuinely getting hacked, to those merely claiming they have been on the receiving end of a hack. There was even a case where the CEO of an exchange apparently died and no one knew the private key to access investors' crypto fortune, which was supposedly in 'cold storage'. If you can imagine it, it happens. So what can you do?
Get into the habit of using trusted crypto exchange sites where you literally swap and go very quickly. The sites are commonly known as coin swapping or coin switching services. While I am not saying that the funds you send to swap or switching services cannot also disappear in a puff of smoke, it beats losing your entire crypto holdings because they were left exposed on an exchange for an indefinite length of time.
If your wallet preference is MetaMask, you can swap in and out of Ethereum-related tokens but not Bitcoin and other non-Ethereum related ones. This option
can be a little pricey but perhaps not more so than the fees on some crypto exchanges
If you use Exodus wallet, they can tap into a number of crypto coin exchanges, allowing you to swap all manner of tokens, including some ERC20, right inside Exodus. This is all while enjoying a high degree of safety, especially when your Exodus wallet is being supported by a Trezor hardware wallet.
For tokens not supported in Exodus, there are other cost-efficient options which include using designated cryptocurrency exchange sites for swapping or switching. Outlined below are two excellent crypto coin exchange and swapping services, which are safe, secure and have anonymous use. It is a good idea to check with more than one coin switching service to see which one is offering the
best deal - i.e. giving you the most amount of coins.
Godex
Godex Is an excellent crypto exchange site that offers unlimited amounts for exchange. They also offer anonymity and keep your transactions private and secure. The interface is very easy to use, you sign up with just your name, password and email and you are good to go.
All you need for your crypto coin exchange is to select the token you want to swap from the drop-down menu on the left and input the amount, e.g, 0.001 BTC. In the right drop-down menu you select the token you want to receive in the swap. Enter your wallet address for the tokens you want to receive. For example, if you want to swap BTC, for ETH, you will need to enter your Exodus or your other ETH wallet address.
A quick calculation is done and you will see the total amount or number of swap tokens you will receive. Once you are happy and click submit, you will be given the Bitcoin wallet address and the amount that you need to send. Copy the wallet address to clipboard.
If you are using Exodus wallet, go back to Exodus, select Bitcoin and click the 'send' tab. You will be requested to enter the amount you were asked to send and you will also need to paste the address you copied for the switch. Exodus will then ask you to confirm your transaction, before doing so, check and double-check the address you have entered and the amount you are sending (do not make the mistake of entering 0.01 btc instead of 0.001 for e.g, this mistake might cost you).
Once done, go back to Godex, the cryptocurrency exchange site, where they will give you an update on the status of your swap. This will be along the lines of 'awaiting payment/confirmation>payment detected>sending payment>completed. You will find your coins in your wallet address at Exodus when you return there.
Learn More About Godex.io
StealthEx
StealthEx is the second of the cryptocurrency exchange sites, which does not require registration and work along similar lines to Godex. Check them both out, ask questions if you need more information about them etc.,
Learn More About StealthEx
Moving Forward With Cryptocurrency Exchange Sites
It can be nerve-racking trying out a new service. The best approach is always to do your own due diligence and research before using the services posted here. Get to know the people behind the service and always start with small amounts until you feel comfortable.
As the bull market in cryptocurrencies march on full steam ahead, investors will increasingly experience similar patterns of bad behaviour from some less than reputable cryptocurrency exchanges. This is where cryptocurrency exchange sites or coin switching services can limit risk and expidite investors' entry and exit in cryptos.
Sadly, even the very best of the most established crypto exchange sites are not immune to being hacked, resulting in traders losing out where some of these exchanges are not adequately covered by insurance against such occurrences.
Savvy crypto investors cannot simply rely 'on a wing and a prayer' hopium but must take steps to safeguard their digital asset investments. Buying or selling Bitcoin and other cryptos can be achieved timely, securely and without the level of fear, worry and additional stress that can arise when relying solely on a crypto exchange for getting in and out of assets promptly.
Should you decide to use any of the links on this page, do be sure to bookmark them so you never need to do a google search for them. This will ensure you are always only visiting the intended site and not copycat sites.
As always, please do your own research and practice proper due diligence. We are not financial advisors and we cannot offer financial advice. The information is for information purposes only and is not intended to encourage, persuade nor invite you to act upon it.
Comments