Over time, cryptocurrencies are becoming better alternatives to our traditional fiat system. But several risks are present when exchanging them. For instance, when trading Miota (IOTA) for Bitcoin (BTC), you should learn and avoid some conversion pitfalls.
This article will make your search for a reliable platform short and effective and also help you avoid pitfalls when exchanging cryptocurrencies.
Avoiding Pitfalls When Exchanging IOTA for Bitcoin
Select a Reliable Cryptocurrency Exchange
For better profits, always choose a cryptocurrency exchange that charges lower fees. Also, do not forget to properly analyze the security level of the exchange. For example, check reviews, comments on Trustpilot, etc.
Don’t Use an Exchange to Store Digital Coins
Instead of using online wallets full of hacking risks, use an offline wallet, which is a lot safer. A non-custodial wallet is the best choice for security.
Conceal Your Private Keys
Keep your private keys in the safest place. From social media to unknown emails, never share your keys anywhere. Only use your keys when accessing the digital coin’s original application, for either tracking your funds in the blockchain or for restoring your wallet.
Know Your Wallet
There are two types of cryptocurrency wallets: hot wallets and cold ones.
- Hot wallets are internet-based. They are online websites, extensions, or applications for storing cryptocurrency.
- Cold wallets are hardware. They are usually in the form of USBs. They provide more security since they are not linked to the internet.
Calculate Trading Fees
Various exchanges have various fees. Some charge single flat fees, while some charge in two ways, such as the maker fee and the taker fee.
Selecting a Reliable Crypto Exchange
What Is the Right Exchange?
To understand what is the right exchange, assess the safety, security, fees, processing speed, and coin options of the crypto exchange.
Top 4 Reliable Exchange Services
- Godex: This highly reliable exchange service provides access to more than 200 coins. It requires no obligatory registration and provides optimal rates. The business procedures are swift, and there are no exchange limits.
- Kraken: It enables trades between several fiat currencies and crypto tokens. It currently trades in 56 cryptocurrencies and is very reliable.
- Coinmama: Coinmama offers a swift, secure, and fun way to purchase a digital currency from anywhere in the world.
- Binance: Binance has a wide variety of support coins. It is one of the finest cryptocurrency exchange platforms in the world.
Converting IOTA to Bitcoin
To convert Miota IOTA to Bitcoin BTC we will take the Godex.io platform as an example.
- Select the exchange currency from the main page of the trading site.
- Enter your destination address field and wallet address in the Sender address field.
- Deposit the required number of coins.
- Based on the best exchange rates, the converter will make the exchange happen.
When learning to trade Miota for Bitcoin, you must learn about its risks. To protect your capital, always consider possible pitfalls when exchanging coins. Hopefully, the platforms above will make it easier for you to convert IOTA to BTC and vice versa. The Godex platform makes the procedures very fast and easy.