Nowadays, more people invest in cryptocurrencies than ever before. Unfortunately, the majority make investment decisions based on their fear of missing out (FOMO) instead of based on thorough research. Investing in cryptocurrencies is inherently risky, and it is worse if investors do not get adequate information about the assets they are investing in.
Likewise, to exchange cryptocurrencies, one has to research different options to find the best platform to swap digital coins. Some traders often ask where to convert Bitcoin (BTC) to Ethereum (ETH). That is relatively easy to answer since both cryptocurrencies are well-known, and practically all exchanges list them for trading.
But what about converting BNB to Safe Moon? These coins are lesser-known, and fewer exchanges list them.
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What’s more, conversion rates can vary significantly between platforms. But in general, what type of crypto exchange is the most convenient to swap these coins? Which one offers the lowest fees? Let us discuss it in detail.
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Different Types of Crypto Exchanges
To decide which platform you should use to swap crypto, you should first get acquainted with the different types of exchanges. The most common are:
- Centralized exchanges
- Decentralized exchanges (DEXs)
- Instant exchanges.
Let us begin with the description of centralized ones. Users rely on a third party to complete their crypto swaps on these platforms. Usually, a centralized exchange offers a web-based crypto wallet to store the purchased assets. While this solution is great for beginners, it does not provide top security. Hackers frequently target these web-based wallets to steal crypto funds. One of the most notable advantages of these platforms is the possibility to buy crypto with fiat money. However, fees are generally high.
In contrast, users can swap cryptocurrencies without intermediaries on a DEX. These platforms utilize smart contracts and atomic swaps to complete transactions peer-to-peer (P2P). DEXs use liquidity pools, so users do not necessarily need a counterpart to complete their transactions. Transaction fees can be very competitive with this option. But it has a drawback, complexity. Using a DEX requires advanced knowledge of blockchain technology. So, this option is not suitable for beginners.
Instant exchanges are somehow centralized. They do not support fiat currencies in most cases. However, they offer very competitive rates. You can find many additional services to assist your crypto trading on these platforms. For example, some use advanced technologies to select the best fees for a specific swap. For example, assuming you want to convert Bitcoin to ZCash (ZEC), the platform will automatically select the most competitive BTC to ZEC exchange rate.
Instant exchanges get their name because you do not need to register to transact. You simply go to the corresponding website, input the details of your intended transaction, and your crypto swap is completed shortly. This feature is crucial for users that prefer their anonymity and privacy in the crypto space. Some platforms offer the possibility to create a user account, but that is optional.
Overall, the best option for crypto-to-crypto swaps is an instant exchange. You can find several of these platforms online, but LetsExchange is the leading one. This fast-growing platform supports many coins and tokens, and it offers the most competitive rates in the market. So, if you plan on swapping BNB for SafeMoon, LetsExchange is the most recommended site for this transaction.