There are many great platforms out there that offer quick and easy cryptocurrency swaps, and most of them offer a DOGE to BTC converter to exchange the two popular cryptos.
If you want to buy BTC with DOGE or vice versa, you should take several tips into account to improve efficiency and lower the cost.
In this article, we’ll explore some of the best pieces of advice that every new trader needs to consider when swapping the two cryptos.
Play Around With The Converter
The main goal of the converter is to help you sell one cryptocurrency and buy another. In this case, we’re talking about DOGE and BTC. Converters are essentially easy to use, especially if they are part of a decentralized exchange. Nevertheless, no matter how easy they are, you should still spend some time working with them before making an actual exchange.
For example, you can select other crypto pairs, type in amounts, and read more about the latest prices. This should help you understand how crypto trading in general works.
Take Fees Into Account
Every monetary transaction comes with a fee, especially if you’re exchanging currencies.
For cryptocurrencies, these fees are usually much lower if you’re sending or receiving them on a peer-to-peer basis, but that’s not always the case. Most of the time, you’ll have to use an exchange platform and converter that comes with additional fees.
If you want to swap two cryptocurrencies, your best bet is to use a decentralized exchange as it doesn’t feature an intermediary that processes a transaction. Instead, DEXs also operate on a P2P basis, and that’s why they have much lower fees.
If you want to trade a lot of money at once, you’ll need a converter to have high maximum limits. If you’re on a centralized exchange, this may not be an ideal platform to make big swaps, as their upper limits are usually low.
However, many decentralized converters don’t impose how much you can swap, so your best option is to pick one of those.
DEXs are pretty much similar to their centralized counterparts but have lower caps. Therefore, if you just want to exchange a small amount of money, it’s wise to check whether that’s possible in the first place.
Pay Attention to Exchange Rates
Some converters will offer you better exchange rates than others, and that’s a fact. Therefore, you should select the one that has the most favorable rates at the moment you want to make an exchange.
Moreover, try settling for a platform that fixes the rate at the moment you initiate the conversion. Namely, platforms usually need a couple of minutes to complete the swap, and the rate may change in the meantime, meaning you’ll receive a different amount than you expected to.
Luckily, some converters, such as Godex, fix the rate after selecting the “Exchange” button, so you’ll receive the amount you expected.
Make Sure That The Platform Is Safe
Finally, certain sites promise to exchange your cryptocurrencies at very favorable rates. Remember that if the exchange conditions are too good to be true, this is most probably a scam. There are all kinds of crypto-related scams out there, and you should always check a site before using it to swap your currencies.
Your best bet is to keep to the reputable ones, especially if they are decentralized, as you won’t have to leave any information about yourself. In other words, all transactions on them are safe and anonymous.
Now that you know about some of the pitfalls of exchanging DOGE to BTC, you should be ready to do it using a reputable and secure converter that offers the best rates and minimal transaction fees.