Facilitating an XRP to ETH exchange, or any coin for that matter, should be done in the cheapest possible way. This doesn’t necessarily mean sacrificing speed or anonymity. There are reliable platforms out there offering very affordable transaction fees. But how do you identify these exchanges?
This article highlights the factors to consider when selecting a crypto exchange based on profitability.
Check Crypto Exchange Fees
The exchange fees on a platform are the first factor to check for. This is where profits or losses are made. The higher the fees, the costlier the conversion; the lower, the cheaper.
Types of Crypto Exchange Fees
There are four main types of fees on a typical exchange platform:
- Trading Fees: Trading fees are the amounts charged upon the exchange of cryptocurrencies. On websites that trade directly with investors, these fees are fixed throughout the site. However, on P2P networks, a trader may add his/her charges to the site’s fees.
- Deposit/Withdrawal Fees: These are the costs incurred on depositing and withdrawing your coins at an exchange. Ideally, you want a site that charges nothing on deposits and only a small fee on withdrawals.
- On-chain Transaction Fees: On-chain transaction fees are the amount charged by miners to validate and authenticate a transaction on the network quicker than normal. It’s a fee for convenience: more money equals more speed.
- Market Makers and Volume Discounts: The market maker is a participant in an exchange who buys and sells coins at its prices. He/she may offer you a discount for buying a large number of cryptocurrencies from him/her. Find out which of the market makers is offering a higher cashback than the others.
- Exchange Token Discounts: A token is a virtual asset launched by an exchange for various reasons. Owning a token may help you to trade for cheaper costs on a platform.
Most Important Thing to Have in Mind
It is easy to forget all security concerns with the focus on cheaper fees. You must therefore keep the legitimacy of a site in mind at all times while searching for the best crypto exchange. Do not be conned into transacting at a fraudulent site because of the cheap fees. If it looks too good to be true, it is.
Affiliate Programs As the Way to Stay Safe and Earn More
Godex Affiliate Program
Godex.io operates a welcome bonus that offers 0.005 BTC for every new user who enters the program. Also, you get up to 0.6% of every transaction conducted. To start, create a profile in a couple of minutes and copy your referral link from the dashboard to share it with your friends or in social networks.
Steps to Exchange XRP for ETH on Godex
- Choose the currency.
- Enter the wallet address.
- Wait for your deposit to be confirmed.
- Exchanging starts.
- Acknowledge the payment sent to you.
The desire to trade coins at a profitable rate can be realized by considering the fees above. In addition, the procedure has to be achieved on a reliable platform.
Godex.io is a good place to start, considering that the platform offers different discounts and you have the affiliate program to earn extra cash from. Additionally, transactions are fast and 100% anonymous.
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