The conversion of Ripple (XRP) to Etherium (ETH) needs a reliable platform to make it the most profitable choice. What you need to do to ensure you do not experience difficulty during the exchange is to research the popular exchanges that have these two cryptocurrencies in their portfolios.
Let’s look at several converters and some useful tips to highlight the formula for successful exchanging!
Choose a Suitable Exchange Platform
A couple terms peculiar to each exchange are their transaction fees and transaction limits. The transaction fees are almost never the same. So you need to do your research and go for the exchange that gives you the most profit. Know the transaction limits of the exchange you’re using so you will not be stranded in the middle of your transaction.
Here are the transaction fees and limits of some of the top exchange platforms in the crypto space:
- Godex: Fees are the lowest in the market; no transaction limits
- Binance: Fees – 0.10%; Limits — Level 1: 2 BTC in 24 hours, Level 2: 100 BTC in 24 hours
- Coinbase: Fees — Spread: 0.50%, Flat Fee: $0.99 to $2.99; Limits — $25,000 per day
- Kraken: Fees — 0% to 0.26%; Limits — Card Transactions: $4,000 within 7 days
Using a Safe and Reliable Wallet for XRP and ETH
A crypto wallet can be likened to a bank where physical currencies are kept. It is the digital bank for digital currencies. In more technical terms, a crypto wallet is software that stores the keys you use in sending and receiving crypto tokens. It is essential to use a safe and reliable crypto wallet to keep your XRP and ETH. Crypto wallets can be classified into three types:
- Hardware that is very secure and looks like a flashcard
- Software is less secure because of the internet connection; it can be hacked
- Paper wallets are super secure because your keys are printed on a piece of paper
The choice of a wallet also depends on how often you will trade, the desired amount, etc.
Make Sure a Cryptocurrency Exchange Is Trustworthy
Before proceeding with your trade, ensure that the exchange you want to use is trustworthy and has reliable crypto exchange security. You can also surf the net for user reviews about the exchange you want to use. When you come across exchanges with poor user reviews or bad history, steer clear of such exchanges.
Avoiding a Cryptocurrency Scam
Cryptocurrency scams appear in many forms via popular social mediums such as Telegram, email, and Twitter. The fraudsters sweet-talk their victims into investing ignorantly in cryptocurrency. The most common types of cryptocurrency scams include:
- Fake mobile apps
- Fake websites
- Scam emails
Do not download applications from anywhere other than the App Store or Play Store, and do not click on suspicious links.
Local Regulations on XRP and/or ETH Operations
The governments of countries that have recognized cryptocurrency are still trying to figure out how to adequately regulate the crypto market. Some countries have law restrictions on cryptocurrency operations in general or just for some of them. It is important to know the government regulations on XRP and ETH operations in your country.
If you see potential in Ethereum and want to exchange it for XRP, you can use an exchange that has low fees and high transaction limits — for example, XRP to ETH on Godex.io. In addition, the tips mentioned in this article are important and should be considered when exchanging your cryptocurrencies.