Before we get started, the Ethereum platform uses Ether. So, when we talk about converting Ethereum we mean Ether (ETH). There are so many reasons why investors, traders, and crypto enthusiasts want to convert their cryptocurrency to and from Ether. One of the biggest ones is that many ERC20 tokens require users to own Ether or convert from Ether.
This guide will take you through all the steps you need to take to convert your Ether safely and at the best price.
Pick Your Currency Pairs
For this guide, we will work with the presumption that you wish to convert from Ether or to Ether. But you will need a currency either in your wallet (to convert from) or in your mind (to convert to) before we start.
Remember, some cryptos aren’t supported by exchanges and conversion platforms, yet. Hence, you may need to convert your currency to Bitcoin (BTC) before converting it to Ether.
Ensure You Have the Correct Wallet
Once you have decided on your currency pairs, make sure that the wallet you are using supports both currencies. Otherwise, obtain an additional wallet that supports the currency you are converting to. It is advisable to pick hardware wallets for crypto trading as these storages are much more secure. Still, if you don’t wish to spend the cash on a hardware wallet, a software wallet will store crypto too.
Most of the big hardware and software/mobile wallets support multiple currencies now. It means you shouldn’t have too much difficulty tracking down the one that supports your chosen pair.
Check the Conversion Calculator
Now you have your cryptocurrency pair and the correct wallet. At this stage, you should put in the amount of crypto you want to convert. A conversion calculator is a straightforward tool that allows you to put in your current crypto amount and gives you the value of the crypto you’re looking to obtain. To make it clear, let’s take a look at how to convert ETH to BTC. So, you need to put in your Ether amount and the calculator will show you how much that Ether is worth in Bitcoin.
Check Any Fees
Before you charge in like a bull in a china shop, check the fees attached to the conversion and make sure you’re happy with them. A good conversion calculator will display the exact amount you will get once the transaction has been processed. Be aware, some conversion tools add in fees and don’t give you an accurate figure upfront.
Check this carefully before proceeding to avoid being stung on the back end when it is too late to do anything about it.
Process the Transaction
Once you’re happy with the amount, check the fees involved. If everything ok, it is time to click the proceed button. You will need to supply your public keys so the convertor can take funds and deposit the funds you require. Bear in mind that depending on the currency pair, you will have different waiting times.
Ether is fairly quick to transact with, but some other cryptos are much slower. You may need to have a little patience during this step. You have nothing to worry about, though, as long as you have used a reputable exchange.
When the transaction is complete, the balance in your crypto wallet will reflect it accordingly. At this stage, feel free to either spend your Ether or the currency you traded your Ether for. Converting cryptocurrency isn’t too difficult. The first time can be a bit daunting but once you have done it once, it becomes a lot simpler and you will be flying through it in no time at all.
Image Source: BigStockPhoto.com (Licensed)