The cryptocurrency industry has had a wild start in 2021. Many crypto assets have seen outstanding growth, with some reaching their all-time highs. Bitcoin is still the top dog, but several other cryptos have become more popular and profitable for investors.
One example is Tron (TRX). It is currently sitting just outside the top 20 cryptocurrencies with a market cap of $7.4 billion. Whether people hold TRX as an investment or use it to build and power their own decentralized app or platform, we don’t see TRX becoming less popular anytime soon.
While many are content with withholding it or buying more, others want to turn their TRX back into Bitcoin or get into Bitcoin for the first time. However, this idea of exchanging an altcoin to Bitcoin can be intimidating for some new to crypto. Thankfully, this may not be as hard as you think.
Find the Right Exchange
The first step in the process is to find the right Tron to Bitcoin exchange online. It must be reliable, legitimate, secure, and has a good track record. Godex.io is a great example of a trustworthy exchange platform. A simple online search should help you see how popular and high-quality a service is.
Next, once you have chosen the right site, you may be required to register before you can proceed any further. Of course, if you decide to go with an anonymous exchange like Godex, it can save you a lot of time. Plus, you can feel confident you don’t have to provide personal data to use the service.
Once on the exchange, simply fill in the required fields ‒ the amount you want to exchange and the address. Within a very short amount of time, the operation will be completed, and your TRX will now be BTC.
Double-Check the Address
While the process is as simple as finding the right exchange and entering amounts and addresses, be careful. One simple misclick or wrong number in one of the fields can be catastrophic. Entering the correct Bitcoin address is crucial to ensure you will actually get your BTC.
If your address is entered wrong, your new Bitcoin would not be headed to your wallet and would instead be lost. In addition to your address, make sure the amount you are exchanging is correct. Once confirmed and completed, there may be no chance to undo the action. Thus, be very careful and take your time.
Instead of typing out the address or copying from a previous time you wrote it down, always be sure to copy it right from the source. Thus, you can be sure no numbers or letters are out of place. This may take a few extra seconds, but your crypto won’t be lost.
Look Closely at the Rate
In addition to making sure you are sending the right amount to be exchanged, pay attention to the rate. Before you complete an order, it can be a good idea to check a couple of exchanges and compare their rates.
Each exchange will have different rates, but they should all be at least relatively close. If you notice one has a different (and worse) exchange rate than another, it is best to stay away and look for a better deal.
If an exchange is unstable, you could see the rate goes all over the place, which doesn’t instill much confidence. You can’t be 100% sure what rate you will get once your transaction goes through.
Often, it is smart to go with an exchange that offers a fixed rate to make sure you are protected from fluctuations. Either way, your goal should be to get the best deal, so you can turn your Tron into as much Bitcoin as possible.
We hope that this article has helped you understand a little more about how to exchange TRX for BTC in a safe way. Before buying or selling any cryptocurrency, do research and understand the risks involved. It is important to educate yourself first and invest only the amount you are not afraid to lose.