BTC to XMR: How and Where to Make the Swap

Bitcoin and Monero are two digital currencies primarily available as payment methods. BTC is known as a decentralized cross-border money transfer option. Monero took things to the next level by securing maximum privacy and obfuscating order details.

Despite some recent struggles, XMR is still the most popular privacy-focused coin available. Once traders decide to convert BTC to Monero, it’s vital to pick a suitable platform. Multiple options are available, and here’s how and where to proceed with the exchange!

Centralized Exchanges like Binance

These platforms have centralized authorities that enable the exchange of crypto (and/or fiat) assets between two parties. They also monitor all transactions and acts as an intermediary.

Most centralized exchanges comply with money-laundering regulations, and they apply the KYC program. It means that you must register an account and verify your identity before trading on the exchange. Verification usually requires a valid ID with a photo, signature, and address proof.

Some popular CEXs include Huobi, Kraken, Gemini, and Coinbase Pro, but Binance tops the list. It has been operating since 2017 and has over 210 million users worldwide. It offers standard crypto trading and buying services, but also mining pools, loans, and other financial services.

However, the latest reports indicate that Binance delisted Monero. Increased regulatory pressures and worries about fraudulent and unethical conduct are among the possible reasons why. Many other centralized exchanges followed, making it hard to find Monero as a trading option on CEX platforms.

Decentralized Exchanges like Godex

These platforms offer a different concept because they don’t have intermediaries or central authorities that monitor the platform. Instead, they offer direct peer-to-peer transactions. Decentralized exchanges are non-custodial, meaning that they never get ahold of your funds during the transfer. It’s the control level many users prefer to keep when trading crypto.

Decentralized exchanges use smart contracts to execute P2P transactions. They are permissionless, which means you don’t need an account or provide any private information to use the service. It allows traders to maintain the highest privacy and anonymity levels possible.

Godex is the best example of a decentralized exchange. It supports over 800 currencies, including Bitcoin and Monero. Godex is available 24/7 and offers cross-platform support to trade on the go.

You benefit from fixed rates on Godex. The platform locks the rates before initiating a transaction. That ensures you keep the promised profit from the conversion despite the potential price fluctuations that occur until completing the trade. Godex also doesn’t impose transaction limits. You can execute unlimited transfers, and there’s no maximum sum per day or trade.

Crypto Wallets with Built-In Converters like Atomic Wallet

Most versatile crypto wallet solutions allow storing over 1,000 different currencies. That gives you plenty of room to consider your future digital investments and compare not only BTC/XMR but AAVE vs AVAX or other rare assets to learn more about their potential.

Some crypto wallets come with integrated converters that allow changing and buying crypto with fiat assets. Atomic Wallet is the best example, with over 10,000,000 downloads worldwide. It’s a software crypto storage solution that also allows staking, swapping, and purchasing digital assets.

Atomic Wallet is secure so you completely control the funds and private keys. They remain on your device. It’s not necessary to register or pass the KYC program. You can download the wallet for Windows, Android, iOS, macOS, and Linux.

Which Should You Choose?

A decentralized exchange is the best choice, especially if you have a crypto wallet. DEX platforms offer anonymous and unlimited non-custodial trades. The interface is user-friendly, and even newbies will find it easy to execute transactions.

Whichever method you choose, ensure that Bitcoin and Monero are supported. XMR isn’t listed on as many platforms as before. Still, it shouldn’t be a problem finding a reliable platform offering this coin.