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Crypto¢oin Corner

Information and Resources for the Cryptocurrency World


Cryptocurrency Prices  Useful Links and Information

Bitcoin (BTC)5441.81 (USD)-3.48%
Litecoin (LTC)58.58 (USD)-3.26%
Dogecoin (DOGE)0.0010321 (USD)-4.22%
Ethereum (ETH)305.77 (USD)-4.91%
Dash (DASH)291.20 (USD)-3.4%
Monero (XMR)87.86 (USD)-5.45%
Updated 18 Oct 2017 18:35:01 UTC

 



Trade Cryptocoins

It may be advantageous to exchange one cryptocoin for another rather than buying and selling them. Perhaps the Cryptocurrency Exchange you have an account with does not handle the coin you want; or maybe you have accumulated a fair amount of a coin you do not want to keep but would like more of a different coin. This section explains how to easily exchange your coins for other coins. It is important to note that all Cryptocurrency Exchanges will exchange one coin for another in addition to trading with fiat money as well; exchange only sites are explored here.

A useful example is a situation involving your humble editor, who uses the Gemini exchange to buy and sell Bitcoin (BTC) with U.S. Dollars (USD). Gemini only supports BTC and Ethereum (and USD). You can trade between any mix, but only those three currencies. In order to obtain Litecoin (LTC), for example, an exchange (or trade) can be made between BTC and LTC after purchasing BTC on Gemini. Another example is what to do after having acquired quite a bit of Dogecoin (DOGE) from faucets; in fact much more than wanted. Well, the DOGE can be exchanged for LTC, which will help to build the balance of that coin. Since LTC faucets are not that common, DOGE faucets can also be used and thus acquiring DOGE can be considered the same as acquiring LTC.

Where Can an Exchange Be Made?

Our favorite site for exchanging coins is ShapeShift. It is quick, easy, and works well. They support around 35 coin types, so that it is somewhat limiting. The nicest part is no account is needed... just initiate an exchange, send your coins, get your different coins. The fee is difficult to determine. No fixed fee is charged as their profit is made on the spread between what your coin sold for and what you paid for the new coin. Since coin prices vary widely from moment to moment and exchange to exchange, the real price to compare to is not determinable. We have found the exchange rates to be fair.

Other places to exchange coins are Changelly (around 35 coin types also) and CoinPayments (multi-coin wallet, merchant support, but also coin exchange for 55 different coin types; they tend to be a little expensive for exchanges though). Another option is trading coins in the chat section of FaucetHub, where two members agree on an exchange rate and number of coins, then "tip" each other to complete the trade. Be sure to know your trading partner though.

Final Thoughts

Coin exchanges can be a great way to build up the value of your favorite coin while not restricting yourself to initially acquiring that coin. It also provides a way to acquire some of the less common cryptocurrencies, especially if you want to speculate on their value. Lastly, it is fun.

 


Faucet Links
Bitcoin (BTC)ListRotator
BlackCoin (LTC)ListRotator
Dash (DASH)ListRotator
Dogecoin (DOGE)ListRotator
Ethereum (ETH)ListRotator
Litecoin (LTC)ListRotator
Peercoin (PPC)ListRotator
Primecoin (XPM)ListRotator
Cryptocoin Glossary


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