Can I Swap Litecoin to Bitcoin?

Bitcoin – we are sure you have heard about it. It is the most expensive coin and one of the most popular ones. So, investing in it still looks lucrative, however, many people are looking for other, more affordable options.

Litecoin is frequently called silver in comparison to Bitcoin gold. It is a fork from Bitcoin. Litecoin was created with the aim to eliminate some issues the main coin started facing such as scalability, transaction speed, and transaction cost.

Now, these coins are available on all exchange platforms. So, to swap LTC to BTC, you don’t even have to look for where you can exchange the coins. The only challenge you will have is to find a reliable cryptocurrency platform with the best conditions.

Instant Cryptocurrency Exchanges

One of the most feasible options is to select an instant cryptocurrency platform. This is a newer type of exchange service. The main distinctive feature of such a crypto exchange is the absence of mandatory registration and verification. Of course, the majority of platforms will offer you such an option, and along with it, you can also count on significant benefits if you register. However, it is not mandatory. For those who prefer the full anonymity of every swap, it is possible to exchange the coins without registration at all.

Along with the benefit of choosing anonymity, an instant service offers:

  • Non-custodial services: the funds are kept in your wallet. You are the only one who has access to and can manage them.
  • Instant swaps: you can swap the coins whenever you want without the hassle and fuss of registration.
  • A choice between a fixed and a floating rate: you can opt either for a floating rate to benefit from price fluctuations or a fixed rate to ensure you know the result in advance.
  • The best rates: an instant exchange searches the rates on multiple exchanges and picks the one that is most profitable.

Traditional Cryptocurrency Exchanges

Traditional cryptocurrency platforms have their own liquidity pools. It gives significant benefits to traders. If you choose a traditional service, you can count on lower fees (you don’t pay a fee of a liquidity provider), and on faster swaps (in most cases, traditional exchanges do not send your transaction on the blockchain but swap the coins directly on the platform). 

On the other hand, drawbacks might overweigh the benefits. So, the cons of using a traditional exchange are the following:

  • Custodial services in most cases: the funds for the swap have to be kept on the platform, in a wallet offered by the service.
  • Sometimes, fees for withdrawing funds from your wallet might be high.
  • Most traditional exchanges will request you to register an account and pass KYC procedures. 

Have you selected the right option? Everything depends on what you need to swap your coins for. If you are looking for an option to day trade, a traditional platform might be more convenient. If you are looking for a convenient way to get some coins to keep them, choose an instant exchange. 

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