Pitfalls of Exchanging Ripple for Ethereum

Converting Ripple (XRP) to Ethereum (ETH) does not have to be a difficult process. Yet, some pitfalls can suddenly appear and affect your profit if you do not know what to do. 

This article discusses effective guidelines to ensure you don’t fall victim to common pitfalls even if you don’t conduct a thorough Google search.

Five Common Pitfalls to Take Note of When Exchanging Ripple to Ethereum

To exchange cryptocurrencies with the maximum benefit for yourself and not lose a possible profit, you need to consider the following:

Beware of Suspicious Platforms

You must never trust exchange platforms that require you to send them some ETH or XRP, regardless of what they promise. The only site you should deposit a coin to has to be a legit one you’re trading on. Also, watch out for sites that ask you to give them the private key to your wallet. Block such sites immediately.

Secure Coins in a Legit Wallet

There are plenty of third-party wallets to store your coins in, whether you’re dealing in ETH, XRP, or any other coin. You have to select the ones with zero doubts about them. There are different wallet types too. You can decide to keep your crypto in a web wallet, downloadable wallet, or hardware wallet. Always keep your keys safe.

Select a Legit Exchange to Trade at

It doesn’t take much for a tech-savvy person to find an exchange platform. Even beginners who want to simply exchange Ripple (XRP) to Ethereum (ETH) can find trusted websites just by searching their locations, CEOs, and headquarters.

Ascertain Broker Fees

Often, many make the mistake of exchanging at sites without knowing the costs. It is, therefore, common to find displeased traders after transactions. So, after you find a broker, ensure the costs are reasonable. If you’re not satisfied with the amounts you see, you can move on to another legit site.

Remember Risk Management

Before trading your coins, you need to manage the risk that comes with the process. You should not conduct exchanges at a loss or spend the last of your money. 

Trusted Platforms to Exchange Ripple for Ethereum

You can buy, sell, or trade your crypto coins on every platform shortlisted below. They are legit:

• Godex.io
• Coinmama
• Kraken
• CoinSwitch

It is very easy to exchange cryptocurrency on each of these services. Let’s take a look at a specific example of this process.

Guidelines for Buying Ethereum with Ripple on Godex.io

• Select both coins in their appropriate fields.
• Put in a wallet address.
• Click on Exchange.
• The transaction should be complete in seconds.

The Bottom Line

Exchanging Ripple (XRP) for Ethereum (ETH) is a piece of cake, as long as you’re dealing on the right site and avoiding common pitfalls. Select any of the platforms we’ve shortlisted above, but if you’d rather take our recommendation, use Godex.io.