Pitfalls of Exchanging Litecoin for Ethereum

Converting Litecoin (LTC) to Ethereum (ETH), like any other crypto transaction, must be conducted on a reliable platform. This will help you avoid the major pitfalls associated with crypto trading. It is necessary to remember that there are about 500 exchanges on the market. This requires you to do thorough research before making a choice.

This article was written to help you make the right decision more easily and quickly. Here we go.

Recommendations to Avoid the Likely Pitfalls When Exchanging Cryptocurrencies

Store Virtual Coins in Trusted Wallets Only

Obviously, online exchanges are the easiest options for storing crypto coins. They are readily available, and most do not charge for holding. However, exchanges are susceptible to attack by hackers. Prominent websites like Binance have been hacked before; the assurance of absolute safety does not hold water. As a result, you should store coins only on 100% trusted wallets.

Never Share Your Private Keys 

Private keys are typically the passcode needed for gaining access to an account. Whoever has the keys controls everything in it, even if they aren’t the actual owner. It is therefore compulsory to keep them safe. Do not be guilt-tripped by friends who want to know. Your private keys are meant for you only.

Don’t Trade with Unknown People

The increased count of available websites to convert digital assets makes it difficult to make a smart choice here. However, you can start by assessing the reputation of the available exchanges. You must completely avoid exchanges that are unknown to you or anyone you trust. In addition, some sites have encountered difficulties processing transactions. Don’t trade there. 

How to Choose a Reliable Crypto Exchange

Exchange Selection Criteria

This refers to the list of features to consider about a site before making a choice. You need to make sure that the platform provides you with fast transactions, fixed rates, and fair fees, along with anonymity. A site that fits your requirements in some of these qualities should be on your list.

Trusted Exchange Services

Our list of the top four exchanges:

  • Godex is an exchange service that doesn’t require your personal data. It has no exchange limits and offers over 200 cryptocurrencies to trade.  
  • Coinmama is an online converter that provides investors with secure and fast transactions from almost any part of the world.
  • Kraken is a famous platform that supports fiat currencies, and it’s a very reliable place to make your transactions.
  • CoinSwitch isn’t only a site to exchange cryptocurrencies but also a place that allows users to trade coins anonymously on various platforms.

The exchange process is quite similar on every online platform — let’s check.

Steps to Follow to Exchange ETH for LTC on Godex

To convert Litecoin LTC to Ethereum ETH you have to follow these steps:

  • Choose both coins to exchange from their respective dropdowns.
  • Enter your wallet address.
  • Click on Exchange.
  • Deposit the calculated amount and wait for confirmation.
  • The transaction is completed.

Final Thoughts 

There are several pitfalls associated with crypto transactions. The first step to take towards a solution is a reliable site. The criteria for selecting one have been mentioned above, so the ball is in your court. However, whether you’re exchanging Litecoin for Ethereum or vice versa, Godex.io is a trustworthy place to start. It boasts more trading pairs than every other exchange shortlisted above. 

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