Converting ETH to XMR can be a fast and safe process. However, cryptocurrency transactions are different from traditional online bank transactions, and there are a few principles you’ll need to follow to ensure a successful outcome. This guide contains all the essential things to consider to effectively swap Ethereum for Monero, including your wallet, exchange platform, market trends, and the ETH and XMR tokens.
How to Approach the Exchange
The cryptocurrency market is now as well established and regulated as the traditional finance market. It’s possible to lose some (or all) of your funds if you make a mistake. These simple rules will help you avoid this.
Make Sure You Have a Secure Wallet
Many think of a crypto wallet as a bank account. But, they are called “wallets” and not “accounts” for an important reason. Funds in your crypto wallet are not protected by insurance like your bank account is. If you lose crypto funds out of your wallet, they are gone, just like losing cash out of your wallet.
Use a wallet from a trusted provider. For your online wallet, Exodus is a great choice for beginners. If you are starting to build up a lot of funds, a hardware wallet is a much safer way to store them. Ledger and Trezor offer the best hardware wallets on the market.
Choose a Suitable Exchange Platform
Your exchange platform is where your transactions happen, and where you’ll be able to swap ETH to XMR. Choosing a suitable service is just as important as choosing a secure wallet, as you’ll be trusting the platform with your funds.
The most popular exchanges include Binance and Coinbase. These have many features for advanced crypto traders but require a lengthy identity verification process. There are also some instant exchanges that require no verification, such as Godex. Always check the online reviews for any platform you’re considering.
Consider the Market Trends
The next thing to consider when changing XMR to ETH is possible losses on the trade. The cryptocurrency market is very volatile, and it’s easy to lose money when a token’s value drops.
So, do some market research in advance. This includes the project information, use cases of the coin, the current price, past performance, and expert predictions. Here’s a market analysis of ETH and XMR using these criteria.
Things to Know About ETH
ETH is the native token of Ethereum, the most popular decentralized application platform. ETH is the second crypto after Bitcoin. The Ethereum project has a fantastic reputation, ambition, and vision, with applications including decentralized finance, games, and NFTs. The launch of Ethereum 2.0 will happen over the next few years and could increase its standing even further.
The price of ETH pumped up massively in 2021 to $4,800, and it’s come down hard to $1,000-$1,600 in 2022. DigitalCoinPrice predicts an ETH price of $2,257 in 2023 and $2,973 in 2025.
Things to Know About XMR
XMR is the native token of the Monero blockchain. It’s a token built specifically for private transactions that conceal all identity and transaction information on the blockchain. It’s currently the most popular privacy token in the world and has a large regular userbase, with over $100,000,000 in daily transaction volume.
The XMR price has fallen from over $470 in 2021 to around $100-$150 in 2022. However, this fall has not been as sharp as Ethereum’s. DigitalCoinPrice predicts an XMR price of $218 in 2023 and $280 in 2025.
Are You Ready to Swap?
Both ETH and XMR are strong projects with robust price growth forecasted for the next few years. ETH to XMR could be a profitable trade, especially as a way to diversify your portfolio and gain access to private transactions. Just ensure you follow the guidelines here when making your transaction. Use a safe wallet, pick a suitable exchange for your needs, and enjoy!