In 2022, there are now more than 20,000 different cryptocurrencies to choose from. While not every one of them is worth considering, Ethereum and Cardano are two top cryptocurrencies that have a strong user following and developer community.
As such, you might be interested in the best exchange to swap ETH to ADA when the opportunity presents itself. But this can be a challenging venture, considering hundreds of different platforms offer a wide range of services.
This article analyzes some essential characteristics of crypto exchanges you should prioritize. Following this guide, you should have a good idea of what to look for to ensure your experience remains smooth and secure.
What to Know Before Going for an Exchange
Exchanging cryptocurrencies is the main activity of speculators and traders. The price of cryptocurrencies can fluctuate wildly, opening incredible profit opportunities.
However, before you make the decision of what exchange to use, there are some crucial elements to consider:
- Privacy. Is the exchange you are planning on using anonymous? Retaining your privacy in the crypto market is extremely important and allows you to add another level of security. If an exchange requires extensive personal data before you can use their services, it could become an issue in case of a data breach. Criminals can link your holdings to your identity and put you and your close ones in danger.
- Security. Always check whether the platform has a history of data breaches, hacks, rug pulls, or withdrawal refusals. In case there was a hack of funds, how did the exchange respond? Did they make the users whole, or did they leave them hanging? Also, if the exchange requires a login and personal data, ensure it has 2FA such as biometrics, email confirmations, etc.
- Convenience. Is the exchange easy to use? There are many factors that can impact the intuitiveness of the servive, such as a complicated UI, extensive registration processes, and tedious withdrawal methods. Make sure you check community feedback to ensure that your experience remains consistent.
- Costs. Always check the fees that the exchange charge for swapping and withdrawing assets. These can vary quite a bit. If you make frequent trades, fees can affect your profits.
Making a quick checklist of these factors should ensure that you can choose the best exchange for your needs. Any platform that checks all the boxes is already worth considering.
What Exchange Platform Types Are out There?
That said, you should also note that there are different types of exchanges, mainly centralized and decentralized.
- Centralized exchanges will often provide you with fiat currency on-ramps and allow you to purchase cryptocurrency with debit and credit cards. However, this means that they are also subject to AML regulations and require that you formally identify before using their services.
- Finally, there are decentralized exchanges that entirely rely on peer-to-peer smart contracts. While anonymous, DEXs don’t allow you to swap tokens from different blockchains, which limits their usability considerably. Anonymous exchanges don’t allow you to use fiat, but you can retain your privacy when using them.
Exchange ETH for ADA via Godex Anonymous Exchange
So, how do you exchange ETH for ADA anonymously? On Godex.io, this process is extremely simple. The exchange offers a beginner-friendly user experience and doesn’t require registering an account. Moreover, it provides hundreds of trading pairs, such as ETH to ADA or BNB to ZEC, among others.
Here’s a step-by-step guide on how to swap tokens on Godex:
- Visit the website Godex.io and choose your tokens — ETH as your sending currency and ADA as your receiving currency.
- Provide the amounts you wish to exchange and click on “Exchange.”
- The platform will then ask you to provide your ADA address where your tokens will be sent. Paste your wallet address and proceed to the next step.
- Send Ethereum tokens to the provided address. Once the platform receives your ETH, it will send out the ADA to your wallet.
Note that you don’t need to provide any information other than your wallet address.
Choosing the right exchange for your needs will depend on many factors. If you require advanced trading orders, go for a centralized platform. However, if you wish to retain your privacy, an anonymous exchange like Godex is a no-brainer choice. Not only will your funds be safe (because you don’t deposit them to a centralized service) but your personal data will also remain confidential.