If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of…
Coindirect makes converting between coins a straight-forward and instant process. If you want to shift digital currency between any of your wallets without hassle or waiting periods, you’ll know where to go. The exchange works any time of day, with any of the 42 digital currencies, in any of the 24 countries currently supported by Coindirect.
We’ve made the process as simple as possible. No scanning QR codes, no typing out wallet keys, and no stressing about sending coins out to unknown middlemen. To get going, log into your Coindirect account to view your active wallets on the dashboard.
Once there, select the ‘Convert’ button. This will let you select the wallet you will be converting from, followed by destination wallet that will be receiving. The third choice will be your chosen value which you can type in. There will be a minimum amount which will differ based on the currencies involved. The page will automatically display the estimated value you will receive in your destination wallet along with the current exchange rate between the two currencies. Due to fluctuating exchange values, this value can only serve as an estimate.
Clicking next will bring you to the Confirmation page where the value is shown, along with a breakdown of the full transaction, including fees. Once you are happy with all the details, clicking ‘Convert’ will finalise the transaction. You will note that any of the altcoins can be converted to the default wallets of Bitcoin, Ethereum and US Dollar Tether wallets. If you’re looking to convert an altcoin to a non-default wallet, you will need to first convert to bitcoin and then convert that value to any of the 40+ altcoins. Clicking ‘Exchange Now’ will confirm your selected conversion details and it will conclude instantly.
What are the fees?
Each conversion made on the exchange is treated as a transaction by Coindirect and therefore will be subject to a fee of 0.25% of the value converted. So if you convert 200XRP to bitcoin, the fee will be 0.5XRP. This fee will only be taken off once you have confirmed the conversion by clicking the ‘Exchange Now’ button. This means if you convert a complete balance from one Coindirect wallet to another, the value displayed in your local currency will be often be slightly less than it was before. We like to keep our transaction fees competitive so they will be adjusted on an ongoing basis depending on the market.