Many users of a particular crypto exchange are facing the question – how to transfer the cryptocurrency from one exchange to another? The answer is simple: you need to go to the exchange, where funds will be transferred to create the purse of the desired currency and transfer funds to it. However, it is still not completely clear what currency to choose.
Why Transfer the Cryptocurrency from One Exchange to Another?
The course on different stock exchanges is always different. In that way, this fact can be used to earn money. Having bought, for example, a cryptocurrency at the Litecoin exchange at $372, you can theoretically sell it at the C-Cex exchange for $384. The profit will be $12 from one currency unit. But it is also not quite so simple. The volume of trading is almost nonexistent on the C-Cex exchange so it will not be sold to anyone, in addition, while transferring a small commission will be taken by the exchange.
How to Make a Transfer with a Minimum Commission?
When transferring currencies with a high unit cost, the commission is more than transferring of the less valuable currencies, such as Dogecoin (doge) or Ripple (xrp). Having bought the cheapest currency and transferred to the desired exchange, you can face the problem that it is impossible to quickly change this currency due to a small number of trades. Therefore, in advance check the trading volume of a currency. As of August 2018, the optimal currency is Ripple, which trading volume is relatively large.
Which Exchange to Choose?
If you are going to earn on the course, then you need to choose exchanges with a large volume of trades. The more are supply and demand – the more transactions occur. Accordingly, you can buy or sell faster. If you want to earn on a course inside the exchange, you need to choose a stock exchange with a convenient and informative interface.
When a trader notices an interesting difference in the rates of trading at different sites, it is important to know in what condition the supply and demand are on each of them. Very often there are situations when the price of an asset is high but there is no demand for it and information about its course is taken only from a warrant for sale. In this case, the acquisition of a little-popular asset and the transfer, for example, to an Indian stock exchange where it is not bought at all, will prove to be a loss-making decision.