The world of cryptocurrencies is rapidly growing and developing. By the end of 2022, the existence and functioning of over 13 thousand types of digital assets (coins created on an independent blockchain, tokens operating based on an already operating network, NFTs, and stablecoins) have been summarized. Each type has its advantages, features of use, and opportunities, so active users often need different assets that are most optimal for fulfilling their needs. This leads to the frequent need to exchange them among themselves, for example, to exchange Tether TRC20 (USDT) for Monero (XMR).
Features of exchanging
To exchange Tether TRC20 (USDT) for Monero, you will need the help of specialized online services. They are called “exchangers.” They work similarly to regular bank exchange offices, only online and with different types of funds. The essence of their work is the conversion of currencies, i.e., exchange at a fixed rate.
Even though TRC20 (USDT) is a token operating on the TRON blockchain, it is a completely different asset that is not identical to Monero coins.
It is not entirely correct to call Tether USDT a stablecoin in the TRC-20 network because it is a stablecoin backed by real US dollars and uses the Monero cryptocurrency for instant transactions. Therefore, exchanging these assets implies conversion at the established rate (recalculation with preservation of real value).
Choosing an exchange service
The choice of the exchanger is based on two broad indicators:
- Benefits of cooperation
- Transaction security
As for profitability, this indicator comprises several criteria (basic rate + fees charged + established restrictions). It is necessary to comprehensively evaluate the benefits of cooperation with the exchanger because the main rate may be low, and a combination of additional factors will significantly change the picture.
Also, do not forget about cases of fraud and irresponsibility of some services. To avoid problems with the exchange, it is better to use the portal’s services for monitoring cryptocurrency e-exchangers. This resource receives information from real-life exchangers and provides it to visitors, allowing them to compare and choose in favor of the best offer.
How difficult is it to exchange Tether for Monero?
The actual procedure for exchanging cryptocurrencies is not complicated. It’s as simple as ordering and paying for a purchase in an online store. Before the operation, you need to open a wallet for Monero cryptocurrency (if not already). Next, you must select an exchanger (principles and criteria are described above). On the exchange site, you will need to mark the direction of the exchange and fill out the application form, after which, using the instructions received, carry out the exchange. If you are doing it for the first time and are afraid of getting confused, choose a service with a round-the-clock support service.