There comes a time in one's life when a decent amount of cryptocurrency gets accumulated. However, what if there’s a need to swap it? Is processing larger crypto transactions more complicated? How does the process go? What service should one use? In this article, we will try to answer all the topical questions and help in making a choice of an exchange to go with.
Cryptocurrency exchanges often impose minimum and maximum swap limits for their orders. The minimum exchange limit is there to ensure the coverage of required network fees and punching the crypto transaction through. Since transaction fees may vary, the minimum exchange limit can differ, too. The maximum limit, on the other hand, is there to prevent the possibility of money laundering and other illegal activities. Minimum amounts are here to stay – cryptocurrency users cannot do much to the fact that the network fees need to be paid. Some of the instant crypto exchange services manage to lower the minimum to as little as ~2 USD, which is a great feature to promote crypto adoption and ease of swapping in between the coins. You can check some of the offers available for currency of your choice on Swapzone.
Exchanging large amounts of Bitcoin or other crypto often comes connected with the notion of KYC. KYC, or Know Your Customer procedure, is a standard protocol conducted by trading platforms and exchanges. Usually, the services require IDs, pictures or Proofs of Funds to proceed with the exchange. As larger crypto amounts can potentially be acquired in an unlawful way, the service providers have their own limits of when exactly the checks need to be performed and what personal information there is a need to ask.
Swapzone has the notification on KYC frequency for the platforms we work with along with the tips of passing KYC/AML without hassle. Besides, you can always contact the provider’s customer support for more details on passing the check.
Exchanging large amounts of cryptocurrency safely is certainly something we all strive for. There are some simple rules on how to keep you coins safe, no matter what the amount is. Here is the list:
Hopefully, this article broke down the basics of exchanging large amounts of cryptocurrency without the need to worry about security. There certainly is still the point of doing due diligence, choosing the right crypto wallet to store currencies in after the exchange, additional measures such as investing into a cold wallet and much, much more. Crypto assets are as much of a valuable item as any other, so one should take its management seriously. If you are interested in learning more about storage, exchange security, networks and other foundation notions, we have already written an article about it – it is available here. When it comes to swapping crypto as such, Swapzone is here to provide the best rates for a variety of secure, non-custodial instant cryptocurrency exchanges.