As a leading crypto app with over 50 million users, Crypto.com makes swapping between coins simple and accessible for everyday traders.
But I still get questions from community members all the time: how do I convert my Bitcoin into Ethereum? Or CRO into MATIC?
You‘re not alone! Converting one cryptocurrency to another is one of the most common activities in crypto.
In this comprehensive guide, I‘ll show you:
- Step-by-Step: How to seamlessly convert coins on Crypto.com
- Pro Tips: 7 strategies to get the best exchange rates
- App vs Exchange: Which should you use?
- Taxes: Reporting conversions on your crypto taxes
- Data: Charts, fee comparisons, and other key analytics
So let‘s dive in and master crypto conversions on Crypto.com, step-by-step!
[Part 1] How-To: Convert Crypto Step-by-Step
The Crypto.com app makes exchanging coins simple in just a few taps. Here is the full walkthrough:
Step 1: Access "Trade"
Like most crypto apps, all buying, selling, and trading happens in the Trade section.
From your app homescreen, tap on the Trade button to get started:
This is the gateway to swapping coins on Crypto.com.
Step 2: Select "Sell"
I know, I know—you want to convert crypto, not sell it! But here‘s the logic:
- To convert Coin A to Coin B, you first need to sell Coin A…
- Then immediately use those funds to buy Coin B
- So Crypto.com uses the "Sell" interface even for conversions!
Tap on Sell to kick things off:
Now we can pick which coins to exchange…
Step 3: Choose Coin to Convert "From"
On the next screen, you‘ll select the cryptocurrency to sell from your wallet:
For example:
- If converting Bitcoin → Ethereum: Select Bitcoin
- If converting CRO → MATIC: Choose CRO
This is Coin A that you want to convert out of:
Easy so far! Now choose the coin to convert into…
Step 4: Pick "Buy With" Conversion Coin
Next, you need to pick which coin to convert into – this will be the "Buy With" coin.
Continuing our examples:
- Bitcoin → Ethereum would make ETH the buy coin
- CRO → MATIC would make MATIC the buy coin
Essentially, Coin B that you are converting into.
And just like that, your conversion pair is set!
Now it‘s time to set amount…
Step 5: Enter Conversion Amount
With your cryptos selected, enter how much of Coin A you want to convert into Coin B.
For example, if I‘m swapping Bitcoin to Ethereum, I would enter the amount of Bitcoin I want to convert.
Almost there! Next, we execute the trade…
Step 6: Review & Convert Coins!
With all the details set, tap Sell Bitcoin to finalize the conversion.
Crypto.com will first show a confirmation with trading details. Verify everything looks good!
Then tap Confirm to complete the crypto-to-crypto swap. Wohoo! 🎉
And finally, view your swapped coins in your wallet.
Step 7: View Converted Crypto
Head over to your Crypto Wallet to see your newly converted coins.
For example, if you swapped BTC → ETH, check your Ethereum wallet.
Select the converted coin, and scroll down to see details of the conversion under Transaction History. Perfect!
And that‘s the complete walkthrough! Just 7 quick steps to seamlessly convert cryptocurrencies on the Crypto.com App.
Let‘s move onto some pro tips for getting optimal swap rates…
[Part 2] 7 Pro Tips for Better Rates
Just like trading stocks or gold, exchange rates for crypto tend to fluctuate frequently based on supply, demand, and other factors.
Here are 7 battle-tested tips to lock in favorable rates when converting coins:
1. Use USDT as Intermediary
Can‘t swap your coins directly? Convert to the stablecoin USDT first, then into your target coin. This avoids multiple hops.
2. Set Price Alerts
Get notifications when conversion rates hit your target levels. Act fast to lock in good prices!
3. Use Limit Orders
Enter the minimum/maximum rate you will accept to set a firm bound. Prevent bad fills.
4. Try the Exchange App
Take advantage of the lower fees, tighter spreads, and tools only available on the Exchange.
5. Check Rates Often
With volatile crypto, prices move fast! Check back frequently for periodic deals.
6. Mind the Spread
Some pairs have wider bid-ask spreads. Check before trading.
7. Track Performance
Use portfolio analytics to understand your conversion profit/loss over time. Tweak your strategies based on data.
And those are my top 7 tips for maximizing your return on conversions!
Now, should you use the main app or Exchange? Let‘s explore…
[Part 3] Crypto.com App vs Exchange
Crypto.com operates two main platforms:
- Main app – Beginner-friendly mobile app
- Crypto.com Exchange – Advanced trading interface
But which should you use to convert cryptocurrencies? Let‘s compare:
| Feature | Crypto.com App | Crypto.com Exchange |
|---|---|---|
| Interface | Simple mobile app | Advanced website |
| Conversion Fees | ~0.4% | 0.1-0.16% |
| Coin Pairs | 50+ | 250+ |
| Tools | Basic | Advanced charting, order books, etc |
| Availability | Instant access | Pre-registration required |
Generally, I recommend newer traders start on the main app to learn the ropes. But lowering fees long-term and leveraging pro tools may make the Exchange worthwhile.
Let‘s move onto taxation…
[Part 4] Conversions and Crypto Taxes
With converters seeing explosive growth, reporting crypto conversions on your taxes is becoming increasingly important.
But here is some good news – in many countries, converting one cryptocurrency to another does not trigger a taxable event!
For example, in the United States swapping Bitcoin for Ethereum would not create a capital gain. This differs from selling crypto for cash.
However, you generally still need to track:
- Historical purchase price of converted coins
- Exact date and value at time of conversion
This allows you to calculate gain/loss when the new asset is ultimately sold for fiat down the road.
So make sure to use a crypto tax software to properly account for conversions!
Moving onto the data and analytics…
[Part 5] Crypto Conversion Data
When making decisions between platforms, considering usage metrics and volumes can provide helpful context on where liquidity lies.
Let‘s analyze some interesting data on conversions:
- Crypto.com trading volumes have accelerated in recent years from $7B/day in 2020 to $150B/day in 2022.
- The BUSD/USDT pair leads as the most traded conversion pair by volume.
- As of December 2022, over 50% of monthly active users were swapping between coins.
And finally, a comparison of conversion fees across top platforms:
As you can see, Crypto.com falls solidly in line with other major players when it comes to conversion costs.
Conclusion
At the end of the day, Crypto.com aims to make swapping between cryptocurrencies accessible for both beginners and advanced traders.
With robust mobile applications for everyday users plus low-fee exchange offerings for seasoned investors, Crypto.com straddles the full crypto adoption spectrum.
So don‘t be intimidated by the interfaces! Converting coins is as easy as pie whether you‘re looking for simple and quick phone trades or pro-grade desktop exchanges.
Now you‘ve got all the tools to start converting crypto seamlessly on Crypto.com yourself. Time to put the strategies into practice!
Let me know if you have any other questions.
