In this guide we are going to show you
how to quickly exchange cryptocurrencies at NiceHash. Currently as you can see I
am in my wallet and I want to exchange some Bitcoin for Litecoin. I click
exchange and I click simple view. Now through this form we can make a quick exchange.
First we have to decide which cryptocurrency we are spending. Spending
means that we are giving this cryptocurrency
away in order to receive some other cryptocurrency
so here I have to select Bitcoin and as I said I want to receive Litecoin.
say I want to trade 0.008 Bitcoin. Based on the current ratio I can get, for one
Bitcoin I can get 141.77 Litecoin and for 8 milli bitcoins and getting 1.12
Litecoins. Now this number may change in time because market conditions change
all the time This is a approximate amount that we are going to get if we
are spending or selling 0.008 Bitcoin. If we want to secure this amount we can
enter it here in the minimum trade execution so for example if markets
change in time and if price goes down just at the time when we are making the
exchange we can secure our trade with this number so for example I
will enter here 1.12. Now this means that the trade will not execute if
at the time of the exchange the price will fall and I won't be able to get
this approximate amount. Now the fee is already included in the receiving amount
and currently we are trading at 0.5% fee. Now we can get a lower fee if we
trade some more and the good thing about NiceHash exchange is that you never go back
to a higher fee again so once you reach a lower fee tier you never go back and
down in the description below you can see all the tiers and
all the fees that are available at a NiceHash.
So now all I have to do is click
review exchange now exchange won't happen just yet so I click review and
now here I get the final approximation so for this for this trade I will get
approximately 1.128 Litecoins and I'm spending 8 milli bitcoins. Now all I
have to do is check this box stating that I understand that the receiving
amount is an approximation and may change due to price changes on the
market and that is why we in the previous step set up a minimum expected
amount. Now when I click confirm exchange this exchange happens. So I have sold 8
milli Bitcoins for 1.13 Litecoins. Actually, I have gained some
more light coins than expected now if I click view transaction
I go to my Litecoin wallet and I can see this transaction here.
here are all the information regarding this transaction. So this is how you
create a simple simple trade at NiceHash..