Buying Bitcoin in India is fairly simple. (Refer our guide on How to safely buy Bitcoins in India?) But users at times want to convert Bitcoins to other currencies like Ethereum, Litecoin, Ripple etc. This is recommended as well because like any other investment, it is always better to be diversified.
In this article, I will share how to convert Bitcoins into Ethereum, Litecoin, or any other cryp tocurrency. Several platforms are available which can help you in achieving a conversion instantly and safely. These exchanges, generally allow you to buy and sell crypto currencies, by submitting cryptocurrencies. They do not allow for trade using fiat currencies like USD, INR etc. This is generally good as most of these exchanges are located outside India and sending or receiving INR could be a challenge.
Changelly is a platform that let you convert any cryptocurrency into any other. For example, in this case we have 1 BTC & we want to convert it into Ethereum. With Changelly, this could be done instantly. Refer the below screenshot which shows the rate of exchange for BTC to ETH conversion.
Just click on “Exchange” and enter the ethereum wallet address where you need to receive ETH. Then send your Bitcoins to the Bitcoin wallet address listed on the page that you get directed to. Review your order and if everything looks good, just go ahead. Before you do this, the portal would require you to create an account using email address.
Shapeshift is also a currency swapping website which allows users to exchange between Bitcoin and other cryptocurrencies. On the homepage, just chose the pair you want to trade in.
Click on continue and enter your Ethereum wallet address and Bitcoin address from where you will transfer Bitcoin. If rate is fine with you, just click on “Start Transaction”. On next page, you will get the Bitcoin address to send Bitcoin to. Go to your Bitcoin waleet (Unocoin, Zebpay, Coinsecure or any other where you have Bitcoins) and send Bitcoins. Usually, it takes about 30-60 seconds for this transaction to happen & you will see a success screen. That means that Bitcoin has been successfully converted into Ethereum & it has been transferred to your Ethereum wallet address. Check your Ethereum wallet now for confirmation which may take upto 30 minutes.
You may trade into any cryto currency like Monero, Peercoin, Dash etc using the above guide. If you generally trade in several currencies, it is better to straightway send your coins to shapeshift or changelly to save on commission, when you buy Bitcoins. I have not listed Poloniex in the above post due to the complex UI. Further, recently problems have been faced by several users and customer support has not been that responsive. However, if you are an experienced trader, poloniex can provide the best conversion rates.
Also, as always advised, try to store your coins in cold wallets to avoid frauds or hacks.