Not all cryptocurrency traders realize that it’s possible to safely and anonymously exchange cryptocurrencies without setting up an account on an exchange. However, making an anonymous crypto transaction requires a different process compared with an exchange that requires an account and ID verification.
Here, we’ll outline the steps you need to take to exchange ONT to ONG using an anonymous exchange called Godex. We’ll look at the analysis you should do before making a trade, and a step-by-step guide to executing it.
If you want to be successful with your cryptocurrency trades, you need to do some groundwork and execute each trade in the most intelligent way. Doing this will reduce your costs, mitigate your risks, and maximize your profits over the long term.
These are the most important factors to consider before exchanging ONT for ONG:
- Transaction fees. Any exchange you make will require transaction fees. These include blockchain transaction fees and/or additional fees charged by the exchange. Ensure your transaction costs are low by having low fees and a favorable exchange rate.
- Platform reliability. Whenever you interact with an exchange, you are trusting it (at least temporarily) with your tokens. Ensure the service has a reliable reputation.
- Market trends. Check if there is a generally favorable market for trading.
- Coin price trends. Check the price trend direction, volatility, and liquidity of the token you’re trading.
- Relevant token news. Check any news related to the token and crypto project. Don’t buy into a token that is having major problems.
- Market predictions. Look at what experts are predicting for the token. Is it likely to be a profitable trade?
Advantages of Using Godex
Godex is one of the most reputable anonymous exchanges, with a 4.9 rating on Trustpilot from almost 1000 reviews. This is an advantage for users, as they can be sure the exchange can be trusted.
However, when making crypto trades using Godex, there is less need for trust in the first place. Trading ONT to ONG (or any other cryptocurrency trade) on Godex doesn’t require an account. You won’t have to upload a driver’s license photo, input your address, tax information, or anything else. This means your identity info is as safe as possible, as you never hand it over.
Godex also does not store your cryptocurrency on their exchange servers like Coinbase, Binance, and most other centralized exchanges. So, your cryptocurrency is not at risk of being frozen or hacked. The freezing of withdrawals for Celsius customers in 2022 shows how dangerous it is to hand over custody of your crypto tokens.
Swap ONT to ONG at Godex: Step by Step
Godex has a simple process for cryptocurrency exchanges. Here are the steps you need to take to convert ONT to ONG:
- Navigate to https://godex.io/.
- In the exchange tool, select ONT in the “You Send” box and ONG in the “You Get” box.
- Enter the amount of ONT you want to send. Alternatively, enter the amount of ONG you want to receive. Godex will calculate the final trade amount using the fixed exchange rate. Click “Exchange.”
- Next, you’ll be asked to enter the wallet address where you’d like to receive your ONG.
- The deposit address for the trade will pop up for you to send the tokens. You can either copy the address or use the QR code. Godex will fix your exchange rate to protect you from sudden market volatility while exchanging.
- Once you send the funds, wait for the exchange process to complete, and check your deposit account for your new ONG.
- The exchange is completed, and you can view the results on the “Completed” page.
These same steps can be used to exchange any of the cryptocurrency pairs on Godex. For example, EOS to BTC, ETH to ETC, or ZEC to ETH.
When trading cryptocurrency, it’s vital to have an exchange option that keeps your identity and tokens safe. Godex is an anonymous exchange that fulfills these requirements while also having a highly trusted reputation. The cryptocurrency industry was built on the ideas of privacy and trust. Godex is one of the few exchanges that help cryptocurrency traders live up to those ideals. Try making an instant anonymous trade on Godex following the steps above and find out if it meets your trading needs.