How to conveniently bridge crypto currencies
With Minimum Orders on bridging Cryptos like Tron/Matic being $1.00
I find www.fixedfloat.com to be extremely convenient (and user friendly)
Note: You do not need to create an account or KYC!
Feel free to review their wallet and transactions on etherscan ^^
I've been using the KuCoin exchange because you don't need KYC to trade crypto there. They've got plenty of options to choose from. The only problem is the fee's when it comes to withdrawing certain cryptos.
For instance, when I last checked it was around $20~40 to withdraw Matic coin despite it only costing 0.01~0.10 cents worth of Matic (gas fee) to send when using your own private wallet like metamask.
Luckily, KuCoin allows users to withdraw Tron (TRX) Coin at the standard rate of ~1 tron, roughly costing 0.05 ~ 0.10 cents.
After a few google searches - I found fixedfloat.
I was a bit skeptical (as you should be) After browsing the website for a few minutes I noticed that you trade Tron for matic with the minimum requirement of sending them ~16 Tron which was around ~$1.00 worth at the time. Using crypto and dealing with random websites can be sketchy, but honestly, I was fine with only committing to a $1.00 transaction.
I've lost a lot more than $1 before and the Utility of this website was going to help me out a ton on fees. It's better safe than sorry, so I tested a few low transactions out. $1, $5, $10, etc. If you accidently send crypto to the wrong address, it's as good as gone. I like to keep transactions small if I can. Double check all the addresses, etc.
At this point I was like 'Pog'... Gotta risk it for the bisqit!
To break down this transaction:
I send them 18 TRX, with a 1.1TRX fee using my own wallet.
They send me 0.838 Matic, with a 0.00069 Matic fee they get charged from their wallets.
(If I had been staking Tron i would have saved on that fee.)
Note that if you Stake Tron, not only do you receive Tron in return for staking - You also get some Network bandwidth and energy, effectively letting you send transactions for free.
In this screenshot above, someone has sent 0.00001 TRX to my wallet for free as they have gained network bandwidth/energy from staking. It's funny that they've also attached some kind of note to the transaction. Seems to be some kind of clever phishing attempt. I don't recommend interacting with that telegram or whatsapp account, it's very likely some kind of scam.
Network fee's start adding up pretty fast! It's best to keep your transfers minimal and have a specific plan. If you want to enter a liquidity pool, which tokens you need, the costs to use certain contracts to stake your coins or whichever the case may be.
I got rekt ($40) on ether gas fees with only one transaction. My advice is to avoid using Ether as the gas fees are too much for me. It's possible to get cheaper fees but that requires some tech skill and being tech savvy enough to use smart contracts & running Nodes/Mining.
If you must use ether, using fixedfloat to facilitate your trade could be a good idea. Say I have Bitcoin and I want to turn it into ether using some kind of exchange. I would have to make a transaction from my Bitcoin wallet into the Exchanges wallet, swap, and then make another transaction to send ether from the exchange wallet to my personal ether wallet. That would be eating a BTC gas fee and ether Gas fee combined.
Currently the lowest amount you can trade bitcoin into eth using fixedfloat is $19 worth. I checked the price on ether and 0.005 is around $14. I haven't included the fee for sending bitcoin off a wallet but it's something like $3~5 with cash app. Not too shabby considering one Ether Transaction is around $5~20 depending. But this will leave ether on my wallet which I will have to deal with another gas fee, No bueno! However, this would be a good idea if the wallet receiving ether was not My personal wallet. Like if I wanted to pay someone else ether. They'll deal with the gas fee!
There are various other options to explore on fixedfloat like Monero , Bitcoin , Litecoin , Ethereum , Bitcoin Cash , Dash , Ripple , Tezo , etc.
It's important to Know which native chain you'll be receiving coins on. Matic Mainnet tokens and Matic ERC20 tokens are not the same! If you choose ERC20 that means you'll be receiving coins which are ethereum based, meaning you'll be using ether gas fees. You want to avoid using ether gas fees at all costs!
USD Coin (BEP20) = Binance network
USD Coin (ERC20) = Ethereum network
USD Coin (TRC20) = Tron network
Each network has different fees associated with them. That why it's important to research all the options available.
Fixedfloat changes currencies they trade from time to time. I'd like to see them implement Xdai (Gnosis chain) and Kucoin (KCC-chain) as the fees for them are very cheap - Of course they have risks to account for, and it takes a good amount of developing / coding to change up which coins they trade. The primary concern with trading crypto is security and being safe with which networks and exchanges you plan on using. It's best not to leave too much on any one exchange or network/wallet. Realize all the risks involved!
What I haven't mentioned yet is that you need a VPN to use fixedfloat if you live in the USA. I've been using browser extension vpn called Veepn for the past year. It's takes ~5 minutes to download and use. Use whichever VPN you prefer, my choice is Veepn! You literally just google 'veepn' , add to extensions, Click which place like Canada or Europe- wallah. Free vpn!
Pretty easy. Vpn achieved.
Lastly, I'll mention the Referral system that fixedfloat offers. It's pretty straight forward. You can use your own referral code but make sure to log out after creating your account and copying down your referral link or it won't count. Every trade is different, But here's my results.
after doing 12 exchanges using my own referral link I earned 0.00002668 BTC ($1 dollar)
with the Minimum withdrawal being 0.001 BTC ($38) , I need to do quite a few more exchanges before I expect to cash out. Thats around 0.09 cents per exchange back. So you have to do something like 400 Swaps if you expect to cash out. For a casual like myself, I gave up with it - But if you have someone else use your Refferal link, well then that's great! You don't have to do anything~!
If you're a dev and know how to code Crypto bots. they offer API for you to use and automate trades, with Documentation and syntax guide available. This could be quite powerful, as you are tracking trades and price discrepancy through-out multiple crypto networks and different coins, with the functionality and capability to bridge tokens easily back and forth. I'm sure there will plenty of arbitrage opportunity. If you know how to code one, I think it will earn you a lot of crypto profits! Let me in on the bot program if you do, lol. I am not that smart to make one.
Shout out to the people over @ https://fixedfloat.com/
Check out my other content.
Did my article help you out?
send a small donation to my Tron wallet. Gracias.
Credits to VPN: https://veepn.com/