USDT is the major stablecoin based on the market capitalization. Therefore, there is no issue to find a platform where you can exchange it safely. However, if you are looking for where to swap CAKE, you might face some issues. This coin is available on instant platforms mostly.
So, to trade USDT to CAKE, you need to find a platform that supports both coins. As we have mentioned, you have higher chances to find a good platform if you pay attention to instant exchanges.
Make sure the exchange is safe. So, its website shall be SSL-protected. Check the reviews online and how the customer support of the platform solves the issues if they arise. Finally, make sure that trading conditions are convenient. Normally, when you deal with an instant exchange, such as https://letsexchange.io/, you can count on the best rates in the market. The platform applies a special technology that compares trading conditions on multiple platforms and chooses the best deal every time a user needs to exchange their coins.
Make Sure the Situation in the Market Is Suitable for You
Now, when a platform to swap your coins is selected, you are ready to move to the next step. Check whether the situation in the market is fine to exchange the coins.
To do so, you can use the analytics available on the website. A good cryptocurrency exchange provides such an option.
Make sure you understand in what direction the coin price moves. Check what forecasts are. It can happen that at the moment, it is more profitable to keep your coins rather than spending them. If it is the case, and if you can wait, keep your funds until the situation becomes profitable.
Swap the Coins When You Believe It Is Needed
Finally, when you are ready to exchange your coins, do it. An instant exchange service will allow you to do it immediately, without any account registration or its verification. To swap your crypto, you need to follow the steps:
- Provide the coin to sell and to buy.
- Indicate the amount of coins for sale.
- Copy the receiving wallet address.
- Make the deposit needed for the exchange.
- Finally, you receive the swapped cryptocurrency in your wallet, and the exchange is completed.
Pros and Cons of Using an Instant Exchange
When you are using an instant exchange service, you can count on a number of benefits. Along with the best rates and the absence of need in opening an account, you can count on an easy-to-use interface, limitless transactions, a generous affiliate program for those who decide to open an account, and many other perks.
With benefits, you get some drawbacks, too. Among the most significant ones is the absence of a wallet directly on the platform. You need to deposit funds from your own wallet and receive them into your wallet, too. It is safe because the platform doesn’t have access to your funds. But for those who earn from day trading, this option isn’t the most convenient.