Where Are the Best LTC to SOL Converters?

Best LTC to SOL Converters

The cryptocurrency market is developing rapidly. The wide adoption of the digital economy has caused swift infrastructure development (wallets, exchanges, and other services that provide perks for crypto investors).

In this article, we will take a closer look at LTC to SOL exchange options available in the market today. You will learn their pros and cons and decide which one suits your needs.

What Is LTC?

Charlie Lee is the creator of the Litecoin cryptocurrency. The first reference to the project was on October 7, 2011, on GitHub.

Litecoin runs on the source code of the first cryptocurrency, Bitcoin. But the development team made several modifications, which primarily relate to block size, fees, and transaction speed. Without going into technical detail, Litecoin is much faster and cheaper than Bitcoin.

It is one of the earliest cryptocurrencies, which has been leading in terms of capitalization for so long. As of this writing (July 2021), Litecoin ranks 13th in the global cryptocurrency rating, and $66.7 billion are currently in circulation.

What Is SOL?

Solana is a platform created to build highly scalable blockchain applications. The core of its architecture is to use a set of software algorithms capable of eliminating the performance bottleneck in the blockchain.

SOL is a system token, and its primary function is to protect the network through staking. The mission of the Solana project is to support high-frequency and fast-growing blockchain applications and democratize the world’s financial systems.

Centralized Exchanges

Centralized exchanges (CEX) are perhaps the most common way to exchange and store cryptocurrencies, especially for beginners. They are so popular because of several factors. Beginners appreciate the opportunity to buy cryptocurrency right with the card. Of course, it is convenient, but it involves additional expenses.

When using CEX, remember that the real owner of the funds is the exchange. When you deposit your account, you can see how many coins you have, but this is just a visual representation. In fact, your funds stay in the wallets of the centralized exchange, not yours. It means that if something happens to the platform (for example, a hacker attack), you risk losing access to your funds.

There have been a lot of such stories in the history of the cryptocurrency market. So, experienced cryptocurrency investors have this rule: keep only a small percentage of your cryptocurrency portfolio on centralized exchanges.

Decentralized Exchanges 

A decentralized exchange is a platform where all trading operations run without an intermediary. You have total control over your wallets, and the transactions are made directly between users. Such platforms are ideal for converting cryptocurrencies.

How Does DEX Work?

We can call an exchange decentralized if it has the following characteristics:

• The wallet belongs to the user – you don`t create a wallet on the exchange, but add your own. Even if there is this option, it still belongs to you, and the exchange cannot restrict your access to this wallet or operate funds on it.
• Trade transactions run on smart contracts and are processed on the blockchain. This means that if you create an order, and some other user responds to it, the exchange cannot influence the transaction process in any way, because it runs on the blockchain.

Benefits of Decentralized Exchanges

• Complete anonymity, no registration, no KYC.
• Total control over your funds – the wallet and assets are not stored on the exchange wallet and belong to you only.
• Security – login data is not stored on the exchange`s servers, so the account cannot be hacked.

Disadvantages of Decentralized Exchanges

• If you lose private keys, it is impossible to restore access to the wallet.
• Lack of tools necessary for an experienced trader (margin trading, stop losses, trading robots, etc.)
• A limited list of coins.
• It is impossible to cancel the operation. If you make an error when entering the address or the amount of the coins, it will be irreversible.
• Relatively slow order processing, but it depends on the network load.

How to Choose a Decentralized Exchange?

One of the best-decentralized platforms where you can use the LTC to SOL converter is Godex. It is a rather young but already popular exchange. Godex has many advantages compared with other decentralized services:

• high speed of work (orders are completed within 30 minutes maximum and without delays)
• a wide variety of coins (301 cryptocurrencies available)
• simple and intuitive interface
• best rate guarantee (exchange algorithms monitor current prices on many other platforms and provide the user with the most profitable option)
• no hidden fees
• high liquidity (no upper limits on the exchange)
• beneficial affiliate program (up to 0.6% of the referral’s trade turnover)
• multilingual (supports 16 languages)

Conclusion

Nowadays, there are a considerable number of ways to convert digital coins. However, if you just need to exchange them without actively trading, a decentralized exchange is ideal for you.

One of the best-decentralized marketplaces is Godex. Users choose it for its simple and functional interface, reasonable rates, low commissions, and much more. You don’t need to register. Just go to the official website, and you can start working right away. If you are looking for the best place to convert cryptocurrencies, Godex is definitely what you need.