💱

Exchanging Web Money for Cryptocurrency

Aug 27, 2024

How to Exchange Web Money to Cryptocurrency

Introduction

  • Difficulty in exchanging Web Money to cryptocurrency (USD to LTC).
  • Objective: Explain the process to exchange Web Money dollar into cryptocurrency for withdrawal or selling on exchanges.

Pre-requisites

  • Ensure your account is verified.
    • Accepted forms of ID:
      • National ID card (plastic).
      • Voter's card (plastic).
  • Have funds added to your account.

Step 1: Add Wallets

  1. Navigate to the home page.
  2. Check WMZ (Web Money dollar) wallet balance.
  3. Add wallets (e.g., USDT, LTC):
    • Click on the plus sign.
    • Select wallets to add (e.g., Ethereum, BCH, BTC).
    • Recommended: Choose Litecoin (LTC) due to lower transaction fees.

Step 2: Exchange WMZ to LTC

  1. Confirm WMZ dollar is in your account.
  2. Click on the drop-down arrow to view exchange options.
  3. Select to exchange WMZ for LTC.
    • Enter the amount you want to exchange (e.g., 14.04 WMZ).
    • Result: Example amount of 122.45 LTC.
  4. Click OK to complete the exchange.
  5. LTC balance will reflect the converted amount.

Step 3: Transfer LTC

  1. To withdraw LTC to another wallet (e.g., Binance):
    • Copy your LTC address from the exchange.
    • Click on Transfer, then enter the LTC address.
    • Confirm the amount to withdraw.
    • Note: Calculate the LTC you will receive post fees.

Step 4: Selling LTC for USD

  1. Use the OKX app (or other exchanges) to sell LTC for USDT.
    • Enter the LTC amount to sell (e.g., 0.1214 LTC).
    • Expected return (example): 10.69 USDT.
    • Compare fees when using different currencies (e.g., BTC, USD).

Alternative Method: P2P Trading

  1. Find P2P options in your wallet.
  2. Select USD as currency.
  3. Use filters to find users who accept Web Money.
  4. Enter the amount to transfer and agree on the price.
  5. Complete the transaction and receive the equivalent USD (e.g., 10.4 USDT for 13 WMZ).

Conclusion

  • Comparing methods:
    • Selling LTC generally offers better returns than P2P trading.
    • Final steps involve converting to Naira or other currencies based on trading knowledge.

Full transcript