This article will tell you how to choose a cryptocurrency exchanger, what to pay attention to when selecting, and how not to give your money to fraudsters.
Cryptocurrency exchanges and exchanges – what is the difference?
If you are new to buying cryptocurrency, be careful in choosing a site. There are two types of exchanges: exchanges and exchanges. An exchange is essentially a platform where different buyers and sellers place their offers—because of this, buying cryptocurrency on an exchange requires verification of the account and a significant amount of time. The rate there is always different depending on the current state of the market. The exchange is ideal for traders who make money on exchange rate fluctuations. For a quick one-time purchase of cryptocurrencies, exchangers are more often used. There is usually a higher commission, but the rate is fixed, and the buying and selling operation does not take much time. In fact, through the exchanger, you can get the cryptocurrency to your account within minutes, whereas the exchange process may take several days.
Several exchanges allow you to withdraw money to your card after selling the cryptocurrency, but the commissions for such transactions will be high. The reason is that businesses use third-party services to withdraw funds, which charge for this.
A significant disadvantage of exchanges is their increased attractiveness to hackers. Therefore, businesses do not usually hold large sums of money, limiting themselves to a sufficient number of coins for trading. The advantages of exchanges include a wide choice of cryptocurrencies: rare altcoins you will find only there. At the same time, the rate on businesses is based on supply and demand fluctuations, so it changes regularly.
The site owners set exchange rates; it is fixed and usually more profitable than the exchange rate. At the same time, the commission of exchangers is generally higher. This is compensated by various payment methods (cards, electronic wallets, online banking, etc.) and a simple, straightforward interface. In contrast to the exchanger, the cryptocurrency exchanger can be complex for a newcomer to understand.
How does a cryptocurrency exchanger work?
Exchangers allow you to both buy and sell popular cryptocurrencies. The selling scheme will look as follows:
- sеlect the cryptocurrency you are going to sell.
- Specify the withdrawal method after the sale.
- Fill out an exchange application.
- Pay the request to the wallet, which number will be sent by the exchanger, and confirm the payment.
- Wait to receive the money in the way you specified.
Usually, this happens within 15-30 minutes. If the money does not come, it makes sense to contact the exchanger support.
The scheme of buying cryptocurrency is similar:
- The exchanger’s website provides your contact information and wallet number to receive the cryptocurrency. Some exchangers require a simple registration and sometimes even a verified account, but this is instead an exception.
- After entering the data, you will receive data for funds transfer.
- Pay for the request and confirm the payment through the exchanger’s chat or by pressing the appropriate button.
- After that, the money should come to your wallet within 15 minutes. Sometimes it takes several hours because the payment systems may qualify such transactions as suspicious or delay them for other reasons. The interface of some exchangers allows you to track the request’s status and determine when the operation will be approved and when the funds will be sent to your account.
Do not forget to read all the information and announcements on the exchanger’s website. Usually, there are terms of transfers, notifications on funds transfer delays, or work interruptions.
If something went wrong and you have not received the funds, check if the amount has left your account to pay the request; after that, contact technical support. The exchangers registered at BestChange value their reputation and respond quickly to client requests. If the transaction is unsuccessful,l you will get your money back minus the transfer fees deducted by your bank or payment system.
Below we will tell you which exchanger to choose and by what parameters.
Where to look for information about cryptocurrency exchangers?
Choosing an exchanger is based on two main parameters: exchange rate and reputation. There are hundreds of cryptocurrency exchanges, and searching for information about them through search engines is long and resource-consuming. You can use exchanger aggregators that track reviews, rates, reserves, and other vital metrics. One of the most popular aggregators is BestChange. They keep track of all the online exchangers and updаte the data online. To be included in the BestChange list, the exchanger must have been operating for more than six months, have reserves of at least $5000, and verified accounts in payment systems. The exchanger will be deleted from the list in case of negative reviews or annulment of the WebMoney certificate.
BestChange works in automatic mode and is not responsible for exchangers’ actions; that is why it is better to read reviews by yourself by following the link in the corresponding column of the table.
How to choose a cryptocurrency exchanger?
Regardless of whether you use an aggregator of exchangers, the recommendation of friends, or on your own looking for a service through search engines, consider the following parameters when choosing:
- Working period – the longer, the better.
- The total number of reviews – indicates the number of clients who use the services of the exchanger.
- The proportion of positive and negative reviews: at least 100 to 1. A reliable exchanger always has fresh thoughts, which are primarily favorable.
- The design and interface of the site. The more convenient it is, the easier it will be for you to understand the functionality and make the transaction you are interested in.
- Reserves size – the more, the better.
- Technical support. Try to send a test request to support and see how quickly and qualitatively the response will be.
- Commissions. Often exchange rates for buying and selling cryptocurrencies are inflated by the amount of commission. Before you make a transaction, you will see the exact of money you will receive, and if the commission seems too high, feel free to refuse the trade and look for another exchanger.
The exchange rate is an important parameter. At BestChange you can choose the currencies you are interested in exchanging in the left column. In the resulting table, the aggregator will automatically put exchangers with the most favorable exchange rates on the top lines. If the exchanger suits you according to the other indicators we have considered above, you may use its services.
Important: before choosing a cryptocurrency exchanger, familiarize yourself with the terms of the exchange because they include the timing of transactions, features of transfers, and situations of refunds if the operation proves unsuccessful.
Now one of the most popular cryptocurrency exchanges in the CIS is Mine. It offers favorable rates and processes more than 5,000 transactions daily. In 5 years of operation, “Mine” has earned thousands of positive reviews: customers are happy with the speed of work, the quality of support, and the ease of making transactions.
Summary
Exchangers allow you to buy or sell cryptocurrency for fiat money as quickly as possible. Not always will this way be the most profitable, but it does not require the user’s knowledge of the interface, time, and resource costs.
A brief instruction on selling or buying cryptocurrency through the exchanger is follows.
Before choosing a cryptocurrency exchanger, go to the website of an exchanger aggregator (e.g., BestChange) and sеlect the best exchange rate for the currency pair you are interested in. BestChange shows exchangers with the most favorable exchange rates at the top of the list after selecting the currencies.
Evaluate the exchanger’s reserves and read the ads and the fine print on the main page. BestChange will check the exchangers listed in the table but is not responsible for them, so be sure to read the terms in case of disputes.
Check the quality and efficiency of technical support by making a couple of test requests. Remember that a reasonable exchange rate is not an indicator of a profitable transaction. Often exchangers compensate for this by charging high fees. Before you make a transaction, you will see the total amount you will receive. Make sure that the commission is not too high.
Look at the exchanger’s reviews and consider the period of its operation – long-time market players value their reputation and monitor the quality of service.
