An infrastructure in the cryptocurrency industry is developing year after year, it helps to create connection between the real and the digital world. In this article we will talk about exchange services that allow to convert both cryptocurrencies one into another as well as exchange them for usual fiat money. After reading this material, you will know which nuances you should pay special attention to when choosing an exchanger, and how such services work. At the end of the article we will name Top 5 cryptocurrency exchangers that have already proven themselves.
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1. What are cryptocurrency exchangers?
This is the case when the name speaks for itself – these are services, where you can exchange digital coins. Exchangers can be:
- Offline. They are necessary for work with cash. Many of them also work when connected to the Internet. To use this service, it is necessary to create a request on the site: select the city, amount, currency, desired coin, and enter your cryptocurrency wallet. After that, it`s needed to go to the specified address and pay in cash. It should be noted that such services are very few and they are often concentrated in large cities only.
- Online. This is a site, where you can exchange cryptocurrency for other coins, for fiat or vice versa. They are more popular, and they will be discussed in today’s material.
2. The principle of cryptocurrency exchangers work
The work mechanism of such services is extremely simple. A user creates a request for an exchange, after that the system checks on subject of physical possibility of implementing ( existence of a necessary coin reserve). The system makes a transaction after payment confirmation.
Before paying for an application, it`s necessary to know the work mode of the exchanger:
- Manual. Each new operation requires a user to re-enter his data, and then it is manually checked by a person, after this user can make a return payment. Such exchange operation is often delayed for several days.
- Semi-Automatic. A user also pays for his order, an operator checks it, but all the rest is done by a system. In this case, a operation often takes from 10 minutes to a couple hours. It all depends on the workload and physical capabilities of a particular exchanger.
- Automatic. The user is only required to create templates and payment, the system assumes the rest. This is the fastest exchange option, since an operation takes just a few seconds.
As for anonymity, everything depends on a specific operation. For example, if the user exchanges Bitcoin for Monero (or for any other popular coins), in this case the anonymity is not a big problem. In order to convert one coin into another, only wallet`s address and email are needed. Some exchangers may ask to enter a full name, but if the user`s purpose is anonymity, then he can come up with a fictitious name. In case of a cryptocurrency exchange, these data (full name) does not matter at all.
If you need to transfer Bitcoins to a bank card it is completely another thing. Privacy is out of the question, since it is easy to track the movement on a bank card.
3. The main parameters to consider when choosing an exchanger
There is a huge number of exchange services on the market. Which is good, since the users have a wide choice. But it’s no secret that a certain percentage of exchangers (not only cryptocurrency) are scams. For an exchange procedure to go off smoothly, the service, which will be performing the conversion, should be examined thoroughly. We will describe below how a reliable cryptocurrency exchanger should work and look like:
- an exchanger must be at least 12 months old;
- it is easy to find the reviews about this service on the Internet, there should be at least 90% of positive comments;
- an exchanger has a sufficient funds reserve (from 100 thousand dollar and above);
- a service works in automatic or at least semi-automatic mode (due to increased volatility, a delay of 24 hours is an unaffordable luxury on the cryptocurrency market);
- service works 24/7;
- there is a support service, which works around the clock and ready to solve all issues raised promptly;
- a service is presented in the popular aggregator sites list, such as YChanger or BestChange
4. Top 5 exchange services for digital coins
1. www.24paybank.com. This exchanger is one of the most popular services on bestchange. The site supports 10 most popular coins, as well as fiat currencies. The service has several thousand positive reviews and has been working for more than one year.
2. www.baksman.org. This is a fairly large exchange service, which is very popular among the users. The exchanger supports more than 20 different payment systems. Its reserve is about 2 million dollars.
3. www.alphacashier.com. This is one of the most old cryptocurrency exchangers, it began its work back in 2012. The service reputation is confirmed by time. There is a large number of different coins.
4. 365cash.co. This service has been successfully operating for about 4 years, and has more than one thousand positive feedback from users. This is a small bitcoin exchanger, since its reserve is only 0.7 BTC, but this is enough for most transactions.
5. bitochek.net. It is possible to make an exchange operation in just a few clicks with the help of this service. The exchanger has been working not for so long, but has already gained trust of many users.
There are many cryptocurrency exchangers on the market. In order to make a successful exchange operation, it is necessary to take the choice of a service with full responsibility. There is no need to chase the most profitable rate, as this may eventually lead to a rather sad consequences. It is necessary to check exchangers for the presence of reviews, and it is better to check similar services on aggregator sites, such as, Best Change or YChanger.
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