A cryptocurrency exchanger is a service that allows you to exchange cryptocurrency for real money or other cryptocurrencies. Most exchangers are online services that work with electronic wallets or bank cards. With the help of an exchanger, you can buy the main types of cryptocurrencies for fiat money.
As a rule, such services offer an exchange in the most popular destinations. For example, you can exchange Bitcoin or Ethereum for US dollars in almost any exchanger. Still, lesser-known cryptocurrencies will first have to be converted into bitcoin.
There is some common sense in this: exchangers cannot physically have all existing cryptocurrencies in their reserves since, at the moment, their number has already exceeded 1100 on the market.
What is needed for exchange?
- Cryptocurrency wallet. Of course, if you need to exchange cryptocurrency for real money, you already have a wallet (otherwise, where would you store it). But if you buy some bitcoins or other digital currency, you must have a wallet.
- An electronic payment system wallet or a bank card. Cryptocurrency exchangers work with popular EPS. Money can also be transferred to bank cards.
When withdrawing funds to electronic wallets, in most cases, you need to specify only the wallet number. If the money is withdrawn to the card, you will need to indicate your full name in addition to the number.
How to choose a reliable exchange
Now there are quite a lot of exchange services that work with cryptocurrencies. This allows users to choose the service with the most favorable conditions knowing the polkacity price.
However, among the various services, there is a risk of encountering a fraudulent project. Below we provide a list of the main parameters you should pay attention to when choosing an exchanger. This way, you can identify a reliable service with suitable conditions.
Pay attention to:
- The number of currencies supported by the service. Almost all exchangers work with significant cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.). But it will be helpful to ensure that a specific exchanger supports the currency you need.
- Exchange rate. Check out a few different exchanges before applying. You may find a better gyen price for yourself. By the way, you need to be careful with the course. If the exchange rate is noticeably different from the market average, do not rush to take advantage of the best offer.
- Application processing speed. The fewer delays, the better.
- Commission level. Carefully read what commission the service takes for transferring funds. The commission of cryptocurrency exchangers can be different, so compare its size for several services.
What payment systems are supported by the exchanger?
Is there technical support, and how well does it work? Talk to technical support if you do not understand something about the service or the application process.
Service reputation. Reviews on the Internet are dubious sources. But still, don’t be lazy to google. Serious sources mention the service will help determine the degree of trust.
Another essential criterion for choosing a reliable exchanger is the period of its operation. If the service has been running recently and you cannot find any reviews, you should not exchange large amounts there.
Monitoring services will help you choose a suitable exchanger. Such services display the rating of trusted exchangers that have worked successfully for a long time and have a good reputation.