The exchange of cryptocurrencies for fiat and vice versa are common procedures that every member of the crypto community has encountered at least once. The fastest way to carry out such operations is to use special platforms — exchangers. Unlike exchanges, they work according to a simplified version — without a deposit or registration.
Unfortunately, due to the rapid growth in popularity and relevance of cryptocurrencies, more and more scammers appear on the market, and newcomers risk getting into trouble at the beginning of their way.
Before choosing a service, it’s worth analyzing all its advantages and disadvantages so that the user will be able to find a high-quality option and exchange crypto profitably.
How Does the Cryptocurrency Exchanger Work?
Exchangers allow users to both buy and sell popular cryptocurrencies. The sales scheme looks like this:
choosing a cryptocurrency for further sale;
- specifying the method of withdrawing money after the sale;
- filling out an exchange application;
- payment for the application and its confirmation.
On all popular platforms, this procedure usually doesn’t take more than 10-15 minutes.
The scheme of buying cryptocurrencies is similar. To perform an action on the service, the user only needs to:
- specify contact details and wallet number on the exchanger’s website;
- after entering the necessary information, get the data for the transfer of funds;
- pay for the application and confirm the payment via the exchange chat or by clicking the appropriate button.
After that, the funds should arrive in a person’s wallet within 15 minutes. Sometimes this happens after a few hours because payment systems may qualify such transactions as suspicious or delay them for other reasons.
The interface of some exchangers allows tracking the status of the application and find out when the operation is approved, and the funds are sent to an account. This is convenient for beginners who are worried about the safety of their funds and want to fully control the entire process.
How to Choose a Cryptocurrency Exchanger?
Regardless of whether the client uses an aggregator of exchangers, a recommendation from friends, or independently looks for a service through search engines, it’s important to consider the following parameters when choosing a platform:
- Term of operation — the longer the portal works, the better and more reliable;
- The total number of reviews — this indicates the number of customers who use the services of the exchanger;
- The proportion of positive and negative reviews — there should be at least 100 to 1 because a truly reliable exchanger always has fresh reviews, and the vast majority of them are positive;
- Website design and interface — the more convenient it is, the easier it’ll be for the client to understand the functionality and make the transaction of their interest;
- Technical support — to check this item, the user needs to try sending a test appeal to support and see how prompt and high-quality the response will be;
- Commissions — often, the exchange rates for buying and selling cryptocurrencies are overstated, and this isn’t always justified by the quality of service.
Exchangers allow buying or selling cryptocurrency for fiat money as quickly as possible. This method isn’t always the most profitable, but it doesn’t require much time or special knowledge.
Each client evaluates the exchangers in their own way. The opinion about the platform depends on whether it fits the requirements of a particular person.
At the same time, you can find sites on the network that meet the needs of most customers —these platforms are universal options that are distinguished by the high quality of service.