The activity of digital currency is growing every day. Bitcoin has become the first and most popular cryptocurrency. Today, many people invest in digital currency, and naturally, there is a need to withdraw funds. The internet offers hundreds of bitcoin exchanges. But which one is the most profitable?
Fly-pay.io tells you how to choose bitcoin exchanges correctly. What to pay attention to and what are the signs of a safe online service.
What is a bitcoin exchange?
A bitcoin exchange allows you to convert digital currency into various forms within the shortest possible time:
- into various national currencies (fiat money), such as dollars, euros, hryvnias;
- into cryptocurrency, choosing the one that suits best (for example, Ethereum, Ripple).
Today, both online and offline cryptocurrency exchanges operate. Their main feature is the commission for the service provided. It is determined on different resources at around 4-5%. The commission rate depends directly on the exchange on which the bitcoin exchange is oriented in its activities. Fluctuations in quotes determine this percentage.
Online Bitcoin Exchange. Based on the name, it is clear that the conversion of digital currency occurs online. This type of service allows the user to quickly convert crypto into real money. The amount is withdrawn to the bank card or account specified in the application. Also, through the service, you can convert bitcoin into virtual money.
Offline bitcoin exchanges. Their essence boils down to traditional currency exchange points where it is possible to sell bitcoin for cash. But there are some "nuances." Offline bitcoin exchanges also exist on the internet, where there is communication with the client. Their peculiarity is that the client receives cash immediately. There is no attachment to a bank card or virtual wallet. The owner of the digital currency sends funds to the exchange wallet, the transaction is registered, the rate is fixed, and the application is processed. In an offline bitcoin exchange, the client receives cash from the cashier.
Safe Bitcoin Exchange Operation
There is serious competition among services in the online market. Each of them offers its services, but you need to choose one. Fly-pay.io talks about the main criteria for choosing a safe bitcoin exchange:
Speed. Here we mean not only the speed of loading the entire site but also the overall time spent on the transfer. Bitcoin exchanges calculate the processing times for applications, collecting personal data, transferring operations, etc., differently. Give preference to a service that operates at high speed. The procedure should be simple and advantageous for the user.
Term of operation and reputation. Cryptocurrency in the modern world is digital gold. Huge sums of money are involved in this sphere, which undoubtedly attracts scammers. Moreover, the world of digital currency is not as protected as the regular financial market. A novice, lured by overly advantageous conditions, may run into unscrupulous dealers. Before exchanging bitcoins, we recommend checking the reputation of the site: how long it has been on the online market, read user reviews, find information on the internet. Do not trust your funds to resources that appeared a week ago. The term of operation and reputation are important components of reliability.
Bitcoin exchange is present in monitors. Many special services help users navigate the world of bitcoin exchanges. Sites compile ratings of major online resources, analyzing their work, offered rates, user reviews. Large services that have been on the market for more than one month get into the monitoring. Thanks to this information, the user can choose a safe and profitable bitcoin exchange with optimal indicators: speed, rate, and experience.
Check on your own!
The success of using a bitcoin exchange also depends on such factors:
- check the reserve amount of the requested currency. If the reserve does not match the request, the operation will not take place;
- contact consultants on the site with any questions of interest. This way, you will understand how qualitatively and actively the bitcoin exchange support works;
- check the address of the resource. Some scammers replicate the external design of well-known sites, while changing some letters in the name. By entering the resource, the user falls into the trap without noticing anything;
- presence of an SSL certificate. An indirect indicator of site security. The letter "s" (https://...) indicates the reliability of the resource;
- operating mode. Usually, bitcoin exchanges operate round the clock. If the site is working intermittently or access to it is restricted for some time, choose another one;
- negotiate exchange conditions. The transaction fee should be specified on the site or approved before the exchange. We recommend starting the exchange with small amounts to determine the reliability of the selected service.
