A specialized platform that allows the exchange of various cryptocurrencies for real money or among themselves is called a cryptocurrency exchange. The majority of such services operate online and facilitate dealing with funds through payment systems and bank cards.
Why the Limited Choice of Currencies in Online Exchanges?
If you browse various platforms for electronic money input and output, you'll notice differences in the cryptocurrencies available for exchange. All exchanges will offer the possibility of mutual exchange between US dollars and Bitcoin. However, exchanging other currencies, such as Mona Coin, can be much more challenging. Hence, there is a need to monitor not only established platforms but also new exchanges like Convertex. This proves beneficial as it allows you to keep track of the most favorable conditions.
Listing all currencies on a single platform is impossible due to the vast number of digital coins. There are over 1100 types of digital currencies, and new ones are constantly emerging. For this reason, even well-established companies do not invest in such reserves.
Conditions for Using an Exchange
Platforms for cryptocurrency exchanges are accessible to anyone. To execute a successful operation, you need:
- cryptocurrency wallet;
- bank card;
- profile in a payment system (WebMoney, Yandex.Money, etc.).
Choosing the last option makes the process easier since only the wallet number is required. When exchanging through a card, you'll need the full name and some details of the plastic card.
How Exchanges Operate
Platforms for handling digital money operate in different modes:
- manual;
- automatic;
- combined (semi-automatic).
In manual mode, requests are personally verified, and currency transfer is handled by company employees. This approach extends the processing time, and the speed varies depending on the number of employees, and such exchanges rarely operate 24/7. Before submitting an application, check the working hours, or your request might only be processed the next morning.
Exchanges in automatic mode are convenient to use. A few minutes after filling out a special form, your cryptocurrency will be credited to your checking account. Delays in payments are rare, usually caused by banks and payment systems. A significant advantage of automatic mode is its round-the-clock service.
Creating an automatic mode for exchanges requires significant resources and expenses, so the vast majority of services operate in a combined mode. Some processes are automated, but the application requires personal control from company employees. In this case, too, you need to study the working hours and the speed of request processing.
How to Choose a Cryptocurrency Exchange?
The internet offers a vast number of platforms with different conditions for electronic money exchange. When choosing a service, it's important to consider the exchange rate and interaction security.
Reliable platforms have several characteristic features:
- a wide selection of digital currencies (at least the five most common ones);
- average exchange rate (scammers set the highest rates);
- cooperation with popular payment systems, with their certification (WebMoney with a formal certificate should be viewed with suspicion);
- prompt responses from customer support (scammers do not invest in service, so look for a platform with responsive online chat communication).
Certain platforms charge commissions for completing exchanges. It's crucial to keep this in mind and calculate them according to the exchange rate. There are cases where conditions may seem more favorable at first glance, but due to the commission, the amount received will be less than on services with a higher exchange rate.
Before transferring personal funds through a cryptocurrency exchange, take the time to read reviews from other users, check forums, and explore ratings. If in doubt, test the service with a minimum amount.
Working with one platform is stable, but don't forget about other options. There are cases where popular services with a reliable reputation and an extensive client base change their collaboration conditions. Stay informed about the dynamic cryptocurrency exchange landscape.
