Choosing a Bitcoin Exchange: Profitable Cryptocurrency Exchange
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 a bitcoin exchange. What to pay attention to and what signs indicate a safe online service.
What is a Bitcoin Exchange?
A bitcoin exchange allows you to convert digital currency into various forms:
into various national (fiat) currencies, such as dollars, euros, or hryvnias;
into cryptocurrency, choosing the one that suits you best (for example, Ethereum, Ripple).
Today, both online and offline cryptocurrency exchanges operate. Their main feature is the commission for their services, which is typically around 4-5%. The commission rate depends directly on the exchange the bitcoin exchange is oriented towards. Fluctuations in quotes affect this percentage.
Online Bitcoin Exchanges. As the name suggests, the conversion of digital currency takes place online. This type of service allows users to quickly convert crypto into real money. The amount is transferred to a bank card or account specified in the application. Also, through the service, you can convert Bitcoin into virtual money.
Offline Bitcoin Exchanges. The essence of their work is similar to traditional currency exchange offices, where there is an opportunity to sell Bitcoin for cash. But there are some «nuances». Offline bitcoin exchanges also exist on the internet, where communication with the client takes place. Their feature is that the client receives cash immediately. There is no need for a bank card or virtual wallet. The owner of the digital currency sends the funds to the exchange wallet, the transaction is registered, the exchange rate is fixed, and the application is processed. In an offline bitcoin exchange, the client receives cash from the cashier.
Working with a Secure Bitcoin Exchange
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 secure bitcoin exchange:
Speed. Here we mean not only the speed of loading the entire site but also the time spent on the transfer. Bitcoin exchanges calculate the processing time for applications differently, collect personal data, perform the transfer operation, etc. Give preference to a service that operates at high speed. The procedure should be simple and beneficial for the user.
Work experience and reputation. Cryptocurrency in the modern world is digital gold. Huge sums of money are involved in this sphere, which undoubtedly attracts fraudsters. Moreover, the world of digital currency is not as protected as the traditional financial market. A novice who falls for overly advantageous conditions may encounter unscrupulous dealers. Before exchanging bitcoins, it is recommended to check the reputation of the site: how long it has been in the online market, read user reviews, find information on the internet. Do not trust your funds to resources that appeared a week ago. Work experience and reputation are important components of reliability.
The 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, the courses offered, and user reviews. Large services that have been on the market for more than one month are included in the monitoring. Thanks to this information, the user can choose a secure and profitable bitcoin exchange with optimal indicators: speed, course, and work experience.
Checking independently!
The success of using a bitcoin exchange depends on the following factors:
- check the reserve amount of the requested currency. If the reserve does not match the request, the transaction will not go through.;
- contact the consultants on the website with any questions of interest. This will help you understand how efficiently and actively the support of the bitcoin exchange works;
- check the website address. Some scammers mimic the appearance of well-known sites, changing some letters in the name. By accessing the resource, the user falls into a trap without noticing anything;
- presence of an SSL certificate. An indirect indicator of website security. The letter «s» (https://...) indicates the reliability of the resource;
- operating mode. Bitcoin exchanges usually operate 24/7. If the site is experiencing downtime or access to it is restricted for some time, choose another one;
- agree on exchange terms. The transaction fee should be specified on the website or approved before the exchange. We recommend starting with small amounts to assess the reliability of the chosen service.
