This is a site, that allows you to exchange digital coins for another cryptocurrency, electronic money or regular money.
The cryptocurrency exchanger works both with individuals and with companies. The cryptocurrency exchange rate in exchangers is updated several times a day, so when working with large amounts, you can analyze and determine at what time it is better to complete the transaction. The exchanger takes a commission for each transaction made. The parties receive the necessary currency into the account tied to the service after processing the information inside the system. You will need to pay up to 5% additionally, but most sites offer a commission of 3%. Is depends on the policy of the company.
There are two types of exchangers:
- Offline. It used to receive cash. The request is made out at the selected site, users receive funds in the physical department. There are few such exchange points and they aren't demanding.
- Online. This is a site where you can buy or sell currency at a certain rate, transfer money, for example, to an electronic wallet or use your favorite payment system.
Exchange and exchanger: differences
There are online services that offer both options for digital money transactions. The main difference is that when working with the exchanger, the transaction is made with the service itself. The exchange is an intermediary resource where transactions occur with other owners of cryptocurrency or tokens.
- Rate indicators in exchangers are higher than on exchanges. Such sites should be selected carefully, as there is a risk of becoming a victim of a fraud scheme.
- Financial income is first displayed on the account of the exchange account when selling cryptocurrency on the exchange, after which it is displayed in the payment system.
- Most transactions on the exchange take place automatically. They are not created just for exchange; on some, you can get additional profit due to the difference in rates.
Exchangers are developed so that you can go to the site and convert one currency to another at the current rate.
How to find a convenient cryptocurrency exchange?
You need special skills for this. Although selling and buying prices are set taking into account exchange indicators, the final cost is determined taking into account the commission. It is appointed by the owner of the service, changes if necessary. Therefore, the exchanger, which is in the first position at the best rate in a few days, maybe in the middle of the list.
You need to use trust exchangers. They have a positive reputation; their management is closely monitoring the changes taking place in the cryptocurrency market and pay attention to the processing mode of the incoming information. The operator checks the payment information and transfers the funds During manual processing. It may take up to three days from the start of the transaction to receiving the money. Semiautomatic mode assumes that the user pays for the transaction, the operator checks the cash receipts. All other actions are performed automatically. The waiting time is about ten minutes. Automatic mode involves the creation of a specific template. The system itself performs all actions without human intervention, which greatly speeds up the process.
All well-known exchange sites have a high level of protection against hacker attacks. Some platforms compensate for losses from hacking, but there are very few.