The demand for cryptocurrency is growing every day. Consequently, many newbies have a question: how to exchange digital assets. This is where crypto exchangers come to the rescue. In this article we will talk about their varieties, whether it is worth using them and what types exist.
Definition
Cryptocurrency exchanges are services that specialize in exchanging digital assets and fiat. They are very popular among the crypto community. With the help of these services, the holder of the crypt can exchange it for fiat or vice versa. There are a large number of cryptocurrency exchanges on the network, but not all of them can be trusted.
As a rule, data on exchangers is updated online, that is, every minute a site visitor can see new offers. A commission is taken from each transaction, and after processing the operation, the parties receive cryptocurrency or fiat. Sometimes for this you need to first link the account to the exchanger. The commission can be on average 1.5-3% for one operation, but it happens that it reaches up to 5%. Therefore, before you start using this or that exchanger, it is worthwhile to study each one well. In addition, do not forget about the existence of scammers.
Types of crypto exchanges
Cryptocurrency exchangers are practically no different from traditional ones. Differences can be in operating modes and commissions. The crypto exchanger can work in several modes, and in which, we will analyze further.
Manual
This mode consists in the fact that all actions are carried out by the operator. The principle of operation is approximately the following:
- The user commits a crypto or fiat transaction to the service wallet;
- The operator checks the success of the transfer;
- If the transfer was successful, the specialist sends the required amount to the account indicated by the user.
In this mode, the processing speed of the application is always different. If you get to a moment when most of the operators are free, then the transaction will occur almost instantly. But there are times when specialists are very busy, therefore, their work slows down, and the end of the transaction will have to wait for more than an hour. It should be borne in mind that not all manual exchangers work around the clock. If you send your application outside of business hours, it will only be considered the next day.
Semi-automatic
Such crypto exchanges are more convenient than completely manual ones. Convenience lies in the fact that the user sends an application through a special form on the site. However, it will also be checked by operators and the transfer of an asset or fiat to the user will be done manually.
Auto
This type of exchanger is the fastest and most convenient for the crypto community. The principle of operation is that the user pays for the request on the website of the crypto exchanger and gets what he wants in a few minutes. In automatic mode, transactions take place instantly. The infrequent delays are only due to a system crash, but this is usually quickly bounced back.
Which crypto exchanger to choose
There is a wide variety of services on the Internet that are ready to provide the user with services for exchanging digital assets for fiat. It is often difficult for an ordinary user who decides to use this type of service to choose a suitable and profitable service. In addition, in your search, you can stumble upon scammers who will offer favorable conditions, but as a result, you will lose money. To avoid such an outcome, you should be more attentive and vigilant. We will tell you what criteria you need to look at when choosing an exchanger:
- Exchange rate. Before choosing an exchanger and starting to make an application, it is worth comparing several services. There is a chance that you will be able to find the best exchange rate. However, here you should be suspicious, if you see that the course is very different from competitors, then you should look at another service. Not a single cryptocurrency exchanger will work at a loss. Therefore, the risk that you will fall into the hands of scammers is not excluded.
- Reputation. When a crypto exchanger works honestly and without delays, users will definitely talk about it. Therefore, before choosing, you can also find and read reviews about the service.
- Support. There are exchangers where such a function is not provided, or they simply do not respond. To check this, you can send them a couple of questions before writing an application and find out how quickly you can get feedback in case you need it.
- Translation speed. The less time it takes for the service to process the request, the better. You can also find out about this from the reviews.
In addition to these criteria, it will not be superfluous to see how long the service has existed. If the project is less than a year old and there are no reviews about it, then it is better to try to find another service. So you will protect yourself from deception.
Conclusion
Cryptocurrency exchanges are useful when you want to convert earned digital assets into fiat. This is due to the fact that not every exchange provides such an opportunity. However, be careful, because when you transfer your digital assets to some unregulated service, there may be a chance of not getting anything in return. But in order to earn digital assets, we can recommend you a trader’s assistant – the RevenueBot trading bot. The service provides the opportunity to create trading bots on the largest cryptocurrency exchanges: Binance, Bittrex, Bitfinex, Exmo and others. Creating a bot is free of charge, the service will not take commissions until the client begins to make a profit from trading the bot. With the help of deep settings of the bot, the service’s clients implement trading strategies that are problematic to experience in normal trading. We will immediately indicate: the bot does not have access to customer funds on the exchange, but trades using API keys, that is, the account will remain out of access. RevenueBot has over 28 thousand customers who earn money thanks to trading bots.
Why should I choose this service?
- Pay the commission only after making a profit.
- The bot settings open up a variety of ways to make a profit.
- Inside RevenueBot, a marketplace is implemented where customers can buy a ready-made bot so as not to bother creating their own, or sell their own if the configuration has shown efficiency. Also, the services of a mentor (an experienced customer of the service) are purchased on the marketplace, who is ready to answer the questions of newcomers. Over time, you can become a mentor yourself, getting additional profit for this.
- Regular updates of the service’s features that optimize the trading process.
- The presence of the RevenueBot referral program allows you to earn money on trading, even without resorting to trading. Attract new customers for the service and get up to 30% of the profit they receive every month (but not more than 15 USD).
This is a small list of the advantages of the service. You can continue to list the positive qualities of RevenueBot, but why do this if you can go to the official website of the service and see for yourself everything? It is highly recommended to make decisions faster, because the crypto market does not stand still, but grows at exorbitant steps. Who knows how much profit is missed by someone who does not dare to come and start trading with RevenueBot.