Many people are worried about the question – how to buy and sell crypto currency, what is required for it. Many people wonder if it is possible to do it through the Internet. We answer: of course, it is.
In this article we will tell you how crypto currency exchangers work. We will inform you how to exchange Bitcoin to Monera or Euro, in other words how to exchange one crypto currency to another one. We will explain how to sell or buy crypto currency with ordinary (“fiat”) money. We will consider more detailed what are exchange services, how to check their reliability and how to use them.
What is the difference between crypto currency exchangers and exchange houses?
The exchangers independently establish courses what fundamentally distinguishes them from stock exchange houses, and they also give a variety of opportunities to their users. The exchangers align with the market conditions, and they offer different commissions for effecting transactions. Before performing the operation, it’s worth to analyze several exchangers in order to choose an exchanger, which will be suitable in point of rates and rewards.
At the exchange houses, price determination is dictated by traders who form the value of currencies taking into account current market trends. In this case, the user gets a more profitable course, but more often the interface of the exchange house is much more complicated than the interface of exchangers (in relation of currency exchange). Therefore, many coin holders prefer to use exchangers. We’ll figure out how to protect ourselves when transferring coins to a card into cash fiat money or backwards.
How to check the reliability of the service?
There are several ways, which can be used for checking safety of the exchanger. The easiest and most accessible way is to use monitoring services. For example, – BestChange.ru.
Thanks to this service you will find out about many safe and profitable exchangers. Notably, all information is structured and constantly updated. At total the service provides for more than 20 popular exchange destinations. You do not need to enter every resource to know the detailed conditions; you should just choose the currency pair (left panel) in order to get the list of exchangers in the required direction.
In the picture you can see an example of direction Bitcoin – Yandex Money. After making your choice you will have a list of available and profitable exchangers, which is displayed in the form of a structured and understandable table.
You can also read reviews about each service. After all, in such responses users usually share their experience of using different exchangers, which can be useful for you. Reviews help to form fair view of who is the strongest participant in the exchange market, to choose only recommendable exchangers and use them in future.
What amount can be exchanged?
Exchange is limited by the service reserve. You can find out from the table how much currency does the exchanger has.
As it can be seen, in its reserve of one exchanger there is only 0.21 Bitcoins. It is the maximal amount that you can receive during converting to bitcoins. In case if you need more,and taking into consideration the data taken from the table, you need to choose that very exchanger, which owns a sufficient stock of coins and is able to convert at the normal exchange rate.
The total reserve of exchangers is indicated, as well as the average and official rates are mentioned under the table.
How to sell crypto currency?
Most times in Russia users withdraw crypto currency either to a bank card or to «Yandex.Money», money transfers («KoronaPay», Contact) with the possibility of receiving cash are also used.
Among banking institutions the most popular of them are:
Actually, these are the largest financial organizations that are the main participants of the financial market. Also, there is the possibility of withdrawing funds to any card of the VISA or MasterCard standard, this fact all the more expands the range of those ones, who can use the service.
Either ruble or dollar can be used as a required currency. Herewith, there is often no link to the user’s location. That is, the card can be signed in Russia, Europe, the USA or China – it does not matter. But, it is important that the data of the user’s crypto currency e-wallet and the data of account holder to coincide.
How is the exchange realized?
Thus, after choosing an appropriate exchanger, continue to its website, and register. The procedure is standard: specify your e-mail, password. As an example, here is the registration in the exchanger Jojo.cash.
Choose the direction (E.g., exchange of Bitcoin to cash rubles) and fill the data.
Then click “Continue”. At this stage, check the specified data, agree with the proposed rules and conditions for provision of exchange. After approval, pay the application, for this, effect the transfer of bitcoins in the amount indicated during the exchange.
After effecting the payment, the page will be redirected to the page with current status of the application.
There’s nothing to worry about, if the operation is not carried out for a long time. Sometimes the number of transactions in the crypto-currency network increases, whereas in contrast the increased loading slows down the processes. Some services can manually process the requisitions, in such a way you also have to wait.
What should be done if something went wrong during the exchange?
Failures can have place because you deal with electronic systems. In this case, you need to contact support service. Every exchanger website has online chat. You can also send a message by means of the form in the “Contacts” section.
If you use another exchanger you should act at the same way. If the administration of the exchanger is not going to resolve your issue asap – you can contact the monitoring service BestChange.ru. Exchangers value their reputation that is why each review is important to them. After three negative reviews, the exchanger can be removed from the rating.
Then and there, let’s sum up. When choosing the best crypto-currency exchanger with minimal commission, align with the information provided by monitoring services. Define a currency pair, estimate the reserve and work time, read reviews (both positive and negative). When you’ll make a choice, register and effect the exchange in accordance with user-friendly interface (most exchangers has exactly this one) and recommendations of the service.