The cryptocurrency market is developing dynamically. At the same time, even better prospects are opening up for traders and investors who have decided to use such an asset as digital coins in their activities. Technically, the issue of converting crypto into fiat or another crypto is solved through special intermediary services. They are presented on the Internet in different versions. The most convenient way to exchange is through the online cryptocurrency exchanger at https://fast-change.net, but we will outline the pros and cons of all options in order to make a truly rational decision on what to give preference to.
Exchanges, P2P and exchangers - advantages and disadvantages
Cryptocurrency exchanges are special services not so much for exchange as for trading. They provide the following advantages:
- a large set of various analytical tools;
- good range of assets available for trading;
- the ability to automate most processes according to specified settings and parameters.
However, there are serious disadvantages of such services. Firstly, there are a lot of fake brokers who brazenly deceive clients and do not fulfill the terms of the proposed cooperation. Secondly, legal exchanges provide for a large number of different commissions, due to which the percentage of profitability decreases. Thirdly, on cryptocurrency exchanges it is usually impossible to become a full-fledged owner of crypto; you can withdraw profits only in one fiat currency.
P2P services are an opportunity to find the most favorable rate and make a deal with a minimum commission. However, the level of legal responsibility on such services is very low, the terms of payments can stretch out for several days, which is ultimately unprofitable for the trader.
Cryptocurrency exchangers are the best option, but only if you choose a truly reliable and proven service. Here, each client is the owner of all assets used in trading. If the stated terms of sale and purchase of crypto are met, they are usually the most profitable, taking into account the associated costs. Payment terms are the fastest.
Choosing a Cryptocurrency Exchanger Wisely
The choice of a financial intermediary service with which you can sell, buy, and exchange digital currencies is made based on checking the following aspects of the selected company's work:
- Legal and official activity. A cryptocurrency exchanger must be registered as a legal entity, as well as licenses that provide certain guarantees to all platform clients. This information can be checked through special monitoring sites or personally through open registries on the Internet.
- Number of services. The number of currency pairs offered by a good and reliable cryptocurrency exchanger should be large enough. The more exchange options there are, the higher the trader's profitability will be in the long run. However, it is important to make sure that the company has solid reserves of money in reserve for all currencies, including fiat and electronic ones. Otherwise, the transaction will not technically be possible.
- Limits and other financial conditions. The total profitability is usually calculated based on the commission and the stated exchange rate. However, in addition to this, it is necessary to clarify the limits of a specific company in order to exclude a technical restriction on the execution of a transaction at the most unexpected moment and the lost profit or real financial drawdown for this reason.
- Methods of conducting transactions. Since digital coins are purely virtual assets, it is logical that most cryptocurrency exchangers work only online. However, reliable companies also have physical branches or provide the possibility of a personal meeting with a representative, for example, to buy bitcoins for cash dollars or other fiat currencies.
- Support service work. Competent and fast responses are an excellent indicator of the reliability of the selected resource. It is great if the company has a dedicated phone line, you can use it to contact a representative of the crypto exchanger.
If the activity is planned for the long term, it would be a good idea to familiarize yourself with the terms of the loyalty program and partnership. This way, you can ensure additional profit and more favorable conditions for each subsequent transaction through a specific cryptocurrency exchanger.