A cryptocurrency exchanger is a service that provides services for exchanging cryptocurrencies. You can exchange one cryptocurrency for another (for example, BTC, ETH, EMC) or for a fit currency (RUB, USD, EUR).But before you need to make BTC to ETH convert.
In turn, the exchange is a trading platform. She acts as an intermediary between buyers and sellers. Users deal with other users (traders) and this is the main difference from the exchange.
Exchangers are directly involved in cryptocurrency trading. You are trading not with other users, but with the owners of the service.
The pricing policy on the exchange is determined by all its players, who, by their actions, can raise or lower the rate of a particular cryptocurrency. In an exchanger, the exchange rate is influenced by its owners. Of course, most rely on well-known exchanges, but the rate may not be so profitable. You cannot choose a more favorable price for the exchange of cryptocurrency, since only one current rate is valid in the exchangers.
At the same time, the commission for exchangers is 5-10 times higher than the commission on exchanges. This can be called the main disadvantage of such sites.
Benefits and features of use
Many exchangers offer the ability to conduct transactions without the need for registration. Users save time as they do not need to fill out information and wait for verification.
Ease of use is another good thing. Exchangers are perfect for those who do not want to delve into the financial specifics of exchanges. Most of them have an easy-to-use interface. Usually the exchange process consists of several steps:
– creating a wallet for storing currency (if it does not already exist);
– registration (if required);
– choice of operation. Usually you choose what kind of crypto or fiat currency you want to exchange, as well as what you want to get in return. Often, exchange platforms immediately display the exchange rate at which the transaction will be carried out. If this course does not suit you, you can cancel it immediately;
– then the payment details are entered. You can use your crypto wallet, use a bank card or payment systems such as WebMoney, QIWI, PayPal, etc.
– after confirming and carrying out the operation, you will receive a corresponding notification.
Exchangers work according to a very simple mechanism. To carry out operations, you just need to create an application, which then goes for processing. This process can take from 10 minutes to several hours, depending on the capabilities and workload of the exchanger. Some of them also offer nice bonuses in the form of discounts to their loyal users.
How to choose the right exchanger?
Scammers are quite common among cryptocurrency exchangers. If you get to such a site, you may lose your assets. But this does not mean that all exchangers should be bypassed, because many of them are reliable and very popular. To choose just this one you need:
– pay attention to the time of transactions, since the completion of the exchange may take several days plus crypto exchange rankings;
– choose a platform on which a large number of cryptocurrency pairs are presented, and there is also the possibility of exchanging for fiat money.
Feedback from other users can also be a source of important information.
Holders of Emercoin cryptocurrency can use the services of Indacoin and ChangeNow exchangers. The first exchanger allows you to exchange BTC, as well as USD, EUR and RUB for another cryptocurrency. The total number of supported cryptocurrencies exceeds 700. ChangeNow offers to exchange almost any cryptocurrency for another cryptocurrency or fiat money without registrations and transaction limits.