Most of all selling with Bitcoin, Ethereum, TRX, and other altcoins is provided out on cryptocurrency exchanges. The everyday selling amount on Poloniex, Kraken, Bitfinex, and other top platforms amounts to hundreds of millions of dollars.
At the same time, more and more exchangers appear, which, according to advertising, let getting and trading cryptocurrency quicker, more comfortable, and more available. Is it? Can exchangers be considered as a good option for cryptocurrency exchanges? How do these sites vary from each other? And where do investors get a better chance of making money trading cryptocurrency? Let’s figure it out in this article!
What is a cryptocurrency exchanger?
Already from the name, it is clear that a cryptocurrency exchanger is a set that permits you to trade cryptocurrencies. You may exchange some cryptocurrencies for others or fiat currency.
There are two kinds of exchangers:
- Offline. Wanted to exchange cryptocurrencies for money. For instance, let’s say you require to exchange your bitcoins for dollars. You fill out an exchange request on the exchanger’s website plus collect the cash at the physical department. The disadvantage of such exchangers is that there are very few of them. And they are not so successful, so in the article, we will concentrate on online resources.
- Online. An online exchanger is a site wherever you can obtain or exchange the cryptocurrency you are engaged in at the time established by the system.
How to use a cryptocurrency exchanger?
The exchange method is very simple:
- If you need to buy cryptocurrency, you want to make bal to trx convert, then you require to create a crypto wallet, which will receive funds. If you are going to sell crypto assets, you already have such a wallet.
- Go to the exchanger’s website. If necessary, go through the registration (most often it is enough to enter your username, password and e-mail).
- The main menu consists of two fields: “I give” and “I receive”. In the first, you need to enter the currency that you will sell, in the second – which you want to buy. As a rule, there is a box with a commission right below these fields.
- In the window that opens, enter your payment details: where you will withdraw money from and where the exchanged funds should go.
- Check the boxes for the agreement with the terms of use of the service and click “Exchange”.
- When the exchange is completed, you will receive a corresponding notification to the specified e-mail.
- The exchange mechanism is very simple. You apply for an exchange, the system checks if you have the specified amount for exchange and, if your account has enough funds, conducts a transaction.
But please note that events can be treated in various forms:
- Manual – every moment you re-enter your data, the exchanger operator checks them manually, you settle for the exchange by the chosen setting, the worker holds the amount and gives the stores indicated in the market to you. The entire system can take some time.
- Semi-automatic – as in the previous paragraph, you give for the action yourself, and the worker verifies the payment, but the way does the balance automatically. You will have to expect from 10-15 seconds to many hours, depending on the technological skills and the modern workload of the exchanger.
- Automatic – you build templates for the market, and the policy itself does the support, no worker participation is needed. The exchange needs area around instantly.
Obviously, technically, the exchanger is completely different from a cryptocurrency exchange with its orders, order books and a personal account with a bunch of sections and settings.
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I’m is an owner of Venostech.com, blogger, Android and technology enthusiast. Individual who are educated in the IT and like to write according my scope.
