There are a lot of exchange hubs, and all of them have their own rates and commissions. Due to the presence of a large number of exchange services, it takes work for a newbie to make the right choice. The main task is to find the most beneficial and reliable crypto converter, which will quickly operate in the right direction without deception, with a low commission and at a profitable rate.
The algorithm of work on all crypto exchange platforms is similar, you need to:
- Create a request, choosing, for instance, the MATIC to FTM exchange direction, and specifying the amount and wallet to receive or pay. The commission is usually included in the rate of conversion. Some payment systems may charge their own internal commission for transfers. You can get information about this before the exchange or by contacting technical support.
- Verify the entered data.
- Pay within the designated period - from 15 to 30 minutes. The exchange rate is usually fixed for this time. You should make a transfer to the details specified in the application and after payment press "Exchange".
- The exchange hub will record the receipt of payment and transfer the desired currency to an e-wallet, bank card, account, or cryptocurrency address. The processing time depends on the payment system, which equals up to 5-10 minutes on average.
All sites have online support, usually 24/7. You can ask questions before exchanging cryptocurrency.
Other ways to exchange cryptocurrency
There are several main ways to buy or sell cryptocurrency:
- Cryptocurrency exchanges, such as Binance, Currency.com, Bybit, OKX, Huobi, KuCoin, MEXC, Bynex and others.
- Online virtual exchange services. For example, Prostocash, Godex, XChange, 60cek, etc.
- p2p exchanges, such as Binance P2P, Bybit P2P, OKX P2P, Bitzlato, and LocalCryptos provide a direct exchange between users, where fiat is transferred directly from the buyer's payment system or bank account to the seller's account.
- Crypto wallets, such as Trust Wallet, are among those that support buying/selling with a card.
- Bots in Telegram, many of which belong to exchange hubs from the list above.
- Electronic payment systems, like AdvCash, Capitalist, and Payeer, with the convenient functionality of exchange to fiat.
- Crypto ATMs. Physical devices that can be found in large cities, resembling an ATM, but with the ability to buy and sell crypto.
Whether it is better to exchange cryptocurrency in a crypto exchange service, on an exchange, or in another service depends on many factors: the rate, verification, and availability of the right payment systems and coins.
As an investor you can buy a cryptocurrency for long-term investment into coins, having made a preliminary analysis, for example, AVAX vs DOT. As a trader, you can purchase virtual assets for speculative trading on the rise or fall in a coin price. If you buy crypto coins for a long period (from a year or more), the entry point is not so important and you can buy it at any time, as analysts predict the growth of the rate of popular cryptocurrencies in the future.
How to choose a cryptocurrency exchange service
Here are a few parameters that you need to pay attention to when choosing:
- Presence on the popular monitoring. Immediately cuts off all obvious scammers.
- Availability of the desired cryptocurrencies and fiat directions.
- Exchange rates. The fee of the virtual conversion facility is already included in the rate, and also the rate itself is collected from different places, for example, from this or that exchange. Therefore, on all services, the final exchange rate will differ.
- Minimum limit on the transaction. Sometimes the threshold is quite high.
- Reserves for directions of interest.
- Discount system. It is convenient for those who always use the same favorite exchange hub and want to save over time with the help of accumulative discounts.
- Affiliate program.
- The interface, which also matters. Although the essence of these kinds of platforms is similar, some sites are frankly inconvenient to use.
