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How to choose a cryptocurrency exchange?

by John Milton
How to choose a cryptocurrency exchange

In this article we will discuss where it is better to buy or sell cryptocurrency and how these services work.

Cryptocurrency exchangers and exchanges – what’s the difference?

If you are new to acquiring cryptocurrency, be careful when choosing a platform. There are two kinds of services: exchanges and exchangers. The exchange is a platform where different sellers and buyers place their offers. The course is constantly diverse relying on the present condition of the market. The exchange is ideal for traders who earn on rate fluctuations. There is usually a more increased charge, but the rate is fixed. The operation does not take much time. In fact, through the exchanger, you can receive cryptocurrency to your account within a few minutes. On the exchange, the process can take several days.

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Some exchanges allow you to withdraw money to the card after the sale of the etc to btc, but the commissions for such operations will be high. The reason is that exchanges use third-party services to withdraw funds, which charge their fee.

Thus, exchanges usually do not hold large amounts, limiting themselves to a sufficient number of coins for trading. The advantages of exchanges include a wide selection of cryptocurrencies: you will only find rare altcoins. At the same time, the exchange rate is based on fluctuations in supply and demand. Therefore it changes regularly.

The site’s owners set the rate of exchangers, which is fixed and, as a rule, more profitable than the exchange rate. However, the commission of exchangers is usually higher. This is offset by various payment methods (cards, e-wallets, online banks, and so on) and a simple, understandable interface. It can be difficult for a beginner to deal with a cryptocurrency exchange.

How does a cryptocurrency exchanger work?

Exchangers permit you to trade popular coins. The sales scheme will look like this:

  • Select the cryptocurrency you are going to sell.
  • Specify the method of withdrawing money after the sale.
  • Fill out an application for an exchange.
  • Pay for the application for the wallet, the number of which will be sent by the exchanger, and confirm the payment.
  • Wait for the transfer of funds in the way you specified.

This usually happens within 15-30 minutes. If the money did not come, it makes sense to contact the exchanger’s support.

The scheme for buying cryptocurrency is similar:

  • The exchanger’s website indicates your contact details and wallet number for receiving cryptocurrency. Some exchangers require you to go through a simple registration and sometimes verify your account.
  • After entering the data, you will receive data for transferring funds.

Pay for the application and confirm the payment through the chat of the exchanger or by clicking the appropriate button.

After that, the funds should arrive in your wallet within 15 minutes. Sometimes this happens after a few hours. Payment systems may classify such transactions as suspicious or delay them for other reasons. The interface of some exchangers allows you to track the status of the application, find out when the operation is approved, and the funds are sent to your account.

If something goes wrong in doge to btc swap and you do not receive the funds, check if the amount for the application payment has left your account. After that, contact technical support. 

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