How to Choose a Reliable Cryptocurrency Exchanger?

Eager to know how to exchange BTC to USD Paypal? You came to the right place because, in this review, we’ll tell you everything about cryptocurrency exchanges. We hope that this post will help you find out more about trading platforms and the ways how they work.

What Is a Cryptocurrency Exchange?

If you wish to start trading cryptocurrencies, you should go online and find reputable cryptocurrency trading platforms that will help you buy, sell or exchange them. The key objective of cryptocurrency exchanges is to help users buy or sell Bitcoins or any other cryptocurrency for traditional currencies like Euro or Dollar. However, some inexperienced users think that cryptocurrency wallets and cryptocurrency exchanges are the same. These are two absolutely different options. The main goal of a wallet is keeping your crypto safe whereas the cryptocurrency exchanger pursues another goal - it facilitates trading.

When using a cryptocurrency wallet, you are responsible for the security of your funds. If you forget the access passwords, no one will help you restore it.

If your goal is to trade professionally, you need to use the services of a cryptocurrency exchange. The majority of them ask you to verify your personal ID to open an account. However, if you wish to make an occasional trade, you can opt for platforms that don’t require an account.

What Are the Main Types of Cryptocurrency Exchanges?

Today, they mostly come in a variety of shapes to meet the requirements of modern users. Below is an overview of the most common types:

• Retail exchanges. This is the most popular type that caters to the needs of all types of users (newbies or seasoned traders). However, some of them allow their users to trade for only crypto-to-crypto or crypto to fiat currency.
• Peer-to-peer trading platforms. Their main goal is to facilitate trades between users. Those who want to buy crypto, create public listings where they inform how much they wish to buy, while others respond to these requests and offer their terms.
• Decentralized exchanges. They never handle funds; they use special networks to transfer funds between the wallets of users.
• Instant exchanges support a wide array of retail exchangers and convert funds in a matter of seconds. Simply put, they act as a nested service.
• Derivatives platforms. Their target audience is more advanced traders. They provide users with an opportunity to make highly-leveraged investments.

How to Choose a Reputable and Time-Proven Exchanger?

Trading is not always easy, especially if you are a newcomer. The first thing you need to do before you immerse yourself in trading is small research. In other words, you need to make sure that you deal with a professional and time-proven retailer. Here are a few aspects that you need to pay attention to:

• Reputation. You simply can’t start trading until you check their reputation. The best and probably the most effective way to do this is to look for online reviews. Remember, people used to share negative feedback online. So if this particular service is not reliable, its users will write about this online.
• Additional fees. Reliable cryptocurrency trading platforms add information about fees on their websites. So before you register there, you need to double-check this information. Be very attentive when learning transactions and deposit fees. Firstly, you should know that fees differ depending on the exchanger. Secondly, you should also keep in mind that some services offer hidden fees and you may learn about them only after you make a transaction.
• Verification Demands. The majority of US and UK trading platforms require ID verification. Sometimes, it takes a few days to undergo a verification process (the terms depend on a trading platform), but in this case, you can feel certain that you are protected from scammers.
• Payment Methods. Check how many payment methods they offer. If payment options are limited, it is not convenient to use this platform. If you are going to use a credit/debit card, you always need to pass a verification process.
• Exchange rate. This indicator depends on the exchanger that you are going to use. However, you should bear in mind that if the exchange rate is more than 10%, it would be better to opt for another service.

All in all, we have just provided you with the basic information on how to choose a crypto exchanger. Now, it is time to go online and choose your service! Beware of scammers!