If you’ve received money not in your preferred cryptocurrency, a variety of exchange portals are at your service. As a rule, the exchange transaction is accompanied by a certain charge, usually minimal. There are two types of cryptocurrency exchanges: the first are platforms where users trade with each other; the second are resources where the exchange takes place between the user and the system.
Unless you are in a hurry, use the first type and take your time to study the exchange rates carefully. Their fluctuations can help you not only to compensate for any exchange transaction fee, but also to increase your assets by a tad. Exchanges of the second type allow you to convert one cryptocurrency into another in mere minutes. However, the exchange rate is averaged (that is, not the most favorable).
The process of exchanging cryptocurrencies on such websites is uncomplicated; often you’re not even required to complete any serious validation procedure. Just select the desired pair of cryptocurrencies, and fill in the standard form, indicating the sum you want to exchange and the minimal personal information. Always enter your real email address and telephone number, as this provides a feedback opportunity and secures you against frauds. Your next step is to transfer the indicated sum to the wallet of the exchange performing your transaction. As soon as the website receives it, you will be sent the converted sum in the desired currency. Normally, a transaction takes less than 30 minutes to complete.
Deciding which exchange to choose, consider the following aspects:
– How many cryptocurrencies are available?
– Does the portal enable you to monitor the exchange rates?
– Do the exchange rates change dynamically?
– How long does it take to buy bitcoin with credit card?
– Is there a feedback option? What about step-by-step verification with the use of SMS or email confirmation?
– How big are the exchange transaction charges?
– What are the minimum and maximum exchange amounts per transaction?