How to exchange crypto safely?

How to exchange crypto safely?

How to exchange crypto safely

Cryptocurrencies are gaining popularity due to their high profitability and ease of use. In view of this, it becomes necessary to exchange them for the usual rubles, dollars or hryvnia. To do this, you can go to an automatic crypto exchanger so that the procedure is carried out as quickly as possible, or you can use offers for manual exchange. Let’s consider how these options differ and how you can use cryptocurrency in the modern world.

How is automatic exchange produced

The exchange procedure can only use software that independently tracks transactions. This type of exchange is called automatic, since it does not involve a live operator. To make a deal like exchange usd to doge, you just need to follow these steps:

Pass authorization and verification in a trusted cryptocurrency exchange service.

  • Choose the desired direction. This can be both the transfer of funds from one cryptocurrency to another, and operations with fiat.
  • Indicate the amount given for the transaction and agree with the size of the commission.
  • Confirm the operation through an exchange or payment service.

The advantage of automatic exchange is that there is no delay in the operation. Thus, the currency arrives as quickly as the system allows.

In what cases do you need a manual exchange?

There are a number of situations in which automatic execution of a transaction is impossible. Often they are associated with the fact that the system does not allow monitoring the exchange, and it needs to be checked by a specially trained person.

Such operations should be carried out only through exchangers with a live operator. You should not respond to private offers, as they can lead to partial or complete loss of the amount due to fraud. Only trusted exchangers with a high level of reputation provide a guarantee of delivery of funds in the right form under any circumstances.

How to choose the right exchanger

Each cryptocurrency exchanger like Letsexchange has its own rating based on reviews on the network. They help to make sure that it actually works in accordance with the terms specified in the user agreement.

A large number of reviews and a long period of existence help to make sure of the honesty of the owners of the exchanger and the reliability of carrying out any transactions through it with usual banknotes or common cryptocurrencies.

Types of exchangers and their mode of operation

There are several types and types of exchangers.

By type of work:

  • Currency conversion is done manually by operators.
  • Most of the services carry out an automatic exchange of funds – it is faster, more convenient and more economical, since you do not need to pay for the work of additional employees.
  • Semi-automatic. Payments are processed automatically, but the operator monitors that the system is working properly and transactions are processed without errors.
  • Offline exchangers. The user submits an application for an exchange through the website, and the transaction is carried out at the company’s office.

By operating mode:

  • They work only during the day. This applies not only to manual, but also to some automatic exchange services.
  • Round the clock. They operate around the clock, most of them do not stop activities even on weekends and holidays. Exceptional cases are technical work on the site.

By the number of currencies:

  • They operate with a large number of cryptocurrencies. Some of them allow you to exchange digital money for fiat money.
  • Mono-currency. They exchange one currency for another – fiat, usually dent to usd or euros.