A Cryptocurrency Exchange is a service/business which allows users to trade cryptocurrencies for other assets. Such Service/business can be a brick-and-mortar business or a strictly online business. Brick-and-mortar business exchanges traditional payment methods and an online business exchanges electronically transferred money.
The Most Important Cryptocurrencies Other Than Bitcoin are as follows:
· Bitcoin Cash
Features such as online Cryptocurrency Exchange Platform provide compared to other exchanges are mentioned below:
Online cryptocurrencies exchange Companies does not have any hidden miner charges for their currency exchanges. Hence, user can view the final amount which they expect to get after the exchange. Some of other platforms do charge for trading, buying and on exchange of cryptocurrencies. Charges depend on how the platform if performing some has high charges and some has low and some has zero charges.
Some platforms skip the registration part and whereas on other platforms you need to compulsory fill the personal and other information for registration. Some of the platforms make it simpler and faster without any long registration form for their currency exchanged.
In many online platforms of cryptocurrency users doesn’t need to share their personal information. Hence, user can fill the spirit of privacy over using the platform. In case user wants to receive email notification they can contact support centre.
Users need not wait longer to complete the transaction. They can expect the exchanged currency within 7-30 min which usually depends on the chosen currency. User can also Conduct 24x7 instant currency exchanges.
How Does Cryptocurrency platforms work?
Step 1: Chose the currency
User need to select which coins they would like to exchange. They also need to provide the amount they want to exchange and the address of the destination walletwhich they would like to transfer their exchanged coins. User have an option to subscribe the notification email. Finally, they can confirm the submit the form to initiate the exchange.
Step 2: Transfer
Companies will generate unique wallet alias for your exchange. Users are requested to transfer the amount to that address.
Step 3: Receive Exchanged currency
Once money is wired transferred and transaction is confirmed, Companies do transfer the exchanged amount to the wallet which was provided in step no 2.
Cryptocurrency Exchange Platforms: The Types
Trading platforms are the traditional marketplaces where that connect potential buyers to multiple sellers. Buyers and sellers are only supposed to interact with the platforms. There are list of companies providing such trading platforms where they charge a definite fee for every transaction.
Direct trading ensures that instead of communicating using online platform, buyers and sellers can carry trading directly with each other. Such kind of trading is also referred as peer to peer trading.
Such trading doesn’t have any fixed market prices;the final price always depends on the agreement where seller confirms the genuine exchange rates.
Checklist while Opting For the Best Cryptocurrency Exchange
User must always go through the ratings or reviews posted by crypto individual before finalizing the cryptocurrency online exchange company. Based on their analysis user should select best exchange platforms in the market which has worldwide crypto users.
Dealing with online platform, user must ensure the various payment methods available on Cryptocurrency Exchange Platform.Websites must support credit card, debit card, wire transfer etc.
User must always make sure that they have maximum number of payment methods available in the chosen exchange platform.
Cryptocurrency exchange platform should be accessible from particular geographic region or country. Some countries have also banned the cryptocurrency so they might also not support cryptocurrency exchange platforms operated in their geography.
Users should be aware of verification requirements in advance. In countries like US or the UK, Cryptocurrency exchange generally demand verification namely by ID, either to buy or sell cryptocurrencies. User need to submit identify proof to assure the person is genuine.