The cryptocurrency market is significantly different from other foreign exchange markets, because it is unofficial. Cryptocurrency at this is not backed by anything and no one stands behind it (neither the state, nor other structures). However, this does not prevent millions of people from making good money on bitcoins, Litecoins, Ethereum and other crypto-money.
Cryptocurrency exchanges are one of the most powerful earning tools. Yes, they are also unofficial, but the money flows passing through them are amazing.
The exchanges are used to buy, sell and exchange bitcoins for other types of virtual currencies or ordinary (fiat) money. Here, however, everything is somewhat more complicated than in exchangers, but with a certain skill, you can sometimes save money when exchanging or make money on speculation.
What are Cryptocurrency Exchanges and How are They Better than Exchangers?
Naturally, over the vast sea of cryptocurrencies, many services have emerged aimed at working with these currencies. Basically, these services are either exchangers or exchanges. There are already many hundreds of those with many others are available which makes it very hard to choose one of them instead of other.
In fact, for example, you can exchange Ethereum for Qiwi both in the exchanger and on the exchange. And the reverse operation will also be available there and there.
- What is the difference?
- What is the special thing about exchanges?
In short, a profitable exchange is an exchange, and an operational exchange is an exchanger. If you want to save money and have the time and wait for the opportunity then an exchange is better for you. No time – look for the best exchanger at the rate.
The exchange simply provides a platform for performing transactions in many exchange. The exchanges themselves take place between the participants of the exchange, and it itself is needed in order to bring people together and give a guarantee that the transaction will be fair. On this, in fact, the exchange earns, taking a fraction of a percent of all transactions carried out through it.
Here are several fast exchanges.
BitMEX Cryptocurrency Exchange
BitMEX is a Hong Kong officially registered cryptocurrency exchange designed for active play (making money on speculation, or rather, futures for the rise or fall of the bitcoin rate and a dozen other popular altcoins). Now it is, perhaps, the only tool on which you can earn both on the growth and on the fall of the cryptocurrency rate.
If you need to find the btc to eth exchange then you are on a right way. This exchange works with such popular cryptocurrencies as Bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Ripple, Augur, Litecoin, Factom and Dash.
LocalBitcoins Cryptocurrency Exchange
LocalBitcoins – The principle of its operation is significantly different from the one discussed above. Here money, in fact, is not entered or withdrawn into the exchange, but a direct exchange is carried out with counterparty. And all this is done manually. You choose the application that suits you, carefully read the proposed terms of the transaction, pay according to the specified details and wait for the reciprocal payment from the counterparty.
Why then use this exchange if it takes so long? Well, its advantage comes from the name Localbitcoins, which means exchanging bitcoins for the currency or electronic money that is used in your country and which is more convenient for you personally.