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What are cryptocurrency exchanges and why are they better than exchangers?
Naturally, over the vast sea of crypto-currencies, many services have arisen aimed at working with these currencies. Basically, these services are either exchangers or exchanges . There are already many hundreds of those and others on the market, and it’s still not clear how one differs from the other.
In fact, for example, you can exchange bitcoins for Qiwi both in the exchanger and on the exchange (sometimes even at the same rate). Yes, and the reverse operation will also be available both there and there. What is the difference? Why do we need exchanges if there are a lot of exchangers? Moreover, there are services for monitoring the best exchange rates :
- CourseExpert
- bestchange
What is the point of stock exchanges? In short, a profitable exchange is an exchange, and an operational exchange is an exchanger . If you want to save money and you have time to figure it out, and also have the opportunity to wait until a profitable offer arrives, an exchange is better for you. There is no time – look for the best exchanger at the rate ( here and here ).
Now to the point. The exchange simply provides a platform for transactions in many areas of exchange (for which ones it depends on the exchange you have chosen). The exchanges themselves take place between the participants of the exchange, and the exchange 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 conducted through it.
You, as a member of the exchange , will be free to either accept one of the existing applications (orders) in the direction of exchange you need, or create your own application (on the conditions you need) and wait until someone wants to make a deal with you on it. The first option allows you to make a deal quickly, but the second option, instead of wasting time waiting, gives you a chance to exchange at a more favorable rate for you. That’s all, and the rest is the details, which may vary on different exchanges.
How is the exchange going? Here you already interact directly with the service itself (and not with other people, as on the exchange). The exchange rate is set rigidly and within the framework of one exchanger it will be possible to change it for the better for you only by persuading the administration to meet you halfway. Although you are free to simply choose another exchanger with a more favorable rate for you, you just don’t need to forget to check it through the monitoring services mentioned just above (I repeat – here and here ).
The owners of exchangers earn on the commission that is withheld from you during the operation, and your benefit often depends on its size. As a rule, the rate of buying bitcoins in exchangers is quite attractive, but the rates of its sale or the rates of other cryptocurrencies may no longer be as optimal as on the best exchanges presented below.
So draw conclusions from your own experience. It is also worth considering that in some exchangers there is a cumulative discount “for volumes”, for example, in these:
- 60sec
- Ychanger
- 24PayBank
- BaksMan
- ProstoCash
In addition, sometimes the dynamics of the natural change in the exchange rate of bitcoin, litecoin, ethereum and other cryptocurrencies is so rapid that, waiting for an exchange on the exchange at the best rate, you can miss the moment when you could buy the same amount of crypto in any exchanger, but much cheaper.
This property of the cryptocurrency is high volatility, that is, the instability of the exchange rate, which should also be taken into account. But this is what attracts people here, because where else can you get 5000% income in a year? However, the high riskiness of investments is also an integral feature of making money on bitcoins (and others like them), because, in fact, it all looks like a long-term HYIP project , i.e. a bubble that will burst someday (and at least if it just deflates a little).
It is also worth emphasizing that money can be entered into the exchange in advance (by the agreed methods, which, by the way, can become a decisive factor when choosing an exchange for work). Therefore, exchanges here can be carried out instantly (until the course has jumped). Many exchangers cannot provide instantaneous. It turns out that on most exchanges you have a kind of virtual wallet (such as Poison or Qiwi), which adds efficiency to the work, which is especially important for successful speculation.
As for reliability . Exchanges are inherently a more serious service, which, in theory, should be more reliable than an exchanger (they act in different weight categories). In principle, this is true, but even top exchanges sometimes close anyway (like, for example, BTC-e, Bter and BTCChina). Yes, and there are also enough projects aimed at deception, although there are not as many of them as among exchangers.
Below I will give a list of 10 cryptocurrency exchanges , which, in my opinion, are best suited for Runet residents to work in them . The exchange is still a very thin and sensitive tool, so it is better to work in it with the support of your native language so that there are no problems with communications.
There are also a number of other nuances that I took into account. For example, the popular Poloniex exchange imposed sanctions on Russians and blocked the withdrawal of money for them. Do you need it? I don’t, so we don’t pay attention to it in this review (we have it under retaliatory sanctions). There is also a problem with Chinese exchanges – some of them may close in the near future by decision of the authorities.
Again, the list of cryptocurrency exchanges below is not the ultimate truth and I will be glad to listen to your comments, making changes to this list (especially since over time this will still have to be done). Well, okay, less words – more action.
#1 Crypto Exchange – Binance
Binance – appeared only in 2017, but has already managed to gain high popularity among traders (it immediately entered the top of the best). Initially, it was created by professionals to meet the modern requirements of the market. It is located in Hong Kong and is subject to its laws.
Binance (binance) differs from its competitors primarily in the speed of work (quickly conducting a large number of simultaneous transactions). It also has a fairly low commission compared to competitors – 0.1%. And at the same time, high security standards are observed, without which it is now impossible to succeed in the cryptocurrency market.
You can also work with the exchange from your phone, which increases convenience and efficiency. There is support for the Russian language in the interface (possibly in technical support, but I have not yet had a chance to check this). In general, all this is not so surprising, because earlier the owners were developing software for such exchanges and now they decided to roll out their own product.
Here you can trade a very large number of coins, including BTC, ETH, LTC and BNB. The latter is its own tokens (something like a cryptocurrency for internal use issued through ICO ) called Binance Coin , which are only circulated on this exchange and are designed for the convenience of transactions (if you pay a commission with them, you will receive a decent discount – pay 0.05% instead of 0.1%).
Binance stimulates trading not only with a user-friendly interface, but also with constant contests with the distribution of coins to active exchange participants. Basically, such contests are held to intensify trading on new points. By the way, it is decided which new trading pair to add based on the results of voting by the participants, which is buzzing.
Exchange №2 – EXMO
EXMO is probably the most adapted exchange for the Russian-speaking user (completely Russified from the interface to technical support). In addition, there are a lot of options for depositing money (fiat, i.e. rubles, dollars, euros) including such popular payment systems in Runet as Qiwi, as well as the equally popular Skrill , Perfect Money , Payeer and AdvaKesh.
For input, you can also use Bitcoin, Dogecoin, Litecoin, Dash, Ethereum and EX-CODE cryptocurrencies ( EXMO exchange codes , which are something like an encrypted paycheck).
The options for withdrawing money from the exchange are also quite diverse, and, in addition to the Qiwi and Poison payment systems mentioned above, WebMoney, Visa / Mastercard card accounts and your phone balance with MTC, Beeline and Megafon will be added. Something is sure to suit you. For input / output from some directions (bank account or card, Skrill), verification (identity confirmation) may be required.
Commissions for input and output can be viewed on the page at the link provided. The total commission per trade is 0.2% , which is the market average. If the volumes with which you will work on the exchange are significant, then a part (from 10 to 60 percent) of the commission will be returned to you according to the Cashback principle .
For inexperienced users and those who only need to quickly exchange cryptocurrency, there is an “Exchange” mode (from the top menu), where, in fact, the simplest exchanger is implemented (however, funds are taken from your account on this exchange), about which I already discussed in detail in the article of the same name on this blog. A favorable exchange rate in EXMO is up to you (you can compare with some other popular exchangers).https://www.youtube.com/embed/Mupjq55ebR0
Before starting work, I strongly advise you to read the FAQ materials . Well, you can also watch the video above to make a “quick start”.
BitMEX is #3 cryptocurrency exchange
BitMEX is a Hong Kong officially registered cryptocurrency exchange designed for an active game (earnings on speculation, or rather, futures for an increase or decrease in the rate of bitcoin and a dozen other popular altcoins). Now this is perhaps the only tool on which you can make money both on the growth and on the fall of the cryptocurrency exchange rate .
When registering using the link above, you will receive a 10% discount on the commission charged by the exchange for transactions:
Who knows what margin trading and leverage are (here, by the way, it has a ceiling of x100) – you definitely need to come here. There is support for the Russian language. And whoever doesn’t know, I advise you to watch this video (the essence and surroundings of the process are conveyed very intelligibly and “in a simple way”):https://www.youtube.com/embed/CHSGmWoLZUg
The exchange works with such popular cryptocurrencies as Bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Ripple, Augur, Litecoin, Factom and Dash. A very interesting product that has recently received Russian-language support.
I advise you to try BitMEX for sure. Read and watch more about making money on BitMex (there you will find a number of useful videos with life hacks) in the article provided by the link.
No. 4 – LocalBitcoins cryptocurrency exchange
LocalBitcoins is another exchange localized for a Russian-speaking user. If Russian is not enabled by default, then this can be done by scrolling the page to the end and finding the desired item in the menu at the bottom right. Well, figure it out.
The principle of its operation differs significantly from that discussed above. Here, money, in fact, is not entered or withdrawn into the exchange, but a direct exchange with a counterparty (the same user as you) is carried out. And it’s all done by hand. You choose the application that suits you, carefully read the proposed terms of the transaction, make the payment using the specified details and wait for the counterparty to pay back.
Why then use this exchange if everything takes so long? Well, its advantage follows from the name Localbitcoins, which means the exchange of bitcoins for the currency or electronic money that is used in your country and which is more convenient for you personally. Want to get Qiwi in exchange for your BTC? No problem. You can also get Poisons, and, conversely, exchange your Yandex money for bitcoins. For each such local destination, you will find many offers.
You will only have to choose the most profitable and reliable. The latter can be assessed by the number of transactions made by the counterparty (the first number in brackets after the nickname) and the percentage of successfully completed transactions (the second figure is ideally 100%).
This bitcoin exchange, in fact, implements the p2p principle, i.e. direct exchange between people (traders).
The exchange acts as a guarantor of the transaction (for this, 1% of the transaction amount is taken from the person who created the ad), i.e. provides protection against fraud. This is done by depositing bitcoins in the seller’s account, creating a guarantee for the buyer in case the seller is dishonest. Once the buyer pays for the bitcoins, the funds will go to him, even if the seller runs away.
True, the guarantees no longer apply to the so-called “local transactions” in LocalBitcoins (this is when you physically meet with the seller or buyer who lives with you in the same city and settle in cash).
Read the details in a separate article on Local Bitcoin , which is given at the link. In general, this is a very interesting project, popular all over the world and having a very large turnover.
BitexBook
Bybit
Bybit is a modern exchange specializing in operations with cryptocurrency derivatives. Provides high-speed transaction processing with a 99% uptime rate.
*Clicking on an image will open it full size in a new window
Platform features:
- Bybit was founded in 2018.
- Registered in Singapore.
- The main trading instrument is futures (perpetual) contracts based on cryptocurrencies.
- Supported trading directions are BTC/USD, ETH/USD, XRP/USD, EOS/USD.
- Margin trading conditions – maximum leverage is 100:1 for BTC/USD, 50:1 for ETH/USD, XRP/USD, EOS/USD.
- Available interface languages are English, Russian, Chinese, Japanese and Korean.
*Clicking on an image will open it full size in a new window - Commissions charged – 0.075% is charged from the taker.
*Clicking on an image will open it full size in a new windowThe maker is returned 0.025% from the body of the spread . - Supported order types:
- Limit | Market | Conditional
- Stop Entry | Stop Loss | Take Profit – when opening market and limit orders, a pop-up window will allow you to set a Stop Loss | Take Profit immediately, as well as when changing already open orders.
Benefits of Bybit:
- Quick registration.
- It ranks second in terms of trading volumes – with high market volatility, the capitalization of the exchange can reach $4.5 billion.
- It is popular – more than 100 K traders are registered on the site.
- Withstands high loads – the Bybit system is capable of processing more than 100 thousand transactions under a single contract.
- Provides uninterrupted trading – thanks to the introduction of system updates without downtime (grey release updates).
- 24/7 customer support – can be contacted via live chat or email.
- Transparent activity – the exchange has implemented an innovative system to counteract market manipulations (Dual Price Mechanism).
- It motivates correctly – Bybit gives all new users up to $60 bonuses for trading on the cryptocurrency derivatives exchange.
*Clicking on an image will open it full size in a new window
*Clicking on an image will open it full size in a new window - Generous affiliate and referral program – under 30% and 10%.
Bybit advantages in functionality:
- Integration of the exchange system with TradingView and Tiger Trade and 3Commas.
- Internal cryptocurrency exchange.
- Internal USDT wallet with hedging support.
- Trading mobile application – for devices running iOS and Android.
- Customer funds are stored in offline wallets.
KuCoin
KuCoin is a very young Hong Kong bitcoin exchange with an excellent interface, even slightly translated into Russian.
Now it is rapidly gaining momentum (the daily trading volume is already measured in hundreds of millions of dollars) and this is not surprising, because the development team here is very serious and authoritative.https://www.youtube.com/embed/IOmN9YLF4B4
You can trade on KuCoin ETH, LTC, NEO/GAS, OMG, QTUM, PAY, CVC, EOS, SNT, KNC, BTM, BHC and a number of other cryptocurrencies, the list of which is constantly updated. The transaction fee is minimal, but it can be halved further if paid with their own tokens ( what is it ?) called Kucoin Shares (KCS). Deposit/withdrawal is very fast. Order execution is instant.
Holders of NEO crypto money will be pleased to know that GAS tokens are awarded in KuCoin for holding them at the end of the month. In general, the impressions of this exchange are very positive and its success is quite natural. I also want to draw your attention to the fact that their Kucoin Shares tokens (local currency) in themselves can be a good investment, because they grow in price by leaps and bounds.
whitebit
The WhiteBIT exchange provides a high level of security for user data and their funds. At the same time, it provides a large number of tools for trading and exchanging cryptocurrencies.
*Clicking on an image will open it full size in a new window
Platform features:
- The official site is whitebit.com .
- Date of foundation – 2018
- Has a European license to conduct financial and exchange activities.
- More than 300 thousand users from 190 countries are registered on the platform.
- The WhiteBIT interface has been translated into six languages - Russian, English, Estonian and others.
- Allows you to trade more than 350 currency pairs, including those with the participation of major fiats (rubles, dollars, euros and hryvnias).
- Account replenishment using cryptocurrencies and fiats (through a bank card, WebMoney, Qiwi, Yandex.Money, AdvCash, Perfect Money wallets).
- Supports margin and spot trading.
- Cryptocurrency exchange commission policy:
- Trading commission – 0.1% of the transaction.
- For the use of margin funds – 0.098%.
- Cryptocurrency replenishment is free, withdrawal is 0.0004 BTC and 0.005 ETH.
- Deposit and withdrawal of fiats – from 2 to 4.5%.
*Clicking on an image will open it full size in a new window
Other advantages of the WhiteBIT cryptocurrency exchange:
- Provides a high level of security – most of the funds of platform users are stored in cold wallets. To detect and repel hacker attacks, WhiteBIT uses Web Application Firewall, and to protect against phishing – two-factor authentication and anti-phishing code.
- The presence of a decentralized platform (DEX) – the exchange is run by users who own 87% of its tokens.
- 24/7 multilingual support service .
- The ability to quickly convert funds through an internal exchanger – while the exchange is made at the weighted average rate that is currently set in WhiteBIT.
- The trading terminal of the exchange supports several types of orders – market, limit, stop-limit, stop-market and conditional.
*Clicking on an image will open it full size in a new window - Provides a large set of technical indicators – about a hundred.
- Demo trading with demo tokens .
- Built-in platform for over-the-counter (P2P) trading .
- The possibility of obtaining additional income – with the help of smart staking (deposit of funds at a certain percentage).
*Clicking on an image will open it full size in a new windowAnd also by participating in the WhiteBIT referral program. According to its terms, the partner receives up to 40% of the commission charged by the exchange from the users attracted by it. - Motivates – holds generous contests among its traders.
All these characteristics distinguish WhiteBIT from most other cryptocurrency exchanges.
Good luck to you! See you soon on the pages of the blog KtoNaNovenkogo.ru
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