Buying and selling Bitcoin is not a very easy task and very often comes with a lot of pitfalls. The crypto market itself is still quite young and government regulators with banks in many countries are very distrustful of digital money, hindering their circulation in every possible way. So using any exchanger found in a search engine will not be a good idea – it is very easy to run into scammers.
If you ask any trader to tell you the story of their first purchase or sale of bitcoin, they will most likely tell you how in the beginning they spent a lot of money and time working with inconvenient, buggy and downright expensive exchangers.
What to look for first
Of course, on the exchange’s history and user experience. You can find reviews about almost any site on the net and on independent forums. If there is no feedback, there is no exchanger.
Any reviews should also be carefully studied. They should appear throughout the declared existence of the exchanger and should be written by more or less verified users. If you see dozens of topics from newly registered users and all this happened in one week, then this should at least alert you.
It is worth noting here that completely positive reviews are the same alarming sign as all negative ones. This may indicate that the exchanger was recently opened and has no history. Of course, if the site was opened by some well-known company, then there is nothing to worry about, but if you cannot find any traces on the Internet, then it is better not to use this crypto exchanger for now.
This is by far the most important factor when choosing a crypto exchange to convert btc to eth or any other currency. Fraudsters and simply unscrupulous comrades constantly come up with new tricks to lure you to their sites and get your money out.
If you are looking for an exchanger through a search engine, which I do not immediately recommend doing, then pay attention to the issue. First, scammers often buy domains that are very similar to the addresses of long-standing services. The difference can be one letter. And such fake sites can come first only because they are placed on advertising space. If the domain is in the blacklist topics, then it is probably a false exchanger.
Selling rate and liquidity
The more cryptocurrency is exchanged in the exchanger, the more liquid a particular site is. This means that you can always sell or buy the amount of digital money you need.
Remembering security, it should be said that no exchanger will perform operations at a loss. Even very famous services can be hacked by hackers and you should be alerted, for example, if the selling rate is less than the buying rate, or if the rate is much more profitable than the market average. These are all indicators that should stop you from transactions on the exchanger.
What is the result
As you understand, a high-quality and reliable btc crypto exchanger should:
· have a history;
· collect reviews and have a “loop” on the Internet for the entire time of its existence;
· accumulate sufficient reserves of cryptocurrencies and funds;
· exchange with a competitive rate;
· take care of the safety of your funds.
Carefully evaluate the selected sites, follow the news about them in the media and on the forums, and you will never lose your money.