Bitcoin exchangers follow the same principle as the banks do. First, you need to deposit money on your balance (different options are present) and then to trade with other people that take part in the exchange. As distinct from over-the-counter trades, you don’t risk losing your money because exchanger won’t close the deal until all users fulfill their parts.
As a rule, to exchange your bitcoins, you have to find a resource and place an order. Depending on what operation you are up to do, you may change “sell” or “buy” option. Orders that aim to buy coins for dollars or any other currency are also called “bids”. Orders that aim to sell are also called “asks” and their aim is to receive coins for the lowest price. In case the buying price is higher than the selling price, the deal can be removed from the “order board”.
Bitfnex is a place where you can buy and sell different types of cryptocurrency including bitcoins, darkcoins, and litecoins. This resource is still developing and looking for some new features and functions to be added in the nearest future.
Bitifnex is concerned about security issues more than all the other similar platforms. Its owners store about 99% of all assets in a cold storage and 1% in the wallets. A database backup is made every day and the server is regularly tested for security.
Cex is one of the oldest exchange platforms available. This platform allows you to use your credit/debit card to buy coins. However, it works a little bit different than all the others platforms since it applies so-called Fill-or-Kill principle to the orders.
Fill-or-Kill orders are done immediately. It means that you may buy or sell a certain amount of coins for a certain price immediately and you don’t have to wait until a person who agrees with your offer comes.
Buying and selling coins at Yobit is very simple: just select currency and put a “buy” or “sell” option on it. This website allows you to get and give away different types of cryptocurrency. The safety of your deals on this platform strongly depends on a person you are communicating with. Be as attentive to potential partners as possible.
Exmo is a popular platform with about 1,111,176 of registered users. It offers relatively low fees and quick withdrawals. While the other platforms are strongly focused on trading bitcoins, Exmo allows a lot of other cryptocurrencies for exchange. However, users need to provide their personal data like an ID scan to start trading on this website.
CoinMama mostly specializes on selling bitcoins for credit cards. It is a resource available in almost all corners of the world. This is a trusted and very old website widely used by thousands of users for years. CoinMama is a safe place to change your money for cryptocurrency, however, get ready to pay more: fees here are higher than on the other websites.
Changelly is a place to change bitcoins and altcoins. It is easy to shift between currencies without a necessity to deposit coins to the exchange. This website also allows to buy coins for credit cards, however the rates for this procedure are really high. You can make a trade of any size at this website fast and without a necessity to give away too much personal information. For instance, unlike some of the previous websites, Changelly doesn’t require your ID copy.
In addition to these top resources, there are many other sites to choose from. Make sure to use a trusted platform to exclude any risks.