Proliferation of cryptocurrencies has some very interesting consequences. On the one hand, users’ interaction with crypto today is easier than it has ever been and there are plenty of platforms that allow you to exchange cryptocurrencies for fiat and vice versa. But on the other hand, this proliferation spawned lots of scam projects, shady platforms and just incompetently made services working with crypto. And using unreliable platforms is a great way to lose all your funds in a blink of an eye. So how can we figure out whether the crypto exchange platform in question is reliable, before actually trusting it with our money?
What to look for when choosing an exchange platform?
There are a few criteria that apply universally to crypto exchanges, exchangers and wallets:
– Legality. This is a very important, albeit optional point. Legalized and regulated platforms offer more security, but you can forget about anonymity – obligatory KYC is a feature of any regulated crypto platform. So whether to pay huge attention to legality is a matter of personal choice. If you don’t care about anonymity – better stay with regulated platforms, since the main disadvantage of such platforms is meaningless for you.
– Availability. A platform is of no use to you if it doesn’t offer its services in your region. It is not recommended to bypass such limitations, since it can be a reason for a ban and confiscation of your funds and you won’t be able to do anything about it. Moreover, while some countries block crypto platforms “just because”, some of the blocked platforms are clear scam. So if the platform you want to use is blocked – check the reason behind it carefully.
– Payment methods available. Not only the quantity of available payment methods but also their quality is important. A lot of shady services support only e-money systems like Skrill, Perfect Money or Payeer that have a reputation for use in “less-than-perfectly-legal” activities. Reliable exchange platforms usually support at least one major payment method like PayPal, credit cards, bank transfers or Advanced Cash.
– Speed of operations. Speed is not only the convenience factor, it is also a very important indicator of reliability. If the platform transfers money instantly or within 10-20 minutes – everything’s fine. If users regularly complain about significant transaction delays – there is something shady going on behind the scene.
– Reputation. You should rely only on services that have at least a six month history of full-scale operation – just to be sure that it is soundly designed. And don’t forget to check user reviews, especially on third-party sites. Of course, some of the reviews will be part of guerilla marketing campaigns (both by the service itself and by its competitors), but usually you can get a pretty good idea of the platform’s conduct. And pay special attention to how the service handles negative reviews and complaints, made in public.
– Cryptocurrency exchange rate. The rate that the platform offers is obviously very important. However, you have to keep in mind that if the rate is too good to be true – you’re being scammed. The rate 5-15% better than the market average is normal and plausible, 25% better or even more – a definite red flag. Moreover, always take into account the fees. The more popular the exchange platform is, the lower the purchase/sale rate usually is, as well as the fees, due to large turnover of such platforms. Smaller platforms may attract users by more profitable rates, but charge much higher fees. So do some basic math regarding the amount you want to exchange, rate and fees before you commit to one platform or another.
– Support service. There are always some issues, accidents and questions in the operation of a large online platform. So pay attention to the support service: how quickly they respond (1-2 hours is a good standard), how helpful they are and how they communicate with customers.
Example of a good exchange platform
Okay, that was the theory. But how does a good, reliable crypto exchange platform look in reality? Let’s take a look at HiRiBi – a platform that checks all the boxes mentioned above (except regulation, since it provides anonymous services).
HiRiBi is a specialized platform that allows you to sell Bitcoin for PayPal. Moreover, it offers a very favorable exchange rate (5-10% higher than the market average) due to a special algorithm selecting the best offers on a multitude of exchanges. Transactions are also extremely fast – you get your money just after 2 network confirmations of your Bitcoin transaction.
The platform works successfully since 2017 and has made quite a name for itself – the users’ reviews are overwhelmingly positive. Throw fast-responding and professional customer support service into the mix – and you’ll get a perfect example of “how a good Bitcoin platform should work”.
Granted, HiRiBi won’t cover all your crypto related needs due to its narrow focus, but if you want to sell BTC and get PayPal dollars – there is no better place on the Web.
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Jane
Magnanakaw ka magbayad ka.
Jane
Scam si HIRIBI hindi na nagbabayad
Jane
Paki check nyo naman po sana kase nga ng mabuti please po ako po napagbibintangan na scamer ei. LYuWLP4JoGBXGNX9WVoinpNAppPZoKB7YM-ito po yung address na binigay nyo sa […] Read MorePaki check nyo naman po sana kase nga ng mabuti please po ako po napagbibintangan na scamer ei. LYuWLP4JoGBXGNX9WVoinpNAppPZoKB7YM-ito po yung address na binigay nyo sa akin,jan ko po sinend yung LTC(1.0223558).na i send ko na.kaninang 5am pa po.kaya please po.paki bayaran nyo na po sana lahat-lahat.12:26pm na ngayon Read Less