There are literally hundreds of different platforms that allow exchange of cryptocurrencies for fiat money. Some of them are extremely reliable and have a solid reputation in the community, some are blatant scum and some are more similar to lottery than an actual exchange platform – you may or may not receive your money in the end. Of course, only the first category truly deserves the attention of crypto enthusiasts and their money. After all, all exchange platforms charge a fee for their service.
Besides pure reliability, one should keep in mind the balance between security, convenience and anonymity. For example, regulated platforms are generally more secure and reliable, however, they require passing a KYC procedure, so you can forget about privacy. As a general rule, p2p platforms offer a decent balance, but there are other sites also well worth considering.
As you can see, there are quite a lot of factors to consider, so we’ve prepared a list of exchange platforms that you can rely on (but it doesn’t mean that you shouldn’t be careful when working with them). It includes both exchanges, exchangers and p2p platforms.
Binance
Binance is the largest, most influential and the most famous crypto exchange in the world. And while it started as a mere cryptocurrency spot exchange, today it is a huge crypto conglomerate of services, platforms and companies that deal with “all things crypto” – from trading and lending to mining and maintaining their own custom made blockchain network. And while it may not offer the best exchange rate or the lowest fees, Binance is one of the most secure platforms out there.
However, KYC is mandatory if you want to exchange crypto for fiat here, so the platform is not anonymous.
LocalBitcoins
LocalBitcoins is the oldest major peer-to-peer exchange platform on the market – it has been operating since 2012 and at the moment it is available in more than 200 countries.
LocalBitcoins enables p2p exchange between users, while the platform itself is a guarantor and an enabler. Therefore, there is no limitation on which currencies or valuables are exchanged for Bitcoin. In addition the exchange rate can be quite different from the market average. Sellers are charged 1% fee, buyers don’t pay any fee at all..
The platform provides data on participants’ exchange history and has a reputation system, so it is possible to evaluate the other party’s honesty prior to the exchange.
KYC is mandatory only for regular sellers and buyers or for large trades. Smaller trades can be completed anonymously.
LocalCoinSwap
Basically, it is a very similar platform to LocalBitcoins, but works with other cryptocurrencies, not exclusively with BTC. It uses a similar approach to KYC (no need for identity confirmation until you exceed a monthly limit on the amount) and fees. You only pay a fee if you are the one who placed an offer on the market, not if you respond to one.
Paxful
Paxful is a major competitor of LocalBitcoins. Basically, it took all the good solutions from its older counterpart (no fee for buyers, low fee for sellers (1%). reputation system and security guarantees, etc.) and tried to improve everything besides the core concept.
Paxful supports not only Bitcoin, but also most popular altcoins. In addition, it boasts major UI and UX improvements over LocalBitcoins. However, it is still easier to find a good offer on the older platform and there is a fixed fee of 0.0005 BTC for withdrawing bitcoins, so it is better for selling than for buying.
HiRiBi
HiRiBi is a unique platform that allows you to sell BTC for PayPal dollars. The thing is – PayPal doesn’t like crypto, so providing this opportunity is quite a tricky task to solve. But HiRiBi succeeded and has a great record of reliability.
Moreover, it offers the best rate for selling Bitcoin on the market. Due to its unique algorithm, HiRiBi constantly monitors the market and always gives its users the best offers available at the moment. On average, you can sell bitcoins 5-10% higher than the market average rate.
The platform also operates fast – only two Bitcoin network confirmations are required before USD will be sent to your PayPal wallet. In addition, the service is completely anonymous – you only need an email.
HiRiBi is a very specialized platform – it doesn’t support other exchange directions. However, it is bloody good in what it does.
Conclusion
Of course, there are many more reliable crypto exchange platforms on the Web, we have just the list of most reputable, most trusted and largest for you to start. Carefully examine every platform and check users’ reviews before trusting any platform with your crypto. Moreover, we would advise to start working with any platform that is new for you with small amounts, regardless of the platform’s reputation – you can never be too careful.
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