While cryptocurrencies are rapidly taking over the world and dethroning fiat as the primary payment method, exchanging crypto is one of the main obstacles inhibiting the mass adoption of electronic money.
The majority of ordinary people simply do not know how and where they can exchange cryptocurrency, mistakenly believing that the only way to get some tokens is through mining or buying from other people.
Today, you no longer need to exhaust your computer resources or trade with flaky persons to rustle up some virtual coins – cryptocurrency exchanges have come into play to let you trade crypto quickly and securely.
A crypto exchange is an online service or platform where clients can trade their tokens for other resources, say, for other tokens or national fiat. Such a platform allows you to trade one crypto asset for another, purchase and sell coins, and convert fiat money to the digital one. It is pretty similar to a regular stock exchange, yet with the only difference: you do not speculate with commodities or Forex pairs, but with crypto assets.
Perhaps, we all have been there: visiting a crypto exchange and immediately leaving it due to its baffling interface, difficult navigation, and overwhelming information so that you feel completely embarrassed and stupid. But things are much easier than you may think. In this article, we will teach you how to exchange cryptocurrency.
A step-by-step guide on how to start a crypto exchange
Step 1: Select a platform
Your journey to the world of cryptocurrency begins with choosing the right provider. Given the fact that there are over 250 cryptocurrency exchanges in the world, making a decision can be quite hard and time-eating. To facilitate your choice, we recommend you Crypterium, a one-stop online cryptocurrency banking system, offering all the tools you need to trade, spend, store, cashout, and use your crypto funds, both in the digital space and in the real world. The best crypto exchange, Crypterium is, surely, available on iOs and Android to let you manage your crypto assets while on the go, and also it has a full web version.
Step 2: Complete a registration process
In case of Crypterium, you will only need to provide your valid phone number and invent a secure password to create an account and start trading tokens.
Step 3: Sign in to your account
You can exploit both the browser version of Crypterium or download the app on your Android or Apple mobile device. After launching the app and logging in to your account (by entering your phone number and a password), you can trade all the currencies supported by Crypterium.
Step 4: Find the “Exchange” feature
“Find” sounds a bit dramatic because the “Exchange” button is placed on the main dashboard, clearly visible, and it will take you mere seconds to figure out the navigation and features. Crypterium is made with your convenience in mind.
Step 5: Select cryptocurrencies
Once you have found yourself in the “Exchange” section, you need to choose the crypto you want to barter. You can pick any of the cryptocurrencies currently available in the Crypterium app. For instance, you want to exchange ETH. Then, you need to specify the currency you would like to receive in turn. For example, BTC.
Step 6: Determine the amount
At this stage, you need to indicate the number of tokens you would like to sell or receive. The system will display the minimum and maximum limits for the transaction, as well as the rate at which your transaction will be executed.
With Crypterium app, you are guaranteed to receive the best rates at the market. This is made possible because the app is integrated with the world’s most popular and trusted crypto exchanges, including Binance, Kraken, Kucoin, to name a few. The price comparison feature is powered by Crypterium SX, a bid-offer matching engine that uses Artificial Intelligence to monitor all available rates at the market and show you the best offers exactly for your transaction.
If you are sure about the amount you will give and receive, you can confirm the order by hitting the “Exchange” button. The operation is processed immediately, and your just-received tokens instantly appear in your Crypterium wallet. Quickly, reliably, and without any fuss.
How to exchange cryptocurrency for USD
When it comes to exchanging cryptocurrency for USD or any other national money, the algorithm of your actions will be pretty the same as the mentioned above, with the only difference that the trading pair will not be made of two virtual currencies, but the fiat and digital ones. So, if you want to convert your coins to USD, or vice versa, you should do the following:
- Find a crypto platform that supports fiat-to-crypto trading.
- Get authorized with the platform and log in to your account. Before allowing you to trade crypto for fiat, certain systems will require you to complete Know Your Customer verification by providing your ID documents, photos, and other information.
- Go to the “Exchange” section (sometimes called “Markets”).
- In the provided form, you need to enter the number of tokens you want to convert to USD (or any other fiat that is available on the platform), or the quantity of UDS you want to trade for tokens.
- The app will demonstrate to you the rate at which the transaction will be executed. In case of Crypterium, you will be shown rates from the leading crypto exchanges, so you can pick the best offer.
- Review the provided information, and if everything looks OK, confirm the conversion.
- Your just-bought USD will land in your walletbalance.
Please note that many platforms may charge you a commission for virtual currency conversions.
You need to top up your exchange’s wallet with tokens or link it with your bank card before you can start trading crypto for another crypto or fiat. Crypterium multi-currency wallet supports dozens of cryptocurrencies allowing you to store versatile coins in one place and access them whenever you want. All operations are executed through the holdings in your wallet, and if there are not enough tokens in your wallet to complete a transaction, the system will prompt you to first fuel your balance.
Exchanging crypto is made quick and simple thanks to such solutions as Crypterium. You are saved from the headache to undergo a complex identity verification process – the registration with the system is done just through your valid phone number. And you always have peace of mind that your trade will be done at the best rate thanks to Artificial Intelligence deployed by Crypterium app that tracks bids and offers from the world’s biggest exchanges to let you pick the best deal and avoid overpaying.