Our world has been flooded with news about cryptocurrency. Paying with it no longer seems unfamiliar and unusual. Mining, Bitcoin cash, Ethereum, assets, fees, digital wallet — all of this is of interest to users. The number of cryptocurrency wallets and exchanges on the market is growing. Many mobile apps are being developed to serve customers.
The variety of ways to buy and sell cryptocurrency can be confusing for users. People are afraid of losing money because they don't know how to choose a better and more reliable exchange.
Among the most affordable options for making transactions is buying with a bank card or cash. Both of these methods represent different ways of buying: online and offline.
In our article, we'll explain the difference between the two. We'll tell you how to choose a service, and we'll present the ratings of companies for you to study clearly. We will also remind you of the basic rules of cryptocurrency transactions.
Conducting any cryptocurrency manipulation with a bank card is the most usual option.
However, Russian customers face a number of restrictions due to the global political situation and a number of other reasons:
the blocking of the Visa, MasterCard, and JCB payment systems;
sanctions imposed on some banks;
Withdrawal of funds up to USD 5,000 per month when the transaction takes place between a Russian resident and a non-resident.
A cash purchase is cost-effective only when the amount exceeds 5000 USD.
Another option is online exchangers. First, funds are transferred from card to card; then, the cryptocurrency is transferred from one cryptocurrency wallet to another. However, there can be a high fee here.
A third option is to exchange through a cryptocurrency exchange. If there is no way to get a foreign bank card that provides access to the full scope of transactions, Peer-to-Peer (P2P) exchanges can help bypass the blockchain.
Electronic payment systems (EPS) such as Payeer, PayPal, WebMoney, Advanced Cash, and others. The last two operate in Russia and provide an opportunity to buy and sell cryptocurrency.
Exchange through a courier - do not be guided by the exchange rate, as it may change by the time he arrives, and a fee will have to be paid.
You can exchange cryptocurrency through an office. All you need to do is to find exchange offices in the city.
Crypto machines are all set up in the same way as normal ATMs, so there should be no difficulty in using them.
A final option is to use money transfer systems such as Zolotaya Korona, Western Union, Unistream, or Contact.
The service should be chosen based on the user's goals: whether the priority is speed and simplicity or security and reliability.
The most important criteria for a reliable service are:
Duration of operation of the company - it is better to turn to a long-established (from one year) and proven service;
Reputation - platforms mentioned by traders are much better than those that do not even have reviews, which should alert you;
Availability of reserves - a good exchange service should have a small reserve, like large exchanges.
Trading commissions and other fees should be clearly stated. You need to make sure that they are stable.
These criteria will help you avoid losing your savings. Please do not be guided solely by the benefits of the offer, which will save you money and money.
Even users unfamiliar with digital currencies have heard of this service. It has gained popularity due to its low commissions (less than 0.1%) and high trading volumes (around 76 billion USD). It has 1.4 million transactions per second and 90 million users.
Some of the benefits available to customers of the Binance exchange:
Access to the SAFU safe-asset fund, in which some of the assets are safeguarded;
Advanced access controls, such as limiting the addresses and devices to which the account is accessible;
Wallet protection - only the user has access to personal information;
Binance is not the only cryptocurrency exchange. There are others (like Ethereum) and other smaller ones. The list below is compiled by CoinMarketCap.
Taking into account traffic, liquidity, fiat currency availability, weekly visits, and trading volume, the following platforms were ranked:
Wellcoinex is a cryptocurrency acceptance service. Pros: seamless payment acceptance, high level of security, no additional commissions from servicing banks. Users get a multi-currency wallet and the possibility of exchanging cryptocurrencies (Ethereum, bitcoin, iota) for euros.
24PAYBANK - Estonian project has high speed of exchange (5-10 minutes), a Telegram channel, and the possibility of work both in mobile application and on the computer (user-friendly interface everywhere). There is a system of accumulative discounts (from 0.05%) and a two-level affiliate program (0.2-0.6% of user turnover).
365Cash - Advantages of the exchanger: optional registration on the website, high speed of exchange (up to 9 minutes) and security level, possibility to increase the reserve of used currencies, affiliate program (receiving 25% of the profit of the service) and loyalty program (discounts up to 0.2%).
60cek - partner of Perfect Money, Payeer, and others. Exchange speed - up to 15 minutes. Beneficial quotes, Telegram bot, cumulative discounts from 0.05% to 2%.
AlfaCashier - platform is available in 150 countries. There are 24 e-currencies, no hidden fees, and API support. Affiliate program (receiving up to 20% of exchange amounts) and discount program (10% discount on commissions).
JPMarket - the Russian platform with a wide spectrum of currencies and payment systems. The detailed interface is developed. The cashback system allows you to get back up to 0.5%; it is also possible to earn up to 1% of your exchanges.
Netex24 is a Russian exchanger; the daily turnover is 690000 USD. Processing takes up to 30 minutes; registration is not required, and a reserve of 1.3 million USD. Affiliate (up to 25% of the platform's profits) and referral (up to 30% of your own sums) exchange programs.
Papa-Change - large selection of currencies, competent support service, emphasis on bank cards for transactions. The affiliate program allows for a passive income of up to 50% of the platform's profits.
Transfer24. Advantages of the site: round-the-clock exchange, automatic/manual mode of exchange, and the speed of processing requests of up to 30 minutes. Affiliate program (profit up to 0.5% of referral exchange), accumulative discounts from 0.05% to 0.12%.
XChange is an exchanger which takes about 15 minutes to execute your request. There is a Russian version of the site, the Telegram bot. Wallets and withdrawn funds are deposited and credited to cards and accounts of the International Payment System. Bonus and two-tier affiliate programs are available.
WW-Pay is an Italian representative of a network that works not only with cryptocurrencies but also with banking bonuses. Advantages: possibility to set up an automatic exchange, a large reserve of cryptocurrencies, and support of popular payment systems. Cumulative discounts of up to 0.02%, passive earnings of up to 0.7% of the exchange amount.
A commission-free crypto-exchange is a non-existent reality, as the commission is the only source of income for the site. Some of them offer a fixed fee (although even it may vary), but in most cases, it is based on the transaction amount.
Of the services listed in the previous section, 24PayBank, 365Cash, WW-Pay, XChange, and 60cek have the lowest commission. Rates range from 0.1 to 2.5%.
There are monitoring applications to check the security of exchanges. Given the main aspects of cryptocurrency exchanges, monitoring takes place around the clock. On each monitoring site, it is important to examine the stop list, recommendations, and blacklist.
The best quality monitoring apps for exchanges:
BestChange is a platform where all data is updated every 5 seconds. Its reliability is noted by many trading experts;
OKChanger - an application that has a function to sort exchangers by reviews, reserves, rates, and operating mode;
Kurs.expert. It provides all the necessary data about the exchanger.
Many cryptocurrency transactions and exchanges fall under the control of government payment analysis (finmonitoring). It is important to pay attention to the related restrictions, violation of which can lead to a blocking of the wallet.
Here are some important points to consider:
Transactions with a transfer amount of USD 7,500, RUB 3 million (real estate transactions) fall under finmonitoring;
The use of exchangers and Peer-to-Peer sites for transactions will be treated as transactions between individuals, as the monitoring is done by robots;
Spikes in activity will attract the attention of banks, so it is worth being proactive at all times;
Twenty-four hours, seven days, or a month's worth of data is verified. There are no limits on transaction amounts for cryptocurrency holders.
At first glance, working with cryptocurrencies may seem very complicated. But in fact, by taking a little time to learn, the average user can master the skill of buying, selling, and exchanging. The most important thing is to find reliable platforms and mobile applications. The safety of your funds is paramount. Take care of your wallets: before making a transaction, check the service once again and seek expert opinions.