For those who have never used cryptocurrencies, the first question is: can they be exchanged? Traditional money circulation differs somewhat from the laws under which cryptocurrencies operate. If you also do not know how to exchange bitcoin for money, this article will help you understand the technical aspects.
Where can you exchange Bitcoin and other cryptocurrencies?
Exchanges help to facilitate the purchase, sale, and conversion of cryptocurrencies. There are several types of them:
- Centralized exchanges (CEX)
- Decentralized exchanges (DEX)
- Hybrid ones combine the advantages of CEX and DEX.
How to choose a cryptocurrency exchange?
If you have never used such services before, you will have to analyze several platforms to select the best one. Each will offer its advantages, such as bonuses, low commissions, and the ability to create a wallet directly on the exchanger. These are all convenient and useful options, but don’t let them distract you from the main aspects. Here are the key criteria for choosing a cryptocurrency exchange:
- Jurisdiction. Check if the platform is authorized to provide services in your region. If not, you may face difficulties withdrawing funds to a bank card.
- Interface. Exchanges offer many options for professional investors and traders. However, these features are redundant for those who are looking for a quick and convenient way to exchange cryptocurrency for regular money. Prefer sites that allow you to switch between the advanced professional version and the simplified version.
- Availability of the required currency pairs. Popular cryptocurrencies such as Bitcoin, Ethereum, or Litecoin are available on almost every platform and can easily be exchanged for real money. More exotic cryptocurrencies and tokens are only available on popular exchanges.
- Safety and reliability. Check the rules for using the site, read reviews about the selected resource, and make sure that the chosen exchange can be trusted.
Transaction fees also differ between services, so it’s essential to know what you’ll have to pay. Also, pay attention to the availability of convenient ways to contact the support service. Optimally, having a phone number, live chat, and email are the fastest ways to get help when you need it.
Once you’ve picked an exchange that meets all of the above criteria, create an account. To make a transfer, simply enter your wallet address, and password, and confirm the transaction. In this way, you can exchange any cryptocurrency or buy fiat money, and then send it to a bank card or e-wallet.