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Cryptocurrency exchange
Currently, there are quite a few options for purchasing and exchanging digital currencies. These options include cryptocurrency exchanges, various services, and, of course, P2P crypto exchanges. How does such an exchange work? You find a person or exchange service willing to sell their coins for hryvnias, agree on the terms, and complete the transaction.
You can search for such a person or service yourself, but that can be time-consuming and inconvenient. Additionally, you never know if the resource is reliable or if it could be a scam (unfortunately, there are many scammers nowadays). That's why we offer a great alternative—using Obmify services. On our site, only verified services are listed, ensuring a safe exchange, as we manually check each one. Simply select the desired pair, and we will automatically provide a list of resources that can perform the exact exchange you need. All you have to do is choose the best exchange rate from the available options. Convenient, isn't it?
There are three main methods:
- Hot Wallets: These are programs for storing cryptocurrencies that are connected to the internet. For example, mobile wallets like Trust Wallet, and wallets that can be downloaded to your computer, such as Exodus.
- Cold Wallets: These are devices for storing cryptocurrencies that are not connected to the internet, making them secure from remote hacking, thus providing safer storage. These wallets usually come in the form of USB drives or hard drives, such as Trezor or Ledger.
- Exchanges: These are online platforms that allow you to buy, sell, and store cryptocurrencies, as well as exchange them. Some of the most popular exchanges available to Ukrainian users include Binance, Kraken, and Coinbase. However, it's important to note that storing crypto on exchanges may not be the safest option, as exchanges and their systems can be vulnerable to cyberattacks, audits, etc.
A less popular option is mobile banking with cryptocurrency support, such as Revolut or Wirex. However, these options are unavailable to clients within our country, unless you live in Europe.
Depending on where you store your cryptocurrency, the following exchange options are possible:
- Exchange P2P trading, if your cryptocurrency is stored on an exchange.
- Transaction through exchange services, which you can find and compare on Obmify.
Of course, you can also find a person or resource online yourself that can sell you various cryptocurrencies for cash, but in doing so, you would need to check the safety and reliability of the service yourself, which can take a lot of time. Obmify has already done this for you. In other words, the list of crypto exchange services you see on our pages has already been manually checked for safe cryptocurrency exchange, which is our main advantage.
Additionally, Obmify offers a rating of exchange points (cryptocurrency exchanges). After making an exchange, you can leave feedback on how the transaction went with that particular exchange. Using our platform, you can withdraw cryptocurrency into foreign currency, into hryvnias, or make a bank transaction to your account or card. With us, you can buy cryptocurrency with a card, sell cryptocurrency, boost your financial status, or start a startup in the world of crypto safely and without risks.
There are many services where you can check the current rate and value of each coin online before buying or selling. For example, crypto.com, coinmarketcap.com, coindesk.com. Also, if you use cryptocurrency exchanges, you can get the current value of digital assets from their interfaces.
Among the many coins that exist today, only some of them are stablecoins, meaning they are tied to a specific fiat currency. For example, USDT, USDC, BUSD, DAI, etc. Their price is calculated based on the rate of the regular fiat US dollar. That's why they are called stablecoins, "stable" meaning steady. Stablecoins are actively used in trading when it is necessary to lock in profits.
The rest of the cryptocurrencies are quite volatile coins, meaning their rates often change rapidly. If you invest your money in such coins to make a profit, you need to always stay on top of the situation, be online, and monitor the prices. This helps you quickly decide whether to exchange, sell, or buy a particular coin.
Since we're talking about personal finance, such information is quite subjective. We believe that every trader should independently analyze the market and choose which coins to buy for their investment portfolio. The most popular coins for investment in 2024 include:
- BTC - Bitcoin
- USDT - Tether: Since it's a stablecoin, this coin is not for investment but for buying other coins.
- ETH - Ethereum
- XRP - Ripple
- LTC - Litecoin
- XMR - Monero
However, this list is constantly changing and being updated, just like cryptocurrency prices. The list of available pairs for exchange on Obmify is also changing. We wish everyone a successful and safe exchange!
The exchange time depends on several factors, including the type of cryptocurrency, the crypto exchange service, network load, and the exchange method. On average, exchanging cryptocurrency can take from a few minutes to several hours. For example, Bitcoin exchange transactions can take from 10 minutes to an hour, depending on the fee you are willing to pay. The exchange of other cryptocurrencies, such as Ethereum or Litecoin, usually takes less time, just a few minutes.
The fee for exchanging cryptocurrency can vary significantly depending on the platform and the selected cryptocurrency. Typically, fees range from 0.1% to 1% of the transaction amount. Some platforms offer discounts on fees for users who have a high trading volume or use the platform's native tokens. Additionally, the exchange fee can be influenced by other factors, such as network fees, which vary depending on network load and can be especially high during periods of increased demand for exchange.
A crypto exchange is an online platform that allows users to buy, sell, and exchange cryptocurrency.
Obmify helps users find the most favourable cryptocurrency exchange rates from verified crypto exchanges by displaying a list of the best deals in real time.