Many cryptocurrency owners face the need to partially convert their digital assets into cash due to the inability to pay for goods and services in most countries. Since digital coins are not yet widely accepted, owners prefer to withdraw them through specialized online platforms—exchangers (website).
Online crypto exchangers operate automatically, processing incoming requests. Typically, the set rate does not exceed the mid-market rate and is determined based on the average price of the world’s largest exchanges. This rate is called an express rate.
Currently, there are several main types of cryptocurrency exchange services:
- Online exchangers—operate in real time, processing requests instantly;
- Offline exchangers—offline locations that accept and withdraw cash;
- Crypto ATMs—devices similar to ATMs designed for exchanging cryptocurrency for cash;
- P2P exchangers—platforms that allow exchanges without the need for an intermediary.
Offline exchangers employ an employee who accepts cryptocurrency and issues the equivalent in national currency.
Cryptocurrency Exchange Features: What You Need to Know
A cryptocurrency exchange platform is a digital trading platform designed for the rapid exchange of digital assets. During a transaction, both parties perform a series of operations aimed at transferring funds from one resource to another.
The exchange process at virtual exchangers is as follows: the user submits a request on the website, the operator accepts and verifies it, and then completes the transfer. The request is then passed on to the next employee, who is responsible for the final stage of the transaction.
Automated exchangers handle all stages of the exchange independently, without the involvement of staff. However, employees monitor the progress of the transaction and can intervene if problems arise.
Exchangers are widespread in a number of countries, such as the United Arab Emirates, Armenia, Georgia, and Turkey, where their activities are officially permitted and regulated by relevant laws. In Russia, the situation is uncertain: there is no direct ban on such operations, but there is also no clear legal regulation.