How to pick the best instant crypto exchange for swapping rare coins

Among the quite numerous ways to buy and sell cryptocurrencies, transactions on cryptocurrency exchanges and fast exchangers are the most popular. Both types of platforms were created for the same purpose and in the early stages of the development of the crypto market did not differ too much in functionality.

Over time, a completely natural differentiation of trading platforms began. Some of them took the path of expanding the range of services and eventually acquired the features of a traditional exchange, while others relied on the speed and simplicity of executing transactions. If you urgently need an exchange BTC to XMR, then quite often it is more practical to choose a fast service.

What is the difference between an exchanger and a classic exchange

The modern cryptocurrency exchange is very different from the early platforms. As a rule, this is a developing ecosystem, which, in addition to the classic trading platform itself, may include its own token, a cryptocurrency wallet, a decentralized exchange, and a p2p platform.

The functionality of the platform at least provides for pending orders and a set of analytical tools. On the top CECs, in addition to spot trading, and margin trading, derivatives are supported, and there are opportunities for passive income. For trading, you will need at least registration on the site, but the further you go, the more platforms require you to pass identity verification. However, even where verification is not required, there are restrictions on trading volumes and access to certain functions for anonymous clients.

The functionality of fast exchangers is much narrower. As a rule, they are limited to Crypto/Crypto swaps and crypto-fiat transactions. There are usually no additional tools for market analysis, trading and investing. Many platforms are available even without registering an account, but if the site provides for the possibility of storing client funds, registration is still required. KYC swap sites also exist, but there are not many of them yet.

How to choose an exchange service

The number of various trading platforms is in the hundreds. It is quite difficult to navigate in such a variety, but there are still several characteristics that you should pay attention to:

  • Site mention on reputable monitoring platforms. There are no obvious scammers.
  • Support for the cryptocurrencies you need, fiat currencies and a convenient payment method.
  • Exchange rate. Usually, the service commission is already included in it, and in addition, services are guided by different CEX and DEX. Therefore, it differs both from the average exchange and from platform to platform.
  • Availability of limits. On some platforms, the threshold is quite high, in addition, the minimum transaction volume is not the same for different coins.
  • System of discounts for regular customers.
  • Interface. Although this does not greatly affect the functionality of the site, some services are frankly inconvenient to use.

Exchangers or CEX

Despite the generally the same purpose, both types of sites coexist peacefully and do not really compete with each other. In what cases does it make sense to look for a suitable CEX, and when is it better to use instant crypto exchange services?

Such platforms are ideal for situations where you need to exchange coins very quickly, anonymously and with minimal effort. Most swap sites do not require KYC procedures, so there may not be any restrictions on trading volume as such.

The interface of a swap site is usually very simple. In most cases, all operations are performed directly on the main page. Some platforms place the widget in such a way that it can be accessed from any page. Transactions are completed in less than an hour, although often this depends not so much on the service itself, but on the direction of the exchange and the workload of the blockchain.

As a general rule, swap sites are not as constrained by geographic restrictions as compared to CECs. The user can exchange any coin supported on the site, regardless of the region of residence.

Many swap sites allow direct swaps of almost any coin in any direction you want. But it is worth considering that the more exotic a coin you sell or buy, the more time it may take to find an offer that suits you.