Cryptocurrencies are steadily becoming part of everyday reality. The cryptocurrency market is experiencing another deep crisis. Analysts are sure that frivolous, unviable and frankly fraudulent projects will eventually disappear from the market. Digital coins as such will not disappear anywhere, but their number will be reduced hundreds of times. The coins that survive the crisis are finally integrated into the global economy.
Until this happens, about 20,000 coins and tokens are available for purchase and sale on cryptocurrency exchanges. The trading platforms themselves can be centralized and decentralized, traditional and instant exchange services, a typical example of which is LetsExchange.
How does a traditional cryptocurrency exchange work?
The functionality of traditional cryptocurrency exchanges is gradually approaching the functionality of online exchanges that specialize in trading traditional assets. Moreover, forex brokers are cautiously starting to connect to cryptocurrency trading.
On early crypto exchanges, it was only possible to exchange one coin for another at the current market rate. Advanced marketplaces support spot and margin trading, provide crypto wallet services, leverage, the ability to join mining pools, staking, crypto lending services and the list is constantly growing. As a rule, traditional trading platforms support the ability to deposit and withdraw fiat currencies, often in more than one of the currently existing ways.
Of course, access to all the features of the traditional site will open after registering an account. In addition to registration, many sites additionally require identity verification. The requirement to provide proof of identity is mandatory on all exchanges that comply with the requirements of the CIS and AML. Further, the details differ, I can ask you for an actual photo with a document in hand or something like that.
Verification of the provided data takes some time, from several tens of minutes to several weeks.
When choosing a traditional trading platform, you should find out where the company is registered, whether the exchange had security problems, how the team operated. A very important point for which operations and in what amount are exchange commissions charged.
Instant exchange services
LetsExchange is one of the best instant cryptocurrency exchange services. The specifics of the operation of such a service differs markedly from the operation of a traditional type of exchange.
- The platform interface is extremely simple and intuitive. The platform is equally convenient for both beginners and experienced traders and investors, and this is not its only advantage.
- Fast coin exchange. The swap is processed almost instantly after placing an order on the site.
- Complete anonymity. Buying and selling cryptocurrencies on LetsExchange is available without registration and identity verification. The less data you have on the Internet, the more secure you are.
- The best exchange rate. As soon as you choose the direction of the swap and specify the amount of coins to sell, the SmartRate system will check all available offers on the network and select the best one. You will not need to look for an exchange where you can convert MTL to ETH, spend time registering – the system will complete the transaction automatically and ten times faster.
- Professional support. If you have any problems, the support service will promptly come to the rescue.
- Services not related to storage. The platform does not store your coins and they remain at your complete disposal.
- Large selection of coins and tokens. Over 700 coins are available on LetsExchange.
How it works
The conversion takes just as long as it takes to register a transaction on the blockchain. You need to follow these steps step by step:
- Select a coin for sale in the upper window.
- Specify the transaction amount.
- In the lower window, select or enter the name of the coin to buy.
- Make a deposit and enter your wallet address.
After you press the “Let’s change” button, the SmartRate system will do the rest. After the swap is completed, you can download the receipt if you need it.
Platform Disadvantages
LetsExchange does not provide wallet services and therefore you will definitely need offline storage. It is impossible to exchange cryptocurrency without the recipient’s wallet address.
Perhaps not everyone will like the design of the platform, but this is hardly such a critical flaw.
Blog Article by Nikita
