How to choose an electronic currency changer

For many people, the idea of ​​using an electronic currency online can be scary. We’ve all heard the horror stories of people getting scammed and money stolen by dishonest companies, but there are some companies that have worked hard to build a good reputation for being honest and doing what they can to fight fraud and scams that use e-currencies. .

What is an electronic currency?

Just putting the word e-currency into a search engine will bring up a huge list of coins with strange names that you’ve probably never heard of. However, there are some great currencies online that are accepted by many merchants, businesses, and stores.

One of the main electronic currencies that has been around for more than 5 years is E-gold. This is an online payment system backed by real gold. You have an account, much like a bank account, and your gold is stored in it. E-gold itself does not buy or sell e-gold, it has to be done through an electronic currency exchanger. Once you have e-gold in your account, you can spend it with any merchant that accepts payment that way.

Another good electronic currency is Pecunix. This is again a gold backed online payment system. Pecunix essentially works the same as E-gold, so they don’t buy or sell their own currency, and it’s stored back in the account you have with them.

There are many more online currency systems, including C-gold (backed by gold), Liberty Reserve (backed by gold), and Paypal (backed by credit cards).

What is an electronic currency exchanger?

An electronic currency exchanger converts money into your chosen electronic currency and places it in your account to spend as you wish. Funds can be sent to an exchanger by many methods, but the most popular are bank transfer and Paypal.

Once you’ve sent your funds via your chosen method, the exchanger converts them to whatever electronic currency you’ve chosen to use and places them in the account you’ve provided. Remember that all exchangers charge a commission to do the conversion for you.

How do I sew a swapper?

Many people worry about how to deal with a trusted exchanger. They have had a bad experience or know someone who has. However, there are a few things you can do to give yourself some peace of mind and get to know the company you are sending money to:

1) Check your website details

We’ve all seen the fake websites that have links that go nowhere and just don’t look right, so when making your choice, make sure your email address is working and that you get a response from them in a timely manner. . If they have a phone number you can call, give them a call. Check the website’s WHOIS details for backup. Also check how long they have been in business as this is one of the best signs of a good exchanger. Scammers don’t last long.

2) Ask people

One of the best ways to find information is to ask real people. If you have friends who have used a swapper, see what they thought. One of the best places to find information is on the forums. In these you can ask your questions or just read what other people have said about certain exchangers. However, be careful as not all information on forums is true and correct, so be sure to carefully review everything you read on a forum.

3) Are you members of the GDCA?

The GDCA (Global Digital Currency Association) is a trade association of online currency traders, exchangers, merchants and users. As with any other trade association, you can find information about the exchangers you have in mind. You can see if they have any complaints against them and how they rank. You can also file complaints with them.

Although these few tips can help you decide on an exchanger, they are not foolproof and if you really aren’t sure which one to choose, start by sending just a small amount to exchange and then as you build confidence in the exchanger you have. chosen one can start sending them larger quantities.

4) Do you accept bank transfers?

This may seem strange, but bank transfers are the easiest and most traceable way to send funds. When opening a bank account, identification documents, company documents and personal documents must be presented to obtain a bank account. Although this is not a 100% guarantee that the business is legitimate, it goes a long way in giving you peace of mind. It also means that you can request the return of your funds through your own bank in case something goes wrong.

As with any internet business, always keep your wits about you and verify as much information about them as you can.

Happy trading!

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