How to choose an electronic currency changer

For many people, the idea of ​​using an electronic currency online can be a scary one. 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 the fraud and scams that use electronic currencies. .

What is an electronic currency?

Just typing the word e-currency into a search engine will bring up a huge list of weirdly named currencies 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 an online payment system backed by gold. 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 forex 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 for you to spend as you wish. Funds can be sent to a money exchanger by many methods, but the most popular are bank transfer and Paypal.

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

How do I sew an exchanger?

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’re 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 works and that you get a response from them in a timely manner. . If they have a phone number you can call, call them. Check the WHOIS details of the website as a 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 an exchanger, see what they thought. One of the best places to find information is on 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 anything you read on a forum.

3) Are they members of the GDCA?

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

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

4) Do you accept bank transfers?

This may seem strange, but wire transfers are the easiest way to track 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 you can request your funds back through your own bank in case something goes wrong.

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

Happy trading!