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In order to be part of the new digital economy, you need a cryptocurrency exchange. Find out what it is, how they work, the types there are and how to choose the best one according to your needs.
Cryptocurrency exchanges allow the exchange of common money for digital currencies.
An exchange is a clearinghouse where users can exchange one currency for another. The most common example is the places where you exchange one currency (such as the Mexican peso) for another (US dollar, euro, etc.). Within the crypto world, this is no different.
A cryptocurrency exchange is just that, an exchange center where you can exchange fiat money for Crypto. In other words, it is an online exchange where you can get Bitcoin, Ethereum or MMXN in exchange for physical money.
Cryptocurrency exchanges are a relatively new thing, but they have evolved at a fast pace. After Bitcoin officially appeared in January 2009, the first known exchange was developed: Bitcoinmarket.
From here (and after the Bitcoinmarket hack), other crypto exchanges began to appear **,**developing little by little until they became what they are today.
<aside> 🔒 Thanks to the massive bugs and hacks they have suffered, exchanges like TruBit Pro have developed top-notch security methods, so it is now virtually impossible to lose your crypto assets to a cyber attack.
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Cryptocurrency exchanges work in a very similar way to the physical exchange houses that you can find in any airport. These are its main features:
<aside> 💰 Of course, cryptocurrency exchanges vary depending on the company. For example, TruBit Pro also has the TruBit Earn+ program, where you can earn interest in cryptocurrencies, with one of the highest APYs on the market.
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Although all digital currency exchanges have similar characteristics, there are some types that have different capabilities and objectives depending on the type of user you are. We explain them below:
In this category are most of the exchanges and services known by users, such as TruBit Pro. They are platforms focused on the purchase and sale of crypto assets, which follow traditional market prices. They are regulated platforms and they have to follow processes to make transactions more secure, such as KYC or the anti-money laundering policy.
Traditional exchanges have as their main business the commissions they charge for their services or for the common use of the platform, although there are cases such as the TruBit ecosystem that allows these transactions to be carried out without commissions by using the same network. In any case, commissions vary from 0 to 0.2 percent.
<aside> ✅ Being services focused on the majority of users, they are not anonymous platforms, because you have to give personal data to be able to trade with cryptocurrencies. Also, there are always minimum trade amounts, which is usually 0.007 BTC (an average of 7 USD).
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Many people believe that Crypto Brokers and exchanges are the same thing, but there is a very marked difference between them: the type of operations they carry out. Brokers are usually more focused on buying and selling crypto using crypto.
Another of the main differences is that cryptocurrency brokers set their own price for buying and selling, so they can be more expensive (or cheaper) than traditional exchanges.
There are several types of cryptocurrency exchange according to the types of users they are focused on
They are also very similar to traditional cryptocurrency exchanges, since it is a point between buyers or sellers. But, it is fully focused on direct negotiation between the parties, so the price will be according to them and can vary a lot.
Of course, the new OTC cryptocurrency platforms offer a high degree of privacy but without losing the ability to negotiate a price outside the market. Even the KYC processes can be more complete than on other platforms.
<aside> 💡 If you are going to use OTC platforms, it is advisable to learn about cryptocurrencies, prices and more information, so that you can negotiate the best price and avoid scams.
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It is the solution that professionals in finance put in place, which allows you to buy access to cryptocurrencies through a fund. It is one of the easiest ways to buy and sell your digital coins, since you don't even need a wallet to store them. Many consider this as a trade and as an investment portfolio, so it has its advantages and disadvantages.
One of the main disadvantages of the funds is that there is no privacy when making transactions, since you only have to meet the requirements to enter these investment funds. It can even become somewhat insecure, because your cryptocurrencies are not under your control and you can lose them.
They are considered to be the direct evolution of traditional currency exchanges, since their function and uses are very similar between the two. As its name indicates, they are decentralized options, so there is no intermediary on the platform, being the most private option on the entire list.
Do you want the best cryptocurrency exchange? Although there are several options on the market, the service you choose should have some of the basic features and functions that every crypto user needs to carry out their day-to-day operations. We list a few:
<aside> ✅ If you are going to create a TruBit Pro account, you already have one for TruBit Wallet! With your new wallet you will be able to store your assets, send and receive cryptocurrencies without commission and even make payments with digital currencies.
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