Exchangers, i.e., third-party independent indexers of buying/selling crypto options help traders and investors navigate the process of obtaining cryptocurrency.
Buying Crypto 101: Opportunities and risks
Cryptocurrency has evolved into one of the most dominant finance alternatives in the world, surpassing the popularity of some Web2 fiat digital payments systems. As such, we can see the growing influence of the cryptocurrency segment on global economical processes.
While, technically, cryptocurrency can be bought, sold, and transferred in many ways, there is one way that is focused on making the entire procedure more streamlined and resource efficient. Crypto exchangers, or crypto exchange monitors, are gaining traction in the digital assets segment.
Crypto exchangers are newcomer-friendly platforms designed to allow customers to purchase digital assets. Although exchangers have KYC procedures, the majority of them work with no ID verification.
At the same time, exchanger monitors and aggregators can filter out fraudulent and suspicious services by listing only credible services after stringent due diligence procedures. BestChange is one of the oldest and most reputable services of this type.
Crypto exchanger monitors: Addressing industry challenges
In 2023, struggling with the aftermath of Crypto Winter, i.e. a prolonged market recession of 2021-2022, cryptocurrencies segment set a number of records in trading volume, new crypto users, and so on. As stressed by ChainAnalysis in its The 2023 Global Crypto Adoption Index, for the countries with low and middle income, the metrics of grassroots crypto adoption set a new all-time high in 2023.
This massive upsurge amplified the problems of exchanges credibility: attack resistance, team reputation, and so on. Above mentioned crypto exchanger monitors are among the most mainstream ways to address reputation issues in the cryptocurrency conversion sphere.
Some services of this type launched even in the pre-crypto era. For instance, BestChange exchange monitor kicked off over 16 years ago, on June 19, 2007, by a group of software developers focused on fintech solutions. As such, it is much older than all cryptocurrencies and was initially focused on fiat-to-fiat conversion or foreign currency exchange. It can be taken as an example of this service thanks to large user count and an impressive number of services indexed.
In terms of tech design, the exchange monitor was first envisioned as a cryptocurrency exchanger itself. However, the team pivoted to more promising and valuable USP, i.e., a service that ranks exchangers to combat scams in this sphere.
The pivot was inspired by the emerging services for exchange rate comparison, and the idea to create a better version of such a service was quick to follow.
The English version of the service was deployed to the domain bestchange.com. The name is set to reaffirm the highlight of the BestChange team to indicating and displaying the best ways to buy, sell and transfer various cryptocurrencies. The service went live with an initial investment of just $1,000 and smashed through a breakeven milestone just 12 months after release.
The popularity of the service skyrocketed in 2016-2017 amid the first massive cryptocurrency euphoria. Currently, the exchange is headquartered in Dubai, UAE, which is the most influential global fintech hub.
Making crypto purchasing secure and hassle free
From the onset of its operations, the project was envisioned with maximum user-friendliness in mind. Users just need to select the initial currency, the type of fiat payment tool and the name of the cryptocurrency this or that customer is looking to buy, e.g., USD/PayPal to Bitcoin (BTC). Icons next to the exchanger show additional information, for instance, whether an exchanger requires verification.
As of 2023, BestChange indexes operations with all sorts of mainstream cryptocurrencies, including top heavyweights Bitcoin (BTC) and Ethereum (ETH), veteran altcoins Nem (NEM), Eos (EOS) and IOTA (MIOTA), the largest proof-of-stake cryptocurrencies Binance Coin (BNB), Cardano (ADA) and Tronics (TRX), major DeFi coins Chainlink (LINK), Polkadot (DOT), Uniswap (UNI) and SushiSwap (SUSHI), alongside trending meme coins Dogecoin (DOGE) and Shiba Inu (SHIB).
Needless to say, BestChange also supports operations with all mainstream stablecoins: U.S. Dollar Tether (USDT), USDC and Dai (DAI), the largest decentralized stablecoin. The platform tracks services working with versions of stablecoins launched on the top of Ethereum (ETH), Polygon (MATIC), Solana (SOL), BNB Smart Chain (BSC) and Tron (TRX).
In terms of fiat payment methods, BestChange is suitable for users of Visa and Mastercard debit/credit cards, B2B accounts, wire transfers, as well as of major digital cash systems PayPal, Perfect Money, WebMoney, Skrill, Payeer, Qiwi, Payoneer, AdvCash and so on. BestChange tracks popular fiat currencies, including the likes of USD, EUR, TRY, AUD, CAD and GBP.
The platform takes it upon itself to perform due diligence checks of the exchanger's reliability to prevent suspicious services from being demonstrated on BestChange.
The service has established itself as one of the leading platforms on the market: it is responsible for an over 80% user base of people interested in crypto exchange monitoring platforms.
BestChange.com remains the leader in its segment, drawing 70% of users of all monitors. During the 2020-2021 bullish rally, BestChange.com managed to surpass numerous crypto-centric portals by popularity: its MAU was over eight million users during periods of peak traffic.
The service is constantly fighting against scammers and malefactors that try to create its phishing copies. BestChange reports them to the administration of browsers so that they are flagged as fraudulent and prevented from being entered.