While we know that Bitcoin is the most famous digital currency, there are more than 1600 cryptocurrencies circulating in the global market, and there\'s much more to come yet. I only knew about Bitcoin when I got into the digital crypto world. But later diving completely into the crypto space, you would also realize that there is money exchange of tons of other coins and currencies through hundreds of online currency exchange platforms.
Types of Online Currency Exchange
Based on the trade and money exchange there are 4 types of the cryptocurrency exchange.
- 1.Fiat to Crypto Exchange
As the name suggests, fiat exchanges allow online currency exchange of EUR, USD, INR and other government-issued currencies with the digital currency.
- 2.Crypto to Crypto Exchange
This currency exchange does not support fiat money rather than different cryptocurrencies are mutually exchanged with each other. Bitcoin-Ethereum is the most popular digital money exchange pair in the global market.
- 3.Peer-to-Peer (P2P) Exchange Platform
Direct trading between buyers and sellers is supported by P2P money exchange. There\'s no intermediate exchange so, they don\'t provide any fixed digital market price. Instead, the rate and price depend on the two independent parties which make an agreement.
- 4.Crypto Brokers
These are the money converter and online currency exchange platforms, usually websites. Just as the foreign exchange, crypto price is set by the crypto brokers and they charge a price with top of the market price trends. Click to Read Full Article)
Sign in to leave a comment.