For many people, the thought of using online e-currency can be a daunting thing. We’ve all heard horrible stories of people being cheated and stealing money by dishonest companies, but there are some companies that have worked hard to build a good reputation for being honest and doing everything they can to fight the scams and frauds that use e- currency.
What is e-currency?
Just putting the word e-currency in a search engine will display a huge list of currencies of weird names you’ve probably never heard of. However, there are several major online currencies that are accepted by many merchants, companies and stores.
One of the main e-currencies that has existed for more than 5 years is E-gold. This is a system of online payments supported by real gold. You have an account, similar to a bank account, and your gold is stored in it. E-gold does not buy or sell e-gold itself, you have to do it through e-gold. Once you have e-gold in your account, you can spend it with any merchant who receives payment that way.
Another good e-currency is Pecunix. This is again a gold-backed online payment system. Pecunix basically works the same as E-gold, so they don’t buy or sell their own currency, but it is again stored in the account you have with them.
There are many more online currency systems including C-gold (supported by gold), Liberty Reserve (supported by gold) and Paypal (supported by credit cards).
What is an e-currency converter?
The e-currency converter converts money into the selected e-currency and puts it in your account so you can spend it as you wish. Funds can be sent to the exchange in several ways, but the most popular are bank transfer and Paypal.
After you send your funds by the chosen method, the exchange converts them into any e-currency you decide to use and puts them in the account you gave them. Please note that all converters charge a commission to make the conversion for you.
How to choose an inverter?
Many people worry about how to choose a reputable inverter. Either they had a bad experience or they know someone who has. However, there are a few things you can do to give yourself some peace of mind and learn more about the company to which you will send money: –
1) Check the details of their website
We’ve all seen fake websites that have links that lead nowhere and just don’t look right, so when choosing, make sure their email address works and that you get a timely response from them. 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 out is to ask real people. If you have friends who have used the inverter, see what they think. One of the best places to find out is forums. You can ask your questions on them or just read what other people have said about certain exchangers. However, be careful because not all information on the forums is true and correct, so check carefully everything you read on the forum.
3) Are they members of the GDCA?
The GDCA (Global Digital Currency Association) is a trading association of online currency operators, money changers, traders and users. As with any other trade association, you can find out the inverter information you have in mind. You can see if they have any complaints about them and how they rank. You can also file complaints with them.
While these few tips can help you decide on an exchanger, they are not real proof and if you are really undecided which one to choose, start by sending only a small amount to exchange and then how to build trust in the exchanger you have chosen you can start sending them larger amounts .
4) Do they accept bank transfers?
This may seem strange, but bank transfers are the easiest form of sending funds. When a bank account is opened, company documents and personal documents must be presented in order to obtain a bank account. While this is not a 100% guarantee that the business is legitimate, it greatly gives you peace of mind. It also means you can claim a refund through your bank if something goes wrong.
As with any internet business, always be smart and check as much information about them as possible.
Happy exchange!