Choose the right E-currency Exchanger

E-currency, or digital currency, is a stored value and payment system, usually account-based, that allows users to store funds (such as Euro, USD, Yen, etc., and metals such as gold, silver, etc., or anything else of value for that matter). Millions and millions of people are dealing with e-currency nowadays which has further led to the emergence of a number of different e-currencies. Some of the most popular of these e-currencies are Liberty Reserve, E-Gold, Pecunix, C-gold and WebMoney.

As someone who is involved in making transactions on the internet, you might come across e-currency payments and transactions during the course of your day to day business. Most people who deal with e-currency often find the need to exchange one kind of e-currency for another like exchanging Liberty Reserve for Pecunix or converting C-gold into Perfect Money. Needless to say, there are a large number of websites that provide this service. But since you are dealing with money, it is important that you chose an e-currency exchanger who not just promises good service but also has a reputation for being honest and trustworthy.

Choose an E-currency Exchanger

First and foremost, any e-currency exchanger that you employ should have the ability to convert or exchange different types of e-currencies. It should at least be able to deal with the exchanges of at least most of the major e-currencies being used today like Liberty Reserve, Perfect Money, C-gold, Pecunix  and E-gold.

Secondly, your e-currency exchange service should be able to work with the lowest possible exchange rates. Do not go for an agency that reduces a substantial part of your money through commissions and service charges.

Thirdly, the e-currency exchange service you use should generally have enough reserves for transactions to take place fast. Other important things that are prerequisites for any good e-currency exchange service are honesty, fast service, security and responsibility.

After you choosed 2 or 3 sites that you want to deal with make sure you analyse the sites propper. Is time for Due Diligence

How to Make your own Due Diligence

A) Check hosting and IP-address using Whois service. If you find irrelevant information such as random meaningless words or controversial contact information, then it is better to avoid. The whois data shows domain name, registration date, expiration date, administrative contact, etc. If the exchanger says it has been in online for a long time, but domain name was registered a few months back only, then its reliability is in doubt. You can use whois.sc to see the whois information for free.

B) Find out the starting date of the exchange agent.  Let the agent establish a payout history with good customer service before exchanging e-currency money with them.

C) Read through all the text in their website. There should not be much spelling errors, and if they emphasize again and again the high rate of return then that should also be a red flag. Look in the about us/FAQ section in the exchange site. If what you read is a generic reproduction of what is found on many other sites then probably this program will not last long.

D) Notice the websites design of the exchange agent. If the design looks unique & professional, then it’s a good sign. If the site is built on similar looking common template with common FAQs then probably the exchange agent is not intended to last for a long time being created to cheat users. A good e-currency exchange agent should have a professional design with fast and well responsive customer care.

E) Try to talk with admin of the exchange service using e-mail,ICQ or live support interface. It will help you to get more information about the admin and his business.

F) Visit forums, ratings and monitoring sites concerning this exchange. Read customers’ opinions about it. Also a search on google with "Agent name SCAM" will reveal you if there was any unhappy customer using the services. Some starts points from you should be Collective Investments Forum, TopGold Forum, LRExchange.com

G) Buy the Due Diligence Toolkit. Due Diligence toolkit is JAM-PACKED with Investigation Tips, Concepts, and Due Diligence Advice for online users on how to protect their money from lying scam artists and check instantly if an opportunity is a real deal or a SCAM.

You will get experienced in all these aspects as you spend more time in this E-currency world! So never worry if you can’t make a final conclusion from accessing the above factors, you will gradually learn them with time.

I’ve created LRExchange webiste to help online money makers finding the right exchange agent for them. Founded in 2007, it is one of the largest commercial associations of the e-currency exchangers.  Users can rate their favorite exchanger or if they have been scammed or got a unpleasent experience with one of them may vote and decreate its rating. 

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This article is written by Dennis Pestro. Dennis is the owner of several e-currencies related websites : Top Gold Forum , LRExchange , Liberty Reserve Directory , Liberty Reserve Hyip , Fast Forex Cash Course

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