Nikita Zuborev, a Representative of BestChange Spoke About the Success of the Company in an Interview With Blockchain & Bitcoin Conference Kyiv 2021
What trends are dominating among the online exchange offices? What currency pairs are currently the most common among digital asset holders? And what is the secret of the success of BestChange, one of the most popular monitoring services for currency exchange websites? Find out from the interview with Nikita Zuborev, Head of PR and Marketing at BestChange.
BestChange – a service for monitoring the exchange offices has been operating for over 13 years. It was created for a convenient and quick search of websites with favorable conditions for the exchange of electronic currencies. The service checks information about all platforms and has already collected more than 700 thousand user reviews about the safety, convenience and honesty of each of the exchange sites.
BestChange obtained the status of Exchange Sponsor at Blockchain & Bitcoin Conference Kyiv 2021.
In an exclusive interview, Nikita Zuborev spoke about the nuances of working with the platform and the services and opportunities it provides. BestChange representative also explained how to choose the right exchange office and what characteristics it should have.
Read about this and much more in the interview below!
The interviewer: Blockchain & Bitcoin Conference Kyiv (BBCK)
The respondent: Nikita Zuborev (N.Z.)
BBCK: Please tell us about BestChange, the service for monitoring exchange offices. What are the features and benefits of the service?
N.Z.: BestChange is a free service for finding the electronic currency exchange offices, Internet banking and money transferring platforms. Our project has been continuously developing since 2007 and it is a leader not only among other monitoring systems, but also one of the largest websites in this area in terms of traffic volume.
Initially, our online portal was created so that you can quickly find an exchange office that can help you transfer monetary units of one electronic currency to another with the least losses. However, with the advent of cryptocurrencies on the market, our audience has increased multiple times.
In fact, we are representatives of a part of the OTC cryptocurrency market, therefore we have incorporated the advantages of this segment:
minimal publicity of the exchange, up to the absence of any verifications and registrations;
flexible pricing, the terms of the transaction may slightly differ in one direction or another from the average market and exchange rates;
minimizing centralization and increasing efficiency, the contact of funds with third parties is minimal in such an exchange scheme. In case of cryptocurrencies, the transfer comes immediately to a personal decentralized wallet, and not an internal account of an exchange or service.
At the same time, our market segment is distinguished by a noticeable reliability and a larger margin of liquidity than the p2p exchange market. Unlike small anonymous private owners, our listing contains large public services that value their long-term reputation. Many exchange services in the listing, like us, are older than Bitcoin. We also monitor the status of exchange offices around the clock and users can leave feedback on their work, which minimizes the risk of fraud.
BBCK: How many exchange offices are there on your platform? What categories are they divided into?
N.Z.: If we count the total number of active exchange offices on the Russian-language and English-language versions of the site, then their number today is about 400. But some of them may be under maintenance or be temporarily excluded by moderators for minor violations. A certain number of exchange offices voluntarily ceased their activities, several dozen more are in the queue for adding – our employees carefully study their activities and reputation for several weeks before being admitted to the listing.
As such, exchange offices are not divided into categories. Any of our partners can make exchanges in more than 200 available directions, which form more than 40 thousand different trading pairs.
BBCK: What tools are available to BestChange users?
N.Z.: If we talk about the additional functions, the Calculator is worth mentioning – it counts the accurate amount received or submitted. For a detailed study of rates and reserves, there is Statistics. There are also Notifications on Telegram or email about the rates and reserves, which allows our users to exchange e-currency when the rate or reserve reaches the optimal level. And in the absence of exchange offices in a rare direction, using the Double exchange function, you can find the most optimal variant for two exchange operations through a transit currency.
BBCK: What is the key to success of BestChange that has been on the market for 13 years?
N.Z.: There is no magic pill. A whole set of factors after almost 14 years of operation allowed the service to turn from an unfamiliar website into a large portal with an audience of 5.5 million users per month.
If we consider the most significant factors that influenced the success of the project in retrospect, we can highlight the following:
1. We were in the right place at the right time.
The site was created at a time when the need for such service was practically absent, as evidenced by the fact that a couple of older projects than ours gave up business and sold their domains to us. The industry of electronic payment systems itself was just emerging. There were literally a dozen young payment systems, and the circle of their users was very limited. But in the long term, this made it possible to become the largest and oldest project of all existing ones.
2. We were on the top of the cryptocurrency boom.
As mentioned earlier, BestChange is older than Bitcoin, so with the advent of cryptocurrencies, we were fully prepared to integrate them. Where else can you look for favorable conditions for the purchase of electronic currencies if not on the monitoring website? We had a head start thanks to the existing audience and mentioning of the service on specialized resources.
3. We focused on service, not margin.
Even at the stage of creating the service, the founder adopted the principles that we have been adhering to for almost 14 years: complete absence of advertising and free user support.
We have eliminated additional advertising revenue for the sake of convenience, aesthetics and customer loyalty. From the moment of its foundation to this day, our service is really free, in contrast to the "free" projects where people pay with their personal data or attention.
Most importantly, we never leave our users in trouble. As in all spheres, in the field of exchanges, technical failures, delays and commonplace misunderstandings occur. Our service always mediates disputes and helps to find a fair solution to problems. We process hundreds of requests per day on completely different issues, starting with where to register a bitcoin wallet or how to exchange a specific currency, ending with technically complex questions about the specifics of the work of any blockchains. And we always try to help all users, even if the question is not related to our business.
BBCK: How to exchange cryptocurrency with BestChange?
N.Z.: To carry out profitable exchange operations, you need to perform a number of simple steps:
1. Select source and target currencies.
To do this, on the left panel located under the BestChange logo, first click on the currency you have and then the currency you want to receive. After selecting currencies, a list of exchange offices that can exchange them will be displayed on the right side of the page.
2. Calculate the total amount and view the statistics (optional).
After choosing the source and target currencies, you can immediately calculate how much money you will receive or how much money needs to be exchanged in order to receive a certain amount. To do this, click on the Calculator tab, select the Give or Get option, enter the amount. Then select the option Exclude commission or Include commission (this option determines whether you need to take into account the commissions of payment systems when calculating the exchange amount) and click on the Calculate button.
3. Select the exchanger.
The previous step is not necessary, since the exchange offices are already sorted by the best rate. Choose a suitable exchange office, after making sure that this service has a sufficient reserve of currency to carry out the exchange operation.
Look at the latest reviews about the exchange office to make sure it is working and there are no problems. To do this, on the Exchangers tab, hover over the exchanger you are interested in in the list and click on the corresponding box in the Reviews column. After that, the profile of this site will open with full information about it and reviews of other users.
4. Go to the exchanger website for conversion.
Once you have made your choice, click on the Go to the site link on their profile page to open the exchanger's website. Or, if a site is already familiar, you can open it directly from the table in the Exchangers tab.
5. Leave the feedback on the exchanger’s operation (optional).
After the completion of exchange operation, you can leave feedback on the work of the exchanger on BestChange website. To do this, go back to the exchanger's profile and click on Add feedback. Your opinion will help other users make their choice.
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BBCK: What trends are observed today in the work of exchange offices providing services on Internet?
N.Z.: generally, the client has become more demanding, perhaps even capricious. If this did not noticeably affect our business, then exchange offices are forced to create an impeccable service. If an exchange office works slowly, it is nontransparent, or ignores the wishes of customers, then it risks losing its position in monitoring, like the business as a whole.
We are also interested in the flawless work of our partners, therefore we monitor trends and introduce new recommendations and rules for the market. For example, thanks to us, the vast majority of exchange offices have acquired an operational method of communication in the form of online chats. Now their clients are not longer unaware about technical exchange delays.
And taking into account more frequent fraudulent attacks, the process of exchanging cryptocurrencies is becoming more secure. Collecting statistics, scoring transfers, allocating separate wallets for different users – all these are market trends.
Speed is becoming another trend. In the 21st century, this is a trend for any service, not just in our industry. An increasing number of exchange offices automates the exchange process as much as possible or makes it fully automatic.
The flip side of the medal of creating an excellent service has become the so-called consumer terrorism, from which our service has to protect the exchange offices. Excessive unreasonable demands and manipulations are something that the market faces almost daily. The exchange service needs to have a firm but fair position. All the subtleties and possible problems must be described in advance in the exchange rules or public regulations of the site. Detailed documentation is also one of the trends. Any mistakes and omissions come at a price.
BBCK: In your opinion, what characteristics should a platform for exchanging fiat and digital currencies have?
N.Z.: In fact, we have already answered it in the previous paragraph. Ideal exchanger: automatic, anonymous, with minimal commissions, with prompt support, various bonuses and officially registered with detailed operating procedures.
There are only a few such services today. Most of the existing ones have only a part of the named factors. Thus, there is an opportunity to take a significant market share, if someone thinks about investing in this sector.
BBCK: In your opinion, what is the most important when choosing an exchange office?
N.Z.: When choosing an exchange service, you should not rely only on the profitability of the exchange rate. It is important to evaluate its reputation, the manner of communication between operators, speed and the need for additional registration and verification procedures.
To make life easier for users, we recommend BestChange. The reputation of the projects has already been checked by our moderators and administrators, the manner of communication, the ability to quickly resolve issues and the speed can be estimated from the reviews of other users. But everyone evaluates the admissibility of the transfer of their personal data themselves – we only inform about this with additional labels.
Try not to blindly choose the first exchanger that comes across from the top of the list. Despite the fact that the risks of complications on our service are minimal, there may be some facts in the reviews that will turn out to be fundamental for you.
BBCK: What currency pairs are the most popular among the owners of digital currencies today?
N.Z.: Oddly enough, the most popular are cryptocurrency directions using Internet banking. Buying and selling bitcoin and ethereum directly through different banks. Privat24, by the way, in the context of its popularity and healthy competition also has a minimum commission compared to other options. In this respect, one can even envy the citizens of Ukraine.
In the second tier, there are exchanges involving USDT, Qiwi and YuMoney. The rest of the directions have an insignificant share of the total volume of exchanges.
BBCK: What do you expect from Blockchain & Bitcoin Conference Kyiv 2021?
N.Z.: At such conferences, you can learn very important things, but this will be nothing more than the tip of the iceberg. Blockchain & Bitcoin Conference Kyiv 2021 is not the ultimate goal. This is the starting point, it should set the direction for expanding our presence in Ukraine.
We expect that it will be possible to unite the community of users of our service and receive advice and personal experience of the members.
And most importantly, such events, among other things, allow you to diversify the everyday life, find a new hobby, which can further develop into the meaning of professional life, which is especially important in context of widespread lockdowns.
Join the Blockchain & Bitcoin Conference Kyiv 2021 on May 25 to learn about the prospects for development of the cryptocurrency market!