Nikita Zuborev, Head of PR and Marketing at BestChange: Peculiarities of the Service and the State of the Cryptocurrency Exchangers Market
What are the key trends among online exchangers? What requirements do they have to meet to be competitive?
These and other questions have been answered in an interview with Blockchain & Bitcoin Conference Kyiv 2021 by a representative of BestChange, a leading platform for finding websites with a favorable cryptocurrency exchange rate.
BestChange has obtained a status of Exchange Sponsor of Blockchain & Bitcoin Conference Kyiv 2021.
During the conversation, Head of PR and Marketing at the company Nikita Zuborev spoke about the peculiarities of the development of crypto market and the criteria for choosing secure exchangers. He listed the benefits of the service, and shared plans to develop the platform.
You will find more interesting information in the interview!
The interviewer: Blockchain & Bitcoin Conference Kyiv 2021 (BBCK).
The respondent: Nikita Zuborev (NZ).
BBCK: BestChange has been operating for 14 years. In your opinion, how much have the exchangers been transformed during this time? How did the development of the crypto market affect this process?
NZ: The market has been growing rapidly in recent years. Most users not only know what they want, but also demand excellent service from exchangers. If the exchanger is working slowly, covertly and ignores the wishes of customers, it risks of closed. Therefore, exchangers are becoming more convenient and simple.
The exchanges themselves are becoming more secure. We are interested in the flawless work of our partners not less than themselves, so we monitor trends and introduce new recommendations and rules for the market. Due to errors and imperfections in the regulations of some exchangers, we form recommendations for more than 400 remaining services, which makes the exchange process more reliable and cheaper for both the user and the service provider.
Many internal processes and work with problem applications have undergone various changes. It used to be uncoordinated spontaneous work, but today all the rules of the exchange have become clear and understandable.
As for the user preferences, they are increasingly looking for less popular tokens than Bitcoin or Ethereum. Therefore, exchangers try to expand their supply following the demand.
BBCK: What is the principle of selection of exchangers that are represented on BestChange?
NZ: We receive a large number of requests every week to add exchangers to monitoring, but not all of them are added to our site. We set strict requirements that the service must meet.
Sometimes, when BestChange launches a new promising direction or currency of a new country, we look for exchangers on our own and offer to participate in the listing on general terms.
In any case, regardless of who initiated the application, each exchanger is carefully checked before adding. At the same time, BestChange team continuously monitors that all sites properly fulfill their obligations.
The inspection of exchangers is performed on many indicators and includes a comprehensive assessment of the reputation of both the service and its administrator. This reduces the risks during the financial transactions. If the service performs its obligations poorly, a number of measures can be applied, which stimulate the exchanger to resolve the issue.
The most reliable exchangers are those that have icons that indicate that they have passed an additional inspection by their names or have an official legal registration of the company.
BBCK: Under what conditions can an exchanger be included in BestChange monitoring?
NZ: The conditions for including exchangers are standard for everyone, and there is a list of minimum requirements: at least 6 months of operation, unique design, good reputation, total reserve above $10 thousand and some other technical details. The full list of requirements is public and available on our website.
It is worth noting that we do not accept payment for the inclusion of new exchangers in any form. If someone approaches the exchanger with an offer to pay for the accelerated inclusion in the monitoring of BestChange, it is a scam. We also do not accept temporary deposits or collateral from exchangers as additional guarantees of reliability.
If the exchanger is suitable for the minimum requirements, then the second stage begins – a thorough inspection of resource reputation. And only after the successful completion of all stages of the inspection the site can be included in the listing.
BBCK: What benefits are there for the business owners if their exchanger is added to BestChange?
NZ: Our monitoring is one of the world's largest resources in the field of over-the-counter cryptocurrency trading. BestChange partners get access to our traffic, which is more than 4.5 million visits of users interested in exchanging per month.
In addition, on the CIS and neighboring markets, we are considered the most trusted resource in its field, whose reputation is an indisputable advantage and a kind of quality guarantee for our active partners.
BBCK: What are the criteria for determining the safety and reliability of an exchanger?
NZ: There are a lot of such parameters. Prior to inclusion in the listing, we check the reputation and all connections of the administration with possible unreliable counterparties. Both open data such as feedback and insight information from a large number of sources are studied.
Once in the listing, we closely monitor the reputation of our partners. There are manual checks by moderators, and the state of the business is monitored by many automatic metrics. At the slightest suspicion of the unreliability of the exchanger’s administration, the service will be promptly excluded from the listing until the circumstances are clarified.
BBCK: How high is the demand for exchange services today, including cryptocurrency? What factors affect the demand?
NZ: Demand is at a very high level today. In general, after the boom at the end of 2017, the demand for cryptocurrency decreased during the "crypto winter" period only briefly, but never returned to previous values. The events of that year seem to have forever changed the structure of demand for users of our resource.
Today, we see more and more new users, those who come from other fields and complete newcomers. Along with the demand, the supply from the market also grows. The number of exchangers is constantly increasing, the sites have to compete not only at the level of rates, but also at the level of service, speed, friendliness.
The market is constantly evolving, the number of its participants is growing. These factors have a positive effect on the value of cryptocurrencies, and therefore on the attractiveness of this sector of the economy, which leads to even more new players.
BBCK: What peculiarities do you recommend ordinary users to pay attention to when choosing a service for cryptocurrency exchange?
NZ: When choosing an exchange service, you should not consider only the rate efficiency. It is important to analyze its reputation, the manner in which operators communicate, the speed and the need for additional registration and verification procedures.
To systematize this, we have developed a special system of icons that characterize the different features of exchangers. We advise you to pay attention to them, then you can simply understand which specific service will not suit you to solve a specific task.
For example, if you use manual or semi-automatic exchange mode, additional fees are charged, registration, card or document verification is required, transfers are made from a third-party payment system, there are delays (hold) during payments and some other nuances.
We also recommend that you check the reputation of the service, communication style and ability to resolve issues quickly before making the exchange. You can evaluate it by the feedback of other users – we have collected more than 860,000 reviews in 14 years of work.
BBCK: What are your plans for developing BestChange?
NZ: As it was before, we continue to improve the regulations and rules of relations within the industry. Several of such documents are already under development, which will help simplify the resolution of disputes.
In the near future, we plan to improve the interface of the site based on the wishes of our users. Make the design easier, more comfortable and more obvious.
We also have plans for global expansion. In the post-Soviet space, we are already number one in our niche, so we will try to promote over-the-counter trade in other countries with the help of our authority.
BBCK: BestChange has obtained the status of Exchange Sponsor at Blockchain & Bitcoin Conference Kyiv 2021. What do you expect from the event?
NZ: We expect both new users for our service and feedback from those who are already familiar with us. We hope to receive advice and personal experience of participants to improve the whole market together.
And such events allow to diversify the routine within the framework of lockdowns and autumn weather. And when such activities also help to develop the industry – it's just amazing! We want to thank the organizers for this opportunity.