How to make money on e-currency exchange

How to make money on e-currency exchange?

The internet has brought about a lot of new possibilities and opportunities. People use it all the time to communicate with each other, entertain themselves, get new knowledge and learn new skills, and for some people the internet has become the only source of income.

Currently, the worldwide web offers many ways of money making. One can invest money using the web, buy stocks and sell products, earn money on using services and more. Another way of earning is digital money exchange.

The scheme of making money on currency exchange is very simple. For instance, you want to convert 100 USD into EUR. The exchange rate is set to 0.90. You turn your 100 USD into 90 EUR, then you get in touch with a client who wants to turn their USD into EUR. But this time you set the exchange rate to 1.25 and after the transaction is complete, you get 112 USD instead of the initial 100 USD. This might seem too easy but the example is a little bit exaggerated. Usually, the difference between buying and selling rates is much smaller. The more people you manage to provide your services to, the more money you will get based on the difference in rates.

After the rapid expansion of electronic payment systems, and many exchangers followed along. The number of users who exchange their money online is constantly growing and this is a great time to start your own exchanger. The potential client base is huge and the volume of exchanged money is growing daily.

How does an online exchanger work?

To understand the exchange process better, one should learn about exchange rates monitors.

An exchange rates monitor is a service that helps people with finding the best currency exchange offers as well as the best exchangers. The quality of an exchanger depends on its exchange rates, currency pairs, reserves, operation mode and other characteristics.

Using the OKchanger monitoring service, one can easily find the best exchanger just in a couple of clicks. OKchanger contains numerous articles and detailed information about exchangers, trading platforms, payment systems, and other valuable data. Monitoring services are absolutely free. Registered users can even earn money by participating in affiliate programs.

3 ways of earning

There are several ways of building your business around currency exchange:

1) Create your own exchange service.

In this case, earnings are generated by every single exchange operation processed by your exchanger, and your reward is a small percentage of the operation.

However, exchanger creation is not as simple as it might seem. Some time ago, you could just embed a script into a website, set up merchants and exchange money without an official registration. But it is not like that anymore. In order to attract customers and make your service successful, you will have to obtain a license.

You will face tough competition as there is no lack of people who are thinking about having their own currency exchangers. Therefore, you'll have to put a lot of effort into this undertaking in order to take your piece of the pie.

Exchanger creation costs are extremely high. So it is better to be ready to spend a lot, otherwise you are doomed to failure.

Creating a private exchanger will suit those who already have a stable digital income, but need other currencies to run their business. Setting up low fees can help attract new customers to the service.

2) Participate in affiliate programs.

Website owners can become partners of exchangers and get rewards for attracting new customers. Usually, exchangers pay their partners some percentage of all transactions carried out by their referrals. This way of earning can suit pretty much everyone, as having a website is not necessary for participation in affiliate programs. You can attract new customers through social networks, forums or other platforms.

3) Wait and search for the best moment.

Every currency exchanger offers different exchange rates. You can take advantage of that: compare exchange rates from multiple exchangers and design a pattern under which you could invest a certain amount of money that will later grow. The profit may be small in terms of percentage, but it will depend on volumes. In this case, one should take into consideration fees charged by exchangers and payment systems.

You could also try to find buyers outside of exchangers. It could be organizations that have one currency in excess, (PayPal USD for example), and lack another currency they need (OKPAY USD for example). Exchanger services would be expensive, but this issue can be resolved on the internet with less pain.