You can find very different reviews about making money on the Internet by exchanging currencies. The thing is that there are many fraudulent schemes that involve currency exchange. It would be more accurate to say that scammers offer to earn fabulous money on the Internet and offer their own schemes, which include fake exchangers.
To avoid being deceived and to understand how scammers can deceive under this pretext, read this article: “Earn 5,000 rubles a day on currency exchange, a new fraud scheme!”
In the article, together with you, we will try to figure out what this type of earnings actually is and how real it is, based on the fact that each commercial bank determines its own exchange rate, and electronic payment systems do the same.
How realistic is it to make money on the Internet by exchanging currencies?
If we characterize currency exchange as online earnings, then it assumes as the main task the determination of the payment system that has currently established the most attractive exchange rate for electronic currencies, upon which the user can receive the difference.
Therefore, as part of this task, I will try to monitor and try to make a profitable exchange.
Monitoring all exchange offices manually is not necessary, and it is also unrealistic for one person. There are special services that allow you to find data on this issue, the main of which are:
- bestchange.net
- superobmen.org/o-monitoringe
- kurs.com.ua/ua/webmoney
In theory, earnings on exchange should proceed according to the following scheme. Let's say you want to exchange WME (euro in the WebMoney system) for WMU (WebMoney hryvnia).
For example, you have 10 WME at your disposal. Using a sign located on the website of a specialized service, you can see that the most favorable rate is currently offered by the exchanger lamapay.com.
10 WME (after deducting the commission) will turn into 300.3 WMU. Then you will need to complete a reverse transaction - exchanging these 300.3 WMU back. Using the exchange office obmennik.ru, you will be able to get (again, taking into account the commission) 10.15 WME. 15 euro cents will be your income.
Of course, this method involves exchanging not only euros and hryvnias, but also any other electronic money, for example US dollars.
One of the largest online payment systems in Russia and the CIS, WebMoney, can itself offer its currency exchange services. Trying to get a stable income here is even much easier than in third-party exchangers.
You just need to figure out how to process information and find profitable exchange options. To start working in this direction, you will need at least five wallets registered in this electronic system. To ensure earnings, you need to work not with the WebMoney system itself, but with the wm.exchanger.ru exchange
This is how you are supposed to make money by exchanging currencies on the Internet - using the difference between the rates of various electronic currencies.
It would be more accurate to say that this happens in theory, the way it is presented on the Internet, that in reality we will understand this type of earnings in the next part of the article, where we will conduct an experiment and try to earn some money.
Exchange for purchasing foreign currency.
One universal account is opened for each type of currency. To carry out monetary transactions, you must open a bank account. A debit card is issued, Internet banking is connected, and details are transferred to brokers.
Having completed these steps, you can begin transferring funds and converting currency. There is one rate on the stock exchange, and another on the exchanger.
You can find out exchange rates on the Internet. Based on the data obtained, the appropriate time is selected to carry out transactions with currency.
You don’t have to spend a lot of time to open an account and transfer money. There is a risk of losing funds if the brokerage company or banking organization loses its license. It is better to choose large, trusted companies and ask about their license. Force majeure may occur and trading will suddenly stop.
This method has its downside. Only wealthy clients can use it. You can convert a minimum of one thousand dollars.
There is another negative side. A broker can replace the Moscow Exchange with Forex. The client thinks that transactions are made on the Moscow Exchange, and the broker did not even warn him that he is working on Forex. Before signing the documents, each item is studied.
Forex for making money on foreign exchange transactions.
For those who do not know, Forex is an interbank market for the exchange of foreign exchange funds, where free prices are used.
There are supporters and opponents of this organization. The main pitfall of this method of currency exchange is the effect of leverage provided by the forex dealer. If there is a lack of investment to support their positions, they use leverage. When they make a profit, they give it back and share it with their income.
This situation is beneficial for winning trades. If the amount is unprofitable, then the losses are doubled or tripled. The player is left without his own and other people's money.
Earning money from payment systems.
Many people have already learned to use electronic money. In addition to the webmoney system, you can earn money in such systems as:
- Exchange;
- RBK Money;
- PayPal;
- Liberty Reserve;
- e-Gold;
- Yandex money;
- Perfect Money.
These systems have different internal resources, so they provide an opportunity to earn money. When investing larger amounts, they receive higher profits.
In order to earn money using this method, you must have:
- More money. Future income depends on the amount of invested funds. This does not mean that you need to invest large sums right away. It's better to start from smaller to larger.
- Fast Internet.
- Knowledge of the terms of the electronic payment system, foreign exchange market, Internet exchange offices.
- Personal accounts in different systems.
Is there a risk of being left without profit?
A person who decides to engage in currency exchange must be prepared for risks. If the exchange rate suddenly drops, you can lose not only profit, but also hope for a bright future.
You can reduce risks using a special strategy. If in one bank the rate has decreased by 2 units, then in another it can be reduced by 10 units. Choose the best option to reduce losses.
To purchase currency, choose places with a minimum spread and low deviations from the exchange rate difference. Then the risk will be reduced as much as possible. If the exchange rate of the dollar or other currency falls, the losses will be insignificant.
The difference in rates is necessary to earn money. It just takes careful action. Don't be foolish about taking risks.
Tracking exchange rates
I can immediately say that this income cannot be called easy for any person; maximum attention and understanding of the process is required. To get started, we will need to have funds in each of the popular electronic money systems (WebMoney, Qiwi, Bitcoin, Payeer, etc.), since it is impossible to predict a jump in any currency in advance.
It is recommended to monitor rates using Bestchange, since it is difficult for fraudsters to penetrate here: each exchanger is checked by the service administration.
It’s easy to track races; the most profitable rate is always on top. Let’s say we take a pair of Qiwi (rubles) and WebMoney (also rubles). You can make a two-way exchange to try to make money. First we take the direction WebMoney - Qiwi.
Select the exchange office located at the top of the table. Exchange rate: give 1.0161 WebMoney, get 1 Qiwi. Please note that the numbers here are imprecise. Bestchange does not show the commission of the electronic payment system itself, showing only the commission of the exchange office.
For this reason, to reliably calculate profit or loss, you need to go to the exchange office itself. In this case, Monster Change will be used.
So, when exchanging 1000 WebMoney rubles, I only got 984.63 Qiwi rubles, since 8 rubles would be the WebMoney commission. The result will be 976.63 rubles. Let's remember this number and go back.
We go to Bestchenge again, choosing the direction Qiwi - WebMoney. But when exchanging back, you will have to pay a commission again, so we can safely say that after the operation we will only be able to get less, not more.
And here we should conclude that, perhaps, earnings on the exchange exist if you spend large sums, but with commissions it will be so insignificant that it is better to look at the direction of exchanging dollars for rubles and back.
If you have experience in carrying out profitable two-way exchanges, share your schemes or experiences in the comments, we will be grateful.
Earning money using exchange partner programs
There are now a lot of exchange offices on the Internet. Almost everyone has their own affiliate program. You can make money on it by attracting people to the exchanger and for this you receive a percentage of all exchange transactions.
You can also find a suitable exchanger for yourself at Bestchange. You should be guided by reviews when choosing. The more the exchanger has, the better. Bestchange itself, which also has its own affiliate program, cannot be called an exception.
Earn money using your own exchanger
What kind of earnings can the owners of exchangers earn? The most likely amount seems to be 50,000 - 60,000 rubles monthly. However, these are just guesses.
You can find out about this by creating your own exchanger. This option is available to anyone, you just need to be not lazy and have some starting capital. You can start with $2,000.
Each such exchange office works using scripts, so it is better to use ready-made scripts for it, unless you are a programmer. After downloading, you can install it on your hosting, exchange it and receive your interest. However, not everything is as simple as it might seem. High-quality scripts are available only in paid form. Cost - from $200 or more. Expensive, but justified.
If you don’t have the funds for paid scripts, you can use free ones on the Internet. However, there are no guarantees about the stability of their operation and the absence of bugs. This is the only drawback of the free script. Although you can always start trying again with free, then switch to paid.
Risky earnings
The risk is that, depending on the circumstances, you can either make a profit or lose the money invested.
The initial deposit should be quite large, since it is pointless to exchange small amounts, since your mistakes and commissions will simply “eat up” all your profits.
The most striking example of such earnings is the well-known Forex, where in order to play on courses you first need to invest personal funds.
Earnings on cryptocurrency exchange (including bitcoin)
In the case of crypto, it’s worth mentioning right away that by simply exchanging it for rubles or dollars and back through exchangers, you will not earn money, because the rate is approximately the same, and commissions will simply eat up part of your money.
The whole point of making money is on changes in the exchange rate, and not daily, although you can speculate on this, but, in my opinion, you can’t get there with a small amount, so you need to look in the long term and form a cryptocurrency portfolio.
This is necessary in order to diversify the risks with a set of coins and receive a total profit against this background, for example, you have 10 different coins, the rate of three fell, two remained unchanged, five increased, in the end you are in the black.
Final part
By dealing in currency, people make good profits. Even people with small investments can count on income. It doesn't take much intelligence to engage in currency exchange. You can use different methods.
People began exchanging dollars since the end of the last century, when the financial crisis began. At that time, the first money changers appeared on the market.
Currently, this method is considered the most secure, since trading can be done via the Internet. You don’t have to go to the street market to make yourself known. You can buy money in one exchanger and sell it at a higher price in another.
Users who have mastered this area earn decent amounts of money every day and make a good profit. They understand terminology, can easily surf the Internet, and predict exchange rates. Beginners must constantly monitor quotes on exchanges and quickly make decisions in order not to get burned.
Conclusions about making money on currency exchange on the Internet
The scheme itself is quite controversial and very labor-intensive; you need to constantly monitor pairs for races, while taking into account the commissions of exchangers. Therefore, I would not recommend considering this as online earnings.
Against this background, making money on affiliate programs of exchangers or even by building your own exchanger, if you have the qualifications, looks much more interesting. Since work in this direction is more transparent and understandable.
As for earning income on a crypto exchange, this is definitely a scam, you can make money, but at races and not with just one coin. Plus, you need to constantly monitor the situation, look for rising ones and dump illiquid assets, you need to understand this, and it’s not a matter of five minutes, that’s for sure.
Sincerely, author of the article, Andrey Petrov
