Frequently Asked Questions

About
What is BestRate?

BestRate is an instant cryptocurrency exchange aggregator providing the best crypto-to-crypto rates on the market.

How does BestRate work?

BestRate’s robot is integrated into the largest cryptocurrency exchange platforms, such as Changelly, ShapeShift, Evercoin, Bittrex, Poloniex and others. In milliseconds, the robot makes bids and sends requests to the platforms, then selects and suggests the best available rate that shows up on the homepage.

Why should I trust you?

BestRate is a young and prospective project created by IT and crypto enthusiasts with 5+ years of experience in the area. The service provides safe and fast transactions without revealing identities. We provide the best rates due to a wide range of reliable trading platforms and have over 80+ cryptocurrencies listed.

The reasons to trust BestRate:

  • No deposit storage is required.
  • Instant money exchange is available.
  • Our platform is powered by such reliable services as Changelly, ShapeShift, Evercoin, Bittrex, Poloniex and others with no additional charges.
Why doesn’t BestRate fix rates?

BestRate doesn't fix rates because it relies on the rates of other platforms.

Compared to fiat currencies, cryptocurrency is volatile, so its rates may fluctuate each minute. This is the reason why the final rate may be higher or lower than expected at the end of a transaction.

Keeping the rates fixed would make us cover market risks and currency volatility which would lead to much higher commission fees. Instead, BestRate helps you to find the lowest rate on the market, which is as low as the commission fee (0.5%), and offers the best available rate at the moment of transaction. This is why we don’t fix currency rates.

Transactions
What’s the wallet address?

A wallet is a digital place for your coins to be stored. Each coin has a certain wallet provider: official GUI-wallets, web wallets and other applications. The wallet address represents a randomly generated combination of digits and letters.

BestRate doesn’t provide wallet addresses and doesn’t store user deposits. To exchange cryptocurrencies, you need to provide your wallet address to receive your exchanged money.

How do I get a wallet address?

Just figure out what coin do you want to buy and seek for a stable wallet version. As a rule, each coin has its official wallet client.

Note that each wallet has its unique address or a tag with a private key that is required to restore your wallet if it's lost. BestRate never asks your private keys. Store them in a safe place and never show anyone. Once private keys are stolen, you wallet with all the coins will be lost forever.

What's the recipient’s address?

In each transaction, there is always a sender and a recipient. The recipient’s address is the wallet address to receive money you want to buy. For example, if you want to buy Bitcoin (BTC),  you should specify the BTC wallet address.

In general, the recipient’s wallet address is the address we send the coins to, once the transaction is finished.

What is a hash?

A hash (or the tx ID) is a unique address of your transaction in a blockchain. In most cases, the hash is the combination of digits and lower case (upper in Ripple) letters that represents the proof that money has been sent. Whenever you make a payment, you receive a hash displayed in your wallet. It looks like this:

https://insight.bitpay.com/tx/9658cad24045482003c88bfd605836ae6d063be2383d4741d1b04da4d064aa0f

The hash should be located in a blockchain. BestRate`s support team may ask you to provide the hash. Sometimes it’s required to find your payment and resolve other issues.

How do I buy coins?

The purchase process is the same for all the coins available on BestRate.

  1. Go to BestRate.org and select the coin you want to exchange on the left and the coin you want to buy on the right, then click "Exchange now".
  2. Check the amount specified and the amount you’re going to get on different exchange platforms.
  3. Specify the recipient’s wallet address.
  4. Check everything attentively once again. Note that the amount is estimated, so it may be bigger or smaller by the end of your transaction. If everything is fine, proceed to the next step.
  5. Now your transaction is created. Check a QR code and a wallet address below. This is the address you should send your money to be exchanged. Go to your wallet and paste this address into the corresponding field. If you use a mobile wallet app, just scan the QR. Once we receive the money, we’ll exchange it and send to the address you provided in the step 3.
  6. In your transaction history, you may check the status of your transaction. Once it’s finished, you’ll be informed. Usually it takes 5-30 minutes. In some cases, waiting time might be increased.
  7. After the transaction is finished, you get a receipt with an output transaction hash. This hash is a proof that your transaction is finished.
What is the maximal/minimal amount?

BestRate doesn’t have any amount restrictions. However, there are some nuances.

If the amount is too low, make sure that it covers all the network fees taken by the blockchain. It means that the amount you are going to send and the amount you are going to get should be enough to cover input and output network fees taken by the blockchain.

If your funds are insufficient, you will see a corresponding message.

Please, stick with these recommendations. Otherwise, there is a high risk that your money will be lost.

For large amounts, there are no restrictions at all. You’re free to send any amount you want. Note that in this case the time of transaction processing will depend on the capacity of the blockchain and the amount of the network fees set by your wallet.

What are network fees?

Each money sending process goes through a blockchain. The process requires a network fee. This is a commission a blockchain takes from the amount sent. This is why it is so important to include network fees in the amount you send and plan to get. If the amount is too low to cover the fees, the transaction will fail.

How do I cancel my transaction?

Blockchain transactions are irreversible. Once the money is sent, it cannot be rolled back. So if you are going to exchange cryptos, think twice and check attentively all the payment details prior to sending money.

Why is my final amount different?

All transactions take time to be processed (usually 5-20 minutes). For quite volatile currencies this time is crucial as the final rate may surprise you. This happens due to the fact that BestRate doesn’t fix currency rates.

When should I receive my money?

BestRate transactions take 5-20 minutes to be processed. If a transaction is large (over 1 BTC worth), processing may take longer depending on the size of your transaction and blockchain capacity.

Why is my wallet address recognized as invalid?

BestRate supports most of the wallets. If your wallet address is recognized as invalid, there is always a reason. It may be one of the following:

  • You confused Dash (DASH) with Dashcoin DSH). These are two different coins with two different amounts.
  • You confused Factom (FCT) with Fantomcoin (FCN). These are different currencies as well.
  • You have a typo or a character missing. Make sure that the address you specify matches the actual address of your wallet.
Why does my transaction take so long?

As a rule, the transaction takes 5-30 minutes to be processed. If your transaction takes longer, this might be due to a wide range of factors:

  • The exchange is busy. Your transactions have to stay in the queue to be processed.
  • Blockchain is overloaded. There are many transactions pending, including yours. The issues takes place on the Bitcoin and Bitcoin based blockchains. All you have to do is to wait. The blockchain overload doesn't depend on BestRate.
  • Coins are updated. We may turn off some coins to update the client. It will take some time. Once we turn it on, you will get your money.
  • DDoS attacks. Any platform may experience such issues. In this case, all you have to do is wait.
Why is my transaction still waiting for payment if I've already paid?

This may be due to several reasons:

The transaction hasn't been included to a blockchain. Cryptocurrencies aren't stable, so minor errors might occur. We can refund your money or push the payment through if you provide the hash (a tx ID) of your transaction.

  • ETC and ETH confusion. The addresses of Ethereum (ETH) and Ethereum Classic (ETH) have the same structure. If you send ETC or ETH, make sure that you've created an appropriate transaction on BestRate. For example, if you create an ETH to BTC transaction, make sure that you send ETH, not ETC. Otherwise your transaction will be stuck.
  • Wrong XEM message. While sending XEM, make sure that you've put the correct message. It's indicated here and looks like a combination of digits and letters. Messages like 'Hey how are you', 'I love BestRate' etc. are lovely but don't work, unfortunately :)
  • Other internal errors. Even our perfect system may lag or experience internal issues. If you suppose that this is the case, report it to [email protected].com