Thursday, August 13, 2009

Best Digital Currency Exchanger of 2008

Ecommerce Journal presented awards in two categories for Digital Currency Exchangers on February 13, 2009:

In the first category, Best AutoExchanger went to Intexchange and they were interviewed by Ecommerce Journal after receiving the award.

In the second category, Best Exchanger went to London Gold Exchange.

Digital currency exchangers (DCEs, independent exchange providers or e-currency exchangers) are market makers which exchange fiat currency for electronic money, such as digital gold currency (DGC), and/or convert one type of digital currency into another, such as WebMoney into e-gold. Exchangers apply either a commission or bid/offer spread to transactions.

There are no specific financial regulations governing DCEs, so they operate under self-regulation. However the Global Digital Currency Association (GDCA), founded in 2002, are a non-profit association of online currency operators, exchangers, merchants and users. On their website they claim their goal is to "further the interests of the industry as a whole and help with fighting fraud and other illegal activities, arbitrate disputes and act as escrow agent when and where required." It is possible for clients to purchase DGC by credit card, and therefore receive consumer protection from their credit card company. Various exchangers offer this service, although the exchange fees are typically higher than using a wire transfer.

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