As the Liberty Reserve payment system is becoming more and more popular, users wonder how the e-currency is bought and sold. In this article, we will try to clarify this so that the procedures of the Liberty Reserve exchange be as easy as possible.

To start with, let’s briefly describe the payment system. Liberty Reserve is a payment system, or processor, founded in 2003 and is under the jurisdiction of Costa Rica. The main currencies of the payment system are U.S. dollar, euro and gold. What makes Liberty Reserve different from other payment processors is 100% payments irreversibility. That means, once you have sent the money to anyone even by mistake, there will be no way to get it back.

Especially for this reason, one should be very careful about choosing an exchange office for the LR-involving transactions. Alongside with the overwhelming popularity, Liberty Reserve had to face the increasing number of fraud attempts.

To avoid unpleasant experience while dealing with LR, please read some tips we prepared for you. Follow them, and your money will remain secured.

1. Before you send Liberty Reserve to one or another exchange office, please make sure it is listed on the payment system’s website as an official Liberty Reserve dealer (proceed to http://www.libertyreserve.com/en/exchangers).

2. Spare a minute to read some reviews on the Web about the exchange office you are about to use. If you find either no reviews or a lot of negative ones, refrain from dealing with the exchanger.

3. If a dealer offers unbelievably favorable exchange rates, it might be a bad sign as well. It is obvious that exchange offices and trade platforms are created not to act as a charity but to generate profits. So, to be on the safe side, avoid dealing with those who offers you the e-currency for half the price. You might not be able to get the money back.

4. Make sure the exchange office provides reliable real-time support so that you can contact them whenever you need help. Feel free to ask them a question before sending them money. If you are not satisfied with the communication, don’t initiate any transactions. Poor customer service will cost you much time and money.

5. When sending money, pay attention to the note, or comment, you are asked to attach. If the dealer demands that you specify "charity purposes" or anything similar, do not transfer any money! They are sure to have fraudulent intentions!

6. When paying, please pay attention to the type of the recipient’s account. If it begins with U, not X, aware that the account owner has not been verified by the Liberty Reserve administration.

If you follow these simple rules, you will always be protected against fraud. However, if you want to be absolutely guaranteed from risks and losses, use Magnetic Exchange for your Liberty Reserve transactions. It offers moderate, industry-average fees and is as reliable as a bank because it is developed by a team of high-rated, widely acknowledged professionals who have been specializing in e-currency exchange for more than 3 years.

To initiate an exchange transaction, choose the conversion type on the front page (e.g. LR EUR to PM USD). Then form a request by specifying the details of the sender and the recipient. Next, confirm the request and pay. As soon as the funds are transferred to the account of the exchange office, the service will, in a manual or an automatic mode, replenish the recipient’s account. Just like that!

We wish you good experience in dealing with Liberty Reserve!