Simple Bitcoin Converter
Crypto calculators are essential tools for participants of the crypto space. This necessity has spurred crypto platforms to incorporate one form of price tracking feature, or the other hand, on their websites. While this has become a common practice, some platforms are solely designed to aid crypto holders to calculate, track, and convert crypto prices. One of such platforms is Preev.com. In this review, we will explore the workings of Preev as well as the pros and cons of utilizing its services.
What is Preev?
Preev combines several functionalities that border on crypto conversion and calculation services. It is safe to say that its primary function is to offer users the conversion rates of popular cryptocurrencies. With this tool, a user can enter an amount of crypto to determine its equivalent in fiat currencies and traditional assets. That said, the platform also tracks the live prices of cryptocurrencies on exchanges, which establishes it as a crypto price aggregator.
What are the features of Preev?
A crypto calculator
As earlier stated, crypto conversion and calculation are Preev’s primary services. The website has an algorithm that tracks the conversion rates of popular cryptocurrencies and allows users to calculate the value of their crypto holdings. People looking to purchase crypto could also enter the amount of fiat currency they want to invest and see its equivalent in cryptocurrency. Take bitcoin conversion as an example, you just need to enter an amount in fiat currency to get preev bitcoin price in an instant
The cryptocurrencies supported on this site are Bitcoin, Litecoin, and Dogecoin. Therefore, you can simply enter your bitcoin holding into the Preev BTC USD conversion tool to get a current valuation in USD. Similarly, you can convert to other fiat currencies like Euro, British pound, Canadian dollar, Australian dollar, Japanese yen, and much more. Furthermore, you can check your digital asset’s equivalence in traditional assets’ like Gold, silver, and platinum.
Tracking the live prices of popular cryptocurrencies on exchanges
Apart from offering conversion rates, Preev tracks the prices of the supported cryptocurrencies on popular exchange platforms, aggregates them, and finds the averages. It is these averages that users get to see as the default price of the platform. Besides, users can choose to utilize a specific crypto exchange to use as the benchmark for their crypto conversions. The list of cryptocurrency exchanges that Preev tracks are Bitstamp, Bitfinex, Kraken, and LocalBitcoins. As stated, the default prices of cryptos on Preev are the average of aggregated prices across supported exchanges. And so, these prices might have slight variations to what cryptocurrencies are selling for on your favorite exchange.
What are the pros of using Preev?
It is simple to use
Perhaps the most distinctive thing about Preev is its simplicity. The platform is a one-page website. Therefore, navigation is not a problem, as all the features are on the homepage. To use the site, all you need to do is pick from the list of cryptocurrencies made available, enter the amount of crypto you want to convert, and pick your preferred traditional asset. And in a matter of seconds, the algorithm finds the equivalent of the entered amount using the average of its aggregated price. Besides, you can simply click the settings icon and pick from the list exchanges featured on the site to use the aggregated price from a specific crypto exchange. As such, Preev is a simple bitcoin converter
It is mobile friendly
Owing to the simplistic nature of the Preev crypto calculator, it enables a premium user experience and a design that is compatible with mobile phones. Hence, you can do all the conversion and calculation you want via your phone without worrying about a thing.
Free to use and ad-free
It’s amazing to know that the Preev platform has maintained the business model of offering free services. There are no hidden charges, and you have unlimited access to Preev’s cryptocurrency conversion tool. While you might think that this would give Preev the license to monetize its website through ad revenues, instead, Preev breaks free from the norm. There were no ads found on the website at the time of reviewing the platform. Hence, there is little to get in the way of user experience, as users do not have to worry about being bombarded with unwanted advertisements.
It supports a comprehensive list of fiat currencies and traditional assets
The platform does enough to offer a wide range of fiat currencies on its conversion tool. By so doing, it is clear that Preev has put in work to ensure that its crypto conversion algorithm can convert cryptocurrency to just about any fiat currency. This is good news for crypto practitioners who feel that popular platforms do not include their local currencies in their price conversion tools.
What are the cons of using Preev?
It is too simple
It feels awkward to mention the platform’s simplicity as one of its pros and also put it down as a con. But the truth is that Preev has little on its website, other than the conversion tool in the middle of the page. While the design contributes to the load speed of the site, it does not come anything close to being aesthetic. And so, the site may seem bland to very demanding visitors. We believe that Preev could expand its functionalities to justify its existence, especially now that platforms are increasingly adopting price tracking tools.
It does not support a lot of cryptocurrencies
For a platform that has been in operation for a while, we expect it to have widened its support system for cryptocurrencies. Instead, it can only offer price conversion services for three cryptocurrencies – Bitcoin, Litecoin and Dogecoin. More disappointing is the fact that one of these coins does not even feature in the top ten cryptocurrencies list. This limitation could make Preev less attractive to miners and crypto practitioners who are active in the altcoin market. A modern crypto participant needs much more than the Preev bitcoin price aggregator.
It has just four sources for its crypto price aggregation service
Recall that we mentioned that Preev offers crypto price aggregation services. Although the platform’s price aggregator algorithm is working fine, there is, however, a reason to believe that Preev can do more to improve its efficacy. This assertion holds, as it only relies on four exchanges to calculate the default conversion rates of the website. A very active crypto trader looking to capitalize on the price disparities between crypto exchanges may find the price sourcing infrastructure of Preev a bit underwhelming.
Preev sets out to offer crypto holders an avenue to track the prices of cryptocurrencies, which it has done considerably well. However, there are downsides, like its inability to cover a wide range of crypto prices, that taints its efficacy. We recommend that you weigh the pros and cons mentioned in this guide before making a decision.