Peer-to-Peer-Trade: How I my protected when buying or selling crypto via P2P Trading
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If you have been following my post, you will see that the last topic we treated was peer-to-peer escrow which you can read from here and get a clearer picture of this discussion which comes in based on the questions I received from someone who chatted with me on Whatsapp.
Peer-to-peer (P2P) is used by millions of traders all over the world because it serves as the most convenient way to buy and sell cryptocurrencies without coming across third parties which will warrant you to pay fees.
It is more secure and safe to use since peer-to-peer makes use of escrow service to hold the funds until an agreement is reached between the two parties which is the buyer and seller.
Just as we have said, in our previous post, P2P trading gives you the peace of mind to buy and sell cryptocurrencies for fiat currency without coming into contact with a third party.
It is highly secure to use and every exchange that offers the service of P2P trading has the same means of securing P2P trading which in this post we have discussed more on P2P security measures.
| How am I protected as a P2P trader |
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P2P trading has various features that protect users who want to buy or sell cryptocurrencies for fiat. Buying and selling cryptocurrency via P2P is one way, and less stressful and it offers you different means of payment which you can choose from. Let's take a look at the features that make peer-to-peer trading more secure.
- P2P Escrow service
In P2P trading, there is an escrow service that holds your crypto for you until the buyer has made payments.
As we discussed previously using Binance escrow as an example, when you create a buy or sell order on Binance P2P, the escrow service will be the one to secure your funds for you until an agreement is reached between you and the other trader.
Escrow makes sure that whatever cryptocurrency that is being sold or about to be sold is available in the seller's wallet and the buyer is going to receive the cryptocurrency once payment has been made. You can read about escrow from our previous lesson to learn more.
- Appeal Service
Every P2P service has an appeal Service in case of a dispute between the buyer and seller. The Appeal service is like a court of law where both parties can settle their dispute which we have discussed more in our previous post.
As a P2P trader, who wants to sell cryptocurrencies for Fiat money, you can open a sell order and wait for the buyer to pay before releasing the cryptocurrency for the buyer. In a situation where the buyer has claimed to have made the payment, whereas he or she hasn't and you have chatted with the buyer and is not responding you can then go ahead and file an appeal.
- 24/7 Customer Service
In P2P trading, there is always a customer service that is ready to help you out whenever you need the assistance of a customer service which you can chat with. Customer Service usually comes in place when a trader has filed an appeal or you are facing troubleshooting issues.
- Security update
In a P2P trading the security is very strong and it is usually updated to keep you and your funds more secure. When you're about to release your cryptocurrency to the buyer, you will be asked to verify that you are the real owner of the account before the cryptocurrency can be released.
Also in a P2P trading no third-party payment. Any account number that doesn't bear (carry) your name would not be accepted for payment. This is to ensure that every payment is sent to the rightful user.
- Verified merchants (user)
In P2P trading, you don't need to be afraid because it is only those whose account has been verified that can trade on P2P. As a trader, you can only choose to transact with verified users with high reputations.
| Conclusion |
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In our today post, we have learned about the features that make P2P trading more secure. As a beginner who wants to start P2P trading, you will need to create an account on an exchange like Binance or any other exchange that offers P2P service, verify your account, and begin trading P2P with peace of mind.
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