All You Need To Know About P2P Trading on Pexpay – English

Key Takeaways:

Peer-to-peer (P2P) trading on Pexpay is a type of trading (cash-to-crypto & crypto-to-cash) that occurs directly between two individuals or parties using different payment methods and fiat currencies.
On-ramping into crypto is made much easier on Pexpay with 150+ payment methods, 40+ currencies and 15+ tokens available for you to directly trade with others. The best part: 0 trading fees for all.

Introduction to P2P trading

Peer-to-peer (P2P) trading is a type of trading that occurs directly between two individuals or parties. P2P trading creates more accessibility for users to buy and sell crypto at their own preferred price. Spot trading in contrast involves the buying and selling of highly liquid assets through a centralized exchange, where prices are determined by market forces.

P2P trading was one of the key driving forces behind the creation of bitcoin and other cryptocurrencies. Since cryptocurrencies are decentralized and not controlled by any central authority, crypto enables P2P trading to take place without the need for a third party intermediary, such as a bank or financial institution.

In the context of cryptocurrency, P2P trading typically occurs through online exchanges such as Pexpay that connect buyers and sellers directly. These platforms are ultimately necessary to protect buyers and sellers from scams and fraud: platforms allow individuals to trade cryptocurrencies with each other using a wide variety of payment methods, such as bank transfers, credit cards, or even cash in a secure and controlled environment.

Introduction of P2P trading on Pexpay

Wiring money in your local currency, especially when across borders, is often an expensive and lengthy process. Our goal at Pexpay is to offer everyone equal access to trade crypto. We offer one of the most comprehensive cash-to-crypto & crypto-to-cash solutions to every user with almost virtually any existing payment method.

This is how it works:

Market makers (who can be users or professional merchants) publish the price at which they are willing to trade their cryptocurrency, specifying the accepted payment methods and the minimum and maximum order size. This is called “advertisement”.
Once you find a buy or sell advertisement that accepts your preferred payment method and your local currency, you place the order and make the offline transfer after receiving the specified details in the transaction summary. At this point, the digital asset is securely held in escrow by Pexpay.
Only once the transaction is confirmed by both parties, the digital asset will be released to you. In this case, the order has been successfully concluded.

*Note: At Pexpay, user asset safety is the highest priority. Only release your funds within the platform and do not trade outside of the platform. Also, it is ideal to trade with users who have high completion rates and are verified. If any problem arises, an appeal system is in place and our 24/7 customer support will be at your service.

DID YOU KNOW: Pexpay today allows you to use over 150 different payment methods in over 40 currencies and more than 15 tokens!

[Learn more about protection from scams here.]

P2P Beginner’s Glossary

What is an advertisement?

The advertisement is the public offer at which a user is willing to trade his cryptocurrency. It consists of ad type (buy or sell), the crypto asset the user is willing to trade, fiat currency, total crypto buy/sell amount, price, order limit, payment window, preferred payment method(s), user nickname, and terms and conditions.

What is a nickname?

A nickname is an alias that a user can have on Pexpay in order to trade. All users that post ads (makers) need to set a nickname in order to do so.

What is the user status?

Next to the user's nickname, you can see a green or yellow dot representing their online status. Green means they are currently online, yellow means they are offline but were online less than five hours ago. If there is no dot, this means the user is away for more than five hours. This may help you make a decision on whether you would like to start a trade with them or not, since users that are active may fill your order sooner.

What is a maker?

A P2P maker is a user who posts trade advertisements on the Pexpay P2P platform.

What is a taker?

In the P2P sense, a taker is a user who buys or sells assets with existing advertisements.

What are the payment methods?

The payment methods refer to the accepted way to transfer money to the counterparty. Each advertisement has its own list of accepted payment methods out of which the user can choose from.

What is the payment window?

If you as a buyer have agreed to a trade, you must complete the offline payment by the specified pay time. If the transaction is not concluded and confirmed within the timeframe, the order is automatically canceled.

What are the terms?

When you select an advertisement, a “terms and conditions” section opens with order-specific conditions and guidelines set by the counter-party to ensure a smooth trade. Remember to always read and acknowledge them ahead of initiating the order to avoid any problems later on.

What is a created order?

When you select an advertisement by filling in the order size and agreeing to its terms, you create an order that can be fulfilled by making the offline transfer.

What is a funding wallet?

Crypto purchased from P2P trading will be transferred to your Funding Wallet. To sell crypto via P2P trading you need to transfer your funds to Funding Wallet first. The balance shown on your Funding Wallet includes the total crypto balance from your P2P buy/sell orders.

What is the “T+1 withdrawal limit”?

If risk controls are triggered, the buyer will not be able to withdraw the purchased cryptocurrency from Pexpay for 24 hours. This "T+1" withdrawal limit only applies to transactions involving Chinese yuan.

What is an appeal?

When there is a dispute between buyer and seller, and a user would like the platform to step in, users can file an appeal. The crypto involved in the trade will stay locked during the process.

Benefits of Pexpay P2P

P2P trading on Pexpay aims to make your trading faster, safer and cheaper with the following measures:

Zero fees

As a major advantage compared to other P2P platforms, all users (both taker and maker) on Pexpay enjoy zero trading fees. Buy and sell with no extra cost. Save more, Invest more!

Multiple layers of safety

To ensure all your assets remain secure, we enforce strict KYC (Know Your Customer) regulations, requiring ID verification and two-factor authentication. On top of that, our escrow mechanism ensures the security of both counterparties of a given P2P trade, by requiring the advertiser to send the crypto to Pexpay before an advertisement can be listed. Only once both parties confirm the offline transaction, the reserved funds are released.

[Learn more about how Pexpay keeps your assets safe here.]

Efficient dispute resolution

In case of a conflict, you can directly chat with your counterparty to reach an agreement. If communication fails and cannot conclude an agreement, you can always appeal your case. Then, the cryptocurrency gets frozen until the case is resolved. Our customer service will communicate with both parties involved in the dispute by email and help to resolve the problem.

24/7 customer support

Customer support being a top priority to Pexpay, our team is available 24/7 to help resolve any issues or inquiries that you may have, making the experience smooth, clean, and adaptable.

How do I get started with Pexpay P2P?

Getting started with Pexpay P2P is straightforward and simple, here are some simple steps for taker, maker and merchants:

As a taker:

Head to Pexpay and register an account if you haven’t done so already.
Complete the Identity Verification process next. Make sure to have all the necessary documents as you complete this step.
When Pexpay has verified your account, you can set up your preferred payment method(s). Pexpay P2P supports more than 150 payment methods, so take your pick.
If you plan on selling your crypto on the P2P platform, you will have to transfer crypto to your Funding Wallet first.
Now, head to Pexpay P2P and choose an ad according to your requirements.

For step-by-step guidance:

As a maker:

Head to Pexpay and register an account if you haven’t done so already.
Complete the Identity Verification process next. Make sure to have all the necessary documents as you complete this step.
Post ads by following these instructions.

Avoid becoming a victim:

Tips to Avoid Third-Party Transfer When Trading P2P

As a merchant:

Become a merchant with Pexpay to get exclusive access to advanced ads management, verified badges and exclusive customer support.

Requirements:

Complete SMS and email authentication
Complete advanced identity verification
No minimum deposit requirement.

Apply to become a Pexpay merchant here.

Disclaimer: Your use of the Pexpay P2P services and all information and other content (including that of third parties) included in or accessible from the Pexpay P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Pexpay P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Pexpay P2P platform nor merchants shall be responsible for your loss in a completed payment.