Things to check when buying crypto P2P
Cryptocurrency markets have emerged the last months, resulting in people wanting to buy and sell their favourite crypto using various payment methods, from all around the world. For example, in USA its common for traders to buy bitcoin with venmo while in India ofter traders choose more localized payment methods like payTM.
Below you can find an important checklist to take into consideration when trading P2P online :
Choose the Right P2P Crypto exchange
Reputation : Make sure to find a reputable P2P Crypto Exchange in order to exchange your Bitcoin, Ethereum or any other cryptocurrency you want to buy or sell. Its very important to find reviews and ratings through the web and mostly Reddit, in order to make sure that this exchange is a legit one and not a scam.
Stability : Another important factor when you are choosing a crypto exchange, is its stability and availability. Some exchanges are experiencing downtime on rush hours, while others block users from specific countries. All of the above can cause trading difficulties, resulting in monetary loss.
Security : Last but not least, an extremely important thing to is the security options that
each platform offers. Check if the wallet is custodial, if the platform offers 3 Factor
authentication or trading encryption.
Choose the right Seller
In order to buy or sell crypto in P2P exchanges you need also to find the right seller.
Reputation : Check the reputation or “stars” of the trader and its latest feedback. Be careful and always use escrow no matter how trusted the user seems to be.
Disputes : Check the amount of active disputes the user has and try to check the trader’s
Rate check : Make sure to double check the rate conversion and the margin price. For example if you would like to buy Ethereum with payTM make sure to check the ETH to INR price before opening the trade.
Limits and Payment methods : Finally check the minimum and maximum limits that the Seller / Buyer is offering and also make sure that the Offer matches the payment method of your choice and the currency. Its important because in case you initiate a trade with wrong currency, the trader may deny to execute and complete the payment.