Get started with P2P market (OTC Trading).
P2P TRADING EXPLAINED.
Here is a gift for you. Your perspective on getting into the crypto market will change in the article. The peer-to-peer market is often described so that it gets difficult for people to relate, not again. P2P, as people often refer to it, is; a market filled with human buyers and sellers with their respective purpose of entering the market.
Several centralized exchanges carry this trading system as one of the solutions to get your money in or out of the crypto market; aside from using your card to buy crypto, running a transfer to the verified exchange’s account P2P or OTC (over-the-counter trading) trading is one of the other best ways to buy crypto and sell your crypto asset.
The breakdown.
Peer-to-peer trading involves the use of a platform to buy and sell digital currency assets, assets that could include both crypto and fiat currencies; the purpose of the existence of this feature on most exchanges is to ease the process of converting your money to crypto or your crypto to cash, here is how it works.
You can download any of these applications, Binance, Buybit, Yellowcard, and paxful, to mention a few. This exchange carries the p2p feature with a similar user interface, even if the experiences may differ based on the app one uses.
In this market, you, as a buyer or seller, as the case may be, initiate an order, and then the platform immediately and automatically holds on to the other party”s assets till you confirm receiving of payment or depositing of cash into the other party’s account, as the case may be.
You would be able to interact with any p2p trading interface after understanding this label screenshot from the Binance p2p market.
As labelled in the image below, I will explain each button from the top left to the bottom right.
1 Person-to-person (p2p) tag: this is to identify the page you are currently viewing on the Binance app.
2 Exchanging currency: refers to the currency you can afford and are willing to trade with for your desired asset.
3 Selling market: you need to know that there are two essential things you can do in the p2p market; if you are not buying, then you are selling. If you are buying, it means you have some money in your bank account, and you are willing to convert them into your desired crypto asset, while selling means you have some crypto asset in your crypto wallet, and you are eager to exchange it for cash in your bank account.
When you click on the “sell” text, it boldens it and dims the “Buy” and vice versa.
4 Notification: You check here for updates regarding your account. Whenever you see a red tick at the top of the notification sign, it means you have a new notification.
5 Buying market: as explained earlier, this screenshot is currently on the buying screen.
6 Transaction History: If the need doesn’t call, you may sometimes want to check how many transactions you have made in previous times, days, weeks or even years, every transaction you do in the market is recorded here, and they go nowhere except to clear history.
7 Buy assets type (buy usdt only): Similar to the relation between the “buy” and “sell” screen, here we have a list of assets you can buy in the market at that time. These assets include (USDT, BTC, BUSD, BNB, ETH, NGN, AND SOL) clicking on any of them will bring you details of only vendors that are dealing with that asst.
8 Set a standard for your search (Filter): This is a feature I love so much. For example, let’s say I want to buy bitcoin worth $100; it only gets difficult to look for who is selling bitcoin worth that amounts from a market where we have hundreds of traders, “Filter” allows me to set that I am in search of who has this amount to sell, and then all I can see after selecting the filter is a list of vendors selling within the range of my request.
9 Set buying value: this is still a part of the filter. You want to set a price that fits into the cash at hand, and you begin to see only those selling in the range of the unit you want to buy.
10 Seller’s rating: Necessary for better assurance or confidence in whoever you decide to deal with; this rating results from how frequent and quality the seller’s trading history has been.
11 Buy Bitcoin only: This face is the same as I explained in number seven above. However, if you click on it, you only want to see people selling BTC.
12 Trading record of seller: here is a cumulative result of all the trades a vendor has completed; it is being exposed to you to assist you in decision-making while selecting which vendors you would love to deal with.
13 Selling price of the Marchant: this explanation has reached the exciting phase. On this part, you can see the rate of $one to naira or any currency pair you are transacting. Here it simply means this particular vendor is selling $1 at the rate of ₦655.48; this allows you to compare vendors’ selling rates to know which is more profitable.
14 The Green “Buy” button: simply the button to click when you are ready to transact with the vendor.
15 Units available for sale by vendor: Here you can see a vendor’s account balance; you are seeing what the Marchant has in their wallet to sell.
16 Max amount: this is the highest unit price a vendor is willing and able to sell; if you need more than the maximum amounts you are getting, you have to use the “filter” feature to set it according to your requirement.
17- Acceptable payment method: There are several methods for sending and receiving money, the same way there are several of these options in the market also; depending on the vendor, some may want to trade with only people who want to transact using a bank transfer while some would like to transact using other payment methods out of the several.
18- Minimum amount: Simply the minuscule amount a vendor can deal with.
Go begin your trading journey.😊
