Using the P2P service to buy and sell crypto is easy and fast, and you won't need a third party to confirm or conclude transactions. On a P2P exchange platform, the transaction is solely between the seller and the buyer, who agree upon terms and complete the transaction. Like a traditional banking system, there are dos and don'ts when using the P2P trading system to transfer cryptocurrencies.
This article will teach you a few guidelines that will make selling cryptocurrency on a P2P platform simple, safe, and secure.
1. Enroll With a Reliable Platform
The first guideline, or better yet, financial advice, that every potential cryptocurrency seller should follow relates to the platform that will authorize the trade. Every cryptocurrency trader must exercise caution when selecting an intermediary. If there is a regulatory setback or downtime at the promoter company, you can avoid getting your money stuck by using a well-known and dependable platform like Coinmarketmatch.
2. Don't Make Payments Through Third Parties
Every seller on a P2P platform must be the owner of any accounts they make visible to potential customers in their profile. You must be responsible for accepting and processing payments. Every seller has control over every transaction that occurs on the platform because of the way P2P is set up. Payments made to a buyer using a method other than the one you indicate on your profile on the P2P platform are regarded as fraudulent operations.
In situations involving bank transfers, you should be the account owner; similarly, in situations involving cryptocurrencies, you should be the wallet owner.
3. Off-escrow Transactions Are Not Permitted
Escrow services are contracts in which a trustworthy third party, like Coinmarketmatch, oversees the transfer of goods or assets between the parties to the transaction.
An "off-escrow trade" is one in which you give another user your contact information to conduct a transaction outside of the Coinmarketmatch trade flow. Always use P2P escrow to prevent account bans.
If you don't pay escrow fees to the P2P platform while trading outside of its escrow service, your crypto is much more at risk, and the investigation team won't be able to assist you if there is a dispute.
4. Price Haggling is Strictly Prohibited
A cryptocurrency buyer will pay the exact price set for exchange. Sellers must enter the best price they want to sell their coins for. Price negotiations during a trade are not allowed because the price is fixed. However, if both parties agree to change the amount during a trade, a new trade must be opened for the new amount.
It is against the Terms of Service of well-known P2P platforms like Coinmarketmatch to negotiate prices within the same trade.
5. Assume Responsibility for Potential Risks
Top P2P platforms take numerous steps to lower risks associated with cryptocurrency transfers on their platform. To boost security, they take all logical steps. However, as a seller, you should be prepared to assume all risks and obligations associated with trading. It is your responsibility to defend yourself against dishonest buyers and obvious scams. For more details, see our safety advice and security guide.
6. Trading Gift Card Codes Is Not Allowed
Brokering is the practice of purchasing a gift card code from a third party and reselling it to a different person later. This is strictly prohibited and in violation of the Coinmarketmatch Terms of Service. Both physical gift cards and electronic codes are subject to this rule.
7. Keep Things Civil With Your Business Partners
The same protocols and rules that apply to traditional banking systems also apply to cryptocurrency trading. So if you're a seller, ensure you treat customers with the utmost respect. P2P platforms do not permit the use of insulting language or disrespectful tones.
Be patient with buyers because some may be novice traders. Invite the p2p exchange moderators by opening a dispute if you are having a serious problem with your trading partner.
8. Write Concise Trade Instructions and Offer Terms
Put the offer terms and trade instructions in a brief, simple list with bullets or numbers so the buyer can see them before beginning the trade. Make sure the buyer is aware of any special payment-related procedures you have if they could cause a long delay. Your offer's terms and trade instructions must express this clearly.
You have to ensure the buyer is informed that the release of cryptocurrency might be a little delayed. And notably, crypto release times cannot go beyond the time you specify in your terms.
Examples of terms you might want a buyer to be aware of before starting a trade with you are as follows:
- Uploading an ID picture
- Verify your mobile number
- Complete our KYC steps
Buyers are aware of offers with complex terms and avoid them, so make them as clear as possible. A clear set of offer conditions will also benefit you in the event of a disagreement and will provide your trading partner with additional direction.
Depending on the conditions in your profile, you can give your customers useful tools and examples if they need them.
9. Be Mindful of the P2P Platform's Minimum Trade Amount
You must be aware of the P2P trading platform's minimum trade threshold. Find out the minimum trade amount needed to buy a cryptocurrency, and make sure you have that amount available.
10. Respond to Clients' Needs
Say "hi" and let the buyer know you are prepared to trade when they begin trading with you. If you know you won't be able to answer a buyer's request promptly, indicate that on your profile. Deactivate all of your offers if you aren't using your computer. Additionally, if a buyer initiates a trade while you are not around, this will prevent your BTC from being locked in escrow.
An unresponsive seller is the cause of trade cancellations. Please be on hand to attend to the buyer when they come knocking on your door.
If you follow the guidelines in this blog, selling cryptocurrency on a P2P platform like Coinmarketmatch is simple. The sole purpose of Coinmarketmatch is to authorize hassle-free cryptocurrency sales and purchases. Using this platform for cryptocurrency trading ensures a quick and easy transaction.