Peer-to-peer (P2P) trading is a type of cryptocurrency exchange method that allows you to trade directly with others without the need for a third party to facilitate the transactions.
In crypto P2P exchange, you can select your preferred offer and trade directly with a counterparty rather than using an automated engine to execute your transactions. This means you have more freedom to pick the best rate and payment method for your needs—and with lower costs. You can also better safeguard your privacy because you’re dealing directly with a counterparty.
These factors make crypto P2P exchanges appealing to users looking for a more simple and straightforward way to trade cryptocurrencies. Read our post on 5 reasons you should own a crypto debit card.
How does P2P crypto trading work?
Crypto P2P exchange platforms work by matching crypto buyers and sellers together to facilitate a trade. They can either browse crypto advertisements or create their own.
It’s difficult to establish trust on other platforms such as social media, for example, because they are not crypto P2P exchange platforms. You can’t be certain that the buyer will follow through with the payment for the Bitcoin after receiving it. Therefore using a tested and trusted platform like Bitmama ensures your safety while you trade. You’ll also have the advantage of being able to check their reputation and ratings before engaging in any transactions.
Bitmama is amongst the top platforms to trade your crypto, stake and earn crypto and make payments with stablecoins using crypto card as it is quite easy to navigate and it is instant.
How to list your trade on Bitmama
- Login to your Bitmama account
- Click on P2P
- Select “create listing”
- Highlight what action you would like to take i.e I want to sell
- Select the coin you would like to sell e.g BTC, ETH, USDT, Celo, cUSD
- Choose if it’s a fixed or dynamic price
- Enter your price
- Type in the amount of coins I would like to sell
- Enter the value of the coin in your local currency
- Set a limit on how much you’re willing to sell
- Click on next
- Add your payment method e.g Bitmama wallet or bank transfer
- If you choose the bank transfer method, enter your account name, bank name and account number and confirm
- Enter the time limit for the trade
- Click on next
- Enter the terms for the trade
- Enter any instructions you might have into the instruction box
- Click on review
- Select next to confirm your payment method and time limit
- Then you can click on “create” to list your trade on Bitmama
How to buy on Bitmama P2P exchange
- Login to your Bitmama account
- Click on P2P
- Look through the listings/ads
- Select the ad that suits your budget
- Click on “buy”
- Enter an amount
- Check the equivalent in your local currency
- Choose the method you would like to pay with
- Then click on submit
- You will be prompted to click on proceed to initiate your trade
- Pay to the provided bank details
- Once you do that click on confirm payment
- Upload your proof of payment and confirm
- A notification will be sent to the seller and your wallet will be credited with the coins
How to sell on Bitmama P2P exchange
- Login to your Bitmama account
- Click on P2P
- Click on sell
- Choose and had listed on the exchange
- Enter the amount you would like to sell
- Enter your preferred payment method
- Fill in your bank account details
- Click on submit and proceed
- You will receive payment from the buyer
- Then you can go ahead and credit the buyer’s wallet
There you have it. You can now successfully carry out your P2P exchange on Bitmama without any fear of losing your money. Get started today by downloading the app on iOS or Android
