Whether you want to use trading to increase your income or simply just to exchange your cryptocurrencies into fiat, choosing the right platform is vital. For both your safety and your success.
There are a lot of factors that you need to take into consideration before using a P2P crypto trading platform. Especially because you will work with people and not with computers. You need to know their preferences in terms of cryptos, payments, and so on – otherwise, your offers will be overlooked.
In this article, we gathered all the important information so that you could make a decision knowingly.
What factors should you consider?
Besides checking the authenticity of the platforms, you should read carefully all the information they provide to you. From our expertise, the attention should be directed to the following factors:
- What cryptocurrencies are accepted?
As you may know, there are over 7,000 cryptocurrencies in the world, some better than others. But even if there is great potential in a new crypto, you probably should wait before starting to use it.
That’s because in trading it is very important to work with a cryptocurrency demanded on the market. Otherwise it could take days or weeks until you sell your coins.
Now, it doesn’t really matter if they are stable coins or volatile ones, since it depends on your needs. But it’s important to choose a platform whose cryptocurrencies have a great market capitalization.
As an example, the platform should accept Bitcoin, Ethereum, Litecoin and so on. They’re demanded, they have great value, and they are a must for every P2P network.
- How can they detect scams?
When we talk about P2P trading, we need to take into consideration the possibility that the partner can set us up. He can lie about the amount of money received or sent. In that case, how would the team behind the platform solve the problem?
Usually, this information is listed on the website so read it carefully and see for yourself if it is worth it in the long term.
- In what countries are they available?
Now that we can easily trade internationally, the possibility of getting what we need is higher than ever – we are not limited by our borders anymore.
Plus, if you are used to working with a specific crypto trading platform and somehow you get to move to another country, wouldn’t it be convenient to keep using it?
This is why we recommend choosing a P2P trading platform that is available in as many countries as possible. Especially in countries where cryptocurrencies are highly popular, like the UK or Singapore.
- What payment options do they offer?
As we said at the beginning of the article, it is important to know your market. Knowing your partner’s favorite cryptocurrencies is good, but you should also look into how they prefer to pay.
It is pointless to trade on a platform that allows unpopular payment methods. Because very few people would use them. Your market will be too small to be worth it.
Where can I find such a platform?
We must say that it isn’t easy to find a good platform, even though there’s a lot of them on the market. Based on our research, a great deal would be Vertex Market.
It really covers all the points. First of all, it works with six of the best known cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, US Tether, and USD Coin. The platform is available in almost 200 countries and it has over 70,000 active users.
Its payment options include SEPA Bank Transfers, PayPal, or Credit Cards, known internationally. And as a scam defense, the Vertex team asks your partner to provide them with a video proof of payment.
Paying attention to those particularities would save you time and give you great results, so we hope you take them into consideration in order to find the perfect trading platform for you.