Despite the variety of modern methods for purchasing cryptocurrencies, cryptocurrency exchanges remain the most straightforward and understandable solution. As an alternative, one can consider P2P platforms, where the purchase of crypto coins is carried out directly between users. Such an option is implemented and available for use on WhiteBIT, the largest European cryptocurrency exchange.
P2P exchanges are places where you can exchange crypto and withdraw the received amount to a bank account or card. This is one of the most popular methods of exchanging crypto assets for fiat in the cryptocurrency market. There are no significant differences between modern platforms, except for the list of digital coins they work with. It is also essential to pay attention to the features of user identity confirmation. In P2P trading, as on exchanges in general, the rule applies: the higher the amount, the more complex the verification procedure. There are points where customers are not verified without documents confirming their income.
Features of P2P Exchanges
A transaction on a peer-to-peer platform involves the actual transfer of money from one user to another on an automatic platform. For this reason, the service minimizes or completely eliminates fees. Typically, such exchanges charge a commission from cryptocurrency sellers. The commission amount is usually no more than 1% of the transaction.
In case of a dispute, intervention by a third party may be required, which can be customer support or an independent arbitrator. For example, one of the transaction participants may try to deceive another user. One difference between this option and a cryptocurrency exchange is that on a peer-to-peer platform, the intermediary for the transaction is selected by the buyer or seller themselves, while on an exchange, the system makes this choice. Services of this kind stand out for their simple functionality. Because of this, newcomers who do not want to delve into trading or aim to quickly buy or sell crypto assets prefer to use P2P exchanges.
P2P exchanges are places where you can exchange crypto and withdraw the received amount to a bank account or card. This is one of the most popular methods of exchanging crypto assets for fiat in the cryptocurrency market. There are no significant differences between modern platforms, except for the list of digital coins they work with. It is also essential to pay attention to the features of user identity confirmation. In P2P trading, as on exchanges in general, the rule applies: the higher the amount, the more complex the verification procedure. There are points where customers are not verified without documents confirming their income.
Features of P2P Exchanges
A transaction on a peer-to-peer platform involves the actual transfer of money from one user to another on an automatic platform. For this reason, the service minimizes or completely eliminates fees. Typically, such exchanges charge a commission from cryptocurrency sellers. The commission amount is usually no more than 1% of the transaction.
In case of a dispute, intervention by a third party may be required, which can be customer support or an independent arbitrator. For example, one of the transaction participants may try to deceive another user. One difference between this option and a cryptocurrency exchange is that on a peer-to-peer platform, the intermediary for the transaction is selected by the buyer or seller themselves, while on an exchange, the system makes this choice. Services of this kind stand out for their simple functionality. Because of this, newcomers who do not want to delve into trading or aim to quickly buy or sell crypto assets prefer to use P2P exchanges.