Binance, Huobi and other exchanges last week once again restricted P2P operations for users from Russia. At this point, cryptocurrency holders started looking for alternative ways to sell assets for fiat and back without unnecessary complications. P2P exchanges are not only available on exchange platforms. With their departure, other services of this direction attract attention. Initially, this type of operation came from independent platforms outside of popular ecosystems. They still enjoy success and sometimes give more advantages than exchange counterparts.
Standalone P2P services
Peer-to-peer exchanges are one of the most popular ways to sell digital currency for traditional money. As a rule, crypto exchanges do not conduct transactions with fiat funds directly or perform them for a limited number of countries with loyal legislation – for example, Turkey or South Korea. However, most of the clients of exchanges are not residents of these countries. The bulk of traders need alternative ways.
The peer-to-peer (P2P) scheme helps users exchange assets directly between themselves. In this case, an exchange or an independent service acts as an intermediary or a third party.
The task of the platforms is to provide convenience and attractiveness for private buyers and sellers. They have nothing to do with financial transactions.
Peer-to-peer currency exchange platforms appeared outside of exchanges. However, the existence of such a method solved an important difficulty of centralized platforms, namely the conversion of fiat funds into cryptocurrency on exchange balances. The emergence of peer-to-peer platforms transformed the convenient P2P opportunity from obscure to one of the most popular trading options.
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However, centralized platforms are subject to pressure from external authorities. This is what happened to Binance, Huobi and other platforms recently. They had to sacrifice a convenient feature.
Nevertheless, the progenitors of P2P exchanges continue to remain on the market. Third-party services can be found in special aggregators and messengers. Formats also vary – from websites to bots and mobile applications. When choosing an exchange variant, it is enough to be guided by the authority of the ecosystem. Evaluating an independent resource will take a little more time.
How to choose non-exchange P2P peer-to-peer exchangers
When searching for a peer-to-peer exchanger, it is important to take into account a complex of factors. Recommendations are presented in the table.
| Criterion | Comment |
|---|---|
| This is one of the important indicators of stability. Exchangers with a long history are usually more reliable, as they have already gone through various market changes, complexities and created a convenient user interface | |
| It is important to research the reputation of the exchanger and study the reviews of other users. This will help you understand how reliable and honest the service is when performing transactions | |
| Authoritative platforms support transactions not only with bitcoin or ethereum, but also with other cryptocurrencies and stablecoins with different token standards – for example, USDT (TRC-20), USDT (BEP-20) and others. | |
| Platforms and/or users can set transaction size limits. Large services provide significant volumes and opportunities for retail purchases | |
| The more ways to receive or pay for cryptocurrencies a service provides, the more often traders use it | |
| The time to exchange can vary. It depends on the popularity of the platform and payment methods. This information can be found in user reviews about the service’s work | |
| In case of conflicts, it is important that the platform can mediate and resolve the situation. This helps to perform the exchange on more transparent and safe conditions | |
| This information is usually specified in the service description. | |
| This factor cannot be called the most important. However, the service can bring comfort and be pleasantly designed. The user interface of third-party platforms is more adapted to sellers than exchange analogs | |
| Some P2P exchangers require customers to undergo verification, provide documents and confirm identity. Users have to sacrifice anonymity | |
| Sellers set the price of transactions themselves. The cost is adjusted depending on the volume of merchants on the site. The more popular the service, the more favorable are the selling and buying rates |
Choosing a reliable exchanger is an important step for the safe and successful transfer of cryptocurrencies into traditional money. Careful study of reviews will help to evaluate the convenience and select an alternative service.
The most reputable platforms can provide not only tools for exchanging digital currencies, but also solutions for different related areas of the crypto industry.
The emcd ecosystem.
The platform gives universal functionality. The project has developed a set of products:
- Proprietary multi wallet. The developers of emcd. created a custodial service for storing digital assets. This option is the easiest way to manage blockchain money within the ecosystem. The wallet supports multi-asset storage – BTC, USDT and 8 more cryptocurrencies. It can be downloaded as an app for mobile devices – on Android and iOS operating systems.
- Passive income on investments in cryptocurrencies. The service offers Coinhold savings accounts. Profitability – up to 12% per year.
- Provides pool support for miners. This direction attracts owners of equipment for mining popular digital assets (BTC, BCH, LTC, DASH, DOGE and others). The emcd. pool is among the top ten global mining pools. The team also creates optimized software for more efficient crypto mining.
- Peer-to-peer exchange. This is a standalone element of the ecosystem that provides comfort to users when exchanging cryptocurrencies for fiat funds between each other.
If we omit the multitasking of the ecosystem and evaluate only the peer-to-peer platform, the service stands out from the competition on several factors. Among the main pluses:
- The service offers the “purest” cryptocurrency on the market, obtained directly from miners.
- Five years of experience in exchange operations with digital assets.
- P2P exchange is available in pairs with different cryptocurrencies – BTC, ETH, LTC, USDT, DOGE and others.
- More than 15 national currencies and over 100 payment methods are available.
- Buying and selling is carried out with cards of popular Russian banks – SberBank, Tinkoff, Ak Bars, Alfa Bank, Rosbank and others.
The exchange time is from 2 minutes. The interface helps to intuitively formalize the transaction.
For transactions, it is not yet necessary to verify the identity with documents. It is enough to register with an email address and confirm the phone number. The creators say that Know-Your-Customer (KYC, “Recognize Your Customer”) verification will be added at a later date.
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How to exchange money on emcd P2P platform.
After registering an account, any financial transactions with the service require verification by phone number. Then you can proceed to the operation on the exchange of cryptoassets.
They are conducted with the help of an internal wallet. Therefore, before selling cryptocurrency, it will need to be deposited into the account. When buying digital assets, sellers transfer coins to the user’s balance in emcd. Step-by-step instructions for buying USDT for fiat:
- Select the P2P section in the top menu of the site or click the “Buy and Sell Crypto” button on the homepage.
- In the “I sell” column, you will need to mark the desired asset – for example, RUB.
- In the “I receive” field, click on the inscription USDT.
- Select an offer from the list with a favorable rate and the required payment method, then click on the “Buy” button.
- In the drop-down field enter the amount of RUB for the transaction. The volume of USDT will be calculated automatically.
- Check the box next to “I agree to the terms of service”, then click on the “Buy” button.
- After that you need to wait for the seller’s confirmation. According to the rules of the service, it should be received within 10 minutes.
- Then the details of the recipient’s card will appear, to which you need to make a transfer in RUB. Then you should click on the “Payment made” button.
- After receiving fiat, the seller will initiate a reverse transaction in USDT. The cryptocurrency will be reflected on the balance of the internal wallet.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
