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P2P Trading

P2P Trading

What is Peer-to-Peer Trading?

P2P trading is the act of buying and selling cryptocurrencies directly between users, without any third party or intermediary. When you buy or sell cryptocurrencies using a traditional exchange, you don't get to transact directly with the counterparty. Instead, you use charts and other market aggregators to determine the optimal time to buy, sell, or hold cryptocurrencies. The exchange organizes the transaction on your behalf, and the market price determines your final price at the time of the transaction.
P2P trading gives you more control over who buys your cryptocurrencies and who you buy from, the pricing, and settlement time. While P2P trading gives users finer control over the process, it is vital to note that peer-to-peer transactions carry some risks when there is no third party to broker the deal. This is where an exchange like LYOTRADE P2P becomes essential for risk-conscious users.
There are many ways to trade cryptocurrencies. The most common practice is to use centralized exchanges like LYOTRADE.com and buy or sell crypto at certain price points against another cryptocurrency or a local currency supported on the platform. Alternatively, you can transact with your fellow crypto holders and swap your assets without needing to track charts and orders.

Advantages of P2P Exchanges

Among the many P2P solutions offered across the crypto market, the LYOTRADE P2P Bitcoin exchange offers several competitive features and benefits:

1. Zero Trading Fees

While traditional cryptocurrency exchanges attract a fixed fee or percentage per trade, LYOTRADE P2P allows traders to connect and perform transactions with zero fees. Not all P2P exchanges offer this feature, so be sure to check the terms and conditions when choosing a peer-to-peer exchange. You don’t have to worry about that when it comes to LYOTRADE P2P, You get what you pay for, with zero fees.

2. Multiple Payment Methods

When you trade on traditional exchanges, you may not get as many payment options compared to P2P exchanges like LYOTRADE. LYOTRADE has many payment methods available, you can choose your favorite way to send or receive money for your trades either by Bank Transfer or WorldRemit.
3. Escrow Service
As stated above, LYOTRADE has an escrow service to protect buyers and sellers. LYOTRADE P2P has a holding mechanism for crypto funds that are involved in any pending transaction. This mechanism prevents incidents of theft or scam by adding another layer of trust, thus preventing malicious actors from stealing your money or crypto without completing their part of the trade. When opting to secure a transaction with escrow, funds are held by LYOTRADE and only released when the terms of the deal are met by both parties involved. LYOTRADE P2P transactions must be completed within a certain timeframe: If either party cannot meet the terms of the deal, the cryptocurrencies or fiat will be returned to your wallet.
4. High Liquidity
As the official P2P channel exchange platform with higher trading volume, LYOTRADE P2P was able to secure large volumes for both buy and sell transactions. The platform has already processed many transactions, which indicates a high level of liquidity.
5. Integration with the LYOTRADE Ecosystem
LYOTRADE P2P’s benefits extend beyond trading. As a major feature of the LYOTRADE ecosystem of services, you get direct access to LYOTRADE’s products and services as soon as you buy crypto via P2P. Most of the other P2P platforms operate separately from major exchanges and crypto services.
6. High Completion Rates
We set high standards for our merchants. They have to complete transactions quickly and with a high satisfaction rate to retain their access to the platform. With this, we help provide peace of mind to our users.
7. Fast Transactions
P2P merchants can set their transaction timers to as fast as 15 minutes. This means that you can complete a secure and fast P2P trade with selected merchants in 15 minutes or less.
8. Global and Local Promotions
The LYOTRADE P2P team regularly launches promotions and incentives for both new and existing customers where you can increase your P2P earning or win free crypto. Combine that with zero fees, and there’s a big chance that LYOTRADE P2P provides you with the best P2P deals anywhere.
9. Community and Customer Support
LYOTRADE has one of the biggest and most supportive crypto communities in the world. It also has a global customer support network that handles customer requests in multiple languages. This level of collective effort bodes well for the level of service you can get from LYOTRADE P2P.
10. Growth Prospects
As a global platform, LYOTRADE is always on the lookout for opportunities to grow LYOTRADE P2P and make it available in as many areas in the world as possible. This will increase the trading volume and add more trading opportunities for P2P traders for easy trading.

Disadvantages of P2P Exchanges

1. Slower Trading Speeds
While P2P transactions can be conducted near-instantly once both parties have confirmed the transaction, one party might delay the transaction for various reasons. With traditional trading, you don't need to wait for the buyer or seller to confirm before you can move on from the transaction. With P2P, the buyer or seller can change their minds halfway through the transaction and decide to end it.
2. Low Liquidity
P2P exchanges are still relatively new and have lower liquidity than centralized exchanges. For this reason, larger traders who need to complete major transactions may prefer to use OTC (over-the-counter) trades or buy/sell using the standard exchange.

How to Start Using LYOTRADE P2P?

Before you can make your first transaction on LYOTRADE P2P, you must first register on LYOTRADE and complete your Identity Verification process {KYC}. Our P2P merchants undergo a screening process where we also verify their identity and business. By verifying all LYOTRADE P2P users, we can provide a layer of security for your transactions.
Once the verification process is complete, it only takes a few clicks to make your first transaction.

How to Buy Cryptocurrency on LYOTRADE P2P?

You can now buy cryptocurrencies using multiple fiat currencies on LYOTRADE P2P!
See a guide below to buy crypto on LYOTRADE P2P, and start your trade.
Step 1:
Go to the LYOTRADE P2P page, and
  • If you already have an LYOTRADE account, click [Log In] and go to Step 3
  • If you do not have an LYOTRADE account yet, click [Register Now]
Step 2: Enter your email on the registration page and set your login password. Read and check the LYOTRADE Terms and click [Sign up].
Step 3: Click on (1) [account status] and click (2) [Verification Centre] and Complete Tier1 identity verification, enable SMS Verification.
Click (3) [P2P] settings” and click (4) [Settings] and set your preferred payment method.
Step 4: Select [Buy Crypto] on top of the navigation bar and click [Buy P2P Crypto]
Step 5: Click [Buy] and select the country and Fiat currency you want to buy (BTC is shown as an example) and go to [Payment Method] drop-down and select
Step 6:Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click [Buy]
Step 7:Complete the fiat transaction within the payment time limit. Then click [Transferred] - [Next] - [Confirm]
Note: Make the payment through your Bank application and save this Payment Receipt on your phone/computer.
  • Now come back to LYOTRADE platform & mark as paid by clicking [Confirm] button
Note: You need to transfer the payment directly to the seller through bank transfer, UPI, or another third-party payment platform based on the seller's payment information provided. If you have already transferred payment to the seller, you must not click "Cancel" unless you have already received a refund from the seller in your payment account. If you do not make an actual payment, please do not click "Confirm" to confirm the payment. This is not permitted according to the rules of the transaction. If you encounter any issues during the transaction, you can contact the seller using the chat window.
Note: Inform the seller that you have made the payment through the chat window and upload the payment receipt/Proof of Payment for the Seller’s reference
Step 8:
Once the seller has released the cryptocurrency, the transaction is completed. You can click [Transfer to Spot Wallet] to transfer the digital assets to your Spot Wallet.
Note: If you do not receive the cryptocurrency 15 minutes after clicking "Transferred, next”, you can click [Support Center] to contact Customer Support to process the order.

How to Sell Crypto on LYOTRADE P2P?

You can now sell your cryptocurrencies using multiple payment methods on LYOTRADE P2P!
See a guide below to sell crypto on LYOTRADE P2P.
Step 1: Select [Buy Crypto] then click [P2P Trading] on the top navigation bar.
Step 2: Click [Sell] and select the country, payment method, and enter the fiat currency you want to buy, and click [Sell] (USD is shown as an example).
Filter the price and the [Payment] in the drop-down,
Step 4: The transaction will now display [Payment to be made by the buyer].
Step 5: After the buyer makes the payment, the transaction will now display [To be released].
Please make sure that you’ve actually received payment from the buyer to the payment method you used. After you confirm the receipt of money from the buyer, tap [Confirm release] and [Confirm] to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
Step 6: Now the order is completed, the buyer will receive the crypto. You can click [Balance] to check your balance.
Note:
If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click "Appeal" and our customer service team will assist you in processing the order.
Tips:
1. Please make sure to log in to your account to confirm the payment is received, this can avoid financial losses caused by wrongly clicking on the release button.
2. The digital assets you are selling have been frozen by the platform. Please confirm the receipt of the payment from the buyer and click “Release” to release the crypto.
3. Please do not agree to any request to release the crypto before confirming the receipt of the payment to avoid financial losses.
4. After receiving the SMS notification, please be sure to log in to your bank account to confirm whether the payment is credited, this will avoid the release of crypto due to Fraud SMS.

How to Post a Trade Advertisement on LYOTRADE P2P?

Step 1: Log in to your LYOTRADE account. Click (1) [Buy Crypto] on the
top left of the home page when you sign in and scroll down and click (2) [Buy Crypto P2P]
Step 2: Scroll down and click on “Publish ad” it will produce the next step
Step 3: Select the type of trade [Buy] or [Sell] then set the currency type, available amount of crypto, pricing method, and premium price which will automatically give you the unit price.
Please note that buyers must complete payment within the payment time limit you set, otherwise the order will be canceled.
Step 4: You can add the following information for your ad:
  • Minimum and Maximum limit
  • Time limit for payment
  • Minimum number of transactions
  • Failure time (Days)
Note: You can choose several payment methods for your ad and buyers must complete payment within the payment time limit you set, otherwise the order will be canceled.
  • Remarks: the remarks will be a reference for users before he/she places the order.
  • Auto reply: the message will be automatically sent to the counterparty after he/she places the order.
  • Counterparty conditions: users who do not meet the conditions will not be able to place an order.
Step 5: Kindly review the details you filled up for your ad and setting up the conditions, click [Publish an ad] to confirm
Reminder
  • Please check in detail the transaction information of the other party before the transaction.
  • Please communicate through the platform and save the relevant chat records
  • If there is a transaction dispute, you can solve the problem by making a complaint.
  • If you have completed your payment, be sure to click the "I have paid" button and the seller will receive the digital asset upon confirmation of the payment.
Step 6: After you pass a 2-factor authentication (2FA), you will successfully post your ad. You can see the status of your ad under ‘My ads’ tab.
When the ad is published, you can edit, turn your ad online/offline or close your ad. Please note that you will not be able to change an ad once you close it.

How to Add New Payment Methods for P2P Trading?

LYOTRADE P2P now has 5 payment methods and 15 fiat currencies. You can buy or sell cryptocurrencies using your local currency with multiple payment methods!
It takes two steps to add your payment methods on LYOTRADE.com
Step 1: Log in to your LYOTRADE account, and on the right button of the navigation, click on [Profile Icon] and it will open [My account]
Step 2: Click on (2) [P2P settings] and click (3) [Payment Method setting], choose a preferred payment method from all the available payment options, enter your payment detailed information and upload [QR code], then click (4) [Submit].
You can add up to 5 payment methods. Enable your payment methods, and start trading on LYOTRADE P2P to buy and sell crypto!