Peer-to-peer (P2P) trading is the process of buying and selling cryptocurrencies directly between users without the help of any intermediaries.
Traditional exchanges do not allow users to transact directly with another user. In this type of setting, traders use tools that will help determine the best time to buy, sell, or hold cryptocurrencies. The transaction is organized by the exchange on behalf of the user and the market price will determine the final price during the transaction.
In P2P trading, the user is given complete control over who buys their crypto, who will they buy from, the pricing, and the time of settlement. Since peer-to-peer transactions are free from any third party, users may encounter some risks during these deals. Choosing a reliable exchange like LYOTRADE P2P will help users minimize such dangers.
Providing an escrow service on LYOTRADE P2P will protect buyers and sellers. It is a mechanism that will hold crypto funds involved in a pending transaction, keeping the users’ crypto and money safe from thefts or scams. LYOTRADE P2P’s escrow service is another layer of security that will allow transactions to be completed smoothly.
How does it work? During a transaction, LYOTRADE P2P will hold the crypto involved, and will only be released once both parties have met the terms of their deal. Otherwise, if neither party wants to proceed with the transaction, the crypto or fiat will be returned to he user’s wallet within a certain timeframe.
LYOTRADE P2P is capable of securing large trading volumes for buy and sell transactions. Having processed many transactions and being connected with the top 300 exchanges in the world indicate high liquidity.
Since users can set their transaction timers to 15 minutes, which means that transactions in LYOTRADE P2P can be finished within the same time period.