P2P trading and exchanges have become popular as people look for more direct ways of trading without intermediaries.
This article explains what P2P trading and exchanges are, what commodities are traded on these platforms, how to start trading, and factors to consider before joining a P2P exchange.
What is P2P Trading?
Peer-to-peer (P2P) trading is a direct form of trading where buyers and sellers interact with each other without any intermediary.
What is a P2P Exchange?
A P2P exchange is any trading platform that enables buyers and sellers to trade with each other directly.
Benefits of P2P Trading and Exchange
1. No Fees
P2P exchanges do not charge any fees for carrying out trades. This is unlike traditional exchanges that charge fees for trades. And on MyMarchant, we take this very seriously. You’ll never have to pay a dime to us if you conduct your trades on our platform.
2. Protection of Privacy
P2P exchanges do not require users to submit their personal data or go through any verification process. This ensures that your privacy is protected at every point in time.
3. Verified Traders
P2P exchanges usually have verified traders or vendors that have been vetted to ensure that they are trustworthy. This reduces the risk of fraudulent activities.
On MyMarchant, we geared our verification process for vendors to make sure this online space has few incidents of fraud.
4. User-friendly
P2P exchanges are easy to use. With just a click of two buttons, you can easily chat up verified vendors and carry out trades.
5. No KYC nor additional info request
P2P exchanges do not ask for any details apart from the user’s name and email address when they sign up. Even after signing up, there is no request for additional information.
6. No Middleman
P2P exchanges eliminate intermediaries in trades. The trade happens directly between the vendor and the trader, except when there is an issue that requires support.
Conclusion
P2P trading and exchange offer several benefits over traditional exchanges. These benefits include the absence of fees, protection of privacy, verified traders, user-friendliness, no KYC nor additional info request, and the absence of intermediaries in trades.
And, if you’re looking to get started, MyMarchant is the best platform to pitch your tent!
