What is P2P?
A P2P (peer-to-peer) cryptocurrency exchange allows users to set up and directly trade with one another. While the role of an intermediary is greatly reduced in peer-to-peer trades, typically the P2P exchange itself will look to match buyers with sellers and ensure the security of the transaction. Compared to centralized trading platforms, peer-to-peer platforms might offer greater number of payment options and reduced fees, but the liquidity is generally lower and trading speed slower as well.
What is an Advertisement?
Through an Advertisement, users can post the price they would like to trade their crypto at and publish it on our platform.
Who is a Maker?
The user who posts an advertisement on the P2P platform to buy or sell cryptocurrency is the publisher.
What is a Release?
When a buyer has paid the seller, and the seller has confirmed that the payment is received, the seller releases the crypto from escrow to the buyer.
What is an Appeal?
When there is a dispute between buyer and seller, and a user would like the platform to arbitrate, then an appeal can be filed. The crypto involved in the trade will stay locked during the process.
How to Cancel an Appeal?
When orders are Expired (failed to be processed within payment time) or Completed or Canceled, users can initiate an appeal/dispute from order details page.
After filing an appeal, the user who started the appeal can cancel the appeal if the agreement is reached between the parties and arbitration is no longer needed. The order will return to the state where it is waiting for confirmation from the seller to release the crypto. The crypto will stay locked until the seller has confirmed the receipt of payment.
How to Post Ads?
For Website: Users who satisfy the prerequisites can post ads. You can select the “Ad” drop-down box and “Post new ad” in the upper left corner on P2P Express page, then post an Ad by selecting the ad type, trading amount, price and conditions, etc. Once the details are confirmed, you can click on “Save” to post the ad.
For Phemex App: Users who satisfy the prerequisites can post ads. Go to the home page and tap on “P2P”. Select “Post new ad” in the upper right corner, then post an Ad by selecting the ad type, trading amount, price and conditions, etc. Once the details are confirmed, you can tap on “Save” to post the ad.
How to Become a Merchant?
All users are welcomed to apply through this link.
What is “Waiting for crypto to be released”?
An order is a promised trade that the buyer and seller has agreed upon. The P2P platform facilitates the trade by providing an escrow service, meaning locking the seller’s assets until the seller has confirmed that the buyer has completed payment and both sides agree the assets should be released as promised.
What is “Add payment method”?
In order to receive payment from the buyer, the user must add payment details. Users can add payment methods by clicking on Payments from their account overview page.
How can a price Expire?
The prices of floating price ads fluctuate with the market and are constantly refreshed. Therefore, you may need to refresh and get the updated price before confirming the order.
What is a Trade Qualification?
You need to complete identification verification(KYC) and bind 2FA before you can trade P2P.
What is a Fixed Price Advertisement?
Price of fixed price Ads is fixed and does not move with the market price of the crypto.
What is Total Trading Quantity (when posting ads)?
Total amount of token(crypto) in a single advertisement.
What is the Order Limit when posting Ads?
The order limit for P2P ads designates the minimum and maximum amount of fiat or crypto that a taker can take in a single order.
What is the difference between Express mode and P2P Trading?
The “Express” mode automatically matches a buy/seller for you, while in “P2P Trading” you can select your own buyer/seller.
For any inquiries contact us at support@phemex.zendesk.com
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