In response to the increasing demand for more secure and flexible digital asset trades, businesses continuously innovate solutions to provide better service and experience to users. Thus, crypto exchanges for peer-to-peer trading are developed to give better security and transparency.
If P2P exchange platforms are better, how does it differ from traditional crypto exchange, and what makes them more special? Read on to learn more.
Understanding P2P Trading
Peer-to-Peer, Person-to-Person, or P2P trading is an online cryptocurrency exchange mechanism where two people directly communicate and swap their tokens and coins without using a third party. P2P transactions are carried out via a smart contract to guarantee both parties uphold their end of the agreement.
Compared to centralized exchange platforms, P2P trading systems often have more relaxed trading criteria, eliminating the thorough verification process before accessing and utilizing the site.
P2P trading allows traders to select a preferred offer and conduct a transaction directly with the other trader rather than using an automated engine. It also allows dealers to choose the most affordable rate according to their trading needs.
Why P2P Trading is the Best Way to Trade Digital Assets
With P2P, you have more control over your digital assets throughout a transaction. Below are additional reasons why you should consider P2P trading to efficiently trade your cryptocurrencies.
- Platform In-chat
Before finalizing any transaction, you can chat with other traders to get to know whom you’re dealing with and clarify requirements.
- Global Cryptocurrency Accessibility
Most P2P exchanges focus on particular markets, while others, like the Riverex platform, support a wide range of tokens and coins.
Trade cryptocurrencies without having to deposit funds to a centralized third party. In contrast to traditional exchange, the risks for fraud and hacking are lesser, protecting your digital assets.
Most P2P networks offer features like an in-chat mechanism and user-friendly interfaces that can be quite helpful even for inexperienced users.
- Lower Transaction Fees
While the fees vary from platform to platform, P2P in decentralized exchanges has lower transaction costs than centralized exchanges.
- Higher Profitability
Exchange rates and fees are better in a P2P transaction since no centralized authority regulates the pricing, which might help you maximize your earnings while trading cryptocurrencies.
- Customer Support
Due to the in-chat feature of a decentralized platform, it offers better customer care than traditional exchanges. Users can interact with the administrators of fellow traders with the same trading preferences.
Riverex on Crypto Trading Development
As more users prefer a more user-friendly and direct approach to transact cryptocurrencies, Blockchain Commodities, one of the market-leading providers of blockchain-based digital solutions, developed Riverex to provide users with the best P2P trading experience.
Riverex is a decentralized exchange platform that aims to provide users with a quick and easy trading option. It has several features that revolutionize the way traders transact digital assets.
One of these features is the peer-to-peer in-chat system, which enables users to discuss and exchange digital assets. With over 260 tokens and coins listed across five blockchains, the platform makes it easier and simpler to obtain cryptocurrencies.
Get Started with P2P Trading with Riverex
We have also created a step-by-step guide to help you start P2P trading with other traders.