With the rbi banning crypto trading in July this year crypto traders and enthusiast were dealt a severe blow and when all seemed lost the major exchanges have dived in to save the day with peer to peer trading. But is it effective and does it justify the hype that was built?
First does it solve the most pressing concern of saving crypto trading? Yes it does and makes it look and feel sexy and actually makes the butter and seller feelempowered and I emphasize feel.
Secondly the money gets instantly deposited to your bank account so need to wait hours or days for it to get reflected.
Thirdly escrow and prompt dispute resolution safeguards you from being fleeced which is a major concern in all p2p dealings.
Fourthly, they give you an option to place a collateral on any order you place which seems you more trustworthy as you have quite a lot to loose if you're deceitful
Finally they have also endured that you can't arbitrarily make gains by putting a cap of 15% of the market price which is not there in some other major exchanges and so itsafeguards the interests of a novice trader.
I won't go through the process of signing up as it is something every reviewer always covers so let me now move to major systematic hurdles I found
Firstly remember how I said earlier that loop makes the buyer and seller feel empowered and underlined it. Yeah empowered huh, far from it. If there is a flash dip or sudden surge in price and you being a day trader want to take advantage of it there’s no way you can because guess what there are no preexisting orders, ok so there are pre existing orders but there’s no guarantee that they will be fulfilled because the the receiver of that request has to authorize it before it goes through meaning chances of making a fat gain or a bargain are slim or practically non existent.
Secondly it’s my opinion and a lot of people whose views I have heard is that it’s a lot harder to sell than to buy which makes the platform inequal.
Thirdly it does not list the current trades that are going on for you to gauge whether the price is mioving up or going down and hence rearranging your trades accordingly is difficult.
Also, even if you make a payment and the seller is offline then who ratifies that the payment has gone through? Bad luck, you’ve to wait till the seller accepts that he has got the payment.
And finally I have seen a lot of ghost orders placed from unrated sellers who conspicuously have never traded at a far more rewarding price. This can lure in gullible traders to buy at the highest prices because hey there is already someone else waiting to buy the same product from them at an astronomically higher price.
The consolation prize is that you get to rate the transaction and hence it is a referendum on the person with whom, you traded.
Final verdict, I think it’s too early to rate p2p asd it’s barely beewn a few months but there’s my two cents
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