Things to consider while purchasing cryptos from a local P2P exchange

  • P2P crypto exchanges are better than centralized exchanges as they offers reliable acquisitions
  • Users should always carefully choose DEXs for secure trading
  • Users should always choose a DEX leveraging smart contracts

Recently Blockchain-based currencies, tokens, and other virtual assets are getting more mainstream. Millions of individuals around the world are getting into the crypto space and are transacting such tokens with countless merchants. However, those who are just diving in the cryptosphere are noticing that the acquisition is coming with a diverse set of challenges. Indeed, decentralized P2P exchanges are the one type of digital assets exchange that has proved itself reliable.

Why to choose Peer-To-Peer digital exchanges?

According to Alex Ricart, the co-founder of CryptoLocally, the popular local P2P crypto exchange, the best part of such exchanges is that traders have the option of trading directly with each other. He also explained that it is the era of smart contracts, so theoretically there are no requirements for any mediators to be involved. Indeed, this makes the exchange more secure and decentralized than traditional exchanges. Ricart also explained that it’s impossible to hack their platform as they only use cold wallets, and users don’t have to deposit cryptos before trading.

P2P exchanges have features unlike traditional exchanges

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Unlike centralized exchanges, Peer-To-Peer exchanges offer more payment flexibility, which is a vital advantage. Traders can pay with pretty much every payment method a seller is willing to accept, whereas in centralized exchanges credit card and wire transfers remain the only option. Every new and old crypto user will always look for a convenient experience, where P2P offers great design and more features than regular trading. Ricart explained, his firm’s vaults are non-custodial, smart contracts that are based on algorithms, and deployed among several chains. According to Ricart, the finance wallet has been a great success for their platform.

Some important points to note while trading on P2P exchanges

Several users in the cryptosphere don’t like to transact in several platforms at the same time. P2P having a larger roster of tokens can help to solve that issue. On the other hand users remain concerned about being tricked of their fund while trading in any P2P exchange. Indeed, to solve these issues users should always choose exchanges that leverage smart contracts. Ricart explained, as the buyer sends the money directly to the seller only once the escrow gets funded and remains held there in the name of users. Once the seller confirms the receive of payments the escrow gets released and the tokens sent to the buyers. Indeed, this is very vital for safety and security reasons.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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