How To Use Quidax P2P Trading Feature; It has been a very rough ride since the banning of direct bank interactions with crypto-related activities in Nigeria. The constant search for safe and seamless alternatives for facilitating the buying and selling of cryptocurrencies has been on the rise. While most Nigerians and Ghanaians have settled for Dart Africa, which according to reports, has been very reliable, Quidax also has a P2P feature that has been saving lives too.
This feature perfectly embodies a marketplace where different traders with different trading preferences, ranging from price, crypto type, crypto amount, mode of payment, and other specifications meet to transact cryptocurrencies. This article walks you through how to use Quidax’s P2P trading feature with much ease.
However, note that it is only upon reaching the third level of verification that you can attain eligibility to use this feature.
Using Quidax P2P Feature; How To Get Started
On Quidax’s P2P, you’re offered the luxury of either buying or selling your choice of crypto at a flexible price as would be agreed between you and another party.
To sell on Quidax P2P
Step 1.
Access your Quidax account and locate the P2P feature.
Step 2.
Tap on the “sell” option therein, it’d open you to different interested buyers with varying preferences, like prices and modes of payment.
Step 3.
Therein is a live chat from whence you should impute your preferred amount and bank details. Ensure the bank name tallies with that which you use on Quidax’s platform.
Step 4.
The crypto is then sent to an escrow, only upon your confirmation of a buyer’s payment is the crypto sent to their account.
To buy on Quidax P2P
Step 1.
Access your Quidax account and locate the P2P feature.
Step 2.
Tapping on the “buy” option there brings you to a list of sellers with varying selling preferences as well, just like when you want to sell.
Step 3.
Pick a seller whose bargain meets your demands and strike a deal by paying the agreed sum into the bank account attached to their deal.
Step 4.
The escrow releases the crypto to your account upon the seller’s confirmation of your payment.
Disadvantages of Quidax P2P
While Quidax as a trading facility has shown the true value of reliability, its P2P feature is not without some downsides.
- Because of the relatively limited number of users compared to renowned exchanges like Binance, a person can sometimes struggle to find a buyer or seller whose bargain meets yours to strike a deal.
- Trading speed is also an issue here as opposed to a conversion platform like Dart Africa.
- Not to taint the integrity of many honest Nigerians out there who have made a significant impact in the tech world, but the risk of fraud here is relatively high as the Nigerians, with high scam records, contribute more than 90% of Quidax’s users.
Is Quidax P2P Feature Secure?
Yes. The Quidax P2P feature is secure because of the escrow service that it offers; you can call this the “middleman’s” service.
Here’s how it works. On the P2P feature are different buyers and sellers. This means, there’s a chance that a supposed buyer can abscond with the sent crypto assets of a seller after having received it. There’s also a chance that a supposed seller can be mischievous enough to not appropriately cover their part of the deal and still receive funds for it.
In this case, the Quidax escrow serves as a holder of assets until the person on the other side of the bargain covers their part of the deal, and is confirmed by the receiver before the escrow releases the funds or assets to them. This way, everyone is on the safe side.
Conclusion
Quidax as a Nigerian-based decentralized exchange, launched in 2018, is focused on serving as a reliable platform for the facilitation of storing and transacting cryptocurrencies. Currently, it’s home to over 25 cryptocurrencies with an 8-20 million USD daily trading volume. Its P2P is one of its most used features, as it has proven to exude a good dose of reliability.
However, to effectively leverage this feature necessitates that one has a good understanding and ideally applies it in the course of a transaction as contained in this article.
