Cryptocurrency trading can appear intimidating to some people, especially those who do not prefer or trust third parties, such as banks or brokers, when dealing with cryptocurrencies. This type of trading is called centralized or third-party trading. An alternative to this is Peer to Peer, or P2P, trading. KuCoin solves both problems by providing its users with a trustworthy network, protected by its sophisticated security team and the latest technology, such as biometric authorization. Thus, it can deduced that kucoin is a perfect crypto trading hub and exchange for all the crypto p2p traders. Hence, if you are also looking for the best services then go for kucoin. Well, here in this article we are going discuss about kucoina nd its P2P trading. So, without any delay let’s begin!
What Can I Do With P2P Trading?
Trading, buying, and selling cryptocurrencies is usually a bit faster using P2P than centralized trading; for example, you can look up USDT price, which is at a rate of 1.02 to USD, or Litecoin price, which stand at a solid $56 USDT as of now. However, P2P is more customizable, so you can change your currencies ads to appeal to more customers. This customization includes:
1- Payment methods | You can use different payment methods, such as bank transfer, credit, debit cards, Skrill, and PayPal.
2- Flexible Price Range | While you can change the prices, there is usually a fixed range within which your prices must remain.
How Does P2P Work?
As the name suggests, peer-to-peer connects peers with peers and cuts out the middleman, whether it be banks or other third parties. This also means that there are no extra transaction fees. Good platforms, like Kucoin, offer a rating system, which means that the higher a trader’s rating, the more trustworthy they are. Strict checking rules further enforce this.
A seller puts up an ad of the number of coins they want to sell or exchange and how much for. Furthermore, the seller also gives instructions on which payment method to use. A buyer then buys that or exchanges that amount. It’s as simple as that.
Is P2P Safe?
While less secure than centralized trading systems, a good platform will ensure safety using several methods. KuCoin does this by making its security strict, making users use biometric authorization, which must be set up beforehand. Another method used by Kucoin is a two-factor authorization for further security. Kucoin also regularly holds weekly rankings and qualification tests to ensure all traders are trustworthy. When you place a BUY order for coins on the Kucoins platform, the relevant assets are frozen and can not be tampered with. After this, once you transfer the funds, the coins or assets can be transferred to your account using the “I have paid” button. For example, if you want an altcoin exchange with USDT, the relevant altcoins will be frozen when you press the buy button. Then, once you transfer the USDT, you will receive the coins.
In conclusion, Kucoin is a very reliable and safe cryptocurrency trading platform with several systems, such as peer-to-peer, centralized, and decentralized third-party trading systems, all with efficient security.