Bitpapa
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How to trade on the Bitpapa exchange?


Trading on the platform Bitpapa (go online) is carried out according to the p2p principle. This means that the contracts are made directly between users, without the participation of the service. At the same time, the administration of the platform ensures the safety of the contract, monitors the payment and the document flow. Let’s see how trade cryptocurrencies on Bitpapa, what you need to know to get started and what risks the peer-to-peer trading model carries.

Peer-to-peer – is it easy?

Among novice traders, the P2P trading model is considered the easiest, because the transaction is carried out between two users, as in a regular marketplace. But this trading model has its own peculiarities, without knowing about which you can quickly lose money. If you trade on the p2p-platform, be prepared for some inconveniences:

  • Low speed of transactions. Trading between users does not happen in one click, as on a centralized exchange. Here you need to fill out an application to buy or sell an asset, find a partner, select a payment method and make an exchange.
  • Price different from the market price. Price offers on the p2p platform can significantly differ from the market value of cryptocurrencies both when buying and when selling. The trader’s task in this case is to find an offer at a more acceptable price.
  • Fraudsters. Despite the fact that Cryptocurrency Exchanges try to ensure the safety of transactions, on peer-to-peer platforms there are often fraudsters. So before you start trading, you need to know what kind of fraudulent schemes exist to protect yourself.

How to trade on Bitpapa?

Bitpapa is a peer-to-peer cryptocurrency trading platform with a simplified interface. There are no charts, indicators, different types of orders and other popular trading tools. Trading takes place between two individuals – one sells, the other buys. Interaction is provided by publishing ads to buy or sell cryptocurrencies. To start working on the exchange, you need to register. After registration, cryptocurrency trading is available in your personal cabinet. There are 2 methods of buying/selling on Bitpapa available to traders.

Method 1. Selecting an existing offer

To select an existing offer on the Marketplace, click the “Buy” or “Sell” button in your personal cabinet. Select the asset, the currency for paying the contract and the payment method. After choosing the contract parameters, press the “Show offers” button. The system will select the most suitable offers for you in accordance with the set parameters. Select an offer and click “Buy” or “Sell”.

After that a page with information about the partner and contract parameters will open. On this page, you can find out the buy/sell conditions, available asset volumes, transaction limit and offline buy/sell options. Also, on this page there is a partner’s profile, feedback about him/her, statistics and trading volumes. If you are satisfied with partner’s reputation and contract details, you need to send a request to buy or sell cryptocurrency. After sending the request, the tokens to be bought are blocked in the seller’s account, and the buyer has a certain amount of time to transfer the money for the purchase. Once the seller confirms receipt of the money, the frozen cryptocurrency is sent to cryptocurrency wallet buyer.

Method 2. Creating your own ad

To create an offer to buy or sell cryptocurrency, go to your personal cabinet and click “Create ad”. Fill in the basic parameters of the contract. Specify payment methods, conditions and limits. After filling in all the data, confirm your ad submission. Now all you have to do is wait for your offer to interest cryptocurrency users.

Security of trading on Bitpapa

The bitpapa.com platform provides high security for transactions between users. According to the terms of trade, the seller’s assets are frozen in the account when they are purchased. After their payment, the tokens go directly to the buyer’s wallet. The transaction is accompanied by the platform’s security service, which excludes fraud. Before the transaction, any user can request an identity document and other data, such as a photo, phone number, etc. from the other party to the transaction.

All user assets go to hot wallets, are mixed and sent to cold storage for safe keeping. But despite all the security measures, just like on other p2p-platforms, scammers can be found here. To avoid being cheated, you need to know what schemes they use and how to spot them. Let’s look at the most common cheating schemes.

Triangle

This is a common scheme. A scammer publishes an ad to sell cryptocurrency. When a customer shows up, the scammer opens a deal with another seller and asks him for payment details. He gives these details to the buyer. The buyer pays for the cryptocurrency, but the tokens are credited to the scammer, who immediately withdraws them from the exchange.

Counterfeit receipts

This method is often used by fraudulent buyers. They forge receipts in graphic editors and post the receipt to the transaction chat. The seller “releases” the cryptocurrency, but receives no money in the account.

Substitution of transaction type

The scammer opens a deal with the seller to buy cryptocurrency, but sends payment details to the chat for a transaction of the opposite type. If the trader makes several trades at the same time, he can make a payment on the machine. In the end, the scammer gets the money on the card, and the victim is left without the cryptocurrency. This is only a small part of the possible fraud variants. Therefore, when trading, check the counterparty, do not “release” the cryptocurrency without making sure the money has been credited to the account, watch the type of contract, do not trust dubious calls and offers to make a transaction outside the exchange.

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