What is P2P?
P2P (peer-to-peer) is a way of trading when two parties exchange fiat currency to crypto by using direct payment for sending fiat and Escrow-contract to freeze the crypto for the time of exchange process. For such purposes LATOKEN P2P acts like a marketplace to help counterparties in finding each other. Also our Escrow grants buyer and seller that no one would be cheated. Our exchange supports all valuable payment methods for USD, EUR, INR, RUB, TRY, BDT and NGN to buy and sell USDT, BTC and ETH.
How does it work?
Taker (a peer who wants to buy or sell crypto) visiting LATOKEN P2P in order to buy or sell crypto from Maker (a peer who creates an offer to buy or sell). Once he finds an acceptable offer, he starts the deal. In case Taker is buying crypto, he has to send fiat currency via chosen payment method and wait till Maker will confirm it and the asset would be sent to Taker's wallet. In case Taker wants to sell crypto assets, he starts the deal to sell it, chooses an appropriate payment method and waits till Maker sends him fiat currency, after that he confirms payment and crypto would be sent to Maker’s wallet.
Why is it secured?
Each deal the crypto asset is being frozen in an Escrow contract. Once the payment is done and both sides confirm it - assets would be sent. In case one counterparty is confused with something - an appeal could be opened to resolve the situation under LATOKEN P2P manager control. During appeal each side has to provide proof of payment.
- Offer - an ad created by Maker. The ad can be for Buy or Sell directions.
- Order (Deal) - a concrete deal between a Taker and a Maker based on a Maker's offer, it is a kind of activated offer by Taker.
- Appeal (Dispute) - a process of solving controversial points between a Taker and a Maker.
- Widget - main interface for using P2P exchanges. Allows to buy and sell crypto for Traders. It has a button to follow to a panel that allows creating offers. A place where Maker and Taker find each other.
- Maker Dashboard - a page that allows creating and managing offers to buy and sell. It was previously called "Merchants Dashboard".
Roles in P2P
- Maker - a peer who creates an offer to buy or sell crypto. The passive counterparty of a deal. Basic Fee for offers - 0.25%
- Merchant - a Maker with special conditions for creating offers. A special badge in widget and 0% Fee
- Taker - a peer who accepts someone’s offer to buy or sell a crypto asset. An active side of a deal. He makes deals from time to time, not constantly in contrast to Trader. Basic fee to buy or sell Crypto for taker - 1%
- Trader - an active Taker, i.e. a Taker who constantly buys or sells crypto. The person who engages P2P liquidity.
- Scammer - a peer with the main purpose to earn fiat or crypto via different cheating techniques from fair users. Can use any position to perform a cheat.
- User - a customer who visits LATOKEN P2P. He can become anyone above.
LATOKEN P2P supports professional and most efficient traders with Merchant rang. Such feature gives Makers several advantages
- 0% Fee. Merchants can post offers without any fees (basically Maker have to pay 0.5% fee for his deals).
- Highlight offers. All offers that are posted by Merchant have a special badge that will highlight it among other offers
- Cash-back. In every region, the Maker who shows the highest volume(but not lower than 100k per week) will get cash-back from our income (details discuss with manager)
- Individual treatment. Each merchant has a personal manager to support and solve all the issues he may face during trading.
How to become a merchant?
To become a merchant, you have to show effective and constant trading in LATOKEN P2P. Once you will show 100k $ volume per week - a manager will contact you and provide you with details of on-boarding. Merchant rank can also be granted to a winner of Trading competitions that will happen from time to time - to take a part in such competition, check the LATOKEN P2P groups in TG.