Apart from trading or swapping cryptocurrencies on exchanges, peer-to-peer (P2P) trading of crypto has seen a rise in popularity as well.
P2P transactions are a safe and secure way to buy and sell crypto on the XREX platform, this is because our users have been verified through a strict KYC process and all transactions can be conducted using BitCheck — our digital escrow service. BitCheck acts as an independent third party and withholds the transfer of crypto until both parties fulfill their mutually agreed-upon responsibilities in the transaction.
In this article, we learn how easy and secure it is to buy and sell cryptocurrencies via P2P on XREX.
Scenario: You have fiat currency (e.g., INR) in your bank account and you are looking to buy USDT.
Step 1: Find a seller
If you’re looking for someone to sell USDT in exchange for INR, you can make use of the official XREX telegram chat to find a suitable seller that meets your requirement.
Approach any sellers who have posted listings looking for buyers, or simply post your requirement.
Step 2: Finalize the deal
Once you have finalized the deal with the other XREX user (how much to exchange, and at what rate), search for the seller and add them using their XREX ID on the contacts tab of the XREX app.
Step 3: Initiate BitCheck
On the XREX platform, any party can initiate a BitCheck. In the current scenario, you will have to inform the other party to first send the USDT via BitCheck to your XREX account.
You can watch this video for the full BitCheck tutorial:
Step 4: Transfer fiat currency
Upon seeing the BitCheck (crypto) sent to you, you can proceed to transfer your INR via bank transfer to the seller.
Always ensure that the details of the receiving account match that of the seller. It is important to keep receipts of your transfer as proof.
Step 5: Request release of BitCheck
Once you have completed the transfer, go back to the XREX platform and request the seller to release the BitCheck.
And there you have it, using these simple steps, you can easily transact using P2P. Visit our P2P page for more details: new.xrex.io/p2p
Happy trading,
The XREX team