Whether you were a vendor years ago or just had a small break, this refresher on P2P trading can have you getting back into the swing of things fast.
If you haven't been trading for a while or only trade at certain times, you may be wondering what you have to look forward to and what to watch out for as you get started again. With P2P trading being very well established in the crypto community, many prominent vendors have come and gone over the years, but getting started again on your trading journey doesn't have to be daunting or difficult.
Are you considering getting back into P2P trading but are worried that some things may have changed in recent years you don't know about? Thankfully, the core principles of P2P cryptocurrency trading have remained the same, but there are a few things that are worth knowing if you've been out of the loop for a little while (or a long while).
Old Platforms Losing Their Spark:
If you're a P2P trader from the earlier days of cryptocurrency, it's almost certain you've heard of LocalBitcoins. While once a shining light of the P2P trading scene, it has grown to become a cumbersome overburdened pain to deal with. Support times have grown to be incredibly slow, cash trading has been removed from the platform, and multi-tiered KYC requirements have made it extremely difficult for those struggling with access to necessary identity documentation and traditional finance resources even to use the platform. Modern alternatives like LocalCoinSwap have not just upheld the ethos of P2P trading but have continued to adapt to the changing landscape of crypto.
Peer-to-Peer Trading is Expanding:
Over the years, we've seen numerous cryptocurrencies come and go, but not many have made a significant impact on P2P trading. However, with the popularity of ethereum and other projects growing, there's more interest to trade these digital assets outside of centralized exchanges. If you've only traded bitcoin in the past, consider exploring ethereum and other popular cryptocurrencies available for trading P2P on a marketplace like LocalCoinSwap.
Regulations Have Increased:
If you've been out of the loop for a while, you may notice that cryptocurrency laws and regulations have begun to evolve as it has broken more into the mainstream and grabbed the attention of regulators. If you were trading in the early days, you might not have needed to concern yourself with much when trading so-called "magic internet money," but these days, it could be quite different depending on where you live. Just be sure to spend a little time getting up to speed with the latest crypto regulations in your region, and you'll generally have no trouble getting back into the swing of things.
Payment Method Variety:
There's been an increase in payment methods worldwide in recent years, which strongly affected the P2P trading space. While many mainstays, such as cash-in-person trading, have remained highly prevalent, many newer payment methods have also grown in popularity. If you look around, you may find new options for payment methods that would suit you that you could offer to your customers. If payment can be verified in one way or another, it is generally suitable for P2P trading. With LocalCoinSwap able to rapidly add payment methods upon request and review in usually less than a single day, the options are broader than ever before.
Importing Your Reputation
If you've traded P2P in the past, you likely have some accumulated trade history that can be highly beneficial when getting started again. Showing your experience will help draw initial customers faster, even when you are new to a platform. Having zero trades on a new account won't stop you from building up trades, and many vendors, of course, start this way, but if you do have some trade history to take advantage of, why not.
Contact the LocalCoinSwap support team, and you can have your trade history imported from any other P2P marketplaces you may have used in the past. Better yet, thanks to the support times, this can usually be achieved in less than 24 hours, so there are no lengthy waits and back and forth required to complete this simple import process. Just one of the many reasons more traders, both old and new, are moving to LocalCoinSwap as their marketplace of choice. If you've traded on a platform in the past you aren't sure is supported, just ask!
The process is straightforward and merely involves adding some specific text to your profile on other accounts to prove ownership of them, something anyone can do in just a moment.
Find Out How to Import Your Trade History:
Import your Trading History on LocalCoinSwap
- Are you familiar with the latest payment methods you could offer?
- Have you gotten caught up with recent changes in laws and cryptocurrency regulations?
- Is your trade history ready to be imported or in the process of doing so?
- Are you alerting any old trading partners you still have contact with that you are back?
- Have you made sure all your accounts that you intend to use have up-to-date information?