Buying cryptocurrencies through peer-to-peer (P2P) platforms offers greater flexibility, as you can use multiple payment methods, including those most popular in your region (e.g., PayPal, CashApp, WeChat, etc.). However, unlike direct purchases with a debit or credit card, this option requires more preparation.

In this article, we’ll explain exactly what P2P purchases are and how to prepare for them.

In summary, P2P refers to the trading of cryptocurrencies between users on a platform. Instead of buying cryptocurrencies directly from a company or business, you purchase them from another user.

This can immediately raise questions about the safety and reliability of these transactions, and concerns about falling victim to a scam where you send payment but the other user (the seller) does not send you the cryptocurrency. However, these platforms are designed to minimize the risk of fraud as much as possible.

Generally, these platforms work as follows:

• After creating your account and passing identity verification, you search for a seller’s offer.

  • Take your time at this step. We recommend using search filters to find the offer that best matches your desired price, cryptocurrency, payment method, and make sure the seller has a good reputation.

• When you find an offer you’re interested in, enter the amount you want to buy and start the transaction.

• You’ll be taken to a page where you can see the seller’s payment information and access a chat to communicate with them.

  • Make sure to clarify any questions with the seller to avoid mistakes or confusion.

• When the seller accepts your purchase offer, the cryptocurrency will be held in escrow by the platform to prevent fraud or theft, and the transaction will begin.

• Make the payment and be sure to notify the seller.

  • These platforms usually have a button to mark the order as paid, and you can also send a message in the chat to let the seller know.

  • Upload any proof of payment you have.

• Wait for the seller to confirm the payment.

  • The waiting time depends on several factors, such as the payment method and how quickly the seller confirms receipt.

• Once payment is confirmed, the cryptocurrency will be released and will appear in your account, ready to use.

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Don’t worry—the cryptocurrency is held in escrow by the platform before the transaction begins. In the case of a dispute in your favor, or if the seller stops responding, the cryptocurrency will be returned to you.

First, we recommend being patient. Sometimes payment methods can take time to deliver funds to the seller, or the seller may have become unexpectedly unavailable.

If the seller refuses to release the cryptocurrency or you haven’t received a response within an hour after making payment, it’s time to press the dispute button. This will notify the platform’s moderation team to review your case and help resolve it.

If you have followed payment instructions correctly and uploaded proof of payment, it’s very likely the dispute will be resolved in your favor and the cryptocurrency will be released.

To avoid potential scams or delays, we recommend the following tips:

• Take all the time you need to review sellers offers and profiles.

• Only accept offers from trusted sellers who are verified, have a high rating, and more positive than negative reviews.

• Give preference to sellers in your country or nearby regions.

  • Scammers often have verified profiles from countries like Nigeria, where obtaining a fake identity is easier.

• Do not accept offers that seem too good to be true.

  • Scammers may list offers above market price, giving you more cryptocurrency than other sellers, but this is almost always a tactic to attract potential victims.

• In the event of a dispute, stay alert! Follow the moderation team’s instructions in the chat and ask questions if you are unsure about anything.

  • Even during a dispute, scammers may try to take advantage, for example, by sending a fake email that appears to be from the platform asking for evidence or more information to resolve the dispute. Their goal is to steal your account password, cancel the dispute, and keep your money.

You can find the P2P platforms that we recommend based on our experience in our article “Where and how to buy cryptocurrencies.”.

While P2P payments are flexible, it’s essential to choose trustworthy platforms and sellers to avoid scams or delays. A reliable platform should provide assistance in the event of a dispute or question, and you should always stay alert.