Often, when people are thinking about investing in cryptocurrencies such as Bitcoin, the first questions they ask are ‘how do I buy Bitcoin?’ and ‘how do I sell it again?’
In other words, the decision to invest in crypto is not only dependent on past performance and future prospects, in terms of price, but also on how easy it is to engage this asset class with fiat currency.
Over the past few years, a lot of different options have become available, and we can have a brief look at them to better understand the landscape, but here is the good news: on AAX we have revamped our P2P platform, making buying and selling cryptocurrency easier than ever.
What are the different ways to buy and sell cryptocurrency?
By design, cryptocurrency can be exchanged on a peer-to-peer basis: you give some money to a friend and they send some Bitcoin to your wallet. This is effective, but especially if you’re buying or selling Bitcoin to a stranger, this method is not safe.
In a world where nearly 2 billion people are still without a bank account cash is still very important. There are now services available that enable people to exchange cash for crypto, and back. This is useful, but not always ideal if you don’t want to leave the house or prefer not to deal with cash.
In many cities, investors can now buy and sell Bitcoin using an ATM. While the process is relatively straightforward, the fees are high (+/- 7%).
Increasingly, crypto exchanges offer the option of buying Bitcoin using a credit card. While this is fast, the downside is that it is even more expensive than buying crypto using the ATM. Furthermore, it does not offer you the option to convert your crypto back to fiat.
How does P2P crypto trading work?
P2P crypto trading is basically a way to facilitate a transaction between two individuals with third-party oversight to ensure that both parties stick to their end of the deal.
Imagine meeting someone online and after sending money their way, they simply disappear. The P2P format prevents this by holding the crypto funds, releasing them to the buyer only after the seller confirms he or she has received payment.
A P2P platform works similar to an online store like Amazon or Taobao where different merchants offer the same products at different prices. So, let’s say you want to buy 1 Bitcoin and you want to pay for this by bank transfer with Hong Kong dollar, you would simply look for a vendor that accepts Hong Kong dollar and offers Bitcoin at the best price. Once you’ve paid, you will receive your Bitcoin.
That sounds easy, right? But with our newly revamped P2P platform, we’ve made the process even easier!
How to use the P2P platform on AAX
On the P2P platform, you can currently buy and sell Bitcoin, Ethereum, and USDT in exchange for Hong Kong dollar, Chinese Yuan, and US dollar.
To save you time, you no longer need to look for the best merchants or offers yourself. Instead, we will match you with the best available option that meets your request immediately and seamlessly.
Let’s break it down into just a few easy steps:
On the "Buy Crypto" drop-down menu, select P2P Trading
Select the crypto you want to buy, whether it's Bitcoin, Ethereum, or USDT.
Select the currency you want to use for payment.
Fill in your order.
You will find a list of merchants and their ads.
Choose from the list of merchants and click "Place order".
Follow the payment instructions to receive your cryptocurrency.