Our P2P Platform is a fast and convenient online service for trading crypto or virtual fiat assets directly between users. TokenSpot does not act a party to any such trades, and serves merely as a transaction guarantor.
A user can post a trading advertisement on the P2P Platform, thereby acting as a Maker. One can also open a trade on an ad posted by another user, thus becoming the Taker (See Posting a Trading Ad on the P2P Platform). Make sure you read our P2P Trading Rules before trading.
A trading fee is collected from the Maker by the Platform whenever a trade is closed (0.1% for all accounts).
Please note that users are prohibited from making trades using payment methods that are not supported by our P2P Platform.
You need to have a fully enabled account on the Platform to unlock the P2P trading feature:
- Enable Google Authenticator (See Enabling Google Authenticator)
- Set yourself a nickname in your account settings (See Setting Your Nickname)
- Enable Telegram notifications (See Enabling Telegram Notifications)
Log into your account and go to P2P.
Tap on Buy, then use the Asset drop-down menu to select the cryptocurrency you are looking to buy. You will see a list of ads posted by users offering to sell this cryptocurrency. You can narrow down your search by using the following filters:
- Specify the amount of fiat currency you are willing to pay for the crypto in the Amount field
- Specify your preferred payment option(s) using the Payment drop-down menu
- Use the Status filter to only see available ads
You can also set the frequency for refreshing the list using the Refresh drop-down menu. Once you find a suitable Sell ad, tap on Open. You will then be directed to the ad page.
Carefully study the ad’s price, trading limits, payment and confirmation timeframes, available payment options, Remarks, and the Maker’s trading record. Enter your desired amount in the You pay field or in the You buy field. (Once you fill in one of these fields, the other one will be filled in automatically based on the ad’s price.) Review your order details, then press Buy [ticker].
You have now opened a trade. Choose a payment option and transfer the payment within the timeframe specified in the ad using the Seller’s payment details, then press Payment Sent. Please note that you should only open a trade if you have the opportunity to submit the payment on time, otherwise your trade will be cancelled once your payment time expires.
Once you have opened a trade, you can chat with the Seller using our Platform’s live chat feature (aka the P2P chat). Your messages will be displayed in blue chat bubbles, your Counterparty’s messages, white, and system messages, yellow. Admin messages will be displayed as black-on-white, with a red header saying ‘Admin’.
You need to confirm sending the payment. DO NOT press Confirm until you have submitted the payment using your Counterparty’s payment details.
Once the Seller confirms the receipt of payment, the trade will be completed.
If the Seller fails to confirm payment receipt within the designated timeframe, the trade will be automatically referred to Arbitration.
You can refer an open trade to Arbitration before it is completed in case you encounter a problem. Press Contact Support, describe the problem in the P2P chat and wait for an Admin to respond. Admin messages will be displayed in the P2P chat as black-on-white, with a red header saying ‘Admin’. Once you press the Contact Support button, the clock will be paused for whatever stage the trade is at. Please note that you will not be able to refer the trade to Arbitration once it is completed.
Once the trade is completed, the crypto you have purchased will be credited to your wallet. You can rate your trading experience by tapping on a relevant emoji in the evaluation box.
Should you have any questions, feel free to contact our 24/7 Customer Support team using our website chat widget or our Telegram support bot @tokenspot_support_bot.