Peer-to-peer currency exchange platforms are becoming increasingly popular as a way to exchange currencies without going through a bank or other financial institution. Numerous studies from 2021 have shown a rapid increase in their adoptions and experts speculate a drastic increase in coming years.
While they are beneficial to use, you might not maximize their potential without certain best practices. Find these practices in this article.
What Is A Peer-to-Peer Currency Exchange Platform?
A peer-to-peer currency exchange platform is an online platform that allows you to securely exchange currencies easily and quickly. They work by matching buyers and sellers with each other based on their desired exchange rates and in some cases, payment methods.
Once a match is found, the platform facilitates the transaction and holds the funds in escrow or in lieu until both parties have confirmed that the exchange has been completed. This helps to protect both buyers and sellers from fraud.
Best Practices To Using Peer-To-Peer Currency Exchange Platforms
There are certain xxx that you must abide by/look out for/xxx before using a P2P currency exchange platform, especially as a new user.
Study the platform’s features
Read the terms and conditions
Study its security system
Check for reviews
Always check for the best exchange offers
1. Study The Platform’s Features
P2P currency exchange platforms may serve a similar purpose but differ in design. As someone using one for the first time, you may not be able to benefit from certain features until you indepthly study the platform and explore it.
Studying an exchange’s platform helps you find and explore opportunities— from money to actual business opportunities.
2. Read The Terms And Conditions
One mistake many currency exchange platform users make is that they don’t thoroughly check the terms and conditions. It’s like signing a contract without reading it. You could be shooting yourself in the shoe.
Understanding a platform’s T&Cs protects you and helps you to know your rights on the platform. It gives you the leverage to decide if you should continue with the platform, based on its rules. And yes, it allows you to take best practices on the platform without any penalty.
3. Study Its Security System
If there is only one reason to investigate a platform’s security system, it’s because your money will pass through it. When studying a P2P currency exchange platform’s security, you need to check how it processes transactions– does it through an escrow, or some other means?
It is also vital to check how it resolves disputes between users and how much effort is dedicated to user verification. One way to validate these information are through its website or white paper. You can also verify them from existing users.
4. Check For Reviews
You may have surveyed the platform (web app or mobile app) but may still need more answers to validate your findings. This is where reviews come in. You can scout the internet (review websites, discussion websites, application stores, social media, etc), to find what other users are saying about the platform. Human reviews will give you deeper insights into how the platform operates.
5. Always Check For The Best Exchange Offers
Sometimes, you can get on the marketplace and get attracted to the first offer you see. No, wait! One thing you should always consider is that peer-to-peer currency exchange platforms are a gold mine. Meaning that there could be one or more better offers than just that one.
These platforms have filters that allow you to easily check for offers based on your preference. Leverage them and get the best!
How Does Kyshi’s Peer-To-Peer Currency Exchange Platform Work?
Kyshi’s peer-to-peer currency exchange platform is a marketplace that allows you to send money between Nigeria and the UK at your preferred rate. Think of the Kyshi marketplace as an actual market with so many items, so you pick the ones you want and pay for them.
The marketplace is always filled with NGN/GBP offers with different exchange rates. You can exchange currencies on the Kyshi marketplace by creating or accepting an offer.
To create offer on the Kyshi marketplace, simply;
Log into the Kyshi app, select your “send” and “receive” currency on the home screen.
Enter your transaction amount and choose your desired exchange rate.
Proceed to enter your beneficiary details and send your offer to the marketplace.
Alternatively, you can accept an offer that suits you from the marketplace. Here’s how to accept an offer on the marketplace;
Log into the Kyshi app and click on “Hot Offers🔥” at the middle of the home screen, or “Offers” at the bottom.
Use the filter to check for offers based on your preference
Select the best ones with the “❤️” emoji
Accept the one that suits you the most
Enter your beneficiary details and complete the transaction
What To Do Now
Do you need to quickly send money between Nigeria and the UK– at your own desired rate? Leverage the Kyshi marketplace today to send money in seconds home or abroad at super low fees. And yes, your first transfer is FREE!
Start transacting with Kyshi today. Get started here!