To start cryptocurrency trading, you’ll first need to buy crypto. Unfortunately, banks and several other payment methods don’t support the direct buying of crypto with local fiat currency.
Nevertheless, P2P (peer-to-peer) trading has emerged as one of the most popular ways to bypass these hurdles and allow for the buying and selling of assets between cryptocurrency traders.
P2P trading creates a direct connection between buyers and sellers, helping facilitate price negotiation, direct communication, and secure trades.
In this guide, we take a look at the KuCoin P2P trading platform, how it works, advantages and disadvantages, along with a few tips to help you execute successful trades.
KuCoin Overview
KuCoin is a global cryptocurrency exchange that has support for a large variety of cryptocurrencies and digital assets. Launched in 2017, KuCoin has grown into a popular crypto exchange with over 30 million users.
It has its operational headquarter in Seychelles and provides global access through 24/7 multi-language services.
Today, KuCoin operates in 200+ countries, has support for over 700 coins, and a 24-hour trading volume of $1.43 billion. Some popular products and services it offers include spot and margin trading, crypto derivatives, leveraged tokens, and a trading bot.
To learn more about KuCoin, check out our KuCoin review.
Pros and Cons of KuCoin P2P Trading
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ Zero trading fees | ❌ P2P cryptocurrency scams |
| ✅ Customized trading prices | ❌ Slower counterparty transaction speeds |
| ✅ 100+ supported payment methods | ❌ Not available in the US |
| ✅ Control over crypto prices and settlement time | |
| ✅ Round-the-clock customer care support | |
| ✅ Escrow service | |
| ✅ Rating/feedback system | |
| ✅ Dispute resolution mechanisms | |
| ✅ User-friendly interface | |
| ✅ Liquid marketplace | |
| ✅ 30+ local currencies | |
| ✅ 1,200+ trading pairs |
Understanding KuCoin P2P Trading
The KuCoin P2P trading marketplace offers a safe place where traders can buy or sell cryptocurrencies under the protection of an escrow service.
Whenever a buyer places an order on the P2P platform, KuCoin freezes the seller’s crypto and only releases them to the buyer when payment is done. In this manner, it reduces the risk of defaulted payments from either counterparty.
Additionally, individuals looking to either sell or buy crypto can post ads on the KuCoin P2P market, outlining the terms of trade, amount of crypto, exchange rate, and preferred payment method.
KuCoin, on the other hand, conducts regular qualification checks to ensure that only professional merchants offer high quality services through favorable prices and response times.
How to Buy Crypto Using KuCoin P2P Trading
Buying crypto on the KuCoin P2P market is easy, secure, and free. To buy crypto, follow these step-by-step guides:
1. Register for a KuCoin account by visiting the official KuCoin website.
2. Complete the KYC verification process to secure your account and access more KuCoin services and features. Make sure to add your preferred payment methods.
3. Access the KuCoin P2P marketplace by clicking Buy Crypto > P2P. If you’re looking for an automatic counterparty match, click “Fast Trade.” However, if you prefer to select your preferred seller, click P2P.
4. Select the crypto you want to buy. Filter the P2P advertisements by setting the fiat currency, amount, and payment method you prefer.
5. When you find a worthy ad, click on “Buy.”
6. Enter the amount of fiat currency you’re willing to spend. The system will automatically calculate the amount of crypto you can receive. Click “Place Order.”
7. Transfer the fiat currency to the seller’s preferred payment method. You can use the Chat function on the right to contact the counterparty. Remember to stay within the time limit.
8. After you’ve made the transfer, click “Pay” and “Confirm payment.”
9. The seller will release the crypto to you. To view the assets, click on “Transfer Assets.”
10. If you didn’t receive any cryptocurrencies after confirming payment, click “Need Help?” to contact KuCoin customer support. Additionally, you can click “Remind Seller” to send a message to the seller.
How to Sell Crypto Using KuCoin P2P Trading
To sell your crypto on the KuCoin P2P trading platform, you can either use the mobile app or use the web version of KuCoin.
Here’s how to do it:
1. Log into your KuCoin account. If you’re a new user, register for a new account.
2. Add your preferred payment method.
3. Click on Buy Crypto > P2P > Sell.
4. Select “Fast Trade” if you want to automatically match with a buyer. If you prefer selecting your preferred buyer, proceed with P2P.
5. Select the crypto you want to sell along with your preferred filters for all P2P advertisements.
6. Once you find an ad that meets your requirements, click “Sell” next to the ad.
7. Enter the amount of crypto you want to sell. The system will show you the amount of fiat you will receive. Click “Place Order.”
8. You will see the message, “Awaiting Payment from the Other Party.” You can use the Chat function to contact the buyer.
9. Once the buyer makes payment, the order status will change to “Payment Completed, Please Release Crypto.”
10. Confirm that you’ve received the payment and click “Release Crypto.” Confirm the release with your trading password. Do not release crypto if you have not received payments.
11. The order is complete. Click “Transfer Assets” to check your balance in the funding account.
12. If you encounter any issue during the transaction process, click “Need Help?” to contact KuCoin customer support for assistance.
KuCoin P2P Trading Checklist
Here’s a general KuCoin P2P trading checklist to help you when executing trades on the marketplace:
- Identity Verification: Complete the KYC verification process to access P2P trading and other valuable platform features and products.
- Secure Transfer: Move any newly acquired crypto to your personal wallet for extra security and added control.
- Negotiate Trade Terms: Ensure you communicate, discuss, and agree on terms of the P2P transaction with your trade partner.
- Honor Payments: Ensure you honor the agreed upon terms and send payment to the agreed-upon payment method to avoid disputes.
- Browse Listings: Browse the majority of the available crypto listings before you settle on one that seems favorable to you.
KuCoin P2P Trading Tips
P2P trading is an excellent way to buy or sell crypto. However, it’s important that you prioritize safety and security. Here are some tips to keep in mind when executing trades on KuCoin P2P market:
- Verify Trading Partners: Verify the identity of your trading partners by checking their trading history and feedback. User reviews, feedback, and ratings will help you assess the reliability of the counterparties.
- Utilize Secure Payment Methods: Use secure payment methods such as bank transfers for transactions. Stay away from irreversible payment methods such as gift cards or money as they are more susceptible to fraud.
- Enable 2FA: Enable Two-Factor Authentication to boost the security level of your login process. Doing so makes it harder for unauthorized individuals to access your account.
- Use Escrow: Opt to utilize KuCoin’s escrow service to hold digital assets on your behalf until you and your counterparty fulfill your obligations. This reduces the risk of fraudulent activities since the assets remain frozen until the terms of the trade are fulfilled.
- Communicate on KuCoin: KuCoin’s chat feature enables you to securely send messages to your counterparty. It’s geared towards enabling privacy therefore, keeping your personal and confidential information from prying eyes.
- Watch Out for Scams: Be cautious of anything that seems too good to be true (fake profiles, phishing attempts, etc.). Ensure you always verify details and use the official KuCoin P2P platform.
- Adhere to Local Regulations: Ensure that you comply with all legal and regulatory mandates such as tax reporting for crypto trading in your region.
- Maintain Records: Record all your P2P crypto transactions including chat histories and payment receipts. Documentation is helpful in case of a dispute.
Summary
KuCoin’s P2P trading marketplace offers several advantages for you as a KuCoin user. For starters, you can buy or sell cryptocurrencies directly without interference from intermediaries at zero fees.
In addition, KuCoin has set security measures such as escrow protection, a rating system, and a dispute resolution mechanism to ensure all traders have a superior P2P trading experience.
If you’re ready to try out KuCoin’s P2P market for yourself, join KuCoin, complete the KYC verification process, and start trading.
FAQs
Is P2P on KuCoin Safe?
P2P on KuCoin is fairly safe. KuCoin safeguards every P2P transaction using escrow protection, a rating system, and regular qualification checks. Nevertheless, P2P on KuCoin is not entirely safe so make sure to avoid scams and fraud attempts.
How Does KuCoin P2P Work?
KuCoin P2P works by enabling KuCoin traders to trade directly with one another on the exchange, setting their own terms. There’s no third party involved. However, KuCoin does install some security features to safeguard every transaction.
How to Cancel P2P Order in KuCoin?
To cancel an order on KuCoin, go to the orders page, select the order you want to cancel, click “Open order”, and choose to cancel the open order.
