CryptEx is a peer to peer platform for cryptocurrency exchange. If you have used popular exchange sites like paxful or localbitcoin, this product will be no strange to you. However, regardless of the abundant features, we will take our time to explain its concept.
First of all, this product is unlike any you have seen on the market. Its not just a php scripts but an investment. Get it today, setup a business in the crypto community and make a name for yourself. Sit back and grab a snack while we guide you through a quick tour of its wonderful features!
CryptEx is coupled with a self-hosted Cryptocurrency Wallet It has an interactive design that is both beautiful and responsive. The cryptocurrencies supported at the moment are Bitcoin, Dash, Litecoin. We would try to introduce the concept of peer to peer trading in the next section.
What is Peer to Peer Trading?
P2P Exchanges match Buyers with Bitcoin Sellers. These are individuals trading back and forth with other individuals. Essentially, the sellers are setting their own price and what types of payments they will accept. Many accept PayPal, Bank Transfers, Credit Cards and even cold, hard cash. The Exchange acts more like a dating service, matching people interested in trading cryptocurrency. Of course, they take a small fee for this matchmaking service.
As we said earlier, this project was heavily inspired by well known P2P cryptocurrency exchange platform, and our goal is to make CryptEx a match with them and even better
How It Works?
Creating Offers: Users may create a buy or sell offer for a specific coin supported by the platform. The following parameters can be set for each offer:
- Payment Method: Your choice of payment from the predefined methods of payment which you wish to pay or receive payments.
- Amount Range: The range of amount that must be set when creating the offer. For a sell offer, you must have more than the range of amount in your wallet before it can be displayed for potential buyers. However for buy offer, you may specify as wide the range as possible provided once the trade has been started by a potential seller, you have to meet up with the payment before the trade automatically expires.
- Profit Margin: As a buyer or seller, you may choose to gain or lose. The profit margin is used to determine these on each trade. For example, if you set a profit margin of 5% on a $5000 trade, you will gain $250. Usually, most buy offer are set to a negative profit margin so as to entice a potential seller.
- Offer Label: Any marketing text like “INSTANT RELEASE”, “NO RECEIPT REQUIRED” that will appear after your payment method. Maximum 25 characters and only letters and numbers
- Offer Tags: Add quick that describe your offer terms such as “No ID needed”, “No receipt needed”. And you can only select maximum of 3. These tags are predefined.
- Offer Terms: The conditions you want the interested trade partner to comply with, before a trade is initiated.
- Offer Instruction: This is displayed to your trade partner once the trade has started. It could contain further information to ensure a successful trade.
- Visibility/Requirement Preference: You may specify the verification requirement (such as phone or email verification) from a user before a trade can be initiated with you. Also, you may limit its visibility to trusted contacts only.
- Initiating Trade: As a buyer or seller you may select from the list of available offers from the marketplace with which you can initiate a trade. Some of the features of trade includes..
- Real Time Chat: This is the most essential. Both parties of a trade have a means of exchanging information in realtime directly on the platform. This includes support for file sharing, which they can easily drag and drop to upload.
- Countdown Timer & Auto cancel of trade: Since the coin is been held on escrow from the seller once a trade has started, the seller is able to set a count down on a trade before it is cancelled. However, the buyer is able to “confirm payment”, which will cause the timer to stop and wait for the seller to release coin.
- Raising Dispute: Once a dialog has not been met, either of both parties may choose to raise a dispute, which will call the attention of any available moderators who will attend to the trade and take absolute decision, i.e either cancel the trade or release the coin.
- Chat Monitor/Real time Notification: Every user is able to monitor the trades from any where on the site, and they may not have to keep refreshing the page because the platform sends notifications with an alert tone instantly.
- 5 Star Rating System: After every successful trade, the partner who started the trade is able to rate the other based on 5 stars and a comment. New partners usually feed on this before they initiate a trade with the same user