How to create crypto-to-crypto offers and complete a contract
From now on, we’re holding crypto-to-crypto Wednesdays every week, and we’ll also show you how to create a crypto-to-crypto offer and complete the contract at Hodl Hodl.
For those unfamiliar, a few words about us
Hodl Hodl is a global P2P Bitcoin exchange, that allows users to trade directly with each other and it doesn’t hold user’s funds — locking it in multisig escrow instead. This minimizes the possibility of crypto assets theft and reduces trading time.
The main difference between Hodl Hodl and other P2P cryptocurrency exchanges is that we do not hold user’s funds and do not have KYC/AML procedures. Hodl Hodl is also cheaper than most of the other P2P exchanges, with a maximum fee of 0.6% per trade that is lowered to 0.25% for all crypto-to-crypto trades every Wednesday.
How to create a crypto-to-crypto offer
To create a crypto-to-crypto offer at Hodl Hodl, you must have an account, so if you have not yet signed up, this will take less than a minute.
If you’ve already created the account, log in and simply press the button “Add offer”, which can be found in the public offer list or on My offers page.
On the offer creation page, you have to complete all necessary fields marked with a star:
- Say whether you want to buy or sell Bitcoin.
- Set the price. It can either be fixed or tied to any of the exchanges we support. In the list of currencies select the cryptocurrency, with which you want to trade for Bitcoin.
- Set the single contract limit. This amount is the range within which, other users may create a contact with you through this offer.
- Set the time constraints. Select offer working hours and payment window — a time within which both parties must transfer funds and, thus finalize the contract.
- Set the payment method. In the payment methods block you have to specify:
Payment type: Select “Cryptocurrency”.
Payment method: Choose the name of the cryptocurrency that you want to pay or be paid.
Your instruction name: Enter the name of the instructions, which will be shown to your counterparty upon contract creation. (For sell offers only)
Payment details: Enter the instructions, according to which, buyer should send you cryptocurrency in exchange for your Bitcoin. (For sell offers only)
On the offer creation page, we also give you the option to add more specific settings to your offer, however, this is not required.
That’s it, to make your offer available and visible, mark the checkbox “Enabled” and you’re good to go.
How to complete a crypto-to-crypto contract
To complete contract to buy or sell Bitcoin in exchange for another cryptocurrency, you have either to accept an already existing offer, or another user has to accept your offer.
When the contract begins, the workflow is the following:
- Seller and buyer have to confirm their payment passwords. The payment password is an encryption key for the user’s escrow key pair and is necessary for escrow generation. For more information, check our guide related to multisig escrow and payment passwords.
- Seller has to deposit bitcoins in the multisig escrow from his wallet.
- When bitcoins are locked in the multisig escrow, buyer sends the cryptocurrency to the seller.
- Once seller has received the cryptocurrency, he unlocks the Bitcoin and sends it directly to the buyer’s wallet.
- That’s it, the contract is completed.
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