P2Pcoins.io guide/tutorial
Main points
- create an account
- set contract password and release address
- create or take an existing offer
- follow the steps in trade flow
- for more questions and answers visit our FAQ
Creating an account
To be able to make trades on our platform, users need to create an account.
Create an account in the signup page by providing a username, password and email address.
After your account is created, you can log-in and proceed to the next important step where you setup your contract password and release address.
Contract password and release address
The settings page is where you can config everything related to you account.
This is where you set you contract password and release address.
These values are required to participate in trades.
What is a contract password?
To ensure security, a contract password is used to encrypt the users secret share for each trade. This password is different from your login password and you should not use the same for both to avoid any security risk.
You will set this password once and it will be required before every trade as well as when finalizing the trade. Forgetting this password may lead to the loss of your funds. Keep it safe.
What is release address?
If you are buying bitcoin, monero, or ethereum, the coins you buy go directly to your personal wallet. The release address is where you want to received your newly bought coins. This address can be changed before each trade.
If you are selling some coins and you fund the escrow, sometimes the buyer becomes unresponsive or the trade gets canceled for some reason. In that case, you can refund your coins and they get refunded to the release address set in your settings page.
Create or take an existing offer
In the offers page, you can see the listing of offers from other users, whether they are buying or selling some coins.
When you find an offer that fits your needs (currency, desired price, limits, etc.), click on “sell/buy BTC/XMR/ETH”.
You will be asked to set the amount to be traded, payment method, and an optional message to the counterparty.
How to create an offer?
Click on “create offer” in offers page under the heading.
You will be asked to fill out the details of your offer.
How does the dynamic and fixed price work?
Dynamic price is fetched every few minutes and is equal to the current exchange rate of the coin. Fixed price is set by you and never changes.
Dynamic prices usually have a margin set to some small number.
This number represents the percentage that is added or subtracted from the current exchange rate.
You can select up to 5 payment methods.
In the availability section, you can set when your offer should be active. For example if you are available to trade only between 9am and 3pm central European time, you could adjust settings this way:
Your offer will be still visible in the offers list, but now it contains a warning that the offer is inactive at certain times and users are not allowed to open a trade during the inactive period.
What does minimum block confirmations mean?
If you want to be extra sure the transaction to escrow is confirmed by blockchain, you can set the minimum confirmations to a custom value.
The trade will not proceed to another step before this condition is met.
Trade flow
Opening the trade will notify the counterparty via notification and email.
Before the trade starts, both users need to confirm the contract password to encrypt escrow. After the confirmation from both parties, the trade is initiated and you need to closely follow the instructions displayed on the page.
There are limits and restrictions when each party can cancel the trade. Please refer to our FAQ for more information.
