Topic: NEW concept of P2P Exchange. (Read 714 times)

Just to confirm I understand this, basically, I the crypto seller will have my crypto escrow into an exchange wallet?
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Yes, before starting selling (in your case) you deposit crypto assets (BTC, ETH, etc.) into the Exchange wallet. Then these assets are appearing on your account, on the platform (our centralized exchange) and you can sell them to other users.
When your order to sell (e.g. 0.1 BTC) matches with the buyer's order, the Exchange holds(freeze) 0.1 BTC from your account for that transaction.

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An upon my confirmation that the paypal payment is legit (with no chargeback), I will press the confirm button to release the crypto from escrow?
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Yes, when you confirm the acceptance of money, your crypto, held for that transaction, is being released to the buyer's account (inside the Exchange).  

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Wonder how the situation will be handled if the payment is pass 90 days via paypal (a valid payment), yet I forget to release crypto from escrow? Does the exchange perform an automatic release after a certain number of days without confirmation?
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First of all, you should know that PayPal is the most inappropriate way to trade crypto assets! We will be supporting other 50+ payment methods to perform trade deals. But, we must provide our users with all payment methods (including PayPal), so that they could choose.

Second, if you positively choose PayPal as the payment method while selling crypto then the Exchange automatically sends the following instructions to the buyer (after your orders matching):
- only pay as family and friends;
- send the funds only as a “gift”;
- be ready to provide additional documents* in case of disputes.

Also, the Exchange instructs the seller to withdraw money from his PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”

Finally, if you forgot to press "confirm" (or other disputes declared), then the Exchange follows these procedures:
 
Step 1) the buyer pays via PayPal (during 120 min after orders' matching) and press "Money had been sent".
Step 2) If the seller of crypto (you) forget to press "confirm money acceptance" (during 48 hours after the moment when the buyer press "Money had been sent", then the Exchange contact you, asking to confirm the money acceptance.  
Step 3) If the exchange cannot reach you, then it asks the buyer to confirm the payment on his side by providing a lot of docs*
Step 4) If the exchange contact you and you don't confirm the money acceptance, then we follow step 3.
Step 5) if the buyer provides all required docs* and they are FINE, the Exchange contact the seller again (steps 2-4), only then the Exchange release 0.1 BTC to the buyer's account (and deduct from your account).




* list of documents provided by buyers for proof-of-payment (PayPal) in case of disputes.

1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)

2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)

3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - - ONLY PAYPAL VERIFIED ACCOUNTS--

4-For Business Account, Proof of address

5-Paypal info & ID must match

6-Proof of payment with own balance

7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I, , accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed + the number of the buyer's ID CARD
If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.



So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all our requirements he just cancels the transaction and gets negative feedback from the system (several negative feedbacks means a ban/black list), and your crypto will be unfrozen back to you.




[/quote]

Wow, 

Perfect question! thank you!

[/quote]
Just to confirm I understand this, basically, I the crypto seller will have my crypto escrow into an exchange wallet?
[/quote]

Yes, before starting selling (in your case) you deposit crypto assets (BTC, ETH, etc.) into the Exchange wallet. Then these assets are appearing on your account, on the platform (our centralized exchange) and you can sell them to other users.
When your order to sell (e.g. 0.1 BTC) matches with the buyer's order, the Exchange holds(freeze) 0.1 BTC from your account for that transaction.

[/quote]
An upon my confirmation that the paypal payment is legit (with no chargeback), I will press the confirm button to release the crypto from escrow?
[/quote]

Yes, when you confirm the acceptance of money, your crypto, held for that transaction, is being released to the buyer's account (inside the Exchange).  

[/quote]
Wonder how the situation will be handled if the payment is pass 90 days via paypal (a valid payment), yet I forget to release crypto from escrow? Does the exchange perform an automatic release after a certain number of days without confirmation?
[/quote]


First of all, you should know that PayPal is the most inappropriate way to trade crypto assets! We will be supporting other 50+ payment methods to perform trade deals. But, we must provide our users with all payment methods (including PayPal), so that they could choose.

Second, if you positively choose PayPal as the payment method while selling crypto then the Exchange automatically sends the following instructions to the buyer (after your orders matching):
- only pay as family and friends;
- send the funds only as a “gift”;
- be ready to provide additional documents* in case of disputes.

Also, the Exchange instructs the seller to withdraw money from his PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”

Finally, if you forgot to press "confirm" (or other disputes declared), then the Exchange follows these procedures:
 
Step 1) the buyer pays via PayPal (during 120 min after orders' matching) and press "Money had been sent".
Step 2) If the seller of crypto (you) forget to press "confirm money acceptance" (during 48 hours after the moment when the buyer press "Money had been sent", then the Exchange contact you, asking to confirm the money acceptance.  
Step 3) If the exchange cannot reach you, then it asks the buyer to confirm the payment on his side by providing a lot of docs*
Step 4) If the exchange contact you and you don't confirm the money acceptance, then we follow step 3.
Step 5) if the buyer provides all required docs* and they are FINE, the Exchange contact the seller again (steps 2-4), only then the Exchange release 0.1 BTC to the buyer's account (and deduct from your account).




* list of documents provided by buyers for proof-of-payment (PayPal) in case of disputes.

1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)

2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)

3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - - ONLY PAYPAL VERIFIED ACCOUNTS--

4-For Business Account, Proof of address

5-Paypal info & ID must match

6-Proof of payment with own balance

7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I, , accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed + the number of the buyer's ID CARD
If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.



So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all our requirements he just cancels the transaction and gets negative feedback from the system (several negative feedbacks means a ban/black list), and your crypto will be unfrozen back to you.

Just to confirm I understand this, basically, I the crypto seller will have my crypto escrow into an exchange wallet? An upon my confirmation that the paypal payment is legit (with no chargeback), I will press the confirm button to release the crypto from escrow?

Wonder how the situation will be handled if the payment is pass 90 days via paypal (a valid payment), yet I forget to release crypto from escrow? Does the exchange perform an automatic release after a certain number of days without confirmation?

Hi! how to contact you?

interesting project.

I prefer P2P Cryptocurrency - Fiat/Token Exchange.

How can i join your team as PR specialist for specific language/country?

Kindly help to chose the right name for the P2P Cryptocurrency-Fiat Exchange where users can buy/sell not only cryptocurrencies for fiat money but also for other tokens (e.g., BTC for ETH, LTC, XRP, or LTC for BTC, etc.).

Here are examples:
1) P2P Cryptocurrency-Fiat and Swap Exchange.
2) P2P Cryptocurrency - Fiat/Token Exchange.
3) P2P Cryptocurrency - Fiat/Coins Exchange.

Just choose the option number what you like or advise your title=)   

Well,

 Thanks, all of you for your comments!

Summarizing all replies, we can conclude the following:

1) People want to trade cryptocurrencies in exchange for, not only fiat but also for other cryptos.
So, we will be using a sub. name: "P2P Cryptocurrency - Fiat/Token Exchange". People could do SWAP trades: crypto to crypto, for free.

2) The primary concern is SECURITY.
Will be achieved through:
- cold storage (out of exchange) for 95% cryptocurrencies deposited by the users.
- 2FA
- automated server backups
- server firewall
- etc.

3) The second important issue is SUPPORT. The ticketing system is preferred. So, we will invest in a good support team upon working betta release and soft (e.g., Zendesk).

4) LOW FEES are also would attract many users.
We will provide No fees at all for most of the users.

5) Efficiency and liquidity.
We are going to attract liquidity by providing free of charge trading for all users with < $50 000 (equivalent) month trade volume. Those who trade above the limit will be paying a fixed fee using our tokens. 

6) Most common device for trading is PC/laptop due to our poll results: https://bitcointalk.org/index.php?topic=2837562.new#new
So, instead of developing ios/android app, we will concentrate on web version upgrading.



We are still looking for:
 
Additional team members:
- Content writer (native English person with experience in WP writing).
- PR (+SMM) specialist with ICO experience.

ICO advisor:
- a well reputable and experienced person is required.

Angel investor:
- we had found initial "angel" investors, but still, have the last stake of 100 000 tokens available for such type of investors. You can invest 10 ETH before pre-ICO and get this 100k tokens - stake. The investment will be used for smart contract independent audits. 

Preliminary ICO schedule:
- Pre-ico price: $0,25 (May 01, 2018)
- ICO price: $0,5 (June 01, 2018)
- Total amount of token: 10 000 000 (the same as our nearest competitor has, who had made ICO in Nov 17:  https://www.worldcoinindex.com/coin/qvolta)

10m Token distribution:
- pre-ICO: 1 000 000 (@$0,25)
- ICO: 6 000 000 (@$0,5)
all unsold tokens (if any) will be offered on Hitbtc.com, okex.com, etherdelta.com exchanges for the price equal to a competitor token price at the moment https://www.worldcoinindex.com/coin/qvolta) $1,3 now, for example.
- Initial "angel" investors: 1 000 000
- Team: 1 900 000
Team allocated tokens will be vested and become unlocked over a period of 24 months. Team members will be transferred 25% of their tokens after 6 months, and then 25% every 6 months there afterward.
- Bounty: 100 000

Thanks! I will wait!

You will see it soon! 

I would love to see live MVP of such services. I think it can be popular

Whoa with a lot of listings you got up there, there must be a lot of works to do. Legal stuff for worldwide currency, smart contract for crypto, etc.

Great!-) And we don't need only technical background people. Just average traders are what we need too.
So, I will invite you to the private testing (if I reach more powerful grade and could write directly to your inbox on bitcointalk) when the time comes. The result we will grant you with our tokens for help (answering questions and advising after testing) and get valuable feedback from you.

If you really want to be the best P2P exchange is that you welcome new ideas from the traders here. But so far your project looks great for me.
And to answer this questions
- Do you need such P2P Exchange?
Yes. We want more userfriendly and more secured exchanges like this.

- Do you want to participate (as a team member or advisor)?
Even though I don't have a great technical background, or high trading IQ, for just anything that would serve you then I would love to.

- Do you want to invest before pre-ICO?
If we get out of the dip, why not?

- Would you invest in pre-ICO (if happen)?
Sure thing.

We highly appreciate your advice! really!!
 Absolutely we'll do this due to your recommendations:
"a dashboard that shows in real time:
- current open tickets
- current support staff working
- current average waiting time
- current mean waiting time
- average resolution time "

Thanks!

Sure (out dev have great experience in mobile game development)! but this is not the main task in the beginning stage. First of all, we need to smooth the web app and only after that develop mobile apps.

And yet one that none have successfully planned for and scaled towards.
1. You would have to do some sound research on this, along with surveys. Given the chance, most people would require immediate support. But what helps is that you have a system that keeps monitoring support levels and gives a transparent real-time overview to people. Perhaps a dashboard that shows in real time:
- current open tickets
- current support staff working
- current average waiting time
- current mean waiting time
- average resolution time

And from that info, you can show the user an estimated time to next response. This would help greatly two-fold: it makes customers more secure and patient. It reduces further unneccessary support burden from impatient and/or worried customers who might send 5 tickets. At least if you tell a user he has to wait 24 hours, then he knows not to keep asking.

2. Ticketing systems are the best, but they should be supplemented by detailed questionaire so there's no time wasted in support replying: give me your #ID, give me your address, give me the error msg. All forms must be filled out. Chat systems should be secondary, they are not very necessary - as they take more resources, you could upgrade support for higher ranked members. Ticket>Chat>Phone.

Agree

Thanks! 

Could you please specify: what is the optimal time of latency for you?

Great project 👍

And about the latency ? Is what someone see's , actually what he will eventually get ?

Support is truly the core point of attention for any exchange. Thanks for pointing out this issue!

Kindly advise:
1) what is the average time of waiting for a reply (from support staff) would be a good for you? 
2) What support communication channel do you prefer?:
 a) a ticket system (via email);
 b) online chart support;
 c) phone conversation

The decentralized exchanges are good but each transaction, (e.g. Ethereum standard token) costing 0.01 ETH (approximately USD 10.00), makes me mad=)

And Indeed! etherdelta's fee for Execution against someone else's order (take liquidity fee)     = 0.3%
How can you like it after such enormous charge?

My experience with exchanges is that I prefer the lower risk of P2P. Yes, I'm aware of risks of peers defaulting or defrauding, but trust systems in the ones I use have worked very well. But I think the future is decentralised exchanges - the tools of Polo and others can easily be created by advanced traders and aren't that important that I'd need a centralised exchange.

The only reason I'm still on the Polos and Bittrexs is purely for the volume.

I'll say this: security is probably standard across the board. Fees are also negligible if you offset with speed and security. But the main factor for success is your ability to scale in customer support, and less important (but not less critical) the ability to scale in capacity. We've seen them all start well, and then drastically decline in both support and capacity (hardware, software) as they get more popular.

No centralised exchange or P2P platform has been able to achieve high levels of satisfaction with customer support. I'd rate LBC as the best, but even they have a lot of room for improvement. Solve this and you will see people flock.

i like decentraized exchange same with etherdelta
but must low fee, in etherdelta is high fee and not accepted Fiat money

True!

Thanks for the detailed feedback!

- Yes, we will act as escrow for every transaction.

A buyer, who pays you via PayPal will not get your crypto until you confirm the money acceptance. But! You should know (and the system will warn you about it) that a buyer can revert his PayPal transaction; so you just need to reallocate accepted money into another account from PayPal and only after that, press [confirm] button.

We also much appreciate your support. More information will be available soon (WP, Product description, etc.).

All major fiat currencies (about 30) and most popular (in the beginning) crtyprocurrencies.

It's an excellent question!! Thanks!

In the beginning, we will apply the following high volume cryptocurrencies as the BASE so that users could fulfill most of their SWAP and trade needs:
- BTC
- ETH
- LTC
- XMR
- our token (of course)

And the QUOTE currencies are USD, EUR, GBP, and others (32 fiat currencies) + main cryptocurrencies mentioned above. The system automatically excludes the pairs like BTC/BTC.

And surely, we will add any another crypto if users vote it.

You should know that due to our algorithm every new currency added (fiat or crypto) or a new method of payment just increases the number of Instruments available for trade, where each instrument is a unique combination of country, base cryptocurrency, quote currency (fiat or crypto), and a method of payment.

For example, if the Exchange would contain only these:

- Country: USA and UK
- Base cryptocurrency: ETH and BTC
- Quote currency: USD and GBP
- Method of payment:  PayPal and Wire transfer

then the number of unique Instrument equals to 2 x 2 x 2 x 2 = 16 instruments (or online auctions) like:
[USD-ETH/USD-PayPal],
[UK-BTC/GBP-wire transfer]...etc.

But if you add just one parameter (e.g., Litecoin) then the number of instruments will be 2 x 3 x 2 x 2 = 24.

During our tests we apply the following parameters:
- Countries: 101
- Base Cryptocurrencies: 15
- Quote currencies (fiat and crypto): 35
- Payment method: 32
The total number of Instruments = 1,696,800
and the system worked it out!

You may ask what will we do with 1,7 mln auctions =) But don't worry, the "invisible" market hand shows you the most tradable instruments.
Also, our market screener tools will help you to find the instruments, which grows/decreases too fast or, for example, to find a buyer with the highest BID on your cryptocurrency in your country, who use the same payment method as you apply. 
We are going to provide traders with as many options as we can; so that they could choose what to trade.

Please advise what other trading needs you may have in the case of having 1,7mln variances (instruments)?
 
In fact, the system does not have the limits. We could add even 1000+ altcoins having higher server capabilities.

It's a good idea if I can buy and sell cryptocurrency from someone on the other side of the world, PayPal will make it happen. But, one thing to be noted, p2p exchange have to act as intermediary or escrow for every transaction.


- Yes, it's a good idea for such p2p exchange
- No, it's not my capability to become team member it advisor
- if you can provide more information about it, maybe I will invest in ICO

Yes, You're right about X - Y. This option definitely will be available with no fees because the transaction is made just on the Exchange's ledger.

Could you please specify what is a "top of security" for you?
For example (all of them),
- 2FA authentication
- Real-time protection from phishing attacks
- KYC data protection
- Protection from fraudulent schemes
- what else...?

I think this would be unique project if it gets implemented successfully as you are trying to explain it. Also would you listing all the coins which are their on different sites or will it be only few top coins that you will be dealing on your site. And also how are you planning to deal with the local currency of a country or only the coin could be dealt with altcoin or btc?

- Yes. Existing market offers are very far from ideal
- Maybe as an advisor


In any case - good luck to you and your project!



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Many thanks 

I would be highly appreciated for any feedback from you:
- Do you need such P2P Exchange?
- Do you want to participate (as a team member or advisor)?
- Do you want to invest before pre-ICO?
- Would you invest in pre-ICO (if happen)?

Thanks!
[/quote]
- Yes. Existing market offers are very far from ideal
- Maybe as an advisor


In any case - good luck to you and your project!

Interesting concept! I had bought ETH for EUR  on CEX exchange recently (the volume was <40 ETH) ,

The fees were:
1) 2,5%+0,25 EUR for deposit from my bank card
2) + 0,25% taker fee when I bought ETH

what would be your fees in the case like that?

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In your case, the fees would be only transaction cost from your bank account (or Paypal account, etc) to the seller of ETH personal bank (PayPal, etc.) account. For example, if the seller has the account in the same bank as you have, then you pay 0 (ZERO) fees! 


  After confirmation from the seller, his ETH deposited on our Exchange instantly transfers to your exchange's account. AND WHAT IS MOST EXCITING is that no need to pay 0.01 ether fee for such type of transfer because it's inside the exchange.

I dont use any P2P exchanges at the moment but the fees on some exchanges are crippling for small transactions.
For me I would definitely use a P2P exchange if it could reduce the Cost of transactions and offer top security.
If we take the idea of Bitcoin we shouldnt need a middle man in order to trade.
I have X you want X, lets trade, simple.

if you want to create a successful exchange main things people care about are:

1. Security
2. Cheap/Efficient
3. sometimes with legal registration and licensing, although thats not as important. as the two above

if you cant puncture with this, you cant land a successful new exchange plattform.

regards
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I guess high-security standards can be atchieved after a sucssesfull ICO.
[/quote]

Sure, the all basic things (2FA verification, ID verification) will be available and more.

I would be highly appreciated for any feedback from you:
- Do you need such P2P Exchange?
- Do you want to participate (as a team member or advisor)?
- Do you want to invest before pre-ICO?
- Would you invest in pre-ICO (if happen)?

Thanks!
[/quote]

Interesting concept! I had bought ETH for EUR  on CEX exchange recently (the volume was <40 ETH) ,

The fees were:
1) 2,5%+0,25 EUR for deposit from my bank card
2) + 0,25% taker fee when I bought ETH

what would be your fees in the case like that?

[/quote]

if you want to create a successful exchange main things people care about are:

1. Security
2. Cheap/Efficient
3. sometimes with legal registration and licensing, although thats not as important. as the two above

if you cant puncture with this, you cant land a successful new exchange plattform.

regards
[/quote]

I guess high-security standards can be atchieved after a sucssesfull ICO.

I would be highly appreciated for any feedback from you:
- Do you need such P2P Exchange?
- Do you want to participate (as a team member or advisor)?
- Do you want to invest before pre-ICO?
- Would you invest in pre-ICO (if happen)?

Thanks!
[/quote]

if you want to create a successful exchange main things people care about are:

1. Security
2. Cheap/Efficient
3. sometimes with legal registration and licensing, although thats not as important. as the two above

if you cant puncture with this, you cant land a successful new exchange plattform.

regards
[/quote]

Thanks for your feedback!
1. The Security is and will be the most important part of development.
2. The fee extremely low and fixed for high-volume traders and FREE for all others.
3. Legal registration is already done (in Hong Kong). Licencing is not required in HK if tokens are used as means of payment for service (not as equity).

Hello crypto experts, traders, and others!

What do you think about the starting of a new P2P exchange that has:
- the pros of favorite exchanges (Bitfinex, Kraken, CEX, etc.) like the ability to trade on the order books, seeing market depth, getting price alerts, etc. and,
- the pros of P2P exchanges like low fees, when you just pay for the fiat money transfer to a counterparty (a person like you).

THIS is NOT another Local Bitcoins or similar P2P exchange, where people place and match with peers advertisements.

In our Exchange, people can trade any crypto to crypto or crypto to any fiat by using Auctions. Each auction (or instrument) is a unique combination of:
- Country,
- Base cryptocurrency,
- Quote currency, and
- Payment method.
For example, {USA - BTC/USD - PayPal}

Such concept (incapsulating county, base/quote currency, and payment method into one instrument) allowed us to inbuild Charting tool, order book into each auction, and to apply other analysis tools like A-B Spread.
    For example, through A-B Spread analysis "big" traders, who have money in different countries and on different accounts (paypal, banks, etc.) can instantly discover where to buy and re-sell with the highest profit margin.  

Here are some screens of our MVP:
Order placement: http://ipic.su/img/img7/fs/Placeorder(P2P).1516567062.png
List of last quotes: http://ipic.su/img/img7/fs/LastQuotes(P2P).1516567665.png
A-B Spread analysis: http://ipic.su/img/img7/fs/Spreads(P2P).1516567393.png

Our MVP is ready on 90%, and now, we are looking for team members and investors in different countries to help us prepare for ICO.

Monetization will be based on the low subscription fees applied only to high-volume traders (Qvolta is planning to use the same fee strategy). Qvolta called itself - a competitor of LocalBitcoins, so we are too-).
By the way, Qvolta's ICO (performed at the end of 2017), reached 1,400,000 USD. The price of Qvolta token had risen from 0,2 USD during ICO to 3,4 USD after ICO (now it's about 1,05 USD). The Qvolta's team have just released their MVP, and this is again "Ads" posting platform. So, we believe there will be a strong demand on our P2P exchange ICO, especially, if the starting price will be around 0.2 USD and total token distribution = 10mln (the same as Qvolta has).


I would be highly appreciated for any feedback from you:
- Do you need such P2P Exchange?
- Do you want to participate (as a team member or advisor)?
- Do you want to invest before pre-ICO?
- Would you invest in pre-ICO (if happen)?

Thanks!