What is P2P Trading on Knooz?
P2P (peer-to-peer) trading allows users to directly exchange their crypto and fiat assets with each other through an online marketplace, which includes escrow services to ensure security and transparency.
1. What is P2P?
P2P trading is a process where buyers and sellers interact directly to exchange crypto and fiat currencies. An online marketplace and escrow services help facilitate this
exchange, ensuring both parties meet the agreed-upon terms.
2. Who Can Trade on Knooz P2P?
To trade on Knooz P2P, you must complete Identification Verification and add a valid mobile number. These steps ensure a secure trading environment for all participants.
3. What are Makers and Takers?
- Maker: A user who posts advertisements to buy or sell cryptocurrency on Knooz P2P.
- Taker: A user who buys or sells cryptocurrency from the listed advertisements on the platform.
4. What is an Advertisement?
An advertisement is a deal posted by a user on the Knooz P2P platform, offering to trade cryptocurrency with other users.
5. How to Post a P2P Advertisement?
To post a new ad, users who meet Knooz P2P requirements can tap the [Post a new ad] button. From there, select the type of ad, enter the trading amount, price, and conditions, and confirm the details before tapping [Publish].
6. What Does "In Order" Mean?
When a buyer and seller agree on a trade, it becomes an "order." Knooz P2P facilitates this by holding the seller's crypto in escrow until both parties confirm payment, ensuring safe trading.
7. What Does "Release Crypto" Mean?
Once the buyer confirms payment and the seller verifies receipt, the seller releases the agreed amount of cryptocurrency to the buyer, completing the trade.
8. What is Order Matching?
The Knooz system automatically matches buyers and sellers based on the best price, payment method, and trading amount preferences.
9. Why Do I Need to Add a Payment Method?
Adding a payment method allows the system to match your trade with a suitable counterparty. For more details, check the "How to Add New Payment Methods for P2P Trading" guide.
10. How to Trade Assets Purchased on Knooz P2P?
After buying assets on Knooz P2P, transfer them from your Funding Wallet to your Spot Wallet to start trading. Navigate to [Wallets] > [Funding], tap [Transfer], select the crypto, and enter the amount.
11. What is an Appeal?
In the case of a dispute between buyer and seller, an appeal can be submitted, requesting assistance from Knooz Customer Support. The crypto is locked during the appeal process for safe resolution.
12. How to Cancel an Appeal?
If a mutual agreement is reached after an appeal, the requestor can cancel the appeal. The transaction will return to the payment confirmation stage, and the seller must release the crypto.
For further assistance, don't hesitate to reach out to Knooz Customer Support. We're here to help!
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