P2P for forex and gambling
Modern technology has radically changed our world, there are a lot of different ways of making money, which are used by thousands of people around the world.
In particular, many new things have already become commonplace for us, such as the Forex market, cryptocurrencies, sports betting, and gambling.
New terms and opportunities keep appearing on the Internet, which is why many people want to keep up with the times and study the available methods to improve their financial situation.
Not so long ago new P2P-platforms appeared, which allow to make payments to any country more profitable, as well as to perform exchanges and transactions between users.
Currently, the use of P2P platforms is quite widespread, as they are used in different spheres – from forex and cryptocurrencies to gambling and betting.
Why do more and more users choose this way of performing financial transactions and which platforms are considered the most popular? That’s what we will tell you in our article today.
Why do we need P2P payments and what are they
Peer-to-peer (P2P) is a good way to save on the excessive exchange rate margin charged by banks for international money transfers. Banks often charge 5%, while P2P services usually charge 0.5% to 1.5%.
Peer-to-peer money transfer uses a website or app to transfer funds from one person to another over the Internet or mobile networks.
For international payments, peer-to-peer payment will match buyers and sellers of different currencies to ensure a competitive exchange rate.
Peer-to-peer currency exchange and making any transaction on P2P platforms has a lot of advantages:
Favorable exchange rates
Comfortable exchange rates compared to what banks and brokers offer are one of the main advantages of P2P.
Users can choose the best rates in peer-to-peer exchange platforms or set their own rate.
Significant economic efficiency
P2P currency exchange is very economical. The average savings rate on international transfers for P2P users compared to banks ranges from 75% to 90%.
Naturally, the savings depends on what commission banks charge, but in most cases, it ranges between 2% and 5%.
Convenience
Peer-to-peer currency exchange is very convenient and easily accessible. Users get maximum comfort and security during financial transactions using this method.
Peer-to-peer foreign exchange provides users with an online platform where they can exchange currencies.
P2P networks depend on digital transfers, not physical currency exchange. Users rely on Internet connectivity, which means they can use desktops, tablets, and smartphones to make any exchange.
These services essentially eliminate intermediaries – banks, foreign exchange (forex) services, and other institutions – allowing users to trade among themselves.
Because there are no dealers involved, users can get the best rate on their exchange.
Through an online P2P platform, people can find and securely exchange currencies with individuals in other countries at much lower prices.
Most online P2P companies claim to provide up to 90% savings for customers on international exchange and transfer fees.
Peer-to-peer gambling: features
The legalization of peer-to-peer betting has occurred relatively recently and not all countries have joined the initiative yet, but the opportunity has already gained traction among users.
The growing popularity of p2p social gambling betting apps is being promoted by the number of new marketplace options and sportsbook sites appearing around the world.
In addition, news of a startup looking to expand peer-to-peer gambling into the digital world has increased the anticipation for p2p gambling apps.
Is peer-to-peer betting legal? Is it possible to bet on P2P sports on soccer? These are just two of the most popular questions related to this modern twist in the world of gambling.
For those in the know, peer-to-peer betting is done with another person or individuals.
If you have ever bet with a friend, you have technically engaged in peer-to-peer betting. Ultimately, any bet between you and someone else that was not made with a bookmaker or other intermediary falls into this category.
These days, some bookmakers and other entrepreneurs are creating what are called P2P betting exchanges. This allows players to bet against each other on special sites.
Top P2P sites for gambling
With the legalization of P2P betting, a large number of platforms have appeared that offer peer-to-peer betting to users. We have compiled a ranking of the best platforms that allow you to bet with other users:
- WagerLab.
- Bitstamp.
- PeerBet.
Each of the applications has rich functionality and a lot of possibilities, making peer-to-peer betting even brighter.
Unlike traditional betting with online bookmakers, P2P sports betting exchanges also allow you to play the role of a bookie.
Just as they request higher odds from other players, they can also do the same with your odds.
Most peer-to-peer betting uses fiat money, but with the growing demand for cryptocurrencies, they are expected to be used in the gambling world as well.
P2P and the Forex market: features
Forex is an international foreign exchange market, which is used for earning both by big businessmen and private individuals.
It was created to have no connection to a specific exchange platform and was originally planned exclusively for currency exchange.
Over time, forex has evolved into something more, started to be used for trading and earning money.
Today, forex is rapidly evolving, and the possibility of peer-to-peer payments has also appeared.
This service saves a significant amount of money and time, as well as expands the capabilities of users.
The best P2P platforms for peer-to-peer payments
In order to choose the right P2P site, you need to carefully study their features, decide whether the platform’s capabilities will be able to cover your needs.
Here are some tips to help you find the best option for P2P payments:
- Look for a platform that does high volume – the more transactions, the more liquidity. This is important for higher stakes, fast conversions, and smooth transfers.
- Keep track of the number of currencies offered for exchange, as well as the time it takes to make transfers.
- Make sure that the company exchanges the currencies you need.
- Compare exchange rates and fees of different companies.
- Make sure the company is registered with the country’s authorized agency and has all necessary licenses.
- Use an organization that keeps customers’ money in segregated accounts. Segregation offers the consumer better protection should the company ever have financial difficulties.
Currently, there are a large number of P2P exchanges and other financial transactions on the market.
To use their services is quite simple – it is enough to register and choose the type of operation.
Below is a list of the best sites, which are available to the function described in the article.
Zaver
Peer-to-peer payments allow users to send money to each other through a linked bank account or card. Unlike transactions through banks, P2P payments offer ease of use, convenience, and speed.
P2P solutions are also secure with built-in encryption and fraud monitoring. Fintech startups offer a range of peer-to-peer payment solutions for individual and business customers.
Zaver is a Swedish startup that develops P2P payment solutions. The startup’s platform allows companies to receive payments through both online and offline channels. The app sends customers a payment link offering a range of payment methods.
CashApp
Cash App is a peer-to-peer money transfer app created by Block Inc. that allows people to send money through:
- your Cash App balance;
- linked bank account;
- credit or debit card.
Once the Cash App is downloaded to a smartphone or tablet, users create an account and link a debit card, credit card, or bank account.
Once their Cash App account is set up, they can send, request, and receive money from other Cash App users, as well as invest in stocks and buy and sell bitcoins.
Wellcoinex
This is another popular service that offers users the ability to peer-to-peer payments with cryptocurrency and fiat money.
This platform is characterized by the fast execution of transactions. As well as a wide variety of services.
Users can make transfers in any currency, as well as the exchange of currencies and cryptocurrencies. To use the service, you need to pass a simple registration.
After that, you can perform any financial transactions in fiat and cryptocurrency. The service is available for residents of different countries. So the scope of its possibilities is quite wide.
GICTrade
This is another P2P platform that gives users the ability to use peer-to-peer payments for Forex.
The platform can be used online, you can also download the application to your smartphone.
Main advantage is the ability to trade in the forex market.
GICTrade service also provides the ability to exchange and transactions of fiat and cryptocurrency.
The platform is available to users of different regions.
There is an opportunity to make payments to a card, bank and electronic account, online wallet.
Features of P2P transactions and their conduct
Using the exchange is quite simple. Users register with a P2P exchange service for an online account to make deposits. Depending on the site, users can:
- to accept a given exchange rate;
- to bet at the exchange rate of your choice.
The site then does a match, shows a change in the owner of the funds. And transfers them within one or two days via a normal domestic transfer.
No currency ever leaves the country and is simply exchanged between users. Users can send money to any personal or business account. Even their own account in another country.
P2P and cryptocurrencies: how it works
A P2P platform in the crypto market is a service that allows users to sell and buy cryptocurrency directly. Buyer and seller interact with each other without third-party mediation.
The P2P platform only helps select ads, pre-screens and evaluates their creators, and provides escrow accounts for cryptocurrencies.
Today, the real giant among P2P platforms with cryptocurrency payment capabilities is Binance, a system that has been around for a long time.
It offers huge functionality, as well as guarantees maximum security and comfortable terms of cooperation.
P2P platforms resemble cryptocurrency exchanges in that they also match sellers with buyers, which makes the trading process easier for those who need to sell or buy cryptocurrencies quickly.
Basic principles
- Deals are made by the users themselves and not by automatic execution of orders (there is no order book).
- The best offer is selected by the user based on the specified cryptocurrency, amount, and payment terms.
- There are many different payment methods: bank cards and accounts, transfers via SWIFT and SEPA, and electronic payment systems such as PayPal.
- There are no commissions for transactions, because users conclude transactions directly, not through the trading engine.
- Sellers’ cryptocurrencies are held in escrow accounts, which protects both them and the buyers from defaulting on the transaction.
- Most platforms have a user rating system to improve the quality and safety of transactions.
- The seller and the buyer can write messages in the chat window when making a deal.
- If a dispute or any questions arise between the parties during the transaction, they can contact customer service by filing an appeal through their personal account.
CECs usually have strict rules and requirements for users, including passing identity checks. In contrast, P2P platforms are more loyal to users.
To find the best offer in just a few seconds, you have to fill out a few fields of a search form P2P exchanges work very hard to maintain secure transactions through a variety of methods.
One of the most common is the escrow service or multisig wallet transactions.
Both work generally so that the funds of any part of the transaction will not be transferred to the other party until it is confirmed that the funds are there.