Vertex.Market launched a revolutionary Peer to Peer (P2P) trading platform that will change the way P2P trading is conducted. It is currently available for 6 major cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, USDT Tether, and USD Coin.
Vertex has put in a lot of effort into making life easier for cryptocurrency sellers. Streamlining the process, removing the need for an escrow, password protection for offerings, reducing the fee to half a percent as well as an approval process where a seller first must approve a trade are just a few of the features. In the meantime, there is also the facility of live customer support currently available in 3 languages (English, Spanish, and Russian).
Many seasoned traders may question, “No escrow? how does that work?” as with another current peer to peer trading platforms, a user sends funds into the platform (or a trading wallet) and once the trade is over, the funds are released to the buyer. On Vertex, the user deposits a security deposit into his wallet that can be made with any of the currently supported cryptocurrencies. Those funds are frozen during the duration of the trade and could be confiscated by the buyer if the seller has not held up to his side of the trade (does not issue the cryptocurrency).
To pay out the buyer, the seller can directly send the funds from the wallet of his choice and those funds do not have to be sent through us at all. Vertex does not have to touch those coins ever. In fact, the buyer can even go a step further and define an external wallet in his profile and the seller will send the funds directly to this wallet. That is where Vertex truly shines as a peer to peer trading platform.
Source: Vertex
To make sure the user’s funds are secure, Vertex has established a partnership with Coincover, the number one brand in crypto-security to provide a range of protection solutions directly to Vertex customers. The first services have been launched in August 2020 and cover any losses occurring through theft or loss of access.
Each Vertex customer will have the option to take out this cover in their own name making Vertex the first Peer to Peer cryptocurrency platform, to give widescale access to wallet insurance services to retail customers. For special users, so-called VIP traders, Vertex will cover the cost of the Wallet Insurance for the first year.
Another thing that stands out on Vertex is that there is no chat-box. Traditional P2P traders might be used to having a chat window where they can exchange with their trading partners but on Vertex, all that can be expected by the users is the email of the counterparty in case you really can’t resist the urge to talk.
However, the way the processes are set up, this won’t be necessary. The reason is that Vertex has streamlined the process. For example, if the user insists on doing your own KYC/AML checks, the platform allows them to do so and write in their own words, what documents are required from the buyer.
Those are then visible to the user on the platform before they can even approve (or decline) the trade. It is definitely unusual, to not chat with a trader but Vertex set up the process in a way, it really is not necessary, and it will surely improve the efficiency and speed at which trades can be performed but then of course, in case of a problem, users can still reach out to the opposite party by mail.
Vertex does require KYC and AML for its general users, but most sellers expect buyers to be verified and users cannot purchase any insurance products, without being verified by Vertex either.
Vertex is financially backed and the organization is here to stay and it will possibly improve the cryptocurrency community to gain more users as well as current players in the P2P business, to have a new, different way to conduct business.
Source: Vertex
Additionally, Vertex has a VIP trader status that is quite impressive in terms of what is offered and they match the status for traders with a good reputation on other platforms for the next 3 months. You can contact their support or send a mail to onboarding@vertex.market if you are a seller with at least 1000 trades and a good reputation.
Disclaimer: This is a paid post and should not be considered as news/advice.
