The U.S. Securities and Exchange Commission (SEC) recently reached a settlement with professional boxer Floyd Mayweather and music producer DJ Khaled for promoting crypto initial coin offering (ICO) projects.
Both Mayweather and DJ Khaled agreed to pay the amount they received as compensation to promote ICOs and a penalty on top of it along with prejudgment interest.
According to the SEC, Mayweather agreed to pay a fine of $614,775, while DJ Khaled agreed to pay $152,725. Mayweather was paid $300,000 for promoting three ICOs and DJ Khaled was paid $100,000 by Centra to promote its ICO, which was cracked down by the SEC as securities fraud.
Enforcement Division Co-Director Steven Peikin said:
"Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements. Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds."
SEC’s Phase Two
Earlier this week, Reuters reported that ICO projects have been purchasing reviews and articles to promote token sales without disclosing them as sponsored reviews or articles.
ICOs have been paying YouTube celebrities, publications, writers, analysts, and ICO review sites anywhere from $1,000 to $10,000 for a mention.
According to Reuters, ICO promoters that have failed to disclose the exact amount they received to encourage investors to purchase a security fall under securities fraud.
“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.”
At the time, the commission clearly stated that the failure to disclose compensation is a violation of federal securities laws and can be considered as fraud.
However, not all ICOs are securities, as seen in the recent U.S. federal court ruling wherein the court ruled in favor of an ICO project against the SEC.
“The SEC brought an enforcement action against a company called Blockvest, alleging that Blockvest’s ICO was a securities offering. Ultimately, the Court found that SEC couldn’t prove the ICO satisfied the Howey test and so SEC lost the motion. Honestly, the loss doesn’t really matter much. As the plaintiff, you’ve got to be aggressive and try for one,” Marco Santori, the president and chief legal officer at Blockchain, said.
Promoting an ICO without disclosing compensation to the viewers can only violate U.S. securities laws if the ICO is considered a security. If the team behind the ICO decides to challenge the SEC and takes it to the federal court, there exists a possibility that the federal court rejects the SEC’s claim and declare the asset as a non-security.
The SEC, as an enforcement agency, does not make regulations; it merely utilizes existing regulatory frameworks and evaluates whether assets fall under certain categories.
Many Might be Targeted
The Reuters investigation revealed at least three YouTube celebrities and writers on major publications that have received compensation from ICO projects to promote token sales.
Throughout the months to come, the SEC could continue to crackdown on well-known public figures and organizations, as seen in the case of Floyd Mayweather and DJ Khaled, to establish a precedent in the industry.
In 2017, ‘cryptocurrency’ and ‘Bitcoin’ turned into buzzwords and have drawn the attention of millions of people around the world – both finance-savvy and laymen. Today, Bitcoin is lost on very few: young traders switch their preference from fiat currency to the virtual coin, and its market capitalization has reached $114,902,478,910!
However, the creation of mysterious Satoshi Nakamoto, Bitcoin is not the only player on the market – there are thousands of other cryptocurrencies popping up around. In this guide, you’ll learn about different types of cryptocurrency and understand the nature of this phenomenon.
First and foremost, we need to clear up the difference between a virtual currency and a cryptocurrency. A virtual currency serves as a digital analog of any fiat currency (USD, EUR, or RUB) and holds the same value: it can be bought for the same amount of real money, converted into other currency, and used to pay for goods and services online.
Turnover of virtual currency is organized with the help of online platforms: Skrill, Webmoney, PayPal, QIWI, and others. The history of cryptocurrency started from Bitcoin when the technology underlying it enabled peer-to-peer money transfer without trust to any third party. Bitcoin is an open-source initiative, which means it can be developed by any person: that what people did and used to create alternative cryptocurrencies – altcoins.
When we talk about money of different types, cryptocurrency is the only financial asset that does not belong to any government or financial organization. Thanks to blockchain technology, the information about the coin and transfers is anonymous and encrypted, the data is decentralized, and no third party can control the currency. Due to these facts, the global financial sphere is undergoing earthshaking changes: cryptocurrency can break down the authority of governments and simply replace the fiat currencies.
Basic Categories of Cryptocurrencies
There are three basic types of cryptocurrency:
Traditional cryptocurrencies like Bitcoin just serve as a unit of exchange. Like usual fiat currencies, they have a limited inherent value that is attributed to people using it – its price can rise and drop.
Utility cryptocurrencies serve to build an infrastructure on the top of it. Ethereum is a good case in point: it allows developers to generate ‘Smart Contracts’, i.e. the code that can execute coin transactions without middlemen and third-party organizations. Smart contracts can drive decentralized applications and be applied in literally any sphere where communication without trust is required. Another similar cryptocurrency is Filecoin: it serves to create a decentralized data storage system.
Tokens (app or platform cryptocurrencies). This is a cryptocurrency equivalent of an application or a platform that is generated on top of a utility cryptocurrency like Ethereum. Tokens are typically used in the frames of some certain infrastructure for purchases or getting some certain rewards. For instance, Shivom is a decentralized genome data storage platform built on the top of Ethereum: it allows users share their genetic information with researchers and medical organizations in exchange for a reward. Yumerium is Ethereum-based online gambling platform that incentives users with the proprietary YUM token for testing and reviews games.
Think that all cryptocurrencies are created equal? It’s not so. In fact, Ethereum and NEO are totally different: instead of serving as a digital currency, it allows for building platforms and applications on the blockchain.
In fact, that’s the most widespread way of cryptocurrency application, which contributed to the growth of new altcoins. Let’s observe the most influential types of cryptocurrency:
Being the first crypto, Bitcoin rules 40% of the market, and some people believe it will retain number one position. Many modern stores accept Bitcoin payments, and it’s the simplest coin to be turned into real cash. The number of Bitcoins is limited by 21 million: 17 are already mined, and 4 left. That will only increase its price! Despite its popularity, Bitcoin isn’t perfect: its transaction scalability is limited by 3.5-7 transactions per second. Therefore, alternative coins were issued to alter the underlying protocol and improve this value.
Litecoincreators addressed this issue and created a crypto with verification period of 2.5 minutes (opposed to 10 minutes for BTC), and overall coin supply of 84 mln. That lowers the mining rivalry rate and reduces transaction fees. Litecoin not only boosts the speed of P2P transfers by 4 times but uses a memory-intensive proof-of-work system, which makes it more available.
Ethereum is the second most popular cryptocurrency after Bitcoin. It enabled the generation of smart contracts – the pieces of code that can be written on the blockchain and are nearly impossible to change. The transactions are anonymous, fast and verified by the network. The key benefit of Ethereum is versatility: it can lie in the foundation of any project that needs coding, decentralization, and security.
Ripple was created as a cryptocurrency that enables money transfer between countries. It works the following way: a user converts his currency into Ripple, then the transaction takes place on the blockchain, then the receiver converts Ripple back into the currency he needs. Ripple doesn’t need mining: the fixed supply of coins is enough for current time-locked contracts.
Monero is one of the Top-10 currencies. It was launched in 2014 and has quickly gained authority among cryptography amateurs. The currency’s development was driven by the cryptography community and its donations, and today it’s praised for the so-called technology of ‘ring signatures’ that allows for ultimate privacy. Monero currency can be substituted by any other unit.
There’s a myriad of other cryptocurrencies on the market, and their value can fluctuate rapidly. Who knows, probably, Bitcoin’s leadership will be over one day, and cryptocurrencies with more advanced protocols take over.
Now you know that cryptocurrency is a digital currency that’s based on the principles of decentralization and direct exchange, and what the most influential types of cryptocurrency are. Being independent and easy to use, such assets can completely change the modern economy. This is a revolutionary new way of performing transactions and handling payment data. We are in an accelerating upward spiral without a way to stop or reverse the trend.
The Ethereum community, for now, appears to be overwhelmingly rejecting a proposal to allow the recovery of hacked funds. Ethereum Improvement Proposal (EIP) 867 proposes a mechanism to do “state changes” on the Ethereum network, which is essentially a method of altering past transaction history. EIP 867 is being championed by an ICO, Musiconomi, which lost over 16,000 Ether in the Parity wallet hack last year.
What’s an EIP?
An Ethereum Improvement Proposal is an idea to improve some aspect of the Ethereum network or software. EIP-1 outlines the process for acceptance of an EIP. First, somebody must come up with an idea for an improvement to Ethereum, present the idea to the community and find a champion. The champion will create a formal EIP which complies with the formatting guidelines set out in EIP-1. The proposed EIP will be submitted using a pull request on GitHub.
Once the community has had a chance to comment on the proposal, the EIP Editor can either accept, reject or defer the proposed EIP. If accepted, the implementation code must be written and once that’s done, if it still seems like a good idea, the code will be merged into Ethereum.
Not the right way?
Ethereum’s senior developers have been reluctant to get behind the idea of EIP 867 without significantly more input from the community. One of them, Vlad Zamfir, said:
These proposals, especially proposals that do set important precedents, that impact the relation of the community and the platform, I think need to be subject to a public debate that I'm not actually sure the EIP process is designed to handle.
Ethereum’s community manager Hudson Jameson believes the EIP should be debated on social media to give time for a consensus to emerge. Another developer is calling for a video debate between advocates of the proposal and its detractors.
Last week, one of the six developers with the rights to merge code into Ethereum, resigned in opposition to EIP 867. Yoichi Hirai, who has contributed more than 5,000 code changes to Ethereum in the last year, resigned following his rejection of EIP 867. Hirai rejected the EIP as being “at odds with the Ethereum philosophy.”
Upon further consideration, Hirai came to the conclusion that EIP 867 would violate a Japanese law called “Unauthorized Creation of Electromagnetic Records.” Hirai wrote on GitHub:
Reading legislation and performing something is already beyond my capacities. I didn't realize that the EIP editorship requires this ability. Now I suspect it does, and that's not what I can offer. Some EIP editors look nonchalant about legal consequences of this draft, but I have warned them, and I have no capacities to do anything more than warn them...I resign from the post of an EIP editor.
Following Hirai’s resignation, the tide in Ethereum’s community seems to have turned against EIP 867. Users have submitted dozens of comments in the last 24 hours, most of which vehemently decry the rollback proposal as being antithetical to Ethereum’s philosophy.
Gold has always been a steady and reliable asset, but it has also been one that is ever evolving and growing. There have been changes in the gold investment game that have helped it along the way, and one of the bigger ones has been ETFs.
An ETF is a kind of investment fund where the price of assets like gold, stocks and oil can be tracked. These assets can then be traded on exchanges, just like conventional stocks.
So, if we look at the graphs of Bitcoin and Gold over a period before the introduction of ETFs, and then after in the case of the precious metal, there are some clear and obvious similarities.
A matching graph
Gold’s growth in value has seen a few big changes, one of those being in the 1980s when Richard Nixon unsealed the US Dollars from gold, and that increased its worth as a result of demand and supply. Gold increased from $20 to $30 an ounce to about $600.
Then in 2003, the gold-backed ETF was introduced into the market by the Rothschilds and the Deutsche Bank; and this skyrocketed the price of gold to $1,300 an ounce, which is a 300 percent increase.
Bitcoin, who's price graph matches Gold’s in a manner which is slightly eerie, is now very much on the brink of its ETF moment.
The president of CBOE, a company that also has Bitcoin futures markets out there, has been trying to persuade the SEC to allow for ETFs to come to fruition. This follows from the first ever application in 2014, when the Winklevoss twins made the first formal proposal. Three full years later, the SEC finally got around to reviewing the proposed ETF - and rejected it.
But with the growth of Bitcoin recently into a much more stable and mass accepted product, it is getting harder and harder for the SEC to deny this moves. The SEC has spoken positively about Bitcoin before and could well be warming up to it.
Take over the gold market
There is also a belief that Bitcoin could start to outshine gold as an asset should it reach its ETF level. Gabor Gurbacs, director of digital asset strategies at VanEck/MVIS, says the following:
“Gold today has around $7 tln outstanding. If you take, say, five to 10 percent, I’ll let everyone do the math, Bitcoin has upside,” he explained. “Bitcoin is used as digital gold today. It’s a de-ri, if someone wants to outlay systematic risk, then one would go to access gold or digital gold (Bitcoin).”
It is interesting times for Bitcoin with positive rushing back to the market. If it was too suddenly pick up a major institutionalized coup like an ETF, it could well be a game changer.
At least one futurist thinks that cryptocurrency will replace part of the world’s fiat money by 2030, according to Fortune. Thomas Frey has made the bold prediction:
“Cryptocurrencies are going to displace roughly 25 percent of national currencies by 2030. They’re just much more efficient, the way they run.”
Dr. James Canton at the Institute for Global Futures is inclined to agree, pointing out that the last few years has seen the rise of an entirely new asset class. Wall Street has helped to legitimize cryptocurrency by integrating it into the traditional financial system, by way of regulated futures and the like. Governments have also, perhaps unintentionally, added legitimacy by selling seized cryptocurrency as they would any other form of legitimate, legal property. Dr. Canton writes:
“[We are seeing] the legitimization of a new asset class emerging alongside the traditional global economy. I’d say you can expect an exponential increase of new investment vehicles to come from cryptofinance.”
No less of a figure than Christina Lagarde, head of the International Monetary Fund (IMF), agrees, telling a conference of central bankers last fall:
"In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money.”
Lagarde’s comments are all the more important because, as head of the IMF, she’s essentially the central banker of all the world’s central banks. When interviewed by CNBC in October of last year, Lagarde said of Bitcoin’s potential role in the financial system, “I think that we are about to see massive disruptions.”
Bitcoin’s critics tend to focus on two areas in which they say Bitcoin is weak: extreme volatility and potential use in illicit activities. In fact, Mark Carney, governor of the Bank of England, has commented on both issues.
Carney argues that Bitcoin has “failed as a currency” because its high volatility makes it unsuitable as a store of value or medium of exchange, two of the critical properties of money. To an extent, he’s correct. It’s hard to do business in a currency that’s so volatile, as the exchange rate may have shifted by the time a transaction is completed.
Furthermore, it’s hard for buyers of goods to part with a currency that could appreciate significantly in the future, or for sellers to accept as payment a currency whose price could drop equally suddenly. The Los Angeles Times put it most aptly. Writing about the purchaser of a $3 mln home who paid in Bitcoin early last year, the Times commented that, had he waited another eight months or so, the buyer could have afforded his own “private island in the Caribbean.”
While this is true, Bitcoin’s volatility will decrease drastically as it gains more mainstream acceptance (and reaches higher prices). Consider that a large stone dropped in a small puddle will make an enormous disturbance, but the same stone dropped in a large lake will barely produce a ripple.
Put differently, a $1 bln purchase of Dash, a digital currency with a $4.8 bln market cap, would spike the prices to insane levels. The same $1 bln, if used to buy Bitcoin, with its $193 bln market cap, would produce a much smaller increase in price. As Bitcoin’s market cap approaches $1 tln in coming years, it’ll become much less volatile, because even very large buys and sells will hardly move the needle.
Concerning Bitcoin’s possible illicit uses, as CryptoComes wrote yesterday, Carney should mind his own house before he worries about Bitcoin. One of the largest banks in the world, British-based HSBC, was found guilty in 2012 of laundering over $880 mln in illegal funds from drug cartels. The bank was also found to have been involved in price fixing of precious metals, manipulation of foreign exchange rates and knowingly helping clients evade taxes.
P2PB2B is an Estonian cryptocurrency exchange that can be used by individual customers only, but has a few benefits for ICOs, too. It features an open API for startups and provides the opportunity to get a free listing within 5 minutes. The multi cryptocurrency exchange platform has managed to attract a worldwide audience and reach an enormous daily turnover. How it can be useful for the average user and token creators, and is the game worth the candle?
Established in 2014, the Estonia-based P2PB2B exchange platform has quickly become popular around the world. It enables users to sell and buy cryptocurrency online. Its main currencies are BTC, ETH, and USD. What makes it appealing is the absence of trading fees and the fact that it has got a free listing of any business application’s API.
Today, P2PB2B supports 42 trading pairs with the following most popular combinations: BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, BCH/BTC, LTC/BTC, DASH/USD, ETC/BTC, DASH/ETH, LTC/USD.
At the moment of writing this article, the exchange platform had a daily turnover of $31.38 mln and was the 47th exchange platform in the world by the volume of trading per 24 hours. In the last week, the overall trading turnover was $80.76 mln or 12,609.76 BTC, the monthly turnover — $148.77 mln or 23,228.17 BTC.
Generally, P2PB2B reviews are positive: users are satisfied with the speed of processing and fee policy. But can P2PB2B be called an ideal place for traders?
When it comes to P2PB2B, it seems to be a bare-bones solution: the platform cannot boast out-of-the-box functions, but it does what’s said on the label. P2PB2B is a reliable, quick and convenient cryptocurrency exchange platform — isn’t this the primary requirement from traders?
To make the trading process more efficient, the exchange provides:
current cryptocurrency rates;
When you need a simple and reliable cryptocurrency exchange platform, this is just the ticket.
Limit your appetites: P2PB2B won’t spoil you rotten with such features as signals, detailed personalized statistics, or crypto funds (analog of bank deposits). However, you can reap benefits from:
Exceptional processing speed: servers process up to 10,000 trades every second and support up to 1,000,000 TCP connections.
Decent safety. Over 95% of users’ assets are stored on cold wallets. Hacking is detected and blocked by an advanced Firewall.
A well-developed affiliate program allows adding to your profit. The referral program is topped off by the referral game: every season, the most active traders can win a generous amount of altcoins.
24/7 customer support is available for all users. Assistants speak English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.
Recently, ATB coin was added, which delighted many traders.
It should be noted that P2PB2B’s single-page website is simplicity itself: it features everything you need and nothing you don’t. Navigation is a no-brainer, and newcomers will easily figure out what is what.
As previously mentioned, P2PB2B organizes contests: the most active users can gain points and win free tokens. The P2PB2B team went further and introduced ‘the Battle of Bitcoin forks’ for token creators.
What is it made for? Since the launch of Bitcoin, many developers tried to improve it and fix issues. In April 2018, there were 69 Bitcoin forks in total, but only 10 of them were present on exchanges. P2PB2B decided to help the best forks make their way to the market. The crypto community will decide which project is the best – winners get listed on P2PB2B.
Traders with at least 0.003 BTC / 0.05 ETH / 25 USD on their account are allowed to vote. How is it organized?
The first stage lasts one week, and only 8 coins pass to the next round. Coins that make it to the play-off receive listing on the platform for one month.
Eight coins are divided into pairs and participate in matches. Each match lasts 24 hours. Only 2 finalists pass to the final.
The final stage lasts for 5 days. The winner is chosen by voting and gets a free listing on the exchange.
Following this process, the companies behind Bitcoin forks will be able to promote their token.
P2PB2B offers a great referral program that’s topped off by Referral Games. Users who recommend this platform to their friends are paid a certain percent from their transactions. It is calculated in the currency of the trading commission and paid once a month.
In November-December 2018, the platform will organize the next season of Referral Games (every user is free to participate). To become a participant, you should register on https://p2pb2b.io, get the Referral Link, and invite friends through it. The more friends join the platform, the more coins you get. There’s one condition: a player should perform at least one transaction once a day, be that an order, deposit or withdrawal. Each transaction brings one point.
The actions of referred friends matter, as well. Thus, when a friend deposits money on his account or goes through KYC procedure, you get 5 or 10 points correspondingly. As soon as the number of referred friends reaches 10, a trader can get a 50% commission rate until the end of the game.
5 traders with the highest amount of points will win. The 1 mln token winners’ pot will be divided in the following way:
1 place – 250,000 tokens.
2 place – 125,000 tokens.
3place – 50,000 tokens.
4 place– 40,000 tokens.
5 place – 35,000 tokens.
Every season, the type of coin for reward is changed. This time, the E-Dinar coin is playing in the season.
Exchange Trade Volume
P2PB2B is in the Top-50 world exchange platform ranking due to the fact that its daily exchange volume is $31.38 mln (4,899.74 BTC). In a week, the exchange trade rate rises to $80.76 mln (12,609.76 BT); in a month, to $148.77 mln or 23,228.17 BTC.
How to Use P2PB2B
The platform is very easy in use. First, you need to register — this process takes a couple of minutes and requires minimal personal information. Then you should make a deposit and start trading. Exchange transactions are performed in the form of orders. You can be a maker and place your sell/buy order, or be a taker and accept someone’s order — this transaction will be instant.
In order to purchase cryptocurrency, you need to make a USD deposit on your account. This can be done by a wire transfer, or with a debit/credit card. Go to the personal Account → Deposit. Choose a payment method and confirm the transaction. As a rule, money is deposited instantly.
As soon as you have money transferred on your account, you should go to the Trade section and place or select the existing Buy order. As soon as it’s accepted by someone, you’ll have the coins transferred on your account.
On P2PB2B, users can buy vouchers (alphanumeric redeemable code) that can serve to transfer coins between Accounts. To buy a voucher, go to the Codes section on the upper left corner of the interface. Select the desired cryptocurrency from the list and specify the amount of the voucher. Then click the Create button. After that, the code should appear in My Code section.
At the moment, P2PB2B offers 42 trading pairs. The most popular are LTC/BTC. BTC/USD, BCH/ETH, BCH/USD, DASH/BTC, DASH/ETH, ETC/BTC. It cannot be called an extensive choice, but the most demanded coins are covered.
Good news: P2PB2B does not charge any trading fees. Exchanging cryptocurrency is totally free. However, deposit and withdrawal are charged. The platform accepts deposits in USD only: the fee is 4% (min 10 USD, max 100 USD). 0.2% fee is charged in addition to the purchased deposit.
As for withdrawal fees, they depend on the type of cryptocurrency you use:
-USD: 4% (min 10 USD, max 100 USD);
-0 ATB + 0.1% (min 10 ATB, max 1000 ATB);
-0.1% (min 0.1 BTG, max 10 BTG);
The platform may also charge a Storage fee for storing cryptocurrency until assets are reclaimed. The exact amount of fee can be checked in the Fee Schedule page. This commission is charged on a daily basis.
Now confirm that you agree with conditions and click Sign up. An activation email will be sent to you. If you don’t see the letter, check the Spam folder. Click the link inside the email and you’re ready.
If you have forgotten your password, you’ll need to go through the procedure of recovery, which might be quite complicated. In fact, users are allowed to generate a PIN-code for password recovery, but if you forget that too, you’ll have no choice but to contact customer support. Write [email protected] from your email address, explain the problem, specify your latest actions and deposits on the account, and provide screenshots, if possible.
Like its analogs, P2PB2B provides the whole gamut of security measures for its customers. First, users’ payment and personal information is encrypted; the website features an SSL certificate. Secondly, 98% of users’ assets are protected by cold storage. Thirdly, the platform leverages WAF that detects and prevents hacking. There were no reports of hacking or any fraudulent activity on P2PB2B: this website has an unsullied reputation.
To top it off, the platform has two-factor authentication technology, which eliminates the risk of stealing funds from users’ accounts. They can activate 2-step authentication and use SMS codes to verify their personality. If you lose the code or key to two-factor authentication, you’ll need to provide KYC data, your account login, and the information about the latest currency deposits and withdrawals.
Please note that P2PB2B practices KYC (Know Your Customer): that means your personal information will be required to perform transactions and withdrawals. You CANNOT withdraw money until the KYC procedure is finished. When your identity is verified, you will be able to make a withdrawal request within 24 hours.
Like some other exchange platforms, P2PB2B can suspend or terminate a user’s account if it’s suspected to be used for illegal purposes. For example, users’ accounts can be blocked for performing transactions connected with:
drugs and other narcotic substances;
weapons and explosives of any type;
pyramids, Ponzi and other schemes;
goods under trade embargo;
body parts or human remains;
protected animals or protected plants;
other purchases in the darknet.
Therefore, all transactions are tracked. Some clients can find this moment unacceptable.
Adding Payment Methods
Payment method management is performed in the user’s personal account. As soon as you open it, you should proceed to Payments. There, you should click Add new and specify your bank credentials, or debit/credit card information.
For making a deposit, click Balance → Deposit. Click “+” next to the coin you want to buy. You will be able to place an order, or be a taker and accept one of the orders from the list.
Alternatively, you can go to the main page. Open the Trade section and select the desired cryptocurrency by double-clicking on it in the list of coins:
You’ll see the forms of selling and buying cryptocurrency. Whenever the typed sum exceeds the limits of your budget, you’ll see the notification in red letters:
As soon as you place your order, you’ll be able to track it in “My Orders” section.
Please note that rates are not fixed: P2PB2B users are free to set up their own rates. Besides, the administration does not handle the orders — P2PB2B doesn’t approve/control the placed orders. They appear in the list of orders automatically, so you will have to wait until someone accepts your order. If that doesn’t happen while other orders are being processed, don’t despair. You can cancel the current open Order and submit a new one with a more agreeable price. Keep in mind that you can only cancel orders that haven’t been accepted yet. As soon as your Order is accepted, the transaction becomes irreversible.
Another pitfall is ‘partial acceptance of Order’. Your Order can be divided into separate payments. For example, you can issue 200 coins and get 40 coins first, and the rest a bit later. This issue cannot be called convenient, but it adds to your chances of having the Order accepted.
Many users praise the platform for responsive and helpful customer support. It is available on 24/7 basis without holidays and breaks. Customers can contact the assistants via email and receive the answer to their question within a few minutes. P2PB2B team does its best to help customers solve their problems and keeps improving the service.
At the moment, P2PB2B customer support is offered in seven languages: English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German.
After 4 years of work, P2PB2B has made a proper reboot and attracted even more customers from all over the world. This is a simple platform for profitable trading that is devoid of extra features. Decent customer support, the absence of transaction fees, and ultimate convenience make this project ideal for beginners. As for professionals, they may lack some functions, such as in-depth analytics, trading signals, and forecasts.
Another thing the platform lacks is a mobile trading app. P2PB2B is not up to scratch for traders wishing to work on the go. However, when the team manages to address these shortfalls, things may take off.
Please do not mistake the p2p Android application for P2PB2B — there are no official Android or iOS compatible versions!
In order to make a final decision, compare the advantages and disadvantages of P2PB2B:
Low fees. 0% fee for BTC and ETH deposit. 0.2% fee for trading coins.
Fixed withdrawal fees, which is expensive for minor withdrawals. The fee is defined by the type of coin processed.
Top-notch customer support on 24/7 basis. Users can contact the assistants via email. Seven languages are supported (English, Chinese (Mandarin), Japanese, Russian, Indonesian, Spanish, and German).
KYC procedure and tracking of user’s transactions. P2PB2B does NOT allow for anonymous transactions and can freeze your account for actions rendered illegal.
Exceptional security. SSL encryption and strong WAF guarantee protection against hacking. Over 95% of users’ cryptocurrency is stored on cold wallets, which prevents hacking, data breaches and malware.
A relatively small amount of trading pairs. While competitors offer hundreds or 1000+ coins for transaction, P2PB2B has only 42 trading pairs.
Intuitive interface: the exchange platform is easy to use; it features only the necessary functions. Even beginners will master navigation quickly. For the token to enter the exchange, it should have value and liquidity, and its code must be error-free and public.
The absence of a mobile application is a serious drawback that may cost P2PB2B millions of users. The team has never mentioned that they will launch a mobile app for Android and iOS.
No corporate accounts are available, which means the current withdrawal and transaction limits can be too harsh for users.
There’s no margin/leverage trading.
P2PB2B can be recommended for starters who need to learn the basics of trading. They don’t have to do anything except for placing their order or taking the current ones. The administrators do not control the orders, which is why users have a chance to set up agreeable transaction rates. Therefore, you can enjoy the freedom of trading coupled with convenience and decent customer support. In order to stay competitive, P2PB2B needs to add new cryptocurrency and features for professional traders. Without advanced trading features and mobile applications, the platform is doomed to become just another exchange out of hundreds similar platforms.