Monabey – P2P platform for exchanging cryptocurrencies without mandatory verification

The most popular way to buy or sell cryptocurrencies is through centralized exchangers, the principle of which resembles foreign exchange offices. The only difference is that the activities of such organizations are not regulated in any way. You do not see a physical seller, all transactions are made on 100% prepayment – and it is very likely that a fraudster may appear on the other side of the screen.

Alternative exchangers are P2P exchange platforms such as Bitzlato , LocalBitcoins and Monabey , where transactions take place directly between participants. At the same time, the sites themselves take on the role of a guarantor of safety. 

The exchange takes place as follows: the seller enters the amount of bitcoins necessary for the exchange on the platform. When a transaction is opened, BTC is frozen on his balance until he confirms the receipt of the transfer in currency from the buyer. Therefore, the seller cannot simply hide in an unknown direction with the buyer’s money, as sometimes happens on centralized exchangers. 

If the buyer confirmed the transfer, but the seller did not receive it, he can open a dispute, and the platform moderator will ask for checks or receipts confirming that the transfer was performed correctly. If there is no evidence, BTC will be returned to the seller’s balance and he will be able to open a new deal. 

                                 Monabey exchange platform p2p interface

Create Ads on P2P Cryptocurrency Exchange Platforms

Another advantage of P2P platforms is that the user can independently set the desired exchange rate and create their own ad. Moreover, you can even set a dynamic price using special formulas. For example, if you set the exchange rate binance_btcrub * 1.06 to Monabey, then the price will be 6% higher than the market price on the Binance exchange.

This functionality allows you to use P2P platforms not only as an exchange office, but also as an infrastructure for hedging trading risks and a tool for generating additional profits. Due to the growing popularity of such services, many centralized exchangers, whose volumes are falling due to opacity, also join the number of users of P2P platforms and provide other clients with their liquidity. 

By the way, Monabey and LocalBitcoins do not charge any commissions for exchanges on ads posted by other users. And the creator of the offer, who has established a favorable rate for him, pays 1% from each successful transaction. 

Verification on p2p services for the exchange of cryptocurrencies

The negative aspect of P2P platforms is that most of these services, in particular Bitzlato and LocalBitcoins, require verification after a certain volume of transactions. 

It is for personal data of users that scammers sometimes hunt – and from the point of view of information security, such platforms are inferior to centralized services without KYC. 

Complicated, multi-layered verification procedures alienate users. In particular, after LocalBitcoins introduced a four-level verification system, disabled the cash exchange option and suspended service to users from Iran, the service ceased to be a market leader and lost a large number of users.

Fortunately, the rules that oblige customers to undergo KYC are not the same everywhere: the P2P exchange platform Monabey leaves it up to the user to pass verification. All you need to exchange cryptocurrency, regardless of the amount of the transaction, is mail, login and password.

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Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
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