Crypto trading is now a very common term known to millions, if not billions, of people across the world. Most of the people who are engaged in Bitcoin trading do it through a platform called an exchange. When it comes to crypto exchanges, we now have hundreds of options, literally. So, how does Shiftal, a relatively newer yet innovative crypto exchange, set itself apart from the mainstream crypto exchanges and become one of the best ways to buy BTC? Let’s find out.
What do regular crypto exchanges lack?
The history of crypto exchanges is as old as bitcoin itself, which is not very old. Still, it has been more than 10 years since the first crypto exchange was launched. And we have surely come a long way from there. Today, there are over 1100 crypto exchanges, according to blockspot.io, of which more than 300 have been verified and listed on the Coinmarketcap.com website.
Now, most of these exchanges are platform-dependent. We call them traditional exchanges because they act like your regular stock changes where all the trades are managed by the platform itself. This was the only method to buy cryptocurrencies like BTC and ETH until peer-to-peer exchanges were introduced a few years back.
So, how does a regular crypto exchange differ from a P2P exchange?
Well, for one, regular crypto exchanges are fully or partly managed by third parties or owners, who may have full control over the user data, transactions, accounts, etc. Moreover, traditional exchanges have a fixed format of trading. Most of them work as an intermediary between people who want to trade. They help complete the trade, and in exchange, charge a commission.
Traditional crypto exchanges are easy to use, almost reliable and highly secure, but they lack the personal touch of interacting with humans. Also, there is the concern of privacy when you are sharing your data with a third-party or middleman. Moreover, the fee charged by these platforms can be significant, depending on the trade value.
These limitations of traditional exchange gave birth to the need for a new kind of crypto trading mechanism, which is more personalized. Called peer-to-peer exchanges, these platforms allow traders to interact and trade directly with each other.
How is Shiftal different or better than regular crypto exchanges?
I have been a Shiftal user for over a year now and honestly believe that P2P exchanges the next big thing in the crypto trading world. Here’s why I love to buy BTC using Shiftal.
To start with, Shiftal uses the same automated trading system as traditional exchanges, where it helps match buyers and sellers based on their orders. But unlike regular exchanges, Shiftal doesn’t play a direct role in trading. Instead, it allows traders to connect directly over a secure platform (called the Shiftal trade room), where they can chat and decide on the trade terms. It even allows sellers to accept/request payments directly in their bank accounts or other preferred option.
As of now, Shiftal supports over 70 global payment options, including bank transfer, digital wallet, UPI and cards.
Also, unlike traditional crypto exchanges, Shiftal doesn’t charge a fee or commission for every trade. In fact, there is no fee charged from the users as long as the platform’s role in a trade is zero. So, you can keep buying or selling on the Shiftal exchange for free, as long as you do not create a new advertisement.
The Shiftal exchange charges a fee only from the users who create a new buy/sell ad and then complete a successful trade through it.
The major role of the Shiftal marketplace is to help resolve disputes on the platform. So, it will remain out of your sight as long as there is no dispute.
Shiftal comes with a powerful and robust support system, which can be accessed in multiple ways - chat support, callback request, email, among others. So, when you need help to resolve a dispute during a trade, you can use the Callback Request feature to get immediate help on call. Alternatively, you can use the chat support or email support option for not-so-urgent disputes.
One of the biggest benefits of the Shiftal P2P exchange is the flexibility of payments. While traditional exchanges only allow you to pay or get paid in the standard cryptocurrency or fiat currency accepted by the platform, the payment options on a P2P platform like Shiftal are truly unlimited. Want to get paid in your Paytm wallet? You can do so on Shiftal. You can even use your Amazon gift cards to pay and buy bitcoins on Shiftal.
Other than flexibility, a P2P exchange like Shiftal will offer added security to its users. Shiftal, for instance, uses an Escrow service for protecting the user interests on the platform. An escrow essentially acts as an impartial third-party that holds the promised Bitcoin until the buyer has paid to the seller. Upon verifying the payment, the Shiftal escrow will automatically credit the BTC to the buyer account.
Also, Shiftal is a European regulated exchange, which makes it more secure and reliable than hundreds of non-regulated crypto exchanges out there.
So, what are you waiting for? Start your trading journey with the world’s no. 1 P2P bitcoin exchange Shiftal. Create an account today to start buying Bitcoin.
Original Source: https://medium.com/