Glossary of P2P Trading Terms
Understanding P2P trading terms is essential for navigating the Fokawa P2P marketplace. Here’s a glossary of key terms you’ll encounter:
- P2P (Peer-to-Peer): A decentralized platform where buyers and sellers trade directly with each other.
- Advertiser: A user who creates buy or sell ads on the P2P platform.
- Fiat Currency: Government-issued currency that is not backed by a physical commodity, like USD, EUR, or JPY.
- Crypto Asset: Digital assets traded on the P2P platform, such as Bitcoin (BTC), Ethereum (ETH), and USDT.
- Order: A trade initiated by a buyer or seller based on an existing ad.
- Escrow: A service that temporarily holds the cryptocurrency during a transaction to ensure both parties fulfill their obligations.
- Trade Limit: The minimum and maximum amount a user can trade in a single transaction.
- Payment Window: The time frame within which the buyer must complete the payment.
- Release: The process where the seller confirms receipt of payment and releases the cryptocurrency from escrow.
- Dispute: A process initiated when there is a disagreement between the buyer and seller during a transaction.
- Verification: The process of confirming a user’s identity to increase trading limits and ensure security.
Updated on: 19/06/2024
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