Previously, we told you about the advantages offered by P2P marketplaces, and although they are an easy-to-use alternative, each platform has different functionalities and rules.
In this article, we will explain step by step how you can start exchange dollars, euros and cryptocurrencies through El Dorado, the application that allows you to trade with your local currency, no matter what country in Latin America you are in.
How to use El Dorado's P2P?
El Dorado It is a platform that offers multiple wallets so that Latin Americans can buy cryptocurrency such as Bitcoins, USDT, cUSD and CEur using their local payment methods, using the P2P marketplace included in the application or with an external transfer from another crypto wallet.
When you choose the first option, the platform will show you all the offers available for the payment method you selected, these offers were created by other users. This isn't all, either you can create your own order under your terms and conditions. Below we explain the process in more detail.
Buy and sell cryptocurrency easily
In El Dorado Can you buy stablecoins or Bitcoins, stablecoins are cryptocurrencies backed by fiat currencies, this gives them that stable status, since their value is not subject to high volatility. These include the Celo dollars and USDT, which have a value anchored to the US dollar and can be exchanged on the P2P marketplace.
For example, if you want to buy cUSD with Colombian pesos, just go to the “Exchange” tab, search for the Celo dollar option and choose the offer that matches your payment method and expected price.
Pero What if none of the available offers match what you're looking for? In this case, you can create an offer, in which you will include the amount of cUSD you want to buy, the payment method you have and the exchange rate for which you want to exchange your Colombian pesos.
In either case, you must keep in mind 3 important facts.
- At the time an order is created, funds are held to ensure the safety and compliance of both parties. This system is known as escrow or escrow.
- For the funds to be released by the platform, the person who is buying the cryptocurrency must confirm that the funds agreed in their local currency have been received in their bank account.
- Bank details are privately shared with the person who accepted the offer, so the platform does not store them.
The exchange rate varies depending on supply and demand, liquidity in the market, the payment method chosen, and the amount you want to exchange through the order.
El Dorado is the perfect place for send remittances to your relatives, when sending cUSD, USDT or CEur, they can easily exchange it in our P2P, or you can also make the exchange and then send the funds directly in your family member's currency.
Equally, if you are a freelancer you can use the application to receive international payments and then change your dollar balance to your local currency in P2P, without having to pay high fees and having control of how much you want to exchange and how much you prefer to allocate to savings.
Is it safe to trade in El Dorado?
Because the platform implements several protocols that minimize risks, the security levels inside it are quite high and, therefore, you can carry out various operations on the El Dorado P2P, having the guarantee that your personal information, sensitive data and cryptocurrency balance are protected.
Some of these protocols are identity verification through KYC, escrow and the requirement for highly secure passwords.
Remember to consider the counterparty's reputation; this is an indicator of reliability and one of the methods that are implemented within the platform to ensure the safety of those who use the P2P service.
Start your trip to El Dorado and have access to digital dollars and other cryptocurrencies without the need for an international bank account.
Sign up, verify your account and start enjoying El Dorado.
