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P2P 101: A basic guide by El Dorado

P2P

Previously, we had told you about the advantages offered by P2P markets, and although they are an easy-to-use alternative, each platform has different features and rules.

This article will explain how you can start exchanging dollars, euros, and cryptocurrencies through El Dorado, the application that allows you to operate with your local currency, regardless of which Latin American country you are in.

How to use the P2P of El Dorado?

El Dorado is a platform that offers multiple wallets for users to purchase cryptocurrencies like Bitcoins, USDT, cUSD, and cEUR using local payment methods, using a direct purchase (via credit or debit card), or through the P2P marketplace included in the app.

By choosing the second option, the platform will show you all the offers available for the payment method you selected; other users created these offers. This is not all; you can also make your order under your terms and conditions. Below we explain the process in more detail.

Buy and sell cryptocurrencies easily

In El Dorado, you can buy cryptocurrencies such as Bitcoin and stablecoins, whose price is backed by fiduciary currencies; this gives them that stable status since their value is not subject to high volatility. Among them, the Celo dollars and USDT stand out, which have a value anchored to the US dollar and can be exchanged in the P2P marketplace.

For example, if you want to buy cUSD with Colombian pesos, you must select the Celo dollars option in the "Change" section and choose the offer that matches your payment method and the expected price.

But what happens if none of the available offers matches what you are 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 wish to exchange your pesos for Celo dollars.

In any of the cases, you must consider three crucial data.

  1. When you create an order, the funds are held to ensure the security and compliance of both parties. This system is known as escrow or guarantee deposit.
  2. To release the funds on the platform, the person buying the cryptocurrency must confirm that the funds have been received in their bank account.
  3. Bank details are only shared privately with the person who has accepted the offer, so the platform does not store them.

The exchange rate varies depending on the supply and demand, the liquidity in the market, the chosen payment method, and the amount you want to exchange through the order.

El Dorado is the perfect place to send remittances to your family. When you send cUSD, USDT, or cEUR, they can easily change it in our P2P, or you can also make the exchange and then directly send the funds in the local currency of your family member.

If you are a freelancer, you can also use the app to receive international payments and later change your dollar or euros balance to your local currency in P2P, avoiding high commissions and being in control of how much you want to change and how much you prefer to save.

Is it safe to operate in El Dorado?

Because the platform uses different protocols that minimize risks, the security levels are very high. Therefore, you can easily make various operations in El Dorado P2P, ensuring that your personal information, sensitive data, and cryptocurrency balance are protected.

Some security protocols are identity verification through KYC, escrow, highly secure passwords, and requiring two-factor authentication (2FA) at login.

Keep in mind the reputation of the counterpart; this is an indicator of trustability and one of the methods implemented in the platform to guarantee the security of those who use the P2P.

Start your journey to El Dorado and have access to digital dollars, euros, and other cryptocurrencies without the need for an international bank account.

Sign up, verify your account and start saving.

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CONTENT DISCLAIMER: References made to third-party names, logos, and trademarks on this website are to identify the corresponding goods and services that users of El Dorado may exchange through P2P transactions facilitated by El Dorado Unless otherwise specified, trademark holders are not affiliated with El Dorado, our products or website, and do not sponsor or endorse El Dorado services, such references are included strictly as nominative fair use as per applicable trademark law and are the property of their respective owners.