P2PB2B Review
In this P2PB2B exchange review, we will pose all that you need to know about one of the oldest and fast-growing crypto brokers. As cryptocurrencies continue to gain popularity, we see hundreds of platforms springing up, every day, as intermediaries for the peer-to-peer exchange of the asset class. Unfortunately, while some turn out to be scams, a significant number of the legit ones are built with rather poor features.
Very often, it is said that before joining the cryptocurrency bandwagon, it is important you understand how fundamental concepts such as blockchain and cryptography work. You must also have a clear understanding of any crypto exchange before signing up with them. Such clarity is what we intend to give you in this post, regarding the P2PB2B exchange.
We shall be focusing on features and services such as security, number of tradeable assets, transaction fees, multi-platform supports, reliability, deposit and withdrawal methods, and the end-user experience (UILUX). This is because these are the most essential features to look for when selecting a crypto exchange.
With the above as the criteria, we will now see how the P2PB2B exchange measures up as a reliable trade platform.
| EXCHANGE | P2PB2B |
| Registered? | Yes |
| Form of Trade | Arbitrage |
| Assets | Bitcoin, Ethereum, LiteCoin, Ripple, Neo and other Altcoins |
| Learning Materials | N/A |
| Trading Tools | Market Updates, Articles, Charts, Crypto News Section, e.t.c. |
| Fiat Currency | 40+ |
| Trading Platform | Mobile, desktop, and website |
| Available Assets | 200+ |
| Extra Fees? | No |
| Customer Support | 24/7 availability on social media, on-site and via mail |
| Website | https://www.p2pb2b.io |
| Headquarter Location | Estonia |
| Interface | Simple and beginner friendly |
Introduction to P2pb2b exchange
Based out of Estonia, this crypto trading site was founded in January 2018. It is, therefore, a relatively young exchange since most of the top crypto exchanges started from as far back as 2015. For one, it is interesting that the founding team members chose Estonia as the location for the project. Estonia is one of the countries located within the Baltic region. Latvia and Lithuania are the other two. Of the three countries, Estonia has the most crypto-friendly policy.
Aside from making its jurisdiction safe for blockchain startups, Estonia also ensures that investors and product managers can go through straightforward processes to obtain an operational license that is globally recognized. Latoken, Crex24, Jubiter, Kriptomat, and BTCBear are just some of the popular names that have emerged from the country.
That said, P2PB2B is a registered entity under the Estonian government, and is therefore safe for users (at least from the legal perspective). There are other safety factors to consider concerning the crypto-trading site, which will be discussed in subsequent sections.
Trading experience on P2PB2B exchange
Overall trading experience on any crypto exchange platform is a function of several factors. These include the speed of completing transactions, the trading view, deposit and withdrawal features as well as the responsiveness of the customer support centre.
Transaction speed on P2PB2B Exchange
The processing speed for buy or sell orders on P2PB2B exchange is one of the advantages P2PB2B has over its competitors. The platform is built on an engine that can efficiently complete 10,000 trade orders within a second. For day traders, this is especially important. In an extremely volatile market such as the crypto market, speed is a very critical prerequisite for catching the split-seconds arbitrage opportunities of the market.
However, if you are an investor using a long-term strategy, the transaction speed of the exchange may not be so relevant.
Trading View on P2PB2B exchange
While it can be said that every trader reacts differently to different trading views, the buying and selling interface on most exchanges look very much the same. They all display the order book in a table-like format with a modifiable price-time chart of any pair. Some show the order history for previous transactions. Also, the buy and sell buttons are normally provided in the form of clickable boxes.
However, it is entirely up to you to select which trading view suits you the most. But, after a side-by-side comparison of the trading view on P2PB2B, we believe they applied a simple design that can be easily used by anyone.
Nonetheless, we still suggest you have a look at it yourself before drawing your conclusion.
Deposit and Withdrawal features on P2PB2B exchange
- Depositing on the platform
Funds can be deposited on the exchange via a variety of ways, including wire transfer and credit cards. Most entrants making their first crypto trade prefer using credit card or wire transfer methods for deposits (and withdrawals) since that has been the traditional means of transacting online, but only a few crypto exchanges provide these options.
The other deposit method available on the platform is the crypto-native option of wallet-to-wallet transfers. Note that all deposits on the P2PB2B exchange are free of charge. However, it is the responsibility of the users to bear the cost of transacting through the selected network. For the wire transfer and credit card options, the financial institutions determine the fee. For the wallet-to-wallet option, the network fee depends on the host chain.
Common mistakes to avoid when depositing on P2PB2B
If you are using the wallet-to-wallet method, do not deposit below the minimum acceptable amount for each token otherwise, the funds will be forever lost.
In addition to the above, ensure not to use the wrong blockchain or wallet address when sending a token. If you mismatch two different protocols, you will lose the assets and the loss is irrecoverable.
Some coins are built in a way that requires entering a memo to initiate their deposits. The memo helps P2PB2B verify your ownership of the assets. Therefore, skipping a few details would mean that the transaction inevitably fails.
- Withdrawing on the P2PB2B exchange
A notable trend in the crypto industry today is that, free deposit of funds is available on almost every trade platform. But, for withdrawals, it is the complete opposite. The annoying part is that, on most exchanges, the withdrawal fees can be frustratingly high. Sometimes, as much as 0.002 BTC is required to withdraw Bitcoin. However, with P2PB2B, you can withdraw any amount of Bitcoin with 0.001 BTC.
This is, however, significantly bigger than the overall industry average for withdrawing Bitcoin, around 0.000812 BTC. For many investors, especially beginner traders, 0.001 or 0.002 BTC can be a meaningful amount to their portfolio.
For withdrawal methods, you can withdraw your funds via the wallet-to-wallet approach.
It is not yet confirmed if P2PB2B exchange can process withdrawals directly into bank accounts.
Common mistakes to avoid when withdrawing on P2PB2B
Ensure you do not send your funds to an unknown wallet while making withdrawals. On that note, beware of the trick of scammers: posing as group admins or project advisors on various telegram groups.
Also, be sure to check the correctness of wallet addresses before clicking the withdrawal button. In addition, P2PB2B warns its users against using tokens’ smart contract addresses to receive assets from the exchange. Usually, such transactions will be marked “unsuccessful” at the end and, maybe, resolved by the support team. However, delays should be expected.
Trading Fees on P2PB2B exchange
An emerging trend across the crypto space is that some exchanges go as far as rewarding users for transacting on their platform, rather than charging the users. Some others are designed to incentivize limit order traders as they provide the much-needed liquidity that keeps an exchange running.
In each of the above approaches, the reward mechanism depends on how the exchanges’ features are built. And while the users stand to benefit from the rewards, they also expose themselves to certain risks.
On P2PB2B exchange, a 0.20% flat rate is applied for computing the trading fee to be deducted on each order. Moreover, the same fee structure applies for both takers and makers. In some exchanges, a different route is taken; makers only pay 0.1%, while a higher amount is used for takers.
Overall, it must be mentioned that P2PB2B’s use of 0.20% trading commission size is somewhat below the industry-wide average of 0.25%.
OTC trading on P2pb2p
Most institutional investors use over-the-counter trading as a window to buy a large volume of crypto, as it is a more convenient option to placing open buy orders on trade books.
Sadly, this feature is not available on P2PB2B, thus making it less viable for such investors. Hopefully, this would change in the nearest future.
Also, leverage trading, which is another offer most big-pocket players seek from a trading platform, is not currently being offered on the site.
P2PB2B’s customer support centre
By default, cryptocurrency platforms inherit the universality of the internet. However, it’s a painful experience when these exchanges lack a good customer support system.
As an investor, you should know that things may go wrong with your account, and the quickest way to get back on track is having a reliable support service that can attend to your needs in real-time. Therefore, the quality of the customer service unit of a crypto platform will either mar or make your experience.
Fortunately, the P2PB2B customer support centre is available 24/7. They provide very helpful services to users that are scattered all over the globe. Its social media accounts are also active, especially in the telegram group where AMAs of listed coins project are regularly announced.
P2PB2B also holds giveaway programs in the form of trade/bounty contests or airdrop programs. We also noticed that many of the world’s languages (African, American, and European) are listed on the exchange, with Hindi being the only exception.
Security issue on P2PB2B exchange
The decentralized nature of cryptocurrency and platforms that use them call for extra security measures in the way they are stored. Also, the lack of government policies, that leave the space exposed to the illegal application, make it difficult for many to have confidence in embracing the technology.
Most exchange platforms admit the validity of these problems, and therefore take a very serious approach to keep users’ assets safe, as well as to protect their customers’ personal information. That has resulted in a significant appreciation for security features such as 2FA, encryption, and offline storage facilities.
One of the security measures P2PB2B exchange uses is storing 95% of deposited funds in cold wallets offline. Also, according to the development team, the exchange platform was built using a WAF-based SmartScreen that shields it against hackers. The 2FA authentication method can also be activated, but it’s entirely at the discretion of the user. On its part, P2PB2B does not make any emphasis on instructing users to enable the feature.
However, we suggest you keep the feature enabled as there are other non-security benefits to enjoy. For one, it increases your withdrawal limit. And if you want to access the platform using API keys, 2FA will ensure you get straightforward access.
Another security feature is the Anti-Phishing code which automatically puts a signature code in every mail so that a user can distinguish between genuine emails and those sent by scammers.
Lastly, whenever passwords are changed, withdrawals of assets will be frozen for three days.
Tradeable assets on P2PB2B exchange
In its early days, P2PB2B focused more on large-cap coins such as Bitcoin, Neo, Ethereum, LiteCoin, Dash, and Ripple. Fast-forward to today, the exchange supports over 200 altcoins, with newer ones getting added from time to time as the team looks to strengthen P2PB2B’s position in the market.
Among other benefits, this is very important for portfolio diversification, which is a must-use strategy for long-term investors.
Various Fiat currencies such as USD, EUR, etc., are also supported.
P2PB2B Supported Countries
According to P2PB2B, the majority of users are concentrated around Western Europe, China, Japan, and the UK. It also has a significantly populated user base in Russia, Ukraine, and Belarus.
Though the exchange doesn’t state clearly if US citizens are welcomed to use its services, 10% of its overall number of customers are US persons. However, we would advise any US investor to weigh the decision carefully before creating an account. There might be regulatory changes in the feature which might not work out favourably.
KYC verification on P2PB2B exchange
KYC verifications are mandatory for withdrawals and deposits. This is unfair as most exchanges trick users into depositing funds without KYC verification, only to surprise the users later that identity confirmations are necessary to withdraw funds.
P2PB2B does a good job by ensuring that users will not be allowed to access the services until they can withdraw and deposit their funds without any KYC-related restrictions. This is also important as it ensures the platform doesn’t become a haven for criminals to conduct illegal funds transfers.
For successful KYC verification, P2PB2B will require you to supply the following details: address, passport photograph, selfie image, and your legal full name supported with a national ID. Extra info might be requested if you want to participate in STO.
But, some users are concerned that P2PB2B doesn’t clarify how the personal data are managed. In response, the team assured us that the information is well-protected.
Liquidity on P2PB2B exchange
While the aforementioned KYC-related barriers determine how easily you can move your assets in and out of a crypto exchange, liquidity determines how quickly you can convert your assets into traditional currencies.
In the context of exchange, liquidity indicates how big (and therefore, reliable) an exchange is for use. In that regard, P2PB2B is not a small-time player. As of December 2018, the exchange recorded a $57 million trade volume in 24-hours, pushing to no. 46 on the list of exchanges with the highest day-to-day volume. On March 26, 2020, the figure skyrocketed to a whopping $2.6 billion, thus earning it the no. 7 position. And today (as at the time of writing), P2PB2B has recorded a daily trade volume of $297 million.
Non-trade related features on P2pb2b
As is the norm nowadays, P2pb2b has added the following features to its site: a launchpad that can be used by startup projects to launch token sales, a tab that links to the airdrop page, and also ongoing campaign programs.
There is also an affiliate marketing opportunity if you are interested.
Conclusion
Though the exchange is still young when compared to its counterparts, trading with it is very easy, unlike the much older platforms. Entry-level traders would also find its interface very simple to use. However, some advanced features such as OTC Trading and leveraged trading are lacking on the site. In consideration of the fact that they have only been around for 2+ years, it is too early to conclude on this review if P2PB2B would grow to become a reckoning force in the crypto universe.
All we can say is that the exchange has high growth potential, and with continuous improvement, it can surpass some of its highly revered competitors. As regards the security concerns, safety is the mutual responsibility for both parties (the exchange and the users). While P2PB2B promises to keep its end of the deal, we advise everyone to switch on all the security features available.
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