Vertex Market: P2P Digital Currency Exchange Platform 2021 Review

What is Vertex Market?

Vertex Market enables people across the globe to buy and sell cryptocurrencies such as Bitcoin or Ethereum. Peer-to-peer marketplaces such as Vertex, Remitano, Paxful and LocalBitcoins play a crucial role facilitating liquidity in the crypto markets. 

Essentially, Vertex is a  P2P platform that offers a universal option to exchange your local currency for Bitcoins or other cryptocurrency as a long-term investment or for subsequent transfer to a crypto exchange that does not work with your local currency. On the Vertex platform, people can post advertisements to buy and sell digital assets with an escrow service provided by the platform. 

Vertex Market’s vision as a P2P platform is to increase the freedom of value exchange, and the main way to achieve this goal is to simplify access to digital currency payments for ordinary citizens of any country. People should not only have access to cryptocurrency, but also be able to trade various digital assets using payment methods that are convenient for them. Vertex.Market platform as an open, peer-to-peer platform for crypto-fiat trading helps to democratize access.

Why Use a P2P Platform like Vertex? 

Billions of people across the world still don’t have bank accounts or access to international digital payments. This means that these finally excluded people typically have no access to centralized exchanges. With P2P platforms like Vertex, users don’t have to rely on bank transfers alone. On a marketplace such as Vertex, peer-to-peer exchanges between buyers and sellers take place 24/7 and an array of payment methods are offered making p2p it a much more flexible way of trading digital currencies compared to fiat-to-crypto or crypto-to-fiat on-ramp platforms that typically restrict payment methods and require more stringent KYC in order for people to trade. 

Positives

• Vertex Market is a user-friendly platform that is intuitive and easy to navigate.

• The platform has over 70,000 users in almost two hundred countries.

• Users are not required to make deposits when creating offers on the platform. You can create your offerings with zero deposit. This means you create your offerings and when someone buys, you can upload the crypto into escrow and then trade. Or once escrow has been added you can send the sold crypto from your own wallet, outside of Vertex if you want, and receive your escrowed crypto back on completion of trade.

• Depending on the country a user resides in, they can choose any type of payment available on the platform including Credit Card, PayPal, MoneyGram, Cash Deposit, Western Union, and so many more. They can even choose a local bank or get to meet the peer in person.

• Vertex recently announced that it’d be integrating the Binance Smart Chain since it offers a faster, cheaper solution to send value without any complicated setup. 

• Users can trade Bitcoin, Ethereum, Litecoin, USDT, Bitcoin Cash, and USDC on Vertex Market.

• They have a pretty streamlined process, where time is reduced for the buyer and seller.

• Vertex offers insurance through British regulated insurance (Lloyds of London). If users are concerned over the safety of funds in their wallet or when conducting trades, they can take out insurance. 

• Vertex has a 2 tier referral program (up to 75% of fees go to users who refer the platform to others).

• The seller pays a commission of only 0.5% of the transaction amount. Vertex platform fees are relatively lower compared to other p2p exchanges.

• Users can use a password protection setup for their trades. This setup allows “secret” offerings that can only be accessed with a password, this would be used for regulars/returning buyers. These offerings do not appear on the list, and can only be found by searching directly for an ID/code.

• Vertex has also implemented a Document Vault. Users can verify other users and their documents on their own, on top of Vertex KYC. The buyer must upload specific documents for you to verify before they can trade with you, you can either accept or decline.

•  Vertex has good ongoing offers such as $10 cashback for every trade that is completed on their platform. Cashbacks are paid monthly in Bitcoin to a user’s wallet on the platform.

• Vertex has a lot of positive reviews and is considered a reputable marketplace where users can conduct p2p trades safely. Users are still advised to take all necessary precautions as Vertex is not liable for the behavior of bad actors looking to exploit their platform. They also seem to have good measures in place to deter criminals. For example, if the seller claims that they have not received any payment, the buyer will be asked to present the team a video proof that they actually paid.

Negatives 

• Vertex is still a small p2p exchange so in some parts of the world, there’s still a shortage of market participants. 

• Because the company has focused on organic growth and product, their marketing has not been as aggressive as other p2p competitors. However, this may not be entirely a bad thing. Steady growth is often more sustainable long term as you are likely to get better quality traders on smaller platforms because they value their clients more. A bad review can be significant if you are doing 10 trades a month versus in markets with more participants where traders make hundreds of trades each month. 

• Unlike most centralized exchanges, P2P platforms currently have less regulatory oversight from the Financial Action Task Force (FATF) for example. However, the co-chair of their Virtual Asset Contact Group, Sandra Garcia, is on record stating that regulatory requirements for P2P exchanges may emerge soon to combat AML, as they are beginning to look at P2P exchanges with the same lense as Virtual Asset Service Providers (VASPs).

5 Different Ways to Earn with P2P Trading on Vertex.Market

1) Start Your Own Crypto Business or Side Hustle Within Your Community

On Vertex, anyone has the opportunity to create their own side hustle or online business buying and selling cryptocurrencies. To get started all you’d need is to create an account and check out which digital currencies are popular or in high demand within your area. Once you’ve identified the market opportunity, you can simply select a geographical location that you’d ideally like to service or operate within. There are ample opportunities with the only limitation typically being the number of payment methods you can conveniently offer across the regions that you will service.

By becoming your own local digital currency exchange, and providing a competitive price or alternative payment method that would make it convenient for your target market to transact in; or by offering those payment methods otherwise unavailable in your chosen area, you can diligently set up a lucrative business, whilst also providing a service to others in your local community who may not necessarily have access to digital assets. It’s a great way to not only make money but also spur adoption. 

2) Take Advantage of Arbitrage Trading Opportunities

The process of buying a certain cryptocurrency on one exchange and selling it on another in order to make a profit is called arbitrage trading. Arbitrage is used by many P2P traders to make money in the digital currency market and arbitrage opportunities occur due to the differences in crypto asset prices between exchanges. These price variations can be attributed to volatility, liquidity or simply regional price differences. There can be quite significant price differences in some instances that if a p2p trader has access to a cheaper price on one exchange, they can make a large profit by buying and selling elsewhere. Check out Crypto University which has a convenient arbitrage calculator tool showing the differences between exchanges such as Luno and Binance in markets such as the UK, Australia, South Africa and Nigeria. 

Arbitrage trading on P2P exchange makes it possible to bridge the financial gap by enabling people who may not have previously been able to access digital currencies due to KYC or other limitations including having no ID documents (eg. in the case of refugees) or unbanked populations which the World Bank estimates around 1.7 billion adults remain unbanked.  P2P trading is also a way for people to create income generating opportunities where their options may be limited especially considering the high unemployment rate in most developing and some developed economies. For people wanting to make extra income p2p trading offers an opportunity to achieve just that. 

3) Leverage the Different Payment Methods Available to Generate Profit 

Vertex Market and other p2p platforms such as Remitano and Paxful offer an array of payment methods which allow for better payment and withdrawal options that p2p traders can leverage to cash-out from crypto into their local currency compared to the options offered by centralized exchanges. People will often pay a premium price to use certain payment methods that they prefer or are harder to find elsewhere. Cash (fiat) is a great example as it isn’t available on most exchanges.

A buyer on Vertex can buy cryptocurrency with a payment method that is convenient for them as long as the seller is willing to accept payment via the chosen method. When there are so many payment options available, the prices are generally more reflective of standard market prices compared to exchanges where the payment methods are far less and users may have to pay a premium for convenience or just to get trades executed. On a p2p marketplace like Vertex, users have over 25 different payment methods to choose from.

4) Referrals

The Vertex referral program gives users the chance to earn crypto each time someone executes a trade on the platform if they happen to have signed up with the user’s referral link or code. One of the main benefits of Vertex Referral system is that we use a 2-Level system where the referrals of your referrals will also benefit you. Up to 75% of fees go to you. Rewards are based on the amount of money your referrals are using on their transactions.

5) Cashbacks

Vertex.Market runs a cashback system. These cashbacks are weekly paid in Bitcoin to a user’s wallet on the platform and the user can withdraw their earnings or even sell them on the platform. To get a cashback, users need to fulfill particular requirements  and conduct at least 1 trade that is eligible for cashback. Every user, no matter where they are located is able to participate. Cashback for each trade is 10$.

Originally posted on https://decentralised.africa/