Cryptoswop is a peer-to-peer (p2p) cryptocurrency—primarily Bitcoin—exchange platform where users can independently buy and sell Bitcoins amongst each other. Users, referred to as traders, can browse Cryptoswop’s “Buy” and “Sell” pages to find offers advertised by other traders. You can also create your own offers and set your own price and payment method for a trade.
If an advertised offer and its offer terms suit your preferences, you can specify the amount you would like to buy or sell to the advertiser and make a trade. You can purchase any fractional amount of Bitcoin (eg. 0.5 Bitcoins).
As a buyer, you are given a variable timeframe during which you must pay for the trade. The trade will automatically be cancelled by the system if you fail to mark the trade as paid within this time period. You will then receive the coins when the seller receives payment and releases the coins to you.
As a seller, you are obliged to release the specified amount of coins to the buyer upon receiving the corresponding payment. To be a seller, you will need to already have some Bitcoins in your Cryptoswop wallet. You can do this by creating a Cryptoswop account and using your Cryptoswop receiving address, and then transferring Bitcoins from another wallet into your Cryptoswop wallet. Keep in mind, for privacy purposes, your receiving address will change after each transaction.
If you are not satisfied with any advertised offers to buy/sell Bitcoins, you can create your own offer. Under “Create Offer” you can toggle between creating a buy offer and sell offer using the “buy” or “sell” button on the top right-hand corner of the page.
When creating an offer, you can determine your preferred payment method and currency to trade Bitcoins for. For example, if you select to buy Bitcoins with US Dollars, your offer will be visible to other traders who are looking to sell Bitcoins for US Dollars. You can also determine your profit margin or the percentage you earn for every Bitcoin purchased or sold, along with the minimum and maximum amounts per trade. Keep in mind that the market price for Bitcoins is always fluctuating. This will affect the actual profit you earn per trade. Finally, you are also free to write in any other offer terms or trade instructions to your liking and decide who will be able to view your offer.
The cost of a Bitcoin will be presented as price (in fiat currencies) per 1 Bitcoin. This can be seen in every advertisement of an offer. For example, 11425 USD / BTC means 1 Bitcoin will cost 11425 USD.
All trades on Cryptoswop are protected by an escrow service. Hence, when a trade begins—when the “Buy Now! Secure Escrow + Live Chat” button is clicked—the specified amount of Bitcoins is held in escrow and reserved from the seller’s wallet. This prevents the seller from taking the buyer’s money and choosing not to release coins to the buyer.
Cryptoswop also allows you to live chat with other traders, primarily the user you are buying from or selling to. This can increase transparency between trades.
You can access Cryptoswop on any device that has an internet connection that allows you to visit the cryptoswop.io site.
Certain countries require cryptocurrency sellers to know and be able to identify their customers. Because of this, some sellers will require you to verify your ID regardless of the fact that you have already verified your ID to Cryptoswop.
In this case, if you are uncomfortable with giving your ID to the seller, you can opt to cancel the trade and search for other offers from traders that do not require ID verification. Alternatively, you can also send your ID privately via the live chat.
The seller is required to release the specified amount of Bitcoins when they receive payment from the buyer. This may take a while depending on the payment method. In any case, Cryptoswop’s escrow service prevents the seller from running away with your money without releasing Bitcoins to you.
You can also raise a dispute to Cryptoswop’s support services who will help you resolve any further issues.
Transactions on Cryptoswop cannot be reversed, but a live chat option is available so you can contact other traders to find the owner of the address you incorrectly sent Bitcoins to in order to resolve any issues or misunderstandings. Remember that addresses are constantly changing with each transaction, so the address you are looking for may no longer exist or be active.
If you have forgotten your password, you can type in your username or email and reset your password. If you have forgotten your username and the email address you signed up with, you can contact Cryptoswop’s support services for additional assistance.