What is peer-to-peer (P2P) trading?
Peer-to-Peer (P2P trading is a type of cryptocurrency exchange method that allows traders to trade directly with one another without the need for a centralized third party to facilitate the transactions.
You can select your preferred offer and trade directly with a counterparty rather than using an automated engine to execute your transactions. This gives you more freedom to pick the best rate and payment method for your needs, with lower costs. Your privacy is also better safe guarded when P2P trading because you're dealing directly with a counterparty.
What is an orderbook exchange?
An electronic list of buy and sell orders for a specific currency organized by price level. Orderbooks list the number of tokens being big on or offered at each price point, or market depth.
What are the benefits of using a peer-to-peer orderbook DEX over a Centralized Exchange?
CoinBook circumvents the downsides of Centralized or Swap Exchanges and puts the users in full control of their trading experience. With CoinBook, you are trading party to party, not against a liquidity pool. This peer-to-peer trading offered on CoinBook's Orderbook Exchange is fully decentralized and powered by smart contract technology, not automated market makers (AMMs) like CEX or DEXes. You do not need to worry about slippage, market price impact, front-running bots, or tokenomics when trading on the P2P exchange either.
What are the safety measures put in place to avoid scams when P2P trading?
Our smart contract technology handles all of the trading. When a user creates an exchange listing, their tokens are held in escrow by the smart contract until another user purchases the listing and sends their tokens out of the wallet. The smart contract releases the tokens from escrow to the buyer at the same time the seller receives their exchanged tokens. Being 100% smart contract driven, the only people that have access or authority to your funds are you. To ensure CoinBook is safe and secure for our users, our smart contracts have been audited by CertiK.
How do I connect my wallet to CoinBook?