How To Get More Trades As A P2P Merchant

When operating as a peer-to-peer (P2P) merchant it is important to make an Ad listing stand out to get more trades. A merchant who uses all tools available to them to trade higher volumes will make greater profits. Here are some essential tips to help P2P merchants get more trades from their Ads.

Use Instant Escrow
One of the biggest concerns for P2P traders is trust. Buyers want assurance that their funds are safe whilst the transaction is being completed.  With OpenPeer, merchants can escrow their funds in a contract before a buyer opens a trade. That means when a buyer sees an Ad they can immediately open the trade and send funds to the merchant’s bank account. By using instant escrow trades can be completed more quickly. Quick trades are desirable to users who want to buy and sell crypto with convenience without sitting at a computer for half an hour awaiting a reply. To use the instant escrow function in OpenPeer when posting an Ad select the ‘Instant Escrow’ option for the order type.

Optimise Your Online Availability
Timing is crucial in P2P trading, merchants need to be online and available when buyers are so they can complete trades quickly. On OpenPeer merchants can set online and offline hours so users know when they are available. This ensures buyers don’t open a trade when a merchant is asleep and have to wait 8 hours to finalise the trade. Being responsive to buyers leads to repeat orders and higher trade volume. To set online hours on OpenPeer click ‘My Ads’ and ‘Settings’ then set available hours and days. Ads can also be easily turned off for holidays and will be offline for an extended time.

Include Contact Details in Ad Listings
Transparency and quick communication is important in P2P trading. When creating P2P listings, include clear instructions for buyers to follow. Easy to follow instructions usually lead to there being no need for additional communication between a buyer and seller. In case traders do need to communicate, OpenPeer has integrated WalletChat for direct wallet-to-wallet messaging. By making it easy for potential trading partners to reach out to you directly, you eliminate barriers to communication and build trust, leading to more successful trades.

Post on Popular Chains
Choosing the right networks to post Ads on can significantly increase your trading volume. Check which networks are most popular for P2P trading in your region. By posting Ads on popular networks, you gain access to a larger pool of potential trading partners, increasing your chances of executing more trades. Alternatively, check which networks other merchants have posted their Ads on. If no one has posted an Ad on a less popular network where there are some buyers, this is a good opportunity for a merchant to be the sole merchant for these buyers and increase trade volume.

Set Competitive Prices
Pricing plays a crucial role in attracting buyers or sellers in P2P trading. Compare Ad prices to those on CoinGecko or Binance to ensure the prices are competitive. With OpenPeer, you can choose to set a floating price at a percentage equal to or above the market rate, which means the price on an Ad is automatically adjusted as the market moves up and down. This way you don’t need to worry about manually updating the prices on Ads as the market moves. Offering competitive prices is essential to finding repeat traders and increasing turnover and profits in the long run.

Succeeding as a P2P merchant requires people seeing your Ads and wanting to trade with you. By implementing these tips, you can increase your Ad visibility, build trust with traders, and ultimately increase the number of successful trades and profit.