How does OpenPeer’s escrow work?
Once a trade is started instead of the crypto being custodied by a centralised exchange the crypto is escrowed in a smart-contract deployed by the seller. In order to deploy an escrow contract, a seller interacts with the OpenPeer Protocol in a few simple clicks on the website. The OpenPeer Protocol enables the seller to deploy their individual escrow contract holding their funds.
By requiring escrow contracts to be deployed through the protocol, OpenPeer can identify which contracts are created through OpenPeer and ensure no phishing functions are added by bad actors.
OpenPeer uses decentralised relayers like Biconomy to cover gas fees for users. Therefore, users can utilise the protocol with only stablecoins in their wallet without the need for the native token like ETH, MATIC or BNB.
How does OpenPeer manage disputes?
OpenPeer discourages scammers from using the platform by charging a $1 fee to both parties to open a dispute, payable in the chains native token like ETH, MATIC or BNB. Once a dispute is opened, both parties submit evidence of payment for review.
OpenPeer prioritises settling disputes as quickly as possible, and can guarantee to review all disputes within 24 hours. The loser of the dispute will lose their $1 fee.
How reliable is OpenPeer?
OpenPeer is backed by crypto native VCs including Outlier Ventures, W3i, YBB and Bitfwd. OpenPeer has been live since June 2023 and completed hundreds of thousands of volume in successful P2P trades.
Who is the team behind OpenPeer?
The OpenPeer team is fully doxxed and has been working in crypto for over 3 years. Prior to launching OpenPeer the core team launched a self-custodial stablecoin wallet, Minke. Minke had thousands of users but ran into the same problem most self-custodial wallets do: users couldn’t trade between fiat and crypto directly from their wallets. Upon discovering the massive problem of on-ramping into a self custodial wallet the team launched OpenPeer to solve this problem with P2P for all users, wallet and dapps.
What chains and currencies are available?
OpenPeer is available across most EVM compatible chains and more chains are being added regularly. All fiat currencies are available to trade on OpenPeer and 100s of payment methods are supported. We recommend using instant payment methods for quick verification and settlement of trades.
What if I want to remove my money from escrow?
If you are a merchant who trades on OpenPeer you can unlock your funds previously escrowed. Go to the ‘Escrows’ section of OpenPeer and click the ‘Withdraw’ button to unlock the funds from your personal escrow contract.
What fees are charged?
When buying crypto, there is no fee. When selling crypto the fee is 0.3%, lower than Binance and other P2P exchanges’s fees.
Is there an OpenPeer app?
OpenPeer is not listed in the App or Android store, it is a webapp. However, OpenPeer can be used through apps such as Coinbase, Metamask or TrustWallet in the browser section of each application.
Are there any limits on how much you can trade?
OpenPeer doesn’t set any limits on how much you can trade. If you as a merchant want to limit how much someone can trade with you, you can set a limit minimum and maximum amount when setting up your Ads.
What level of KYC is required?
We don’t enforce KYC on the platform or protocol, however it is recommended to complete KYC as it increases the likelihood that your order will be accepted by another trader. You should always abide by your local regulations when using OpenPeer.