How to Get Started with P2P Trading: Step-by-Step Guide
Select your ad
Find a seller's ad that matches your requirements.
Pay the seller
Use an agreed payment method to pay the seller for the cryptocurrency.
Get your crypto
Receive the cryptocurrency in your P2P trading platform account and withdraw it to your personal wallet.
FAQ
What is a P2P exchange?
P2P extends to Peer-to-Peer and is a cryptocurrency transaction process where one can directly buy/sell crypto for fiat currencies without the use of any intermediary. And a P2P exchange is a digital assets exchange that allows you to carry P2P transactions.
Is there any limited number of P2P transactions I can do on a regular basis?
As of VIPS Finstock, we do not have any specified fixed number of P2P transactions a user can do on a daily basis; however, your bank might have a limit for that. You can check with your bank for more details; VIPS Finstock does not have any limit on it.
Is KYC necessary for carrying P2P transactions on VIPS Finstock?
Absolutely, KYC (Know Your Customer) is mandatory for every VIPS Finstock user, especially if you want to perform any transactions, for example, P2P.
To whom can I pay using P2P?
Using the VIPS Finstock P2P mechanism, you can pay anyone sitting miles away from you in a foreign land. It’s a cryptocurrency transaction process that works irrespective of national boundaries.
Is P2P available on both the VIPS Finstock application and the website?
Yes, P2P is available on both the VIPS Finstock application and the website. As a registered user, you can use either of the modes to do a P2P transaction.
Who can use VIPS Finstock P2P services?
Any registered user with a complete KYC can access VIPS Finstock P2P services.
Can P2P payments be cancelled?
Yes, P2p payments can be cancelled, but only if the payment is pending. If the payment is pending, you can cancel it.
Why should I choose VIPS Finstock P2P services?
You should use VIPS Finstock P2P services because of the following reasons:
• Zero transactions cost
• Immediate transactions
• Reliable and trustworthy exchange
• 24*7 customer support
What is the necessity to add a preferred payment method?
Since P2P is carried directly between two individuals, a preferred payment method is required as the fiat currencies will only be processed if the payment method of both the parties would match.
Is VIPS Finstock P2P safe to use?
Of course, VIPS Finstock P2P service is completely safe, as we follow a trusted and reliable mechanism to ensure the same. Along with that, VIPS Finstock also requires a KYC confirmation before processing or allowing any user to do P2P transactions.
How much TDS is charged by VIPS Finstock?
VIPS Finstock charges 1% TDS on P2P selling, however there are not any TDS charges for P2P buying.
For, example:
1. A seller submits a purchase order for 100 USDT. A sell order would be placed for 99 USDT after the 1% TDS deduction. The buyer would pay 99 USDT, and the buyer would then transfer the matching INR to the seller's bank account.
2. If a portion of the 99 USDT is successfully sold, only 1% TDS will be taken out, and the remaining 1 USDT locked for TDS will be returned to the seller upon order cancellation.
| Order Type | Buy | Sell |
| TDS Rate | No TDS | 1% |
| TDS Rate (if ITR not filed in last 2 years) | No TDS | 5% |
Do you collect TDS in Crypto?
Yeah, TDS is also collected by VIPS Finstock in cryptocurrency. Periodically, it is settled with the government after being transformed into fiat cash in real time.