Many of you have seen how the training of Peer to Peer crypto trading is offered in Telegram groups. Many “edupreneurs” spam their advertisements in almost every group selling pairs, signals, and promising that you can earn millions of dollars from 2 hours of work per day.
In this article, we are covering everything about the P2P crypto trading business model and sharing information from traders who participate in it. The traders share how much they earn and their reviews on the business model.
What Is P2P Cryptocurrency Trading?
P2P trading is the buying and selling of currencies on different exchanges to profit from the difference in the exchange rate. Example: You know that on exchange A, the rate for buying BTC is lower than on exchange B. You buy BTC on exchange A, and then sell it on exchange B. The difference that you get is your income.
With P2P trading, the speed of buying and selling is important. So many people use various bots, scanners, and other software that helps to automate the process and make it much faster.
We interviewed Anton, a trader who is involved in P2P trading. He spoke on which currencies have been the most profitable for them and which, on the contrary, caused big losses. We also talked about the risks and legality of this type of earnings and what newbies in this field should pay attention to.
“I earn 300 000 rubles ($4 800) a month. The biggest loss was a 12% loss on bitcoin,” Anton, owner of the CRYPTO 🏄♂️ SURF • P2P Trading channel on Telegram.
Tell us, how long have you been doing P2P trading and how much do you earn per month?
I have been trading for a year. On average, I make 350 000 rubles ($5 500) per month but it’s also not my main source of income.
How much time per day do you spend at work? Doesn't it get boring to do it?
I do trade whenever possible. From 1 hour per day. Does it get boring to do it? No. It’s the opposite, every day my interest and excitement grow more and more.
What was the most profitable pair in your memory? How much did you manage to earn on it per trade?
The most profitable pair was with cryptology. Its profit per trade was between 18% and 21%. I didn’t have much money at that time, but due to the high spread, I managed to pull out 170 000 ($2 700) rubles in 10 hours.
Which pair brought you a loss and how often do losses tend to happen especially for newbies?
The biggest loss I had was 12%. I traded bitcoin and it all happened because of its high volatility. Immediately after the purchase, the rate fell by 3%. I decided to wait until it grew up, but it kept on going down rapidly.
I did not want to see the loss getting bigger so I closed it at a 12% loss. Losing all your money on trade is as easy as ABC. Starting from not paying attention to being a victim of a scam. If a beginner does not have an intelligent person who will lead him around all the thorns, then the chance to squander his capital is very high.
How much money does a newbie need to start this business? How much can they earn, if they start from 100 000 Rubles ($1 600)?
If a beginner starts on his own, he should start with 20 000 - 50 000 ($320-$800) rubles, not for the sake of profit, but for the sake of experience. Then you can take 100 000 ($1 600) rubles, but I advise you to start from 300 000 ($4 800) rubles. You can earn 4% of the turnover per day.
Where should a newbie find proper advice before starting? What does he need besides money, desire, and free time?
I would advise a beginner to find a cool and strong community, in which he can always turn for help. It doesn't have to be a group of people. Maybe it will be individual guys from different groups or chats who will always be in touch. I advise them to search and read more information on P2P trading.
They need to be careful and patient.
What three tips would you give to someone who wants to make money in cryptocurrency trade?
- Don't be afraid of mistakes.
- You don't need to have it as your only source of income.
- And don't confuse trade with trading. It is not necessary to invest in an asset if the original goal was short-term speculation.
What are the risks in P2P trade? Do you know the popular cheating schemes that an inexperienced trader may encounter?
There are many risks: starting with the volatility of the asset and ending with a scam. I have encountered many. There was a case when I was just starting to trade — I bought crypto at night and could not sell it quickly, I wanted to sleep and decided to postpone trading in the morning. In the morning I open a platform for trading, and I lost 8%.
Scams and scammers always advance with time, so you need to be careful. The most common and easiest way to cheat is when they write “Transfer for the amount ...” in a mobile bank. That is, the seller of the crypto receives a notification, he thinks that the money has been credited to the account and closes the order.
Also, now they often use the method when, after opening an order on the site, they change the price upwards, conditionally the price was 60 rubles ($1), and became 120 rubles ($2). Therefore, here you just need to be vigilant, no matter what trading experience you have.
Is it possible to talk about stability when earning on cryptocurrency trade?
Of course, you can live well thanks to trading. You can make good money on P2P, and with proper financial literacy, save all this money and make it work for you in another direction, not necessarily in trading. I think that this is a very good way to form at least a financial cushion.
Conclusion
As we can see, it is possible to earn money in P2P trade. And many already in the first month earned from $800 ($13) and above. Yes, there are risks in this way of earning money — you cannot be sure that the pairs will consistently generate income. There are also many ways to scam and the possibility of losing part of the investment.
