New Feature on Obiex: P2P Trading for XAF

TABLE OF CONTENTS:

1. Introduction

2. Obiex Central Douala and Its Influence

3. What is P2P Trading?

4. Key Features of Obiex’s P2P Trading for XAF

5. Benefits of P2P Trading for XAF

6. How to Use the P2P Feature

7. Round Up

Introduction

At Obiex, we're always striving to make cryptocurrency trading easier and more accessible for everyone. Our latest feature, P2P (Peer-to-Peer) Trading for XAF, proves our commitment to improving the crypto experience for our users and enhancing the broader crypto ecosystem.

With this new feature, users can now trade cryptocurrency directly with each other using the Central African CFA franc (XAF) without needing an intermediary. This not only makes transactions faster but also reduces costs, making crypto trading more affordable and efficient.

To ensure a seamless trading experience, we will explore everything you need to know about P2P Trading for XAF on Obiex, from how it works to its benefits.

Obiex Central Douala and Its Influence

On May 31st, Obiex hosted an exciting event in Douala, Cameroon, which played a significant role in the launch of our P2P trading feature for XAF. This event, held at Gemi Wings, was attended by over 3,000 active Cameroonian traders and other crypto enthusiasts. The event was part of our broader strategy to spread cryptocurrency services across Africa, and it highlighted the strong demand for reliable crypto trading solutions in Cameroon.

Cameroon's high level of enthusiasm for crypto, reflected in the country’s impressive transaction volumes, was evident during the event, where participants expressed a clear need for a local exchange that could handle issues domestically rather than abroad. Responding to this feedback, our CEO, Ikechukwu Okeke, announced the immediate prioritisation of launching P2P trading in Cameroon.

This decision was driven by the desire to provide more tailored services to our Cameroonian users and to leverage the growing crypto interest in the region. The positive interactions and valuable feedback received during the Douala event highlighted the importance of community engagement in shaping our services.

The event's success not only strengthened our bond with the Cameroonian community but also paved the way for introducing the P2P trading feature for XAF, making it easier and safer for users to trade within their local currency.

What is P2P Trading?

P2P trading, or peer-to-peer trading, is a way for people to buy and sell cryptocurrencies directly with each other without needing a middleman like a bank or a big exchange.

Let’s say you want to trade your Central African CFA francs (XAF) for Bitcoin. In P2P trading, you can directly find someone who wants to sell Bitcoin and buy XAF. Obiex’s P2P platform connects you with that person, and you both agree on the terms of the trade, like the price and the payment method. Once you both agree, you make the exchange directly.

This process often happens through a secure escrow system provided by the platform. The escrow holds the cryptocurrency until both parties confirm the transaction is complete, making it safer for both buyers and sellers.

P2P trading is popular because it can offer better rates, more payment options, and a chance to trade with local currency, like XAF, directly.

Key Features of Obiex’s P2P Trading for XAF

1. Availability of Competitive Rates Through Multiple Merchant Options:

This means that traders can compare rates from various merchants and choose the best deal, ensuring they get the most value for their money. For instance, while one merchant might offer a rate of 590 XAF per USDT, another might offer 595 XAF per USDT, allowing users to select the most favourable rate.

2. Quick and Easy Access to Fiat Currency:

Once a trade is completed, the XAF is promptly credited to the user’s account, providing immediate liquidity. This is especially beneficial for traders who need to access their funds quickly for other transactions or personal use. An example of this is receiving a credit alert showing the XAF balance instantly in your account after completing a trade.

3. Access to Preferred Payment Methods:

Obiex’s P2P trading platform also features an ad filter by payment method, allowing users to quickly find merchants who accept their preferred payment methods. This saves time and enhances the trading experience by providing more convenience. For example, if a user prefers to use mobile money, they can filter the ads to show only those merchants who accept this payment method.

4. Ad Creation for Merchants:

Creating an ad on Obiex is straightforward and can be done in just two minutes. This simplicity encourages more users to become merchants (as only merchants can create ads), increasing the variety of offers available on the platform. The ad creation page guides merchants through the process step-by-step, making it accessible even to those new to P2P trading.

5. Preferred Payment Method for Merchants:

Merchants on Obiex can also choose their preferred payment methods, providing flexibility in how they receive payments. Whether they prefer bank transfers, mobile money, or other methods, they can set this up when creating an ad. This flexibility ensures that merchants can use the payment methods that work best for them.

6. Availability of Automated Responses:

Merchants have the option to use auto-reply for customer inquiries, which helps in managing communications efficiently. This feature ensures that customers receive immediate responses, enhancing their trading experience and reducing waiting times.

Benefits of P2P Trading for XAF

1. Direct Transactions:

With P2P trading, you deal directly with another person instead of a central exchange. This means you can negotiate better prices and find deals that suit your needs.

2. Lower Fees:

Traditional exchanges often charge high fees for transactions, but P2P trading usually involves much lower costs. By cutting out the middleman, you save money on each trade. This is especially important for traders dealing with smaller amounts, where high fees can eat into your profits.

3. Faster Transactions:

When trading through a central exchange, transactions can sometimes be delayed due to high network traffic or other issues. P2P trading allows for quicker transactions since you're directly connecting with another user. This speed can be crucial when you need to buy or sell quickly due to market changes.

4. Enhanced Privacy:

P2P trading offers more privacy compared to traditional exchanges. You only share your information with the person you are trading with, rather than a large platform. This can be particularly appealing if you are concerned about data security and prefer to keep your financial activities private.

5. Local Currency Transactions:

Using XAF for P2P trading means you don't have to convert your money into another currency before trading. This simplifies the process and helps you avoid exchange rate fees. For Cameroonian traders, dealing in their local currency makes the entire experience more straightforward and cost-effective.

6. Community Trust:

Obiex's P2P platform includes a rating and feedback system, helping you choose reliable trading partners. This community trust aspect ensures that you can trade confidently, knowing that others have had positive experiences with the person you're dealing with.

7. Expanded Market:

With the new P2P feature, traders from outside Cameroon can now access a new market and trade with local Cameroonian traders.

How to Use the P2P Feature

1. Sign Up or Log In:

If you don’t have an Obiex account, click here to sign up. If you already have one, log in.

2. Access the Menu:

On your Obiex dashboard, click "See More" or tap "More" at the bottom-right corner of your screen. This will open the menu where you can access various features.

3. Select P2P:

In the menu, click on "P2P," which is the first icon on the top-left corner of the list of apps. This will take you to the P2P Module.

4. View and Manage Ads:

In the P2P Module, you will see ads created by merchants. If you are a merchant, you will be directed to the "Market Place" by default, where you can see ads from other merchants. To view your own ads, click on "Ads" at the bottom of the page. Here, you can manage your buy and sell ads, update their status, edit them, or take them online/offline. Note that while you can't change the trade pair, you can adjust your rates, order limits, and automatic responses to user messages.

5. Select Currency:

On the top-left corner of the P2P page, there's a drop-down menu where you can select the currency you want to trade with. Choose XAF to see the trades and ads available for this currency.

6. Filter by Payment Method:

If you prefer or are limited to specific payment methods, use the filter option located at the top-left corner of the page. This will help you find ads that match your payment preferences.

7. Interact and Trade:

Once you've found an ad that suits your needs, interact with it to start your trade. Follow the instructions provided to complete your transaction securely.

To Round Up

We are excited to bring P2P trading for XAF to our users and believe it will significantly enhance the trading experience for Cameroonian and international traders alike.

Stay tuned for more features and improvements! Make sure to sign up on Obiex and follow us on Twitter/X, Instagram and Facebook to keep up with the latest updates.