P2P Exchange
A peer-to-peer (P2P) exchange is a platform that allows users to trade crypto directly with each other without an intermediary. Buyers and sellers post offers, and trades are matched by the platform.
Wallet Address
A unique string of characters that represents the destination for a crypto transaction. Always double-check the address before sending funds—crypto transfers are irreversible.
Network (Blockchain)
The specific blockchain used for the transaction, like Ethereum (ERC20), Binance Smart Chain (BEP20), or Bitcoin. Sending crypto to the wrong network can result in permanent loss.
Chain ID
A unique identifier for each blockchain. This helps prevent cross-chain errors. Always ensure you’re using the correct chain when transferring assets.
Transaction ID (TXID)
A unique hash that identifies a transaction on the blockchain. Used to verify whether a transaction was successful or pending.
Memo / Tag / Destination Tag
Some cryptocurrencies (like XRP, Stellar, or BNB) require a memo or tag to correctly route funds. Forgetting this can result in loss or delayed processing.
Gas Fees
Fees paid to miners/validators for processing a transaction on a blockchain. High congestion can cause slow or failed transactions without enough gas.
Pending Transaction
A transaction that hasn’t been confirmed yet. This can happen due to low fees, network congestion, or blockchain delays. Don’t resend unless advised to avoid duplicates.
Wrong Network Error
Occurs when you send crypto to an address on an incompatible blockchain (e.g., sending USDT ERC20 to a BEP20 address). Always verify the network before sending.
Escrow
In P2P exchanges, escrow is a secure system that temporarily holds funds until both parties fulfill their side of the deal. This reduces fraud risk.
KYC
Know Your Customer. A verification process where users submit personal documents to verify identity, required for regulatory compliance.
Fiat
Government-issued currency like South African Rand (ZAR). Your gift card or crypto trades on the site are exchanged into fiat when requested.
Stablecoin
A type of cryptocurrency pegged to a stable asset, like the US dollar (e.g., USDT, USDC). Used in P2P trading to minimize volatility risks.
Private Key
A secret code that allows you to access and control your cryptocurrency. Never share your private key, as it grants full control over your wallet.
Decentralized Exchange (DEX)
A type of P2P exchange that operates without a central authority, using smart contracts to facilitate trades directly on the blockchain.
Seed Phrase
A series of words used to recover or back up a crypto wallet. Store it securely offline, as anyone with your seed phrase can access your funds.
Slippage
The difference between the expected price of a trade and the actual price executed, often due to market volatility or low liquidity in P2P trading.
Smart Contract
A self-executing contract with terms written in code, used in P2P exchanges to automate and secure transactions without intermediaries.
Two-Factor Authentication (2FA)
An extra layer of security for your P2P exchange account, requiring a second form of verification (e.g., a code from an app) in addition to your password.
Order Book
A list of buy and sell orders on a P2P exchange, showing the available trading pairs, prices, and quantities. Helps users find suitable trade matches.