The Ins and Outs of SIBEX Crypto P2P Marketplace
Cryptocurrency trading is quickly becoming a popular way for people to cash in on the digital coins. Today, more than just the regular whales take part in trading.
One of the most significant elements of crypto trading is having a reliable exchange. Although successful trading requires more than just an excellent exchange, having one is a step in the right direction.
Several exchanges exist today to cater to different needs. If you have no idea where to start, the numerous options available may give you a rough time. It helps to have some little information on the exchanges that you are considering.
SIBEX is one such platform that makes crypto trading more comfortable. In this review, we will analyze the platform, its features, and the benefits that it presents. Hopefully, by the time you finish reading, you can make a decision on the platform more comfortably. That said, let’s get into it.
What is SIBEX?
According to their Twitter account, SIBEX is a Swiss peer-to-peer decentralized marketplace and the world’s first global OTC ( Over the Counter ) marketplace. The platform allows its users to trade their digital assets without the intervention of any third party.
SIBEX is the only fully decentralized swap platform that allows for transactions between Bitcoin and Ethereum networks. With SIBEX, users can quickly and easily create, deploy, and validate complex transactions to enforce blockchain-based smart contracts.
One of the most significant selling points for SIBEX is that the platform is non-custodial , this means you are in full control of your assets and your trading data at any given time and the pricing and orderbook displayed are real quotes from real traders. The platform helps its users to propose and enter into business agreements with other peers on the net, without the need for third parties.
How Does SIBEX Work?
Because the exchange does not need a central authority, the simplicity allows for an efficient market, where traders of all sizes can comfortably participate.
Traders enter their orders either on the SIBEX platform, which are then added to the decentralized network. The seller then chooses a SWAP and posts a time-lock with the underlying digital assets. The exchange then determines all participating orders, depending on the triggered events.
The buyer and the seller are mutually settled through the SIBEX smart contract.
SIBEX allows for decentralized P2P exchange of assets, and as such, the prices on the platform represent actual trades. This means that the prices will vary from those on other exchanges, giving rise to arbitrage opportunities for SIBEX users.
Key Features of SIBEX
- Control over your private keys
One of the things that SIBEX is really passionate about is giving its users complete control over their digital assets. The platform offers its users private keys that are only available to them. Users will always have control over these private keys.
- Lower transaction fees
By using SIBEX, users can get rid of additional costs from third parties. As such, SIBEX transactions will only attract miner fees, given that the transactions happen on-chain and in real-time. Using the SIBEX software will, however, attract additional charges, usually estimated to be slightly higher than the Bitcoin dust threshold.
- Dark offers
P2P trading systems often come with several unique features. SIBEX takes things to a different level and lets users have more control over the data on the blockchain. With the SIBEX GUI, you can set conditional offers on the network. Say, for example, you are selling a considerable amount of ETC coins and don’t want to affect the price of the crypto. SIBEX lets you choose whether or not to report the trade price on the P2P network.
- Personal Server
I must admit, this is one of the bonus points for SIBEX. We’ve already mentioned that SIBEX aims to give its users complete control over their assets. One of the ways they achieve this is by creating personal servers for every user. This way, you have better control of your assets, and you don’t have to worry about the exchange trading against you, or to disappear with your money overnight. Also, you’ll have full control of your trading strategies, private keys and will never have redemption issues.
How to Start Trading on SIBEX
If the benefits of this P2P exchange have you convinced, it’s time to start trading. So, how do you go about it?
Like most crypto exchanges, SIBEX requires that you complete a KYC check before you can start trading. You’ll find all the information and links here
Once KYC is done, you will receive a unique license key from SIBEX by email or directly on your portal.
SIBEX insists on issuing license keys to ensure that all users on the platform have hassle-free trading experience. Before the exchange issues the license key, users undergo a thorough verification process to make sure they are not on sanctions.
Once you receive your license key, you can then proceed to set up your personal server. Setting the server up should take you about 3 minutes and an additional 15 minutes for syncing. You can find the information here.
You can then start trading from your browser immediately when your server is all set up.
If you prefer, you may also choose to download SIBEX. However, to avoid any malicious attempts, be careful only to download SIBEX from the official repository. The exchange also cautions users against clicking on any links sent via email.
SIBEX Updates
The crypto world is continually changing, and there are bound to be some updates to the exchange.
Although the exchange will always email you valuable information, be careful not to open any links that you may receive in your inbox.
Wrapping Up!
Although SIBEX is a relatively new exchange, the platform offers a real unique defi technology that creates excellent arbitrage opportunities for traders and transparent access to liquidity. Just recently, the exchange announced a partnership with Paxos for its gold-backed coin. Given that the exchange offers several lucrative solutions, we can only wait and see how much impact it will have in the crypto space.
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