Navigating the world of cryptocurrency purchases can be straightforward, but it's not uncommon to encounter hurdles along the way. Whether you're a first-time buyer or a seasoned trader, understanding these common issues can help ensure a smoother, more secure transaction process. This guide addresses typical questions and challenges users face, offering clear solutions and best practices.
Insufficient Advertisement Balance
When placing an order, you might encounter a message stating, "The advertisement balance is insufficient, please re-order."
This occurs when the seller’s advertised available amount is less than the quantity you wish to purchase. To resolve this, always check the balance listed in the advertisement before proceeding. If it's insufficient, simply select another advertisement with adequate funds and place your order again.
Using Third-Party Bank Accounts for Payment
A critical question many users have is whether they can use someone else’s bank account for payment.
The answer is no. For security and compliance reasons, you must use a payment method—such as a bank card, Alipay, or WeChat—that is registered under the same name as your verified identity on the platform. If the payment account name does not match your KYC information, the seller has the right to refund the transaction and cancel the trade. Moreover, the platform is not responsible for any account freezes or disputes arising from using mismatched payment accounts. Always ensure your payment methods align with your registered details to avoid complications.
Price Discrepancies Between Listing and Execution
It can be confusing when the price you see initially differs from the final execution price.
This discrepancy happens because cryptocurrency prices are highly volatile and change rapidly. The price listed in advertisements might experience a slight delay in refreshing. The actual transaction price is locked in only after you click the "Buy" or "Sell" button and the order is generated. To minimize surprises, execute your trades promptly after confirming the current market rate.
Locating and Managing Purchased Assets
After a successful purchase, your digital assets are stored in your funding account.
You can view them by navigating to the "Assets" section and selecting "Funding Account." If you wish to trade these assets, you'll need to transfer them to your trading account. The process is simple: use the transfer function within the funding account, or access both accounts separately to move funds as needed. This segregation helps in managing your holdings efficiently for different purposes. For a deeper dive into managing your digital assets, explore more strategies here.
Contacting Counterparties During Transactions
Clear communication is key in peer-to-peer (P2P) transactions. If you need to contact the other party during a trade, the platform provides integrated tools.
On the web version, access the IM chat window from the order details page to message the seller directly. This feature is also available for completed orders. In the mobile app, find the chat option in the upper right corner of the order details screen after payment. If you experience issues opening the chat, ensure your app is updated to the latest version to access all functionalities.
Utilizing the Blocklist Feature in P2P Trading
P2P platforms offer flexibility, allowing buyers and sellers to set their terms. However, not all trading experiences are positive. The blocklist feature empowers you to avoid undesirable counterparties.
To block a user, go to the "Orders" section in P2P trading, select the relevant user, and click "Block." A confirmation pop-up will appear; verify your choice to add them to your blocklist. Once blocked, that user cannot trade with you, send messages, or call you. Their future advertisements will also be hidden from your view.
Managing Your Blocklist
If you decide to unblock a user, navigate to the "P2P" section and select "Blocklist." Find the user and click "Unblock," then confirm. This action restores their ability to trade and communicate with you.
Frequently Asked Questions
Why was my payment refunded immediately?
This typically happens if the payment account name did not match your platform KYC information. Sellers are advised to refund payments from unverified sources to prevent fraud and comply with regulations. Always double-check that you are using a payment method in your own name.
How long does it usually take for assets to appear in my funding account?
After a successful purchase and seller confirmation, assets should be deposited into your funding account almost instantly. If there is a significant delay, first check the order status and then contact the seller via the IM chat for clarification.
Can I cancel a P2P order after I've paid?
Once payment is made, the order is typically in a pending confirmation state. Cancellation is usually not possible unless the seller agrees to it through mutual discussion. It's crucial to be certain before sending funds.
What should I do if a seller is not responding after I've paid?
If the seller does not respond within the stipulated time frame after you've marked the order as paid, use the IM chat to try and reach them. If there's still no response, you can use the platform's dispute resolution mechanism to alert customer support.
Is my personal information safe during P2P transactions?
Reputable platforms employ robust security measures to protect your data. However, always avoid sharing sensitive login credentials or passwords outside the official platform chat. All communications and transactions should be confined to the platform's secure environment.
What happens if the cryptocurrency price changes drastically during a transaction?
The price is locked at the moment you click "Buy" and the order is generated. Subsequent market fluctuations do not affect the agreed-upon price for that specific order. This protects both buyers and sellers from volatility during the short transaction window. For those looking to stay ahead of market movements, view real-time tools here.