What is P2P Trading?

‘Peer-to-peer’ (P2P) trading is a form of trading where buyers and sellers directly exchange their crypto and fiat assets, with the help of an online marketplace and escrow services. Users are not required to deposit funds to start trading.

What is Escrow?

The maximum amount you set during a sell trade is escrowed by Busha until the trade has either been completed successfully or you make the trade inactive.

What are Limits?

The trader sets a minimum and maximum limit on the amount of crypto they want to buy or sell. For sell ads, the trader must have up to the maximum amount they have set present in their Busha wallet.

What is Dynamic Pricing?

Dynamic pricing is used in creating trade ads such that the constant change in the price of the cryptocurrency is reflected in the ad. The price of a cryptocurrency is pulled from three renowned exchanges: Bitstamp, Kraken, and Bitfinex. The trader chooses which of these exchanges they prefer as the reference exchange and the price (from the exchange in USD) is multiplied by the Naira exchange rate set by the trader. This solves the problem of price volatility.

What is a Trade Ad?

Users can post the price they would like to trade their crypto at, and broadcast to on our platform. The broadcasted deal is a trade ad.

What is a Dispute?

When there is a dispute between buyer and seller, and the user would like the Busha to arbitrate, users can raise a dispute. The crypto involved in the trade will stay locked during the process

How do we resolve a dispute?

In a situation where a buyer claims they have paid the full value for the crypto (seller’s price) into the seller's bank account but the seller is unable to verify this claim, we step in to resolve this. The traders are invited into a chat room with an admin so the dispute can be resolved amicably. The buyer may have to send a “proof of payment”. When we have verified the authenticity of this claim, we then make a decision about whether to release the crypto to the buyer or return it to the seller.

What is a username?

Every trader on the marketplace has a username that they use to post ads. Details such as previous trades, active ads and reviews, and ratings can be viewed when you click on any username. When you engage with an ad, you can see the trader's real name and bank details to help you process your transaction successfully. Ensure the name on the bank account matches the real name of the trader before paying or confirming payment.

How to Post Ads

For users who satisfy the prerequisite, you can click on the "Post a new ad" button, and post an Ad by selecting the type of ads, trading amount, price and conditions, etc. Once the details are confirmed, you can click on "Confirm" to post the ad.

What is a Sell Ad?

A sell trade ad tells other users you have some cryptocurrency for sale.

What is a Buy Ad?

A buy trade ad tells other users you want to buy some cryptocurrency at a particular price.

What is an Order?

An order is a promised trade that the buyer and seller have agreed upon. Busha facilitates the trade by providing escrow service, locking the asset until both sides agree to release as promised.

What are P2P Requirements?

  • You must have at least a level 2 verification on Busha.

  • You must create a unique username for easy identification.

  • You must have active internet/mobile banking for easy funds transfer.

What is a Buy Amount?

The price you set will be adjusted to account for the Busha fee. The price the buyer will see is 0.5% more than the price you set.

What is a Sell Amount?

The price you set will be adjusted to account for the Busha fee. The price the buyer will see is 0.5% more than the price you set.

How to Disable Ads?

When a seller or buyer wishes to discontinue a trade ad they already placed, we created a “retire ad” option specifically for this.

  • Simply go to Manage ads in the menu and select the ad you wish to retire

  • Go to status and select "inactive".

  • If it’s a sell trade ad, the crypto that was escrowed will be returned to the seller’s wallet.

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