Whether you’ve been vending for years, or you’re just getting your first few trades under your belt, it pays to review your offers now and then to ensure you are catching the most trades possible. Even if you are doing well, there’s a good chance that you’re missing out on potential trading opportunities if you aren’t covering all your bases. Are you getting as many trades as you could be?
Trading terms are one of the first things people check after your pricing, so ensuring that you have these on point is essential. One of the first things to check when it comes to your terms is spelling and grammar. While this may seem a little fickle, many people will be put off when seeing trade terms with a glaring error. After all, traders are looking for someone that seems trustworthy and knowledgeable.
Offers with detailed terms get 13x as many trades as those without!
Another important aspect of having top-notch trading terms is to make sure they are easy to understand. When you’ve been doing something for a while, knowledge bias is a factor to consider. Many traders you will encounter as a vendor will be pretty new to cryptocurrency. Due to the accessibility of a wide range of payment options available, frequently P2P marketplaces are among the first places a new crypto trader will visit.
While your terms may seem straightforward to you, have you considered that perhaps they may be unclear to someone less familiar with cryptocurrency or P2P trading? Common “gotchas” can include being too heavy on slang terms and crypto jargon or being overly specific about parts of the trading process that a new trader simply may not understand. One approach that can be taken to get a better understanding from a new trader perspective is to find a friend or family member that isn’t knowledgeable about crypto or not overly familiar with it and ask if they understand what you are asking for in your terms.
Trade expiry leaves a bad taste in the mouth of any trader. If someone opens a trade with you only to be left with no response and an expired trade, the odds are very high that they will never return. No one likes being ignored, which can radiate not just with an affected trader but also by word of mouth when recommendations are being made on Twitter, Reddit, or even among a friend group.
Worse yet, expired trades will result in your offers being paused, which could result in even more missed opportunities. If you find that you are regularly getting expired trades, consider reviewing your working hours on your offers. Are they realistic to what you can actually provide? If not, you may find that you get better feedback from trades and more return traders if your response times are low and your trades smooth.
Don’t let expired trades ruin a good thing. Sometimes offering a little less of your time can make things more efficient for everyone involved, which is rarely a bad thing.
Margins are, of course, tantamount to any business and something that you likely pay a lot of attention to as a P2P vendor. However, there are a few things you may not have considered when setting yours that could be costing you time and money.
Have you found yourself setting a relatively high margin after finding yourself one of the only vendors offering trades of a specific type? If so, you may not have considered the downsides of this decision. If the payment method you are offering is low risk, but you’ve set a high margin due to it being less common, you may be pushing traders away to other trade types, in turn bypassing you. For example, suppose you were to offer local bank transfers at a significant margin due to having a somewhat lonely listing. In that case, you may find that people are more inclined to just deal with a centralized exchange that offers bank transfer deposits. You could also be competing with offers from other platforms that you aren’t even aware of. Just as when shopping for anything, people are prone to shop around.
Vendors that set margins within 4% get 25x as much trade volume on average!
Setting a higher margin will definitely result in more profit per trade. However, it will significantly reduce the number of trades you get and will likely be a false economy in the long run when traders find other vendors to trade with (or trade on other platforms instead).
If you haven’t reviewed your trade offers recently, you may find yourself caught by surprise when you do a matching search. With the recent boom in interest in cryptocurrency, many vendors are returning to trading, so you may have found what was once a reasonably isolated offer is now surrounded by more competitive offerings.
You may find that being competitive from the start allows you to build relationships with other traders that could result in long-term rewards and easy trades. If your offers start to slip slightly below the competition in the future, regulars will be more inclined to return as they’ve already had a good experience. If you started out competitively, you won’t be so far off the mark later that it should matter so much.
Are you one of those people who never really bother setting a profile picture on any of your accounts? Studies have shown that only around 10% of written content is remembered after a few days, while approximately 65% of visual content can be recalled. Knowing this may make you think twice about whether it’s worth spending a few minutes finding and uploading a decent profile pic to help you stand out from the crowd.
It also pays to make sure that you aren’t making a bad impression when it comes to profile pictures. While memes may be great to share with friends, they might put off someone looking for a professional vendor to make an exchange. Suppose you aren’t comfortable using a picture of yourself or would just prefer not to. In that case, there are plenty of great tools out there to throw together an image or edit quickly and some great sites for royalty-free images as well you can draw from, such as Pexels or Pixabay.
When you move wouldn’t it be great if you could take your friends and family right along with you? You wouldn’t have to worry about proving yourself to new people and starting from scratch with new friends and in a new environment. When it comes to trading, if you have some experience, you can bring it to LocalCoinSwap.
If you’re expanding your trading business or migrating from an older exchange to LocalCoinSwap, don’t feel like all your reputation building has to be for nothing, you can bring it right along with you and show off your trading history. If you’ve been trading bitcoin or other cryptocurrencies for years, it’d be a shame not to take advantage of that. If you haven’t completed a trade import, it’s easy, or if you were on the fence about moving to the best P2P marketplace of 2021 due to your extensive record somewhere else, no need, we can help you import your completed trades and volume, so you don’t feel like you’re back to square one.
If you haven’t imported your trade history from a platform you’ve traded on in the past, learn how to do so over on the LocalCoinSwap support portal.
Start using these five tips to take your trading to the next level, and keep expanding your trading business. P2P isn’t just a fantastic way to trade; for many, it can be a profitable business venture that can be pushed to the next level with a little extra effort.