How to do peer-to-peer trading on Vexl?
Vexl is primarily a social network. Unlike other popular platforms, this one is peer-to-peer and doesn’t stick its nose where it doesn’t belong: between you and your acquaintances.
We respect the privacy of our users and do not identify anyone on the network, we do not analyze their behavior, we do not monetize their data and most importantly — we cannot and do not want to interfere in individual transactions that occur through Vexl.
Of course, this shifts the responsibility for what happens on Vexl to each one of us and to our counterparts. Let’s summarize the basic principles of how to avoid disappointment when the connection on Vexl doesn’t work out as you had imagined.
Any similarity to Tinder is purely coincidental :)
Personal Meeting
A personal meeting is an ideal opportunity to combine pleasure with utility: you don’t just have to ‘conduct business’ with the other party, you can also chat over a coffee, broaden your horizons, and network. After all, you’ve met through Vexl — you probably share not just mutual friends, but similar interests as well. Below, we’re attaching a few tips on what not to forget before you go meet someone.
Meet at a Suitable Place
Arrange a meeting where you are familiar, it’s easily accessible, and respects your privacy. A coffee shop is an obvious choice: not only can you easily blend into the crowd, but if you’re waiting for transaction confirmation, time will pass faster with a cup of coffee than standing on the street.
We strongly advise against trying your luck with obviously suspicious offers for meetings in the middle of the night, at someone’s home whom you don’t know, in your office, in remote places, and so on. Surely, you will find a more suitable, friendlier alternative on Vexl.
Verify the Trustworthiness of the Other Party
Exchanging 10 euros for a coffee and a pastry for lightning has completely different risks than swapping bitcoin to pay for rent. How well do you know the other party? Don’t hesitate to ask for identity verification before a personal meeting, and for larger transactions, feel free to call a mutual friend and ask for a reference. Is your only common connection emergency services or your favorite pizza place? Maybe this is not the ideal candidate to entrust your monthly salary to.
A deal with a minimum of mutual acquaintances does not have to be suspicious right away. However, approach it with caution.
You Can Always Leave
Everything seemed fine, but something feels off during the actual meeting? The banknotes feel strange to the touch, the first transaction confirmation just isn’t coming? The bitcoin logo in the other party’s wallet is green? The seller is noticeably nervous?
The fact that you have met doesn’t mean that you have to trade. If anything feels off, do not hesitate to leave. If you are sure that you do not want to meet this other party again, you can block them in the chat. This will prevent them from contacting you again.”
Vexl Online
A personal meeting and cash trading should be the gold standard for every Vexl user. However, we do not always manage to meet with the other party in person. What should you watch out for when you have no other choice but to agree on a trade online with the other party?
Digital Footprint
Unlike an exchange in a café, your transaction leaves a footprint in the form of a transaction record in online banking. There may be nothing unusual about it when these money transfers are from a friend of a friend, from whom you previously asked for a reference.
However, be careful when you are to receive money from a completely random person! You can never be sure of their true origin. The same applies to sending: if your counterpart is a “known company” among drug dealers, such a transaction will be rather hard to explain to the police :-)
Online Payment Goes Out First
Online payments are extremely risky — make sure both you and the other party understand all the risks you may potentially face.
Never send cryptocurrencies before you actually receive the payment — a photo of the payment order is definitely not sufficient confirmation.
I Have the Payment, but Something Smells Fishy…
The name of the account owner from whom you received the payment does not match the declared identity? A mutual friend can’t vouch for his reputation? Is it impossible to verify the payment through another channel?
Hands off! Immediately return the money or delay the payout of bitcoin. If the other party is trying to convince you that it’s just a misunderstanding, they will certainly agree to an additional verification, or possibly the use of an experienced mutual acquaintance for temporary storage.
☝🏾 A sophisticated and at first glance hard-to-detect tactic of many fraudsters is a situation where the attacker manipulates an unsuspecting victim to send money via a bank transfer. Typically, they use classified ad portals, where they convince the victim that they have something for sale that the victim wants to buy. At the same time, they arrange with you — for example, via Vexl — for an online sale of bitcoin. The victim sends money to your account, and you — in good faith — send bitcoins to the attacker’s address, who then vanishes without a trace. And you are left crying over spilled milk and dealing with the police, who already know your identity thanks to the bank transfer.
Secure Address Handover
Are you adept at online payments and only Vexl with verified acquaintances with high reputations? Great! Don’t underestimate the security of the bitcoin transaction, though. Insist that you and the other party exchange addresses in a secure way — for example, through Signal Private Messenger — and don’t forget to verify the address before the transaction through another secure channel.
By doing so, you protect both yourself and the other party — double-checking minimizes the chance of fraud or error.
