App
How to create an offer?
To create an offer, first decide whether you are buying or selling. If you want to sell bitcoin, tap the "Selling" tab on the Vexl app's home page.
Then tap the plus sign (+), which will take you to the offers page.
From there, you will see the option to create a new offer.
Fill out a description that includes what you are selling and how much, and then complete the rest of the required details, such as currency, amount, fees, location, online or only in person, payment method, and transaction type (on chain or lightning.)
You can choose optional settings such as "Price Triggers," which will automatically post your offer when the price of bitcoin reaches a certain point.
You must then choose the friend level for your offer, deciding who will see it.
If you want to trade only with friends, select "1st degree." If you want to use your wider social network, choose "2nd degree," which will show the offer to friends and friends of friends.
Are there fees? What the fees mean and who pays the fees?
There are no fees to buy and sell bitcoin with the Vexl app.
However, there are fees associated with trading bitcoin. The fees are determined by the person creating the offer (the seller or the buyer). When creating an offer, you can decide what fee you want to set.
You should consider factors such as the current market conditions and the competition when deciding what fee to set.
What is the purpose of a fee? How should I decide what fee I should set?
The purpose of the fees is to compensate for the time and effort required to create and maintain an offer. Additionally, fees can help to ensure that the marketplace remains fair and competitive.
When deciding what fee to set, you should consider factors such as current market conditions and the competition.
If you set your fee too high, you may struggle to attract buyers or sellers. However, if you set your fee too low, you may not make as much money as you could.
Ultimately, the fee you set should be reasonable and fair for both parties involved in the transaction.
How do I calculate the fee?
When creating an offer on Vexl, you can set the fee that you want to charge. The fee is a percentage of the transaction amount.
To calculate the fee, multiply the transaction amount by the percentage fee that you want to charge.
It is important to note that the person buying is responsible for paying the fee.
Can I select any location?
When creating an offer on Vexl, you can choose the location where the transaction will take place. You can choose a specific town or city, or you can select a broader region if there are not many offers in your town.
What are price triggers and how do they work?
Price triggers are an optional setting when creating an offer on Vexl. They allow you to automatically post your offer when the price of bitcoin reaches a certain point.
For example, if you want to sell 1 bitcoin for $60,000, you can set a price trigger that will automatically post your offer when the price of bitcoin reaches $60,000.
This feature can be useful for sellers who want to wait for a certain price before selling or for buyers who are waiting for the price to drop before buying.
What does is mean 1st degree and 2nd degree contacts?
When creating an offer on Vexl, you can choose the friend level for your offer, deciding who will see it. If you want to trade only with friends, select "1st degree." If you want to use your wider social network, choose "2nd degree," which will show the offer to friends and friends of friends.
How does the 2nd degree friends of friends work?
When selecting the "2nd degree" friend level for your offer on Vexl, your offer will be shown to friends and friends of friends. This means that people who are not directly connected with you on the platform may see your offer if they have mutual friends who are connected with you.
What does it mean to reveal my identity?
Revealing your identity means that you will share your personal information with the other party involved in the transaction. This information can include your Vexl name, and profile image.
If you choose to reveal your identity, it can help to build trust between you and the other party. However, it is important to consider the potential risks involved in sharing personal information with strangers.
Before revealing your identity, you should carefully consider the situation and the other party involved.
Can I change my phone number?
No, it is not possible to change your phone number on Vexl directly. Instead, you will need to delete your account and sign up again with a new phone number.
However, it is important to note that if you do this, you will need to re-import your contacts and ensure that they have your new number and import it as well.
Can I use Vexl on any platform other than IOS and Android?
Currently, Vexl is only available on IOS and Android platforms.
Where does the trade happen?
The trade can happen in-person or online, depending on the preferences of the buyer and seller.
If the transaction is conducted in-person, the buyer and seller will meet at a pre-determined location to complete the transaction.
If the transaction is conducted online, the buyer and seller will communicate through the Vexl app to arrange the details of the transaction.
Is there escrow?
No, Vexl does not offer an escrow service.
Can I choose a region not a town if there are a small amount of offers in my town?
Yes, when creating an offer on Vexl, you can choose a broader region if there are not many offers in your town.
What happens if I flag an offer?
If you flag or report an offer on Vexl, it will no longer be visible in your Vexl marketplace. If three or more users flag the same offer, it will not be shown on the marketplace anymore.