Non-custodial, Secure & Superfast
Non Custodial KYC
On P2PX, KYC is a choice made by the community. As a fully decentralised platform built, owned and operated by the community, KYC norms on P2PX are governed by its users and not any centralised agency or Individual
All gas fees are paid in perpetuity by the P2PX DAO, and there are no commissions on crypto-to-fiat onramps and off-ramps
( Check this twitter thread : https://twitter.com/P2PX_finance/status/1724788963138002959 )
At P2PX, addressing the critical issue of bank account freezing is a top priority for us. We understand the concerns surrounding fraudulent funds and the risks they pose to users' bank accounts. To tackle this, we've implemented a robust on-chain reputation system. This system ensures that all participants in our network are highly vetted and trustworthy, drastically reducing the chances of fraudulent transactions that could trigger bank freezes.
By limiting transactions within a community of verified and trusted individuals, we significantly minimize the risk of suspicious activities that often lead to account freezing. Through these measures, we aim to provide a safe and reliable platform for P2P transactions, ensuring that our users' bank accounts remain secure and unfrozen.
It's highly unlikely for your bank account to be freezed by cyber-cell from using P2PX. After extensive research into account freeze scams, we've determined that 90% of these scams occur due to the following reasons:
Impersonation Fraud: Scammers deceive peer-to-peer (P2P) sellers by creating fake accounts and placing orders to buy cryptocurrency. Once they obtain a seller's bank details, they already have another unsuspecting victim lined up, ready to transfer money. The scammer convinces this victim to send money to the cryptocurrency seller's bank account. Believing they've received legitimate funds, the seller then transfers cryptocurrency to the scammer. Eventually, the victim realizes they've been duped and reports the incident to cybercrime authorities. As a result, the authorities freeze the seller's bank account and issue them a notice, even though the seller was not at fault.
How is P2PX Addressing Impersonation Fraud?
On P2PX, it's only possible to buy $50 per transaction, and we limit users to a maximum of three transactions per day. This limitation makes it operationally difficult for fraudsters to deceive victims into making multiple transactions. As a result, fraudsters tend to gravitate towards other platforms, like Binance P2P, where no such limits exist.
Chargeback Fraud: After a crypto buyer receives their cryptocurrency, having sent INR to the seller's bank account, they might falsely report the seller to the cybercell, claiming they were deceived into sending money. This prompts the cybercell to freeze the seller's bank account.
How does P2PX Mitigate Chargeback Fraud?
On P2PX, all merchants buying cryptocurrency by receiving INR into their account undergo face-to-face verification. Their KYCs and bank accounts are verified, and they're incentivised to maintain trustworthiness. If they commit any fraud, they permanently lose their "merchant status" on the network. This effectively eliminates the possibility of chargeback fraud.
P2PX incorporates a reputation system. The reputation system ensures that the users who want to increase their account limits are not scammers or fraudsters.
By participating in specific tasks on, users can enhance their account limits. The reputation features can be accessed on the profile page within the P2PX app.
During nighttime hours, there might be a delay in transactions due to counterparties potentially being asleep.
We are expanding to multiple platforms by launching a Progressive Web App (PWA) soon. Our goal is to roll it out before February 24.
The P2PX smart contract, hosted on the Polygon blockchain, functions as a public good with no single entity claiming ownership. This smart contract facilitates peer-to-peer matching for users utilising the P2PX client.
Given its decentralized nature, P2PX doesn't require KYC, much like how UniSwap or SushiSwap doesn't mandate KYC.
The UI Client for accessing the P2PX smart contract can be distributed by any entity. The most popular P2PX mobile app is distributed by "Mande Network LTD," a BVI company. Mande Network LTD" holds no liability concerning the smart contract, its creators, or its owners.
P2PX operates as a fully decentralised platform, serving solely to match users for peer-to-peer transactions. P2PX is a public utility only. The onus of filing taxes rests entirely with the users, in accordance with the regulations of the jurisdictions they reside in.
On P2PX the chances of account getting frozen less than 1 out of 10,000 transactions. Our community will help you send a legal notice to cybercrime cell to help you unfreeze your account.
However, We do not hold any liability for the losses you incur if cybercrime freezes your account.
The P2PX smart contract was developed by a community of anonymous developers and crypto enthusiasts, reminiscent of how Bitcoin was created by Satoshi Nakamoto and his collaborators. We don't have a singular founder representing us since this is a public good and an open protocol.