As any experienced trader knows, one of the most important aspects of learning to trade is to study the style and understand the strategies of other successful traders around you. In this P2P cryptocurrency trader interview series, we bring you advice, tips, and recommendations on how to be successful in the world of P2P trading by providing a sneak peek into the lives of people who have turned the buying and selling of cryptocurrency into a successful business.
Hi Bricklecoins! Thank you so much for taking the time to chat with us about your P2P experience. Let’s jump straight into the interview!
Q) Please start by telling us a little about you and your background. How did you first get into cryptocurrency?
My name is Brickle and I'm in my mid-20's. I'm a Quantity Surveyor by profession but I don’t like being bossed around, so I never searched for work after graduating from College. As a QS, I can plan and draw both residential and commercial buildings, and also do cost estimation and tendering of construction works. Basically, I have QS related skills which I barely use since I prefer being my own boss.
How did I first get into crypto… To be honest, my first encounter with crypto was not that good because I was introduced to certain platform that claimed to mine and trade crypto and I was supposed to invest $100 worth of Bitcoin and get back $150 after 20 hours. The first week into the investment was fine and I made $50 a day for a week doing nothing! I was excited about this and the following week I decided to invest more money since the more you invested, the more profits an investor got. So, the following week I decided to invest $1,350 and immediately I sent the $1,350 worth in BTC I got removed from the group before the 20 hours elapsed, and as simple as that I lost my $1,000 because I had earned the $350 from the platform. A month later, while watching football at my local joint, I met a guy who told me about P2P trading and I was skeptical about it due to my previous first encounter with BTC. The guy (who is a close friend now) convinced me and gave me $150 worth in BTC and introduced me to a P2P platform where I sold the coins within a day and made $50 profit through PayPal! From there the journey began and I have been a P2P trader till today.
Q) What precipitated you to make the leap into P2P trading?
To be honest, the crypto industry is infested with scammers and after being in the industry for a while, I believe every legit customer should get the best and easy experience during their first crypto purchase. New customers in the P2P trading do not completely understand how it works and this makes them loose money to fraudsters. Therefore, I leaped into P2P trading to provide honest services to legit crypto buyers.
Q) What countries do you mostly trade in?
USA, Australia, and some countries in Europe and Asia.
Q) Do you have a preferred cryptocurrency to trade and why?
BITCOIN! BTC is the most popular in the crypto space and many people are into BTC than other cryptocurrencies.
Q) What payment methods do you accept when doing P2P trades and why?
I accept as many payment methods as possible as long as I have access to them. The essence of P2P trading is to allow buyers to purchase crypto through their preferred payment method. However, I mostly trade through PayPal because it is fast and gives easily accessible in different countries.
Q) Do you have any accounting/bookkeeping tips on how to keep track of your trades and profits?
My sister is a professional accountant and she does all the accounting for me, ha-ha! She's my sister but refuses to do it for free. However, the amount she charges is like doing it for free!
Q) What about negative experiences? Have you had any, and if so, what do you suggest traders avoid doing when trading peer-to-peer?
Well, negative experiences are common when trading crypto. I have heard multiple negative experiences particularly with scammers and people with ill motives. When trading P2P, a trader should make clear TERMS and CONDITIONS as this enhances their protection from fraudsters. A trader should make rules and selling limits they are comfortable with.
Q) Why does buying and selling cryptocurrency peer-to-peer matter to you?
Technological advancement has led to less privacy where personal information is vulnerable to cyber criminals. Through crypto, people can make purchases without using bank cards which possess a lot of personal information. Therefore, crypto provides the necessary privacy.
Q) Name one person that you recommend should be followed in the crypto industry?
Alessio Rastani (@alessiorastani), because he provides the best analysis of cryptocurrencies through technical analysis and specializes in BTC. Also Altcoin Daily (@AltcoinDailyio), because they provide the latest news on cryptocurrencies on a daily basis.
Q) What is the number one tip you would give a person just starting out as a P2P trader?
Be cautious and vigilant, otherwise, you will pay a lot to learn petty things! Also make sure you understand the process well enough before you begin and look for an experienced trader to guide you.
Thank you for taking the time to share your tips and experiences with our P2P trading community! We wish you all the very best and hope to chat again soon.