Flash Interview #4: P2P Trading Tips from Chelsean

. 3 min read

Today we’re going to hear from a bitcoin trader from Kenya that goes by the handle Chelsean who shows us that cryptocurrency can be a powerful tool when you are looking for a new avenue to explore. At LocalCoinSwap, we’re excited to have growing traders like Chelsean joining our community and are proud to showcase their stories and advice with you all.

Hi Chelsean! Thank you so much for taking the time to chat with us about your P2P experience. Let’s jump straight into the interview!

Please start by telling us a little about you and your background. How did you first get into cryptocurrency?
I am from Kenya with a diploma in I.T. Joblessness made me pursue new sources of revenue and cryptocurrency just intrigued me from the start. I’ve been involved in cryptocurrency for a little over two years now. It’s so hard coming up with appropriate usernames and since the Chelsea football club is my favorite team, I took the name. It's consistent throughout my other trading portfolios.

What precipitated you to make the leap into P2P trading?
P2P being a good marketplace made me jump into the opportunity as soon as I could. It's simple to use as well.

What countries do you mostly trade in?
Since most of my offers are global and users anonymity, I don't have exact statistics, but most of my trade offers are in USD.

Do you have a preferred cryptocurrency to trade and why?
Bitcoin (BTC), since it's easy to buy and also easy to sell due to its high demand. I sometimes trade ethereum, but the demand isn’t as high when it comes to P2P trading. I plan to learn more about other cryptocurrencies in the future to perhaps venture into.

What payment methods do you accept when doing P2P trades and why?
Paypal, M-Pesa, Cash App, WorldRemit, among others. Depending on the buyer’s geolocation, some payment methods may be preferable. All these methods are easy to use and fast withdrawals.

Do you have any accounting/bookkeeping tips on how to keep track of your trades and profits?
I currently do not have any in-depth accounting system. I just calculate the current price of BTC and the money I received and calculate the difference minus any costs.

What about negative experiences? Have you had any, and if so, what do you suggest traders avoid doing when trading peer-to-peer?
Too many scammers claiming to have sent payments. However, LocalCoinSwap provides great support to help solve disputes. Also, certain payment options like PayPal are affected by limitations, holds, and chargebacks after releasing escrow coins.

Why does buying and selling cryptocurrency peer-to-peer matter to you?
I believe that crypto is the future. As such, it’s wise to be at the forefront of the technological advancements as others adapt. It creates a wide range of employment opportunities.

Name one person that you recommend should be followed in the crypto industry?
Mostly I just follow social media platforms for several p2p accounts. I try and follow the current trends.

What is the number one tip you would give a person just starting out as a P2P trader?
Gotta be patient as new profiles don't have much feedback. I had to wait for almost a month to get a new trade, almost giving up. However, once I got one trade, the rest is history. Beware of scammers too. Don't rush to release escrow without confirmation of payment.

Clear and timely communication with clients helps to assure them of a smooth trade. Remember to rate your clients and also ask for feedback. Engage support when unsure of anything.

We’d like to thank Chelsean for taking the time to answer these questions and provide some insight into their personal approach to P2P trading on LocalCoinSwap.

If you’d like to start trading bitcoin, ethereum, and other cryptocurrencies, start exploring the thousands of trade offers waiting for you from Chelsean and other traders across the world.