What is QMall?
The Qmall cryptocurrency exchange offers a unique Peer-to-Peer (P2P) service, allowing users to exchange cryptocurrency for fiat currency and instantly withdraw funds to their bank cards. This service might seem similar to prohibited direct withdrawals, but there are key distinctions that make it a convenient and legally compliant option.
What are P2P Payments?
P2P payments, short for peer-to-peer or person-to-person payments, involve direct transactions between users without intermediaries or additional fees. In the context of Qmall, these transactions facilitate the buying or selling of crypto and fiat currency directly between two individuals, with the exchange serving as a platform for the transaction.
Functionality of P2P Payments
In P2P transactions, funds withdrawn to a bank card are considered transfers from another user, not direct withdrawals from the exchange. This distinction is crucial as it avoids potential issues with banking regulations. One user receives fiat currency on their card, while the other obtains crypto in their exchange wallet.
Advantages of P2P Trading
1. No Intermediaries
P2P trading involves only two participants in the transaction, with the exchange acting solely as the platform. This streamlined process eliminates the need for intermediaries, enhancing efficiency and reducing costs.
2. Favorable Exchange Rates
Typically, P2P exchange rates are slightly higher than market rates. This means users can receive a more favorable amount on their card when engaging in P2P transactions compared to traditional methods.
3. Speed
Exchanging and withdrawing funds through P2P transactions is known for its speed. On average, the process takes no longer than 15 minutes, providing users with quick access to their funds.
4. Cost Savings
With only two participants involved, users avoid paying additional fees to intermediaries or exchangers. Qmall, for example, charges a competitive commission ranging from 0% to 0.05%, resulting in significant cost savings for users.
Conclusion
In summary, Qmall's P2P service offers a convenient, cost-effective, and compliant method for exchanging cryptocurrency for fiat currency. By understanding the functionality and advantages of P2P payments, users can make informed decisions while benefiting from the seamless transaction process provided by Qmall.
What are the trading fees on QMall?
Taker fee - 0%
Maker fee - 0.05%
Does QMall offer leverage trading?
Qmall does not currently offer margin trading or leverage options.
