What is stablecoins.market?
stablecoins.market is a peer-to-peer market for stablecoins where users can buy and sell stablecoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can browse our website for trade advertisements and search for a payment method you prefer. You will find traders buying and selling stablecoins online for different payment methods.
What is stablecoin?
stablecoins are a new type of cryptocurrency that often have their value pegged to another asset.
These coins can be pegged to fiat currencies such as the United States dollar, other cryptocurrencies, precious metals or a combination of the three. Fiat seems to be the most popular option in the marketplace right now, meaning one unit of a stablecoin equals $1.
Stablecoins are designed to tackle the inherent volatility seen in cryptocurrency prices. They are normally collateralized, meaning that the total number of stablecoins in circulation is backed by assets held in reserve. Put simply, if there are 500,000 USD-pegged coins in circulation, there should be at least $500,000 sitting in a bank.
With bitcoin suffering abrupt crashes and sudden gains, advocates believe stablecoins help eliminate doubt about conversion rates — making cryptocurrencies more practical for buying goods and services.
Examples of the best-known stablecoins include Tether (USDT), DAI, TrueUSD (TUSD), gemini dollar (GUSD), and USD Coin by Circle and Coinbase (USDC).
You can read more about stablecoins here.
How do I buy or sell stablecoins?
To help you get started with your first stablecoin trade we've made two short guides to answer all your questions.
Step 1. Login
You can login to stablecoins.market with your google or facebook account. When you login to stablecoins.market, you will get a free and secure online stablecoin wallet. No additional apps are needed.
Step 2. Search for Advertisements
Go to the main page and select the currency you want to buy/sell stablecoins with. The site will list stablecoins traders available in your Region.
Step 3. Select an Advertisement
From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. You can see reputation score and number of trades for each trader bellow their names.
First number is their reputation from 5 and the second one is the number of trades. Traders with a green light next to their pictures are online and you have a higher chance to get a reply faster.
Step 4. Submitting the Trade Request
After you press the 'Buy' button you'll see more information about the advertisement, including the terms of the trade. Read through them before submitting the trade request, if you don't agree with them, you can go back to the previous page and choose another advertisement.
To submit your request, type in the box how much you want to buy, check the Terms of trade box then click the Buy button. Now click the Start Trade button to start the trade.
Step 5. Wait for the Trader to Accept the Trade
When you start the trade, you will be directed to the trade page. As you can see, the trade is Requested.
Now you should wait for the trader to accept your request and the trade be Started. Never make payment when you are in Requested status. You should make the payment only after the trade is Started by the trader.
Step 6. Mark payment
After the trader started the trade, you should make the payment. Once you have made the payment, click the I have paid button. Once the trader has verified that your payment has been received, your stablecoins will be released from escrow and they are instantly available in your stablecoins.market wallet.
And that's all there is to it, congratulations on your first stablecoin trade!
How am I protected from being scammed?
All trades are protected by escrow. When trader accept your trade request and trade is started, the amount of stablecoins for the trade is automatically reserved from the seller's stablecoins.market wallet. This means that if the seller runs away with your money and does not release your stablecoins, stablecoins.market support can release the stablecoins to you from escrow.
If you're selling stablecoins, never release the escrow before you know that you have received money from the stablecoins buyer.
What happens when I pay, and the seller doesn't give me my stablecoins?
All our trades are protected with escrow to prevent this from happening. When the trade is started, the stablecoin amount for the trade is taken from the sellers wallet and is held by stablecoin.market for the entire time of the trade. If the seller is trying to scam you, it's easy for you to open a dispute on the trade and our support staff will contact you to ask for proof that you have paid and then give the stablecoins to you.
How do I send stablecoins and how can I pay with stablecoins after buying them?
If you purchase stablecoins using stablecoins.market, the stablecoins will appear in your stablecoins.market wallet. From there you can easily send the stablecoins to any other digital wallet that support stablecoins.To send stablecoins from your stablecoins.market wallet, enter the receiving address and the amount you wish to send and click the withdraw button.
How do I receive stablecoins to my stablecoins.market wallet?
In order to sell stablecoins on stablecoins.market you'll first need to send some stablecoins to your stablecoins.market wallet. To do that you'll need a stablecoins.market account, access to stablecoins in another stablecoins wallet and you need to know your stablecoins.market receiving address.
To find your stablecoins.market receiving address you need to go to visit the stablecoins.market wallet
At the top of the page you'll find your receiving address.
Once you have your stablecoins.market receiving address, you can go to your other stablecoins wallet and use this address to send stablecoins to your stablecoins.market address.
How long does it take to send or receive stablecoins using my stablecoins.market wallet?
Stablecoins’ transactions sent with the correct fee take between 1-5 minutes to be completed.
When you are sending stablecoins to your stablecoins.market wallet, If your transaction is taking longer than this, please check that the fee is correct. When you withdraw from your stablecoins.market wallet, the transaction will take about 5 minutes to be completed.
How should I store my stablecoins?
You can store your stablecoins in the online wallet which is provided by stablecoins.market. You can also use any ERC20 compatible software wallet like MetaMask or hardware wallets..
Why the trader is asking me for my ID?
Sometimes a trader may ask for your ID. If you are trading for the first time with a trader he/she may ask for you to identify yourself. This is because in certain countries sellers are required by local laws to know who their customers are. Most sellers explain in the terms of the trade if they require ID verification or not.
If you do not wish to give the seller your ID, you can always cancel the trade and search for a trader with less strict requirements.
I've paid the seller but I haven't received my stablecoin yet. Is this normal?
The sellers usually release stablecoins as soon as they see your payment, which can sometimes take an hour or two. If you've paid but are still waiting there is nothing to worry about, for all trades are protected by escrow and the seller cannot run away with your stablecoins.
If there are any issues with a trade and the seller won't release your stablecoins, you can dispute the trade to have stablecoins.market support resolve it.
A dispute can no longer be started if the stablecoins have been released from escrow or if you have paid the trader before the trade is accepted and started by the trader.
I sent stablecoins to the wrong address, can I get them back?
Stablecoins transactions are irreversible, once you’ve sent money to another stablecoin address it is not possible for you or stablecoins.market to reverse it. To get your stablecoin back you can try to find the owner of the address and ask them to return the stablecoin to you.