1. Basic P2P concepts
1. P2P transactions (Peer-to-Peer)
This is a direct exchange of cryptocurrency and fiat between users. EMCD provides the secure marketplace and escrow service to facilitate these exchanges. While EMCD is not a party to the transaction, we ensure the process is safe, transparent, and efficient.
2. Buyer
The user who sends fiat currency to receive cryptocurrency. Buyers are responsible for sending the exact amount within the specified timeframe using the payment method defined in the order.
3. Seller
The user who receives fiat currency and releases cryptocurrency. During an active order, the seller’s crypto is held securely in escrow. Once the seller confirms receipt of funds, they release the assets to the buyer.
4. Maker
A user who creates and publishes an advertisement. Makers act as "market creators" by setting their own prices, order limits, payment methods, and specific transaction conditions.
5. Taker
A user who chooses an existing advertisement to initiate an exchange. Takers "take" the price and terms already established by the Maker to start a transaction immediately.
6. Merchant
A high-volume user with verified status on EMCD. Merchants enjoy higher limits, specialized badges for trust, and access to professional-grade tools. Status is granted upon meeting specific platform requirements.
2. Ads and pricing
7. Ad (Advertisement)
A public offer to buy or sell crypto. Each ad details the exchange rate, limits, accepted payment methods, and the Maker’s specific terms
8. Fixed price
A static exchange rate set by the Maker. This price remains constant regardless of market volatility
9. Floating price
A dynamic exchange rate that automatically adjusts in real-time based on market conditions, calculated using a formula set by the Maker
10. Maker terms
Custom instructions provided by the Maker. These may include requirements for payment descriptions, ID verification, or specific regional banking rules that the counterparty must follow
11. Welcome message
An automated greeting sent to the counterparty the moment an order is opened. It is used to provide instant instructions and streamline communication
12. Completion rate
The percentage of a user’s total orders that were successfully finalized. This is a key metric for assessing the reliability and speed of a potential partner
13. Average Crypto Release Time
The median time it takes for a seller to release assets after a buyer marks the payment as sent. A shorter release time indicates a highly responsive user
3. Orders and the trade process
14. Order
A binding agreement created when a Taker responds to an Ad. It specifies the exact amount, price, and payment method, and triggers the escrow countdown
15. Crypto release
The final step of the exchange. Once the seller confirms the fiat has arrived, they release the crypto from escrow to the buyer. This action is final and irreversible
16. Order limits
The minimum and maximum transaction size allowed for a single order, as defined by the Maker in the advertisement
4. Payments
17. Payment method
The specific financial channel (e.g., bank transfer, e-wallet) designated by the Maker. Both parties must use the exact payment details provided in the ad to avoid disputes or delays
18. Payment window
The strictly defined timeframe the buyer has to complete the fiat transfer. If the buyer fails to mark the payment as sent within this window, the order is automatically canceled
19. Payment confirmation
Digital proof of a successful transfer, such as a bank receipt, transaction ID, or screenshot. This is essential evidence if a dispute arises
20. Payment receipt confirmation
The seller’s formal verification that funds have cleared in their account. Sellers should only confirm this once they have independently verified the balance in their own banking app
5. Security and disputes
21. Dispute
A formal request for EMCD Support to intervene and resolve a conflict. During a dispute, the cryptocurrency remains safely locked in escrow until an investigator verifies the evidence from both parties
22. Dispute status
The current phase of the resolution process. Statuses include:
Canceled by Support — The order is voided
Approved by Support — Assets are released to the buyer
Approved by Seller — The seller resolved the issue manually
Canceled by Buyer — The buyer opted to close the transaction
23. Evidence
The documentation required to resolve a dispute. This typically includes unedited screenshots, screen recordings of banking transactions, or official bank statements that prove the status of a payment.