Pexpay Exchange Review: Trading with Binance Liquidity and Nothing Else

Large crypto exchanges support about 30 financial products on average: OTC-transactions, Polkadot parachain auctions, Ethereum staking and others. However, most traders do not use them.

pexpay is a platform with a basic set of tools that offers beginners an easy entry into the crypto industry, and professionals – Binance liquidity and low commissions for takers.

We tell you how to start trading cryptocurrency using Pexpay as an example. At the end of the material – a brief overview of the functions for professional traders.

Registration and KYC

To register on Pexpay, you need to provide your email and password, and then enter the verification code from the received email.

The next step is to enable two-factor authentication (2FA) using Google Authenticator or SMS. After that, you will have access to trading in the spot and futures markets.

1-764 — On the security page, you can view sessions on all devices and force them to end.

To better protect your account, you can create a whitelist of cryptocurrency withdrawal addresses, add an anti-phishing code to all Pexpay emails, and specify devices that are allowed to enter the platform.

Buying USDT on the P2P Market

P2P market – a platform for trading without intermediaries. Users leave orders (applications) for the purchase or sale of assets, and the platform monitors the honesty of the participants.

Such transactions are safer than interaction with exchangers and are not subject to the ban on cryptocurrency transactions introduced by the National Bank of Ukraine.

On the P2P market, you can buy tokens for further trading, withdraw profits to the card and earn money by arbitrage — get profit from the difference in prices of one asset on different platforms. For example, if a user buys 1000 USDT at the rate of 37.98 UAH on Bybit and then sells it at the rate of 39.6 on Pexpay, he will make a profit of 1710 UAH.

To access the P2P Pexpay marketplace, you need to pass KYC – an identity verification procedure aimed at combating money laundering. The platform uses the services of a specialized provider and does not store personal data of users.

Pexpay does not charge commissions for P2P transactions and supports cards from most local banks: Sberbank, Tinkoff, monobank, PrivatBank, ForteBank, Ziraat and others.

Users can buy Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and other popular assets for 50 national currencies, including dollars (USD), euros (EUR), rubles (RUB), hryvnia (UAH), tenge (KZT) ) and Turkish Lira (TRY).

2-621 — When choosing a merchant, you need to take into account the available limit and the payment systems with which it works.

If the desired asset is not available on P2P, it is worth buying Tether and then exchanging it on the spot market or using conversion.

We bought Tether for hryvnias from a bank card: we indicated the token and payment currency, selected the seller by the limit and payment method, and then pressed the button “Buy”.

3-370 — The list of available digital assets depends on the national currency. For example, merchants do not sell DOGE for UAH.

In the opened window entered the amount and confirmed the creation of the order. We chose a payment method, sent money to the seller’s details and confirmed our actions.

Attention: the “Pay order” button must be pressed after the transfer of funds to the seller.

4-235 — There is no “Paid, next” button in the interface – you need to confirm the transfer with the “Pay order” button. We hope that Pexpay will fix this shortcoming in the near future.

The seller has 30 minutes to send the cryptocurrency to the buyer’s account, but we received USDT in 10 minutes.

Asset conversion and deposits

Token conversion is the exchange of one asset for another at the market rate at the time of the transaction. With this tool, you can quickly get cryptocurrencies that are not represented on the P2P market.

We exchanged part of Tether for ApeCoin (APE): we switched to conversion page, select the desired assets and click the “Preview” button. When the platform calculated the quotes, the exchange was confirmed.

5-146 — Quotes are relevant for ten seconds. After that, they will have to be updated.

The received tokens can be deposited into a savings account. Available on Pexpay deposits with daily accrual of profit for 140 digital assets:

cryptocurrencies — native protocol tokens required to pay transaction fees and pay rewards. Examples: Bitcoin (BTC), Solana (SOL), Kava (KAVA);
stablecoins — tokens with a stable exchange rate pegged to the value of fiat currencies. Examples: Tether (USDT), Binance USD (BUSD), USD Coin (UDSC);
project tokens — assets issued dapps or other blockchain-based solutions. Examples: Axie Infinity (AXS), PancakeSwap (CAKE), Santos FC Fan Token (SANTOS).

6-101 — The profitability of deposits on Pexpay reaches 20% per annum.

We deposited 5.7 APE ($20 at the time of writing the review) at 20% per annum: we found the token in the list, clicked the button “Subscribe”indicated the amount of investment and confirmed the operation.

7-58 — Pexpay starts accruing interest 24 hours after depositing funds.

In two days, we earned 0.003 APE ($0.012). After that, the deposit was closed and the tokens were exchanged for Tether.

Spot trading

Trading in the spot market is carried out using the order book – a table with applications for the purchase and sale of assets. Purchased tokens can be withdrawn to external wallets.

There are more than 100 spot pairs for Tether and Binance USD on Pexpay, with BTC/USDT no trading fees.

The platform increases market depth with orders placed on Binance. This approach reduces the likelihood of manipulation and allows you to get fair prices for order execution.

Before placing an order, you need to transfer funds from the general wallet to the spot account. After that, you can make transactions on the page spot tradingwhich contains:

in the center – the price chart of the selected pair and the menu for creating orders;
in the upper right corner – a list of all trading pairs;
in the lower right corner – the history of transactions for the selected pair;
on the left is the order book;
at the bottom of the page – the menu for managing applications and viewing the history of transactions.

8-44 — Using the slider above the “Buy” and “Sell” buttons, you can select the amount of the transaction as a percentage of the balance.

There are three types of orders available to Pexpay traders:

market — the order is executed immediately at the price of the nearest limit order;
limit — an order is added to the order book and executed when another user buys or sells an asset at the specified price;
stop — the order is executed or added to the order book when the price of the asset reaches the specified level.

9-39 — In the transaction history, Pexpay shows paid trading commissions. In the BTC/USDT pair, they are zero.

We bought bitcoin at $17,695 for 50 USDT and then sold it at $17,710. The price difference was 0.08% – we earned 0.04 USDT.

Speculation in futures

Futures contracts are a derivative instrument that allows you to earn on the growth and fall in the price of an asset.

In this case, traders do not exchange tokens, but enter into agreements to close the position with a reverse operation – they undertake to sell or buy futures.

They make profit or loss from the difference between the opening and closing prices of positions. So, a trader will earn if he sells BTCUSDT at $18,000 and buys back at $16,000.

When trading futures, you can use leverage – a tool that allows you to make transactions in an amount greater than the funds in the trader’s account. However, there is a risk of liquidation – the forced closing of a position if the loss exceeds the cost of securing the position.

For example, when buying with a leverage of 25x, the trader will receive 200% of the deposited collateral (margin) if the asset price rises by 8%. Liquidation will occur when quotes fall by 4%.

Page futures trading on PexPay contains:

on the left — contract selection menu and price chart;
in the center – the order book and the history of transactions of other traders;
on the right is the menu for creating orders, choosing the size of the leverage and the margin mode.

10-28 — Red and green bars in the order book indicate the total liquidity of orders.

We bought 10 LINKUSDT contracts at $6.52 with 20x leverage: with a position value of $65.2 we deposited $3.26 collateral.

To close the deal when the price of the asset rises, a limit order was placed to sell the same number of contracts at $6,685.

11-55 — Under the chart, there is an order panel where you can view the history of transactions with all futures or the selected contract.

A few minutes later, the price of LINK/USDT reached a limit order – we earned 0.23 USDT.

Withdrawing money to a bank card

Pexpay users can only exchange cryptocurrencies for fiat money through P2P transactions. To do this, you need to link the card: go to your personal account, press the button “Add payment method” and specify the details in the window that opens.

We exchanged Tether for hryvnias: went to the page cryptocurrency saleschose a buyer and created an order for 53.51 USDT.

12-16 — On the right is a chat for communicating with a counterparty. It also displays system messages.

After that, they waited for the receipt of funds on the card and confirmed the transfer of tokens to the address of the buyer. The procedure took no more than 10 minutes.

Pexpay for professional traders

P2P merchants work with cards of the largest banks in Eastern Europe: Sberbank, Tinkoff, monobank, PrivatBank and others. The minimum exchange amount is $3.

The platform does not charge commissions for conversion and P2P transactions. Commissions for makers and takers in the spot market are:

BTC/USDT – 0% / 0%;
pairs with BUSD – 0% / 0.075%;
other pairs with USDT – 0.075% / 0.075%.

When trading futures contracts, Pexpay charges 0.02% of the traded amount.

The platform provides a 25% discount on spot and 10% on futures when paying commissions in BNB.

conclusions

pexpay is a crypto exchange with a basic set of tools that is suitable for learning to trade and professional trading.

Beginners can make transactions on the P2P market, convert tokens and open deposits in a few clicks.

Professionals get Binance’s liquidity and fees without being distracted by a dozen products for whales and long-term investors.

Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.

Subscribe to Cryplogger on social networks

Found a mistake in the text? Select it and press CTRL+ENTER

Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!

Experts on the path to the DAO: pros, cons, prospects

Smart Contract for Leviathan: Trust Theory in Web3

July 22, 2023

Crypto cameras in Telegram: how they work and what to do with them