P2P and USDT glossary

2FA (two-factor authentication)An extra step for signing in or confirming actions: a code from an authenticator app or SMS on top of the password. Ad limitThe minimum and maximum trade amount the seller set in the ad. Alert (rate notification)An automatic notification when a price, spread or ad matches a condition you set. AppealA request to exchange support when a trade is disputed: money did not arrive or coins were not released. BEP20A token standard on the BNB Chain network. USDT on BEP20 is fast and usually cheap, especially between Binance-ecosystem exchanges. Break-even pointThe minimum trade amount at which the result is not below zero after accounting for fixed fees. Completion rateThe share of a seller's trades that finished successfully out of all their trades. Crypto walletAn app or device that stores the keys to manage your coins on the blockchain. ERC20A token standard on the Ethereum network. USDT on ERC20 is supported almost everywhere, but the network fee is usually higher. EscrowA mechanism where the exchange temporarily freezes the seller's coins and releases them to the buyer only after payment is confirmed. Fake adAn ad with an unrealistic price or terms created to extort money or data. FiatOrdinary government money, as opposed to cryptocurrencies: hryvnia, dollar, zloty, euro. KYC (verification)An exchange's identity check of a user: confirmation of personal data and documents. LiquidityHow easily and quickly an asset can be bought or sold at a price close to the market one. MakerThe one who posts their own ad with their own price and waits for another party to accept it. Market medianThe middle of an ordered price series: half the ads are cheaper and half are more expensive. MerchantA seller or buyer on a P2P exchange who regularly posts ads and has a trade history and rating. Net profitThe result of a trade after subtracting all costs: network fees, bank fees and other charges. Network feeThe charge for processing a transaction on the blockchain. It goes to network validators, not to the exchange or wallet. P2P (peer-to-peer)A way of buying and selling where two people trade directly and the exchange only guarantees safety and holds the coins in escrow. P2P arbitrageBuying USDT where it is cheaper and selling it where it is more expensive to earn on the price difference. Payment methodThe way a buyer transfers money to the seller in P2P: Monobank, PrivatBank, PUMB, BLIK, Revolut and others. Seed phraseA set of 12–24 words that restores access to a wallet. Whoever knows the phrase controls all the coins. SpreadThe difference between the buy price and the sell price of the same asset. StablecoinA cryptocurrency that aims to keep a stable price, usually pegged to the dollar or another currency. TakerThe one who accepts someone else's ad at an already set price. Third-party paymentA transfer that came not from the exchange account owner but from another person. TRC20A token standard on the TRON network. USDT on TRC20 is often chosen for low fees and fast transfers. TxID (transaction hash)A unique transaction identifier on the blockchain by which it can be found in an explorer. USDT (Tether)A stablecoin whose value is pegged to the US dollar: one USDT coin aims to be worth 1 dollar.