When we talk about crypto trading, most people think it is not easy to get into it, which is not true. There are trading options such as third-party systems that include banks and the likes and peer-to-peer trading systems. Another system that appeals to crypto traders is Fast Trade, also called fast buy. This option is available on Kucoin, a great crypto trading platform, which makes crypto trading safe and fun, easy for beginners, and appealing to everyone. Kucoin is used by every 1 in four cryptocurrency traders.
What Is Fast Trading?
As the name suggests, fast trading is a fast way of trading cryptocurrencies, such as Luna, USTC, or KCS. In fast trading, you have 3 methods, peer-to-peer, also known as P2P, the third-party system, and fast buy. These are available on Kucoin’s platform in the “Buy Crypto” section on the top left.
Method 1: Fast Buy
This method of kucoin allows the user to buy cryptocurrency with only a few clicks. You proceed to the fast buy page via the fast trade button under the buy crypto tab. After this, you are greeted by a page with a buy option. On this page, you choose the Fiat currency you want to use and the amount of that currency; this will automatically translate to the amount of the cryptocurrency you want to use. Alternatively, you can fill in the cryptocurrency amount, and the fiat currency will be auto-filled. Then you press “Buy currency” and have to enter your payment methods and your payment details, such as debit or credit card number, security pin, bank account number, and so on. After this, you can proceed with the KYC verification and bind your card for future fast buying. You can sell your crypto currencies quickly using this method. There is a fee for this transaction as well.
Method 2: P2P
Peer to Peer is more customizable, as you can change the cryptocurrency amount, its rate, and the currency you want to exchange it for. This customization appeals to the masses and is secured by the merchant rating system. A higher rating indicates that the seller is trustworthy. There are no fees for P2P trading on Kucoin. For example, a trader can sell 4 bitcoins in exchange for Ethereum, and only those selling Ethereum for bitcoin will be able to carry out this transaction.
Method 3: Third-Party
This method includes leaving the Kucoin platform. You enter the amount of the fiat currency you want to use, including the fiat currency you want to use and the payment method. Then you choose the cryptocurrency you want to buy on the right, and below that, choose the payment channel, such as Simplex, BTCDirect, or Banxa. All three of these channels are third parties, and you agree to leave the Kucoin platform by continuing. Third parties may charge their fees for their services as well. This option does not allow selling like Fast Buy.
In the end, Kucoin is still a great option for people who want to trade cryptocurrencies or are getting into it, as Kucoin offers Fiat currency to Cryptocurrency exchange services as low to no fees, all while providing security.