🙋Frequently Asked Questions
Here's a list of Frequently Asked Questions you might find interesting. Who knows — maybe your question is already answered here!
General info
What is paydece?
Paydece (stylized as paydece) is a non-custodial, peer-to-peer (P2P) crypto-to-fiat trading decentralized protocol, powered by smart contracts. It allows users to buy and sell cryptocurrencies for fiat directly with each other, using their own self-custodial wallet, in a safe and private way.
What do I need to use paydece?
You just need a self-custodial EVM wallet (such as MetaMask) to connect to our smart contract in the blockchain. Yep, that's it.
What makes paydece stand out from the rest?
It's self-custodial: unlike centralized exchanges or P2P platforms where you don't really "own" the wallet your funds are stored in (i.e. they could freeze your funds on the spot if they see it fit), paydece requires you to bring your own non-custodial crypto wallet, which means you always remain in control over your cryptos. Neither paydece nor anyone through us can touch your funds or sweep them away.
It's powered by smart contracts: paydece uses escrows written in smart contracts (audited by hacken.io) deployed on the blockchain. No need for middlemen to hold on to your funds during the transaction.
It's privacy-oriented: all you need to use paydece is a self-custodial wallet — and you're good to go!
It has communities: exclusive to paydece, communities allow users to come together in trading groups managed by community owners. This adds an additional layer of security to members when trading with each other, and enables owners to monetize on their total transacted volume. If you want to know more about the benefits of being a member of, or owning your own community, click here.
What kind of crypto can I buy or sell on paydece?
Stablecoins
USDT
USDC
BUSD
DAI
NUARS
Cryptocurrencies (coming soon)
Account & wallet
Do I need to verify my account?
paydece is privacy-oriented, so you're not required to provided any personal info in order to use the platform. At much, you may provide a Telegram handler to receive notifications of incoming transactions.
Optionally, you can also provide an email address so you also get notified of this and other relevant information in that way, too.
Bear in mind that some traders and community owners might ask you for additional info in order to trade with you and join their communities, respectively.
What is a self-custodial wallet?
Also known as non-custodial, a self-custodial wallet is a type of crypto wallet in which the private keys — the very element that allows you to spend the funds associated with it — are in the hands of its user instead of a 3rd party (i.e. the wallets of centralized exchanges).
In layman terms, it's like the password to your safe box — so long as you're the only one with the password to it, no one else can open the box and spend the funds in it.
Examples of self-custodial wallets:
MetaMask
Defiant
Trust Wallet
Electrum
Exodus
What kind of wallets are compatible with paydece?
Only EVM (Ethereum Virtual Machine) wallets are compatible. We recommend using MetaMask, but as long as your wallet is EVM-compatible, you should be fine.
I'm using a mobile wallet, but I can't connect to the dApp. What's happening?
If your mobile wallet isn't connecting to our dApp, try the following tips:
Make sure you're using your wallet's in-built browser to connect. Trying to do so from an external browser (such as Chrome) might result in an error.
Clear cache and force close your wallet app, then try again.
If the issue still persist, feel free to contact us.
Do I need a Telegram account to use paydece?
Not anymore — although you can still have one if you want notifications of incoming transactions and to join our official Telegram group.
P2P trading
What does P2P mean?
P2P is an acronym for peer-to-peer. In the context of paydece, it means you are buying and selling cryptos directly with another user, instead of with paydece.
How do I buy or sell on paydece?
It's pretty easy. Just follow our step-by-step on how our P2P crypto to FIAT trading works.
I bought some tokens, but I don't see them in my wallet
When you buy tokens on paydece, they should appear automatically. But if you still don't see them, you may have to add them manually. Follow these steps:
MetaMask:
Option 1 - use the search function
Open your MetaMask wallet
Go to "Tokens", scroll down and click "Import Tokens"
In the search bar, enter the name of the token (i.e. "USDT")
Click Next, then Import.
Option 2 - using Coingecko or CoinMarketCap
Go to coingecko or coinmarketcap
Search for the token you want to add
Locate the network you want to add your token to on your MetaMask wallet:
Click on the MetaMask icon to add it.
Another way is to locate the option to add custom tokens in your wallet, copy the address of the token you want to add and paste it in there. The steps may vary from wallet to wallet, but the main process is usually the same.
How can I cancel a trade?
That depends on the stage of your on-going transaction. Due to the nature of our escrow, you can only cancel a trade on certain states of it:
As a buyer:
At any moment before you mark as paid. After that, you would need to start a claim and then you would be able to cancel the trade.
As a seller:
Before you deposit the cryptos in escrow
After the buyer's payment window timer has expired and they haven't marked it as paid.
Note: In order to avoid malicious practices, you can only cancel up to 3 trades per day. After that, you won't be able to trade for the next 24 hours.
I released the escrow by accident. Can you revert it?
Unfortunately, there is no way to revert a released escrow. This is because all transactions on the blockchain are irreversible, so make sure you don't release it unintendedly.
Security
A trader is pressing me to send the fiat money before cryptos are in escrow
Never send the money before you can see that the cryptos are indeed deposited in escrow. Your escrow status screen will update to reflect this change.
Keep in mind that if the network is congested, it might take a little longer to confirm the deposit, so please be patient and don't give in to any pressures.
A trader is insisting I release escrow, even though I haven't received the payment
You should never release escrow before confirming you have received the payment. If a user is trying to press you into releasing escrow before that, start a claim.
I started a claim. What happens next?
A member of our staff will step in and help you and the other user reach a solution. Depending on the case, our staff may ask you for additional documentation and other pieces of evidence to help them make the correct decision.
IMPORTANT: our staff will NEVER ask you for your password, private keys, seed phrases, nor sending any crypto to any address. Also, we won't insist you release the cryptos during a dispute process — the staff will have the ability to redirect the cryptos to one party or the other when the dispute is initiated.
What else can I do to stay safe around?
If you're a buyer, never send the fiat money before cryptos are in escrow.
If you're a seller, never release the escrow before you confirm having received the payment.
Check for a trader's reputation in the platform.
Especially if you're going to use a high-risk payment method (such as PayPal or Venmo, which are known for their easy-to-pull-out chargeback fraud).
In fact, we advice against using any of these high-risk payment methods. If for any reason you still need to go through with them, please do so only with traders with a solid reputation in the platform that you trust.
Join one of our communities. They provide a safer environment for trading.
Always make sure you're talking to the real deal. Scammers love impersonating people.
Again, our staff will NEVER ask you for your password, private keys, seed phrases, nor sending any crypto to any address. Also, we won't insist you release the cryptos during a dispute process — the staff will have the ability to redirect the cryptos to one party or the other when the dispute is initiated.
Do not share your private keys / seed phrase with anyone. If someone else has them, your funds may be at risk.
Use common sense.
Fees
What fees are involved?
paydece charges a 1% transaction fee to each side of the transaction.
There are some additional blockchain fees not charged by paydece, but by a crypto's respective blockchain (what is usually known as "miner fee" or "confirmation fee"). Although this fee is generally negligible, it is paid in the blockchain's native currency:
In Ethereum, the ether (ETH)
In Binance smart chain, the BNB
In Polygon, the MATIC
With that said, you need to have enough of these cryptos to cover such confirmation fees during a trading, regardless of who you are in the operation (buyer or seller).
Can I not pay the transaction fee?
Of course! All you have to do is subscribe to one of our Premium plans and you will be able to trade at 0% transaction fee!
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