What is El Dorado and how it works

El Dorado is a peer to peer (P2P) marketplace for the purchase and sale of stablecoins available for Argentina, Colombia, Panama, Peru and Venezuela.

The platform was created in 2020 by Guillermo Goncalvez and Juan Carlos Andreu in the midst of the hyperinflation that Venezuela was experiencing. Driven by this difficult reality, they saw the need to launch a tool so that people could save and protect their savings in the face of the inflationary crisis.

With it, users now have the possibility to exchange their currencies using the most popular payment methods in the region through the El Dorado App or through its website. Additionally, they offer a free digital wallet that is used to send and receive BTC, USDT, USDC, cEUR, cUSD, and BTC.

El Dorado seeks to facilitate equitable financial access in Latin America, guaranteeing the economic freedom of the inhabitants, who decide by their own means in which currency they are going to deposit their money, based on where they feel most secure and comfortable.

Likewise, the tool is a great advantage to be able to trade freely, since through it it is possible to access markets that are governed by supply and demand while you ensure and protect your income against economic fluctuations.

How to use El Dorado

El Dorado has an application that you can download in the Play Store and the App Store and also has a website (https://eldorado.io) so that users can access the services without any type of geographical restrictions.

In order to use this tool, you need to register by creating your account. You can do this by downloading the app on your mobile or by entering its web portal using the link https://app.eldorado.io/welcome/sign-up.

photo of how to register in el dorado online

You must create your profile by entering the username with which you are going to identify yourself, email and password. Then, you accept the terms and conditions, and you will be able to access their system.

You must verify your identity

Keep in mind that, once you create your profile, it is essential that you complete your KYC in El Dorado App. This is a mandatory identity verification that guarantees security in all the procedures you carry out.

-To do this, go to your profile by clicking on the “Settings” icon or clicking where your username appears. In this way, the system will take you to another window and you will select the one that indicates “Verification (KYC)”.

identity verification photo

-There you provide a valid identification document from your country and a selfie will be required to verify that you are the same person who appears on the document. Once you send it, you wait for the application to validate you successfully.

By being verified on the platform you will have access to the following benefits:

-A crypto wallet: With El Dorado App you will have access to El Dorado Wallet. It is a free digital wallet with which you can send, receive and save stable cryptocurrencies. It is a tool that will help you easily manage your money in a safe and efficient way.

​-A P2P marketplace: You will be able to quickly and safely exchange your cryptocurrencies for your local currency through a peer-to-peer platform. In fact, you will be connected with other users interested in buying or selling crypto assets. This is a function for you to carry out direct transactions, without intermediaries and adjusted to your financial needs.

-Send remittances: Through this tool you can send different cryptocurrencies to your family or friends instantly. You just have to click on the “Send” option so you can pay an El Dorado customer only by entering the username or email with which they registered, using the External Wallet or through the P2P market.

How to top up your account in El Dorado

To recharge the El Dorado wallet you must click on the “Recharge” option located in the main menu. It is available for you to do so from the platform’s P2P market, using 67 local payment methods such as: Venezuelan Bolívares (mobile payment, Banco de Venezuela, Banesco, Mercantil, BBVA Provincial, Banco Plaza, BNC, Bancaribe, Bancamiga and transfers banking); Colombian pesos (Bancolombia, Nequi, Daviplata, Davivienda, BBVA, Falabella, Movii, Banco de Bogotá and bank transfers); Argentine pesos (Mercadopago, Brubank, Lemon Cash, Belo, BBVA, Ualá, Reba, Banco del Sik, Prex and bank transfers); Peruvian soles (Banco de Crédito del Perú, Plin, Yape, Interbank and BBVA) and Brazilian real (PIX).

photo of recharges in el dorado

Likewise, you can use platforms that operate with US dollars such as: Zinli, PayPal, Binance Pay, Wally, Zelle, Wise, Littio, OKX, Banesco Panamá, Airtm, BOFA, Payoneer, Volet, Facebank, Mercantil Panamá, Syklo, Global66, Meru, Bybit, Neteller, Revolut, Skrill, Uphold, Mony, Western Union, Banco General, Banistmo Panamá, Scotiabank, Payyer, Ugly Cash, Ledn Cash and bank transfers.

It is also possible to place balance through any other crypto wallet that is on the Tron Network. In this case, the system provides you with your wallet address and a QR code that will allow you to process the payment in question.

How to change money in El Dorado

To sell your money in El Dorado you only have to follow the following steps:

-Open the application on your mobile or use the web version from your computer.

-Login with your email and password.

-Locate the “Change” option in the menu. There you will observe the P2P market.

-Where it says “I have” you enter the currency you have, for example, USD. In “I want” you select the currency you want to exchange for, for example, USDT.

currency exchange photo

-Enter the payment method, for example, PayPal. The system will show you all the available announcements regarding your change.

-You select the one that best suits you, reviewing the rate and what is the minimum and maximum that you can exchange with that Merchant. If it fits your need, then you press on it to move forward.

-The system will take you to another tab where you will enter the amount you want to pay and the tool will tell you the amount you will receive.

photo of payment method

-You choose the payment method (when it is the first time, you must add the payment method, and this will be saved for future changes). Read the advertiser’s conditions carefully and, if you agree, press “Change”.

-Both the advertiser and you have 30 minutes each to make the corresponding payments and thus validate that they have fallen correctly into the destination accounts.

-Likewise, they have a built-in chat so they can communicate in real time if there are questions about it.

-Verify that you have correctly received the money from your currency exchange by validating the balance in your account.

-Then you confirm on the platform when you have the funds available. After that, you will be able to rate your experience with the Merchant.

El Dorado Commissions

Below, we show you what the current commissions are handled in El Dorado:

-P2P (only for Merchants): 0.6% of the total amount of the operation.

-Withdrawals Red TRON, Polygon, Bitcoin and Celo: Only the network commission applies.

-Send money to other El Dorado users: Free.

How to make money with El Dorado as a Merchant

There is a way to generate income with El Dorado and it is by becoming a Merchant, who are the users in charge of creating offers to buy and sell cryptocurrencies. Merchants have the possibility of earning a percentage of the price they set in their ads.

To become a Merchant you must meet the following requirements:

-You must have been registered in El Dorado App for more than 7 days.

-You must have completed at least 10 orders as an Explorer. That is, taking offers from other users in the P2P market.

-You need to have at least 250 USD in completed orders to be a Merchant.

-It is essential that you have exchanged money with 5 different Merchants.

To find out if you meet these requirements, you can open the app, locate the “Change” window in the main menu, which is located at the bottom of the tool, and the interface with the P2P market will appear.

photo of El Dorado merchant

At the bottom right a black cross or plus sign with an orange box appears, press there and you can create your offer. If you do not meet the parameters, the system will tell you that “You cannot create ads yet.”

How to contact El Dorado

If you have any questions, complaints, claims or suggestions about the services offered by El Dorado, you can contact us through the following contacts:

Telegram: @eldoradop2p

E-mail: [email protected]

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