Are these P2P crypto platforms SCAM? - page 4.

Potato Chips

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I would always recommend making the most out of your identity verification if you're willing to go through it!

Hence I'd advise skipping paxful or similar exchanges

First, their limits are too low for people who don't want to do address verification. Keep in mind that in most custodial exchanges, an ID + selfie alone unlocks far more limits.

Source: https://support.paxful.com/support/solutions/articles/150000104290-limits-and-verification

Second, a lot of full fledged custodial exchanges offers the same kind of hybrid "p2p" along with many more products such as spot, derivatives, etc. which who knows could come in handy for you in the future.

To sum it up, there are better choices for you so why not take a jump lol.

icalical

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

On those lists, I have only used Paxful for several times, my experience is actually mixed, it is not always smooth, I encounter several problems where my BTC is not deposited into my wallet instantly but at the end of the day their customer support could solve my problem, but their respond is not always quick, so if you are in hurry I wouldn't recommended it. I usually use Binance P2P but since the money laundering issue, I tend to avoid doing any business with Binance, but in my experience using Binance P2P, most of the time it goes seamless, and when I got some trouble their support is usually quick in solving my problem.

buwaytress

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Quote from: Darker45 on January 24, 2024, 09:14:01 PM

However, I also won't call them a legitimate P2P platform. They're like hybrids. They can't be categorized with genuinely legitimate P2P platforms such as Bisq, Hodlhodl, AgoraDesk, and others.

I agree, but not in the way worded. They're all legitimate P2P platforms in that they allow you to trade with other users. I used Localbitcoins for a long time, it KYC'd near the end, and died, but it was a very good entry into P2P.

Bisq and Hodlhodl are great, but beginners probably find it too daunting at first. If it's KYC, you might find anyway that some traders require some form of KYC from you if you don't yet have a reputation. Remitano for Southeast Asia's also a good place (KYC exists but you don't have to do it for P2P) to get good contacts.

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Quote from: FinneysTrueVision on January 24, 2024, 11:45:15 PM

The platform itself won't scam you but when you are doing p2p trades there is some risk that that you might get scammed if you are receiving a payment which can be charged back. If you don't use escrow you can be scammed also. This happened to me once when I was using a new p2p exchange where I wasn't familiar how it worked and mistakenly sent a payment before the other user's funds were in escrow. I got scammed but it wasn't a major loss. You should start out with smaller trades when you are just beginning.

And it's your fault when you don't clearly understand the regulations and how P2P trade works on that exchange. I am a regular P2P user on centralized exchanges and to date, I have never encountered any inconvenience or dispute let alone a scam. Furthermore, the exchange itself is an intermediary and they can guarantee your safety if you comply with their regulations. In case you are scammed and cannot complain, it is clearly your fault.

P2P on centralized exchanges is not exactly pure P2P because of third party intervention, but it is safe and risk-free as you said .

Hypnosis00

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- Bybit is just familiar to me but never had the guts to this platform because I was already satisfied with Binance's P2P feature.

After experiencing scam transactions before, I was now been careful in dealing with P2P transactions and it was preferred to use known or reputable platforms than those sites mentioned by OP.

I couldn't say they are scams but much better to play safe especially if we are already satisfied with the platform we use. It was not the fee or KYC but the trust and safety assurance that we have.

Ayebabara

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I have seen those ones you listed in different social media ads. Though I have not used them to do any exchange but I also seen some of my friends using some those apps in their mobile phones. So I don't think they are for scam.

Natsuu

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Quote from: Darker45 on January 24, 2024, 09:14:01 PM

Surely, you can't just label them outright as scam. Except perhaps for Phemex, all those centralized exchanges mentioned I have already encountered a number of times. And while I'm not a user of all of them, more or less they have already established a known and reliable brand. So while you may encounter an accusation or two against them, they probably can't be categorized as scam alongside the likes of YoBit and other notorious brands.

However, I also won't call them a legitimate P2P platform. They're like hybrids. They can't be categorized with genuinely legitimate P2P platforms such as Bisq, Hodlhodl, AgoraDesk, and others.

Those exchanges are kind of in the middle not fully P2P like Bisq but not entirely centralized either. We have to keep an eye on user feedback to see which one suits your style best.

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

Maybe these sound familiar to you but this is my first month into this game and I want to pick the right ones.

Thanks

I have not used Paxful once but from people who have used it, there has not been any compaints of scams. I think one time they had an internal issue where the one of the co-founder Artur Schaback was fired. I think the issue was resolved but I never used the platform.

I downloaded the Bybit app with the intention of using for trading. I used it once and stopped becasue I feel that I could still Binance for the same purpose. I guess it was peer pressure that forced me to make that decision becasue they carried out a massive marketing campaign in my country. I can say that they are legit.

I am surprised I didn't see KuCoin and Binance there. When you are starting out go with the most popular exchange that has the top score and according to coingecko, the 3 largest cryptocurrency exchanges are Binance, Bybit, and Coinbase Exchange.

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

Maybe these sound familiar to you but this is my first month into this game and I want to pick the right ones.

Thanks

I've used bitget and bybit when I'm doing my P2P transactions, and so far I didn't encounter any inconvenience in doing transactions there, but for a certain reason, I relocated to using a platform that has multiple functions, such as Binance, where I can do P2P and many more, and made use of their features. And because they are flexible, I can do more than just P2P, and they are also known, so it is advised to use the platform with popularity and reputation.

Although we here have experience on the said platforms, it doesn't mean that you are safe from malicious intentions, so you better do your best to make a safe and secure transaction and also avoid human errors. I'm not sure about the other mentioned platforms; it will be great if you do research on each of them, but if you truly trust the forum's members, then you could rely on the opinions of the members here.

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Quote from: kentrolla on January 25, 2024, 01:54:38 AM

Bybit, OKX and bitget are centralized exchanges wherein you can trade and do P2P transactions as well but KYC has to be verified which takes out your anonymity and

Paxful also has mandatory KYC apart from the three you mentioned. There are only a few centralized exchanges left that still allow trading without KYC.

Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

I am not sure about Phemex since I have heard this name for the first time. P2P scams are not due to exchanges but happen if you trade with a relatively new merchant listed on these platforms. If you are doing a P2P trade on any centralized exchange ensure that you do with a merchant who has a reputation and has made a significant amount of trade.

hugeblack

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Since you mentioned Paxful OKX, which has P2P options but requires KYC, why not use Binance P2P? I think you will find a large database there. If Binance is banned in your country, OKX is good, and stay away from Phemex and Bitget, as the degree of trust in them is lower than OKX.
If you do not want to complete the identity verification procedures, there are Agoradesk, Hodl, Hodl, and Bisq.

Remember that these platforms provide a safe way to make P2P deals, but you are still making deals with an unreliable third party. Look for an account with a high positive rating, read the terms carefully and ONLY release escrow after you are sure that your money has arrived.

jrrsparkles

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful

Paxful is a legitimate KYCed P2P platform, you can only trade if you complete KYC verification just like any other centralized exchange but here you can find offers from multiple people and choose who is giving the best deals.

I don't want to comment on others because I don't have experience using them.

The important thing, Paxful is filled with scammers which is different from the platform is scam or not, so you need to be very careful with choosing your trading partner in P2P. My suggestion is just to pick the traders with the highest feedback and liquidity and choose offers than is realistic and never pick any offer than gives 20 or 30% above the market rate, these are funds coming from hacked bank accounts.

KhanJohnson

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Have used Paxful in the past but my information is relatively old now. Still it was a fair experience.

gunhell16

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

Maybe these sound familiar to you but this is my first month into this game and I want to pick the right ones.

Thanks

Bybit, Okx, and Bitget are fine for me according to my experience, and I don't see anything bad about them, to be honest. And I haven't heard of any scam issues; why are there?

It's just that the other ones you mentioned I haven't tried to use yet. But I often use Bybit because their service makes me feel faster when it comes to p2p transactions, whether it's deposits or withdrawals that you do as traders in the crypto space.

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

Maybe these sound familiar to you but this is my first month into this game and I want to pick the right ones.

Thanks

I have used Paxful before, I left the exchange when it started to make KYC mandatory. The exchange is not a scam. Also that others like OKX and Bybit have made KYC mandatory now also.

I am still using Bybit and OKX, they are both good exchanges. But I do not like the OXK mobile app, it is always slow if you want to select another coin or token from trading page, but it is good on desktop. Although the mobile app is not that bad.

Bybit is good, but I noticed too much trading fee deduction at times on the exchange which I may be wrong or right about. It is good for using altcoins to trade futures, unlike using only stablecoins as it is on most exchanges, you can also use stablecoins to trade futures on Bybit. Stablecoins available are USDT and USDC for future trading.

I have not used Bitget and Phemex before but they are said to be legit exchanges. You can make more research about them to know if they are shady or not.

bluebit25

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I have also used all of the above platforms but not all of them are used with P2P, the problem is that you will need KYC to fully implement the features you want and if you don't like that then switch to some services that people have shared before.

Anyway, these are most of the CEXs that are quite famous and have a stable number of users, so using them is a bit safe but will not completely guarantee you. In the crypto environment, it is better to be flexible and also to be equipped with more knowledge and skills to handle those things, and if you are newbie then I think you should start coming to the Beginners & Help to find the basics first.

kentrolla

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Bybit, OKX and bitget are centralized exchanges wherein you can trade and do P2P transactions as well but KYC has to be verified which takes out your anonymity and I would say you can trust exchanges but not the P2P traders there. We all know Binance is one of the most trust CEX but my friend's bank account got freezed because of doing P2P trading wherein the seller was involved in illegal activities and he had sent funds from a different account from which was not verified as a result he has to run around relevant authorities to get it activated again. P2P is a shady platform we need to be too cautious.

Outhue

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I will never say anything good about PaxFul because I was a victim to their scam years ago and it's something that always come back into my mind whenever I see the name PaxFul online, if you know what's best for you do not use this platform, they have the most terrible ways of handling trades, they give power back to the scammers and release your fund or gift card to them, this was what happened to me.

ByBit and OkX are both centralized exchanges, them offering peer to peer trade is like how Binance exchange is doing it's thing, but customers are asked to pass KYC, I believe the best P2P platforms don't need to ask for KYC or keep any form of data from their users.

They are not as good as AlgoraDesk, HodlHodl and others, they don't ask for any sensitive data, just you and the person you want to buy from or sell to, their job is making sure the trade is a success.

sunsilk

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I'd avoid paxful because they have been closed before but then they have returned with a new management IIRC. And having that kind of attitude towards the business and that is why I wont be using them.

I have used Binance and I have good experience there but I was forced to comply with the KYC when they have changed their policy.

Right now, if you like to use decentralized p2p platforms. There is the bisq that's very known here.

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Quote from: kennyliang23 on January 24, 2024, 08:27:27 PM

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget

Maybe these sound familiar to you but this is my first month into this game and I want to pick the right ones.

Thanks

You've asked your question in the right forum, just read the replies of people carefully and the one with the most similar response should be your final choice.

Those services above offer P2P, but their strengths and operations vary. Like Paxful, you would be charged more, so I prefer you to go for direct exchanges like Bybit or OKX. But, I prefer Binance for you if you must be informed, more than all those exchanges you listed above. You didn't add it despite being the largest crypto exchange in the world. I've used it for many years without any issue even as I'd used others with a slight issue, so I can't be selfish to recommend it.

Only note that all these services are centralised (CEX), you might also want to also learn about decentralised exchange (DEX) if that's okay by you.

Topic: Are these P2P crypto platforms SCAM? - page 4. (Read 823 times)