Avoid trading crypto in real person. You can see this now on Binance. - page 2.

Abu-Naim

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Quote from: Marvelman on November 15, 2023, 04:44:31 PM

There are risks, no doubt. But steering clear of it completely seems kinda extreme. There's ways to play it safer if you wanna meet up for a trade.

For starters, pick spots with a buncha people around. Public places with tons of foot traffic keeps things less shady and bringing a buddy or two makes sense too. More eyes watching out is smart. Schedule meets during the day when you can see better. When it's light out, public areas tend to be chillier. Oh, and let someone know the plan - where you're heading and when you think youll be back. Just a basic precaution.

So yeah, with some smart moves, in-person crypto trading doesn't have to be so risky. You can take steps to avoid problems going down.

All these cautions just because I want to trade cryptocurrency with a vendor through exchange? This is too much mate and it is not safe at all, in d=fact it will cost some money if you really want to see person in a public place, and your privacy is not there anymore. The best thing is to keep doing the normal p2p trading in the exchange and maintain your privacy with your fellow trader. Or if possible avoid KYC exchanges and trade in none KYC exchanges.

Coyster

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Quote from: sokani on November 15, 2023, 03:57:04 PM

Bro, the security measures are quite good but don't forget that there are many ways to kill a bird. You can take all these precaution, meet at a place, and successfully exchange your funds. And these robbers will trail you home to know your address, and then pay you a visit another day at your home to drain your wallets.

Remember that you can be robbed anywhere too, you can withdraw cash from an ATM machine and immediately get robbed or followed back to your home, you can step right out of a bank and robbers would be waiting to follow you home, there are a million and one ways you can get robbed. There are quite a lot of Bitcoiners who have had face to face trades without encountering any problem, so let us not make it sound like a trap when one opts to do face to face trades.

That being said, you must be careful and do your own due diligence. Do not trade a large sum in Bitcoin when doing in person trades and do not use addresses that hodl a large balance, trade in a public place, come with a friend, hang around with your friend in a different location before heading home, and the chances of anything going wrong will be slim to none.

Amphenomenon

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This was not a bad idea but the way things turned out shows that nothing can be 100% save, online if you are not cautious your privacy will be compromised and same in physically.
Even if you choose an open view environment for the physical meeting nothing is stopping these criminals from stalking you home and then your life will be more at risk than the online because if you are really cautious of your privacy online and except these exchanges sell or lost your data your identity won't be at risk and the only thing there would be a tendency for you to lost is your money but physical meeting is not just or money but your life, the life of others around you and other important properties.
In as much as I'm paranoid of online p2p, I don't want to try the physical meeting

icalical

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This is actually the first time I heard that people are meeting in real life to trade crypto. That's really bad decision, I don't know how they own crypto but they choose to trade by meeting in real life. They could use P2P trading platform, they could use DEX, it's even worse than Centralized Exchange, they expose their identity and meeting stranger.

I know people are buying many things meeting in real life, but with crypto you get many options to trade without the needs to exposing your-self, why take the risk?

Dimitri94

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Quote from: PytagoraZ on November 15, 2023, 11:47:41 AM

Crime always occurs because there is a money motive in it. I think if I had to sell bitcoins to someone offline then I would sell small amounts of bitcoins, because it is too dangerous. For large amounts, maybe online trading is better, and if we use a trusted exchange it is also safe

If there is money there is a possibility of being attacked by terrorists. Be it Bitcoin or fiat money, this can be the case. However, terrorists are more attracted to crypto users because of the potential for large sums of money. There is no alternative to raising awareness personally to avoid any such untoward incident. Offline Bitcoin transactions is completely risky. Maybe this is a trap through which a Bitcoin seller can be a victim by those terrorists. Online platforms must be used for Bitcoin transactions and it is completely safe and secure. It is safe to use Binance's P2P service to avoid such problems.

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Quote from: SamReomo on November 15, 2023, 08:29:16 PM

I highly agree with OP and I also believe that one should avoid in person trading at any cost. Although, Binance as added it as a way to trade with people who belong to same location where you live but such approach if very risky especially for those area where crime rate is high.

Trading "In Person" is one of many trading types on P2P trading platforms. It is risky, first for your privacy, anonymity; second for your safety. You can fall in a bad trade "in person" with a bad trade partner. The trade can be set up to rob your coins or worse you will be kidnapped, killed, whatever by criminals.

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I think it's way better to go with the traditional p2p route where someone can send money to someone else via a bank account or digital bank payments as that one is quite good as compare to in person trading. There should be a caution that "In person trading is a risky thing and one should avoid it at any cost."

If things include trade can be done online, through Internet, through middle man and Escrow, let's do it.

It is safer to have Escrow for a trade and if you don't have to meet in person to complete the trade, it's good for both safety (life), privacy and anonymity. Those P2P trading platforms are built to provide safe trading for people.

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P2p trading on Binance is safe for most people who live in areas where crime rate is low, and even in countries where crime rate is higher people can still do online p2p trading without much worries. However, cash trading is quite risky and can be very harmful for the ones who blindly go with that route of trading.

I am not sure about it. They require KYC like many exchanges but does KYC reduce criminal activities on those platforms?

The answer is it fails to do it to protect their customers.

Why KYC is extremely dangerous -- and useless?

SamReomo

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I highly agree with OP and I also believe that one should avoid in person trading at any cost. Although, Binance as added it as a way to trade with people who belong to same location where you live but such approach if very risky especially for those area where crime rate is high.

I think it's way better to go with the traditional p2p route where someone can send money to someone else via a bank account or digital bank payments as that one is quite good as compare to in person trading. There should be a caution that "In person trading is a risky thing and one should avoid it at any cost."

P2p trading on Binance is safe for most people who live in areas where crime rate is low, and even in countries where crime rate is higher people can still do online p2p trading without much worries. However, cash trading is quite risky and can be very harmful for the ones who blindly go with that route of trading.

Myleschetty

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

This has just began on Binance and this is what will be happening on other exchanges.

We can see recently how robbers attacked bitcoin and other crypto users and this is becoming common. These are two recent ones:

Swedish Bitcoiners targeted by armed criminals
Binance Client Executives Kidnapped, Forced to Empty Crypto Wallet

You can now trade bitcoin and other crypto with other local traders on Binance and you will meet at a particular place that both of you talked about.

This is just not different from KYC if you trade with bad person. Avoid such physical trading.

If exclude the KYC aspects, this form of trading (physical crypto trading) is used by only naive crypto investors who don't think very well about their physical danger if look into the danger that's associated with it and it's totally different from what crypto presented.

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

This has just began on Binance and this is what will be happening on other exchanges.

We can see recently how robbers attacked bitcoin and other crypto users and this is becoming common. These are two recent ones:

Swedish Bitcoiners targeted by armed criminals
Binance Client Executives Kidnapped, Forced to Empty Crypto Wallet

You can now trade bitcoin and other crypto with other local traders on Binance and you will meet at a particular place that both of you talked about.

This is just not different from KYC if you trade with bad person. Avoid such physical trading.

The problem here is not that you should avoid trading crypto in real person but rather trade crypto in real in a place where you won't be dragged away against your will. Don't use your real name and don't give anyone info about yourself. Hire security if you have to.

AND

Do not flaunt your wealth. I cannot express how dumb a person would have to be to tell strangers about their millions of dollars worth of crypto. If someone threatens your life, then obviously chances are that you will give them your keys. So why give anyone the chance to know if you're worth stealing from?

I really don't get some people.

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

This has just began on Binance and this is what will be happening on other exchanges.

We can see recently how robbers attacked bitcoin and other crypto users and this is becoming common. These are two recent ones:

Swedish Bitcoiners targeted by armed criminals
Binance Client Executives Kidnapped, Forced to Empty Crypto Wallet

You can now trade bitcoin and other crypto with other local traders on Binance and you will meet at a particular place that both of you talked about.

This is just not different from KYC if you trade with bad person. Avoid such physical trading.

Meeting them in a place or at your home is not a great idea at all, I heard news before where they get into his house and take all his crypto, since you have no choice, my suggestion is to use the features of the exchange to sell your crypto since dealing with them in person can go wrong, don't think about the small fee's that will be charge, instead think of the convenience and safety of your money and family in the first place, since during this days some people will do anything for money , even taking lives for it.

hatshepsut93

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

This is just not different from KYC if you trade with bad person. Avoid such physical trading.

This is actually the opposite of KYC because it's p2p trading and you can easily remain anonymous. It's quite a different risk even though it looks similar, because with KYC your information is at risk, and the information may later lead to attacks, but with physical meeting you are immediately at risk.

Dr.Bitcoin_Strange

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Yea, personally, for me, I don't even like the idea of doing cryptocurrency-related deals with strangers in that manner, unless for someone that I have known so well, or better yet, I can carry on the trade without meeting with the person face-to-face. This is to protect my identity from the person I am trading with, because if I reveal my face, it's just the same thing as the KYC that everyone is trying to avoid on CEX. This issue of those binace clients who got kidnapped might not have resulted from a physical P2P transaction, but because of someone who actually knows him very well and knows how much he is worth to afford, because the money they collected from that guy is too much, he probably would just have told them he had only some small amount, but instead they made him lose that huge amount because they actually know he has up to that amount.

BitDane

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

This has just began on Binance and this is what will be happening on other exchanges.

We can see recently how robbers attacked bitcoin and other crypto users and this is becoming common. These are two recent ones:

Swedish Bitcoiners targeted by armed criminals
Binance Client Executives Kidnapped, Forced to Empty Crypto Wallet

You can now trade bitcoin and other crypto with other local traders on Binance and you will meet at a particular place that both of you talked about.

This is just not different from KYC if you trade with bad person. Avoid such physical trading.

Face to face trading is really risky no matter what kind of currency or trade we are dealing. There are bad people who exploit this kind of system and do harm to the people who wanted to trade their items or currency face to face.

This is not only limited to Bitcoin but also to those other transaction that involves a huge sum of money. there are even news of people missing after they meet up with the buyer of their cars or other expensive stuff.

I always believe that it is safer if we can avoid meeting up with the other party and just use reputable escrow or third party mediator for the transaction. What is anonymity if our personal security is at risk. We should always prioritize our own safety than anything else.

Quote from: Hyphen(-) on November 15, 2023, 04:00:52 PM

I think these are signs for us to keep avoiding centralizing exchanges because of trust issues. It cannot be possible for me to have money and still have no rest of mind because of where I saved or kept my money. I will be using exchanges for just buying crypto and selling them to fiat, but keeping my bitcoin will always be done in my Electrum wallet.

Same here, I would rather choose the P2P method of Binance than meeting up with stranger to make a P2P transaction. But of course, our cryptocurrency that we intend to hold should not be stashed on exchanges, because they are not made for stashing our coins. Besides it is always better to have our cryptocurrency stashed to an address that we have full control.

Hypnosis00

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I usually use P2P trading in Binance and I have never encountered being asked for KYC and Maybe this is possible because I'd look into those buyers that have a high positive response from their previous performance and offer a fair price.

But talking about physical trade, for me, It was not a safe choice for anyone knowing that there were a lot of people who were too hungry for money, we're putting ourselves at risk as well. The best option is to use the platform for at least there is accountability for it once the transaction fails.

Marvelman

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There are risks, no doubt. But steering clear of it completely seems kinda extreme. There's ways to play it safer if you wanna meet up for a trade.

For starters, pick spots with a buncha people around. Public places with tons of foot traffic keeps things less shady and bringing a buddy or two makes sense too. More eyes watching out is smart. Schedule meets during the day when you can see better. When it's light out, public areas tend to be chillier. Oh, and let someone know the plan - where you're heading and when you think youll be back. Just a basic precaution.

So yeah, with some smart moves, in-person crypto trading doesn't have to be so risky. You can take steps to avoid problems going down.

Obari

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I’ve seen several options of people wanting to trade cryptocurrencies in person especially on exchange and I wonder what really their striking force is because I’ve always thought about the possibilities of the authorities acting like a trader and seeking a physical transaction with a purpose of tracking down a person and this has been one of my wield thoughts. I’ve also written on how a woman was assaulted because she operated a physical exchange and I don’t think I would want to get involved with running a physical exchange.

Stalker22

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I do not see anything wrong with trading crypto in person. I get why people worry about getting robbed or something, but you can get robbed pretty much anywhere if someone really wants to and just because someone had one bad experience meeting up to trade bitcoin does not automatically make it super dangerous and risky every time. Its kinda like driving cars - yeah, wrecks happen sometimes, but we dont all stop driving. We try to make it safer with seatbelts or airbags or whatever and teach people good habits on the road. I would say it is the same with trading crypto in person. It is not about avoiding it completely, but being smart, taking precautions, and making sure were doing it responsibly. There is always gonna be some risk but if you go in with your eyes open and dont do anything dumb, face-to-face can still be a solid way to trade.

Hyphen(-)

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Quote from: _act_ on November 15, 2023, 11:41:58 AM

You can now trade bitcoin and other crypto with other local traders on Binance, and you will meet at a particular place that both of you talked about.

This is just not different from KYC if you trade with a bad person. Avoid such physical trading.

This is not a good idea at all; this one is the worst one, and someone can easily be attacked. This can also lead to kidnapping, similar to the two cases you listed above; for me to go for this option, I would rather accept KYC and trade directly from the exchange because this one will never lead to a good result because we don't know each other, and no one is providing external security.

I think these are signs for us to keep avoiding centralizing exchanges because of trust issues. It cannot be possible for me to have money and still have no rest of mind because of where I saved or kept my money. I will be using exchanges for just buying crypto and selling them to fiat, but keeping my bitcoin will always be done in my Electrum wallet.

sokani

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Quote from: Coyster on November 15, 2023, 02:01:04 PM

There is nothing wrong with trading crypto face to face, i hear that people say you can be robbed, but you can be robbed anywhere, at anytime, you can be robbed just right after coming out of your home, or when you are leaving the gym, hell, you can even be robbed right inside your own home.

I would not tell people to avoid face to face trades, what i'd tell them is to follow certain precautions: do not meet random people on social media and meet up with them for a face to face trade, you will definitely be robbed. Use a decentralized exchange like Bisq to set up face to face trades, (the funds would be locked in the 2 of 2 multisignature address before you meet your trading peer) and then you should meet in a public/busy place, you can also go along with a friend and don't give away anything personal to your trading partner.

Bro, the security measures are quite good but don't forget that there are many ways to kill a bird. You can take all these precaution, meet at a place, and successfully exchange your funds. And these robbers will trail you home to know your address, and then pay you a visit another day at your home to drain your wallets.

F2F trade is a hell no and I don't welcome it because of the risk involved. Carrying out transactions via F2F trade is like giving up my privacy, my pictures could be taken criminals and I could be trailed and robbed.

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Quote from: _act_ on November 15, 2023, 01:34:13 PM

Quote from: Nwada001 on November 15, 2023, 01:26:51 PM

I have not seen this option yet in my local P2P option, and even if it's available, I will not use it. I'm not a strong supporter of F2F trade.

It is now real on Binance. This is it:

It is the forth one which cash trade crypto in person via cash is.

It is very bad that exchanges will make this happen. There should not be anything like this. I am also advising people not to use it if they want a private and protected life for themselves.

I have noticed Binance p2p traders are not very concerned about their privacy, some traders add their phone numbers in their p2p “terms of trade” or request the other party to share their phone number before initiating trade, they claim this is to enable a faster transaction.

I don’t blame centralized exchanges for having this option, afterall it’s only one option out of many. But it does seem strange for Binance to have such an option because it means Binance will not be acting as an escrow in the transaction. Anyone who chooses to take this route does so at his own risk. I don’t see the advantage of having a f2f transaction especially if it is a large amount. No legitimate person would risk carrying that huge amount of cash around.

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