Topic: Be cautious of your P2P trading in Bybit (Read 336 times)

Even before Kucoin disabled NGN in their p2p, series of cases like this were flooding my twitter timeline on a daily basis and I was so skeptical moving to bybit hearing things like this about them. Honestly, it’s getting scary day by day as government and her agent continue to fight against people’s legitimate ways of earning a living.

The alarm has been raised severally but people keep falling victim, why? Simply because there is no way to detect legit vendors and the ones in disguise. To make it more complicated, I ever heard that trading volumes can be manipulated just the same way some of them use to manipulate the price. I don’t know how authentic this information is but I don’t find it hard to believe since manipulating price is possible.

I think exchanges need to come to our aid by improving their platforms without giving rooms to any forms of manipulation including fake reviews. If these things are not checked, looking for a vendor with higher trade volume is never a guarantee that one is completely safe from this agents portraying themselves as vendors.

Finally, our banks should not be naive to freeze someone’s account by just a mere reference on the transaction. Some banks make it optional but Kuda makes it compulsory and I do write whatever that my hand press on the keyboard. It shouldn’t be used as a basis of judgement without physical report by the accuser in the bank. Why will someone send money and input scam or fraud in the transaction reference and you’re taking such person serious? That’s very illogical.

Making your safety a priority should be supreme to you first before any other consideration. It's me saying don't in the verge of trying to be nice to give a chance to upcoming new vendors and open yourself vulnerable to scam. If a trader's p2p percentage isn't from 95% upwards I just don't trade with that trader. It's a rule just to making sure I don't risk my coins or having to go through the huddles and processes of writing appeal to the exchange.

At times the kind story wey peso go d hear about P2P trade, go fit make peso fear to trade for any crypto exchange. However, the P2P trade don d so, and that's the way wey peso go fit trade their coin for exchange so. that calls for each of us to be extreme carefulness so when dealing with any P2P merchant. Em no go be a good thing if any of us become victim of P2P dealing that goes wrong. That one no just make sense. If na to have a particular p2p merchant wey get many trades fine and good, that's better sef

While this is the kind of guide that I was given by my friend who introduced me to p2p transactions, I never thought the system will be infiltrated by security agencies even though they are likely to do that in a country like Nigeria. The information that was given to me when coming into the p2p transactions environment was that you're likely to face scammers and those without integrity when you patronize vendors without the verification tick, over 2k transaction history as well as ninety-something rating. But thank OP for dropping this information as it will assist me to be more cautious with engaging in transactions with such low-rated new accounts in the platform, not on BYBIT alone, but other online exchange platforms as well.

That's the first thing to do and not only in bybit exchange as it's the proper and normal thing to do because not every exchange is legit as some of them are even fraudster trying to do defraud people. One of the things that I don't really understand even in this country is how the government seems so keen on actually banning and fighting Bitcoin and yet a new update has been shown that kucoin will now be charging for their transactions, I mean if the government has this kind of sense and wisdom to actually task crypto transaction on exchanges then why still fight Bitcoin and these exchanges, they should just make it general and allow the free usage of Bitcoin in the country because to a certain level it's even an economic booster to them and they fail to understand this, I they just learn from El Salvador who as a country has even made Bitcoin it's legal tender.

One just need to be careful this days while using p2p exchange , I heard their security agent trying to get people.  For me I think it will be nice when making trade with anybody in bybit review should be done to know the number of trade that the trader have carried out , then if it is convincing one can decide to continue with the trade. Apart from this security agent monitoring bybit one needs to be very careful with the exchange because their some people there and their presence is not because of to trade.

Thank you for sharing this update. This will really help the newbies that are not conversant with transactions like this and can easily fall victims of such actions. I don’t know why the government is trying every means to make the use of cryptocurrencies very hard for the common Nigerians that have found a means of survival through this means. I don’t wish they get lucky with more people, they’re just making things hard for the youths when the country is already in hardship and hard economy times.


You have to take it serious still and not mind what it will cause to new vendors. Trying to feel pitiful to also help new vendors to get some number of trades can implicate you, so it is better to desist from it. If new vendors on Bybit wants to get more rating and more number of trades, they can contact their normal customers to trade with them on Bybit for many number of times in order to also stand the chance to get new customers on Bybit. Nothing can be traded for your privacy.

Wow.. thank you for the update Boss, because I never would have thought of this if you haven't brought it up in the middle of this discussion, and as such I think that should be the criteria we all should be looking out for before executing trade on any of these crypto exchanges due to the recent developments. But however, it's going to 3 years now ever since I started using Remitano for converting my Bitcoin to fiat, and it has always been smooth and fast with no issues, via using the Naira withdrawal option on the exchange. And it is indeed a better alternatives for those who will be scared of falling victim to this EFCC vendors.


I'm happy to hear this, as it is indeed a welcome development that these exchanges will be allowed to re-enlist our NGN p2p trading pair once again with a Value Added Tax charge of 7.5% of the transaction fees, which is a reasonable amount.

We just got to agree that regulation of cryptocurrency in Nigeria is already taking shape slowly and just like I got a notification from Kucoin in the regard of accepting VAT for any cryptocurrency transactions on the exchange besides the normal fees, I think Bybit and even Binance, along with other exchanges that serve the Nigerian people will come to that conclusion soonest.



I always try to check the merchant profile or review of previous transactions, before completing a P2p transaction with the merchant am paired with, and once I notice any suspicious motives or profile, I cancel.

This thing come shock me sef. Why Nigerian government dey go this kind extent just to implicate him own people and exercise their censorship? Them suppose attack CEXs if e really dey their mind. Abi them dey find illegal money to seize still claim right ontop.
If e dey possible, CEXs for dey create stricter measures to dey commot those kind account wey get affiliation with them enforcement. Or better still, put proper scrutiny for the registration process so them no fit pass through.if our government really wan take up proper step to end crypto transactions and place proper censorship, them for no even dey disguise themselves like every other account. Those people are thieves!

omo this country tire me oh, create work foe the youths they no go gree create, make the country safe for investors dey no go do, there work na to dey bring policies wey dey worry investors and the people. Now na bybit be there problem,  they Don worry binance, Efcc na nonsense them sabi, make them go after politicians wey dey thief our money Daily and leave legit retarder alone. As you talk say make we dey observe the trader ,trading percentage and the amount of trade wey him Don make before making payment na the koko be that. If you no get like 3k trading I no go trade with you. Some times na greed they mke person fall foe Efcc, u go see new trader without verification and low trading raking, but bcos say him value they higher, you go trade with am. No let greed spoil things for you,  even if the value for low for verified trader sell to him to protect your account.
 

Na wa oo, so this people no wan let us dey in peace. Just imagine the length wey dem go to make sure say dem restrict your account. I no know why people just wicked for this life. I dey hear of EFCC agent for exchanges now but I never really get any clear story about dem except this your thread so, and the funniest part Na be say person no go fit know who e dey deal with but the advice I fit give concerning knowing who to trade with Na besay. Before you trade with anybody, first check the person trade percentage  make sure e dey above 95% then also check the person amount of completed trades, because those agents are likely to have good trade percentage, but them no go fit get completed post reach 1k plus

Can we see the screenshot of this transaction that shows scam and fraud on description and how sure are you the payment is coming from EFCC directly.

Why don't you use the same Bybit account that received the money to report the account, and use other account, I don't think Bybit will listen to a filed report from a non affected account, is it that possible and how if I may ask.

Thank you for this update.

I don see plenty places where people talk say EFFC guys dey on this crypto exchanges but me no believe am. My reason be say, anybody wey try to implicate you don already implicate himself.  That one be say, if the bank restrict your account, dem go also restrict their own account na two way thing be that.

I for like make you show me screen shot and also drop the name of the trader too incase the trader enter another platform to cause wahala we go don sabi him name.

Lastly, I believe say anybody we don get like 90% pluse score for this p2p nor fit be government agent.

This what I try my possible best to avoid. Whenever I am trading, o fo nit go for the first vendor on the list wether the exchange price high or not I don't bother going there because sometimes it might be a trap and if you are not careful, you would fall into it.

I personally look for trade volume, remarks and verified profile to really know a bit about the vendor before dealing. And after payment received immediately transfer my money out to another safe account different from that account before I release the coin to them because these vendors could be very funny though.

If I wan sell dollar give anybody for p2p, na the things wey you mentioned above na him I Dey first check, if I see say the buyer no really get good reputation or has never completed much trades, I no Dey near am because sometimes some of those people wey don complete just small trades, na scammers dem Dey be, and as you talk, some of them are spy which they just need informations to your account. Actually some new members Dey wey Dey reputable, but the problem wey Dey be say person no go sabi them, and nobody go wan risk money now.

Dis one surprise me ooo because I never see or hear anything like this before, you for tell us the bank which you use run the transaction wey dem block, na d first time wey I Dey hear dis be this, at least everybody wey ready this thread go learn, if we wan trade now make we Dey careful, because nobody go want make dem block him account, because I Dey sure say more people go still Dey wey go Dey run am, as bybit commot one, more will still come.

Thank you I have gotten something from you this shows that the EFCC can get our coin as well as freez and monitor our account and if the account has a larger account balance then it could be assumed that they would lock it off. Whenever we go for account rectification they call on police to arrest such person, therefore dealing with account that has lasted for years and has much trading volume is the sure plug.

Yeah am also very skeptical when it comes to selecting vendors because some of these are crazy. Well I don't really check the age of the account but what I do check is the number of ratings on his advert to know if he is active payment in terms of releasing of coins or sending payment because there are some person that tend to even forget that they are under trade and frustrate you in case you tend to need the Payment for urgent use.

They are getting your coins and freezing your bank account in the process, so they are not actually losing anything in the process; we've had cases like this in the past, so it's not new; this is why most big vendors do not trade with accounts that are less than 60 days old and have yet to complete the necessary verifications; personally, I don't trade with vendors with less than 3k successful trades and a 98% rating.

I really appreciate your effort in bringing this to our local board, it is going to be very useful and helpful especially to majority of us that just are new to the system, your observations is going to increase our sense of security as to this regard even we thou we are all aware of scam and fraudulent activities of this kind, as for most of the vendors price that seems to be better than others they might just be too real to be truth everyone should also take note of that in terms of dollar to fiat amount. Let us learn from what has already happened to others.