Topic: Be cautious of your P2P trading in Bybit (Read 351 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.

Na Nigerian government be that for you,  always clueless when e reach to solve country matter, come Dee cover am with things wey no go fit solve the matter. Na only where money dey their eyes dey chook as them no want make money reach country men, them dey get joy from the wey people Dey suffer.  E dey simple like A,B,C to prevent currency from depreciating, you go yet produce more, so you go fit export more and import less.

Also you go fit ban or regulate payment for gods in another currency wey no be the country own to the barest minimum, that way people go dey  buy goods wey you dey produce with your own currency and your currency go dey get value. Them no go focus on more production and less importation, na to dey find people wee dey chop their daily from crypto den go do.

Na God dey save you ever since, you get luck, if not you for don violet since from these scammers wey no get joy. Na true say we no fit dey too careful, but make we dey very cautious at least.

This na did kind of information I like to here. Op thanks for sharing this information  with us. But upon all their present in that exchange vendors still dey manipulate the naira then dem no know why dey are there sef. Dem supposed to monitor the vendors prices if the dollar and not to monitor sellers and buyers then that should be a misplacement of priority. No wonder di price of dollar dey increase everyday because di government agencies wey foe regulate and monitor the exchange dey do another thing outside their work.

Me normally I don't look the rating of vendors as I entered any vendor wey the price favor me I dey placed order and if him pay I take and if e no pay I leave. But as you don talk now, I go dey check their rating now and if anyone no reach 97% and above I no go dey trade with that vendors again.

To buy coin from vendors with low trade rate no dey advisable at all because some of them fit be scammers, we never can tell until they are red trusted. Imagine if vendor with 70% or 80% trade rate fit frustrate trader, watin go make vendor wey get trade rate wey below 40% no go fo the same.

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And again, as a trader make you also dey check time to know how many minutes the vendor set to make transaction, because most vendors wey set their own for 30 minutes to 1hr nah some wey no get money at all, and some fit just delay you till the complete minute then cancel the trade after waisting your time.

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Presently, scammers full exchange dey look for who to defraud, so as a bitcoiner always shine your eyes make them no use your head. Like this thread, we suppose they aware of watin the OP dey talk because nah true, if them go fit dey delete transaction history from their account them fit still use am defraud person.

Thanks for sharing this information with us, with di way wey our government agencies take de put eyes for crypto matters de find who dem go take make scapegoats no good at all. I hope say make our government sort out dem issues with exchanges so that people wey de do genuine transactions go get peace of mind, make government go after criminals and leave ordinary Nigerians wey de find dem daily bread for exchanges.

For dis crypto industry reputation de very important because scam plenty, so na correct talk you yan, e de important to verify di review and numbers of transactions of any vendor before you go run p2p transactions with am. Aldo e go affect new and genuine vendors wey de for exchanges, unto say dem reviews and transactions no go plenty but to be on di safer side na to run di matter with vendors wey don gain reputation.

OP your claim has no evidence,  is not that am doubting you, but how did you conclude it was Efcc personnel?was its your personal experience or you were told?

However,  nothing wey no fit happen in Nigeria,  it could be just a buy guy trying to catch cruise with people funds. People can be crazy at times. Because I think Efcc can't do such that's not they obligation. EFCC work with evidence, they can't just break into your house or assets without concrete Information,  please show your prove

Sometimes it could be from your ends but someone this statement is actually not pure or being narrated correctly, If he was a scammer how did he get to pay into your local bank account? I still don't get you clearly on this note because someone who is scammer can't just release his payments to you neither will you received alert in your local account for trading on p2p. However we should mindful with the way execute trades especially new vendors who doesn't have much trade or review in their profile while dealing with them mind the way to trade with them.

Although p2p can come with several risk which if person no dey smart you go enter trap. One important thing na to check your price per dollar in fiat properly before you make an Oder because most vendor go input $1 @#1700 meanwhile when you rush to place Oder E fit reduce to #1100 and since you don place the other him go rush pay money fast come tell you to release asset by den you don already initiate the transaction so calling the whole thing a quit go come hard you, you go just release the assets. This thing Don happened to alot of  people including me.

Another one na to dey careful of the person wey dey send you Fiat against the Dolla, because most of them after you don initiate trade, and E don reach time to send you Fiat, dem go come use their bank wey them use for fraud come send you Fiat, then you come send them USDT. If na hacked account or account wey dem dey trace due to illegal activities, dem fit trace am reach your house say you be thief  mean while you don release your coin give the person for him wallet. And you no get wettin to talk again because E come be like you follow for the deal of fraud. So in conclusion make we dey careful when n we dey deal with vendors because they can be deadly.

My brother you don do well to carry this kind security matter come here, because in this crypto industry wey we find ourselves, if we no take the least security tips serious, you go pay dearly, especially now wey our government dy do everything in their power to track and deal with all the crypto enthusiastic like us, but still on still, make we just dy careful.

Talking of p2p transaction on bybit, I no think say this thing you made mentioned of they only limited to bybit, I believe say as e dy happen for bybit, their is a very high possibilities of it happening in other centralized exchange wey still dy operate p2p transaction, na for we to just dy very cautious when doing p2p transaction.

Lastly, most people get the habit of releasing the asset very fast once them see say the person don pay, abeg, na really bad thing to do, for your own security, try to verify if the person wey send the money name matches the one on the exchange, and also check him remark, wether him add crypto related words, or something like wetin the op made mentioned of, so that you fit know the next line of actions, abeg make we trade and act wisely especially when doing p2p transaction.

Definitely, I never buy from vendors who have low trade volumes nor completion ratings more especially in today's world where scams are the order of the day, if you can't confirm properly, you risk being scammed or unnecessary time wastage.

Thanks for this great info. It would really help the less vigilant. I've been expecting this stunt from them, so I'm not surprised to hear it. Recently, its not safe to trade with anyone who had less than 4k trades on any exchange, not only Bybit. The old folks are more reliable and can't be bought over easily, compared to lower trade volume merchants.

This eliminates the possibility of a new merchant thriving in such exchanges, I think that until the Nigerian government is done with their madness over crypto, nobody should trade with merchants with lower trade volumes, let alone new ones.

This completely eliminate chances of any new vendor, possibly from another exchanged having to register and create a name for themselves on a new exchange. Well, caution isn’t something you throw to the wind as, it’s indeed true that these government agencies are out to infiltrate systems and make the most of peoples legit way of doing business in the most uncultured way.
Else, how do you receive your coins worth after making payment and you still term the whole process a scam!

@OP, when you say “we” what do you mean? Your like a group that does this kind of transaction or what?

Reviews continues to be some means to create trouble and it’s better to leave it empty. Although, this wasn’t dependent on your end.

Please when carry out a p2p transaction in bybit, always check reviews and numbers of transactions of the vendor in other to verify his operations and worthiness.

There are a lot of EFCC folks who are pretending to be vendors with verify account trying to implicate a lot of people.
We encountered one, few days ago, we traded with him after all confirmation, he send the money equivalent to our bank but guess what he wrote scam and fraud on description.
When we receive the money and saw what he wrote, we immediately tried to pull out the funds but it was more than the transfer limit, so we decided to do it bit by bit, after the first transfer the account got restricted.

So we have to go back to Bybit and report him using different accounts and that was how he was removed!

So pleased don't be a victim.