Topic: Be smart while using a p2p exchanges (Read 137 times)

Me I dey use Kuda bank App to receive my payment,  if I get the notification say money don't enter my account, that alone I can't release coin until I log into my App go confirm say the money dey there, and sometimes if the transaction involves big amount of money, I go even do a transfer first from my Kud app to my Main bank account to ascertain that the money is legit before releasing the funds.

That is how it is also on decentralized exchanges, not only on centralized exchanges. If you as the seller also provide valid proof that you have not seen the money, the coin will not be released for the buyer. What that is most important is not to remain mute about it but contact the escrow provider (I mean the exchange) as fast as possible when necessary. If you do not contact the exchange and remain inactive, there is possibility that the exchange will release the coin.

Binance na centralized exchange, no be p2p exchange; but nevertheless in any trade wey person dey make him suppose double-check before releasing funds or closing the trade. Scammers dey everywhere and some of them go even dey pressure you say make you release the coins, na trap, no fall for am; you must confirm say you don receive the funds before you release coins.

Having said that, you go make sure say you enter your bank app to confirm the payment, do not rely on the sms credit alert wey you recieve, always check your bank app as well to be sure.

OP this matter wey you bring come here na helele.  This matter of payment for p2p platforms and services na another thing wey person go need dey careful with because scammers dey there wey dey find people wey go fall Mugu for them. One thing I dey always tell my friends dem wey I bring onboard for the system be say make them no release their assets until dem don receive their credit alert for the system and dem do transfer first for confirmation before them release assets. If not any assets wey leave their custody don go be that as them no go return am back to them.

As for bank wey dey very fast to dey receive alert, these microfinance banks don better pass our mainstream bank dem for that area. So e go dey advisable say person wey dey for the system get like one or two of the microfinance bank account and app so that dem go dey quick receive alert and them do a little transaction to confirm the authenticity of the payment before them release the asset. If otherwise, no release your funds or assets until you confirm payment for the transaction.

This post go help some our newbies here wey never too sabi how p2p work for this board. But this tip is being explained properly by Binance and some other exchanges warning people about p2p scams and telling them how to safeguard themselves when using p2p services. The wise ones will learn directly from binance apps while some will learn from this post, good educative post OP.

Just as Op said, let’s be careful and try and confirm payments before releasing crypto no matter the amount of pressure you face because some will try to scam you by not making payments while some will pay an amount lower than that you should receive and if you don’t confirm the payments that’s how you will be scammed. It happened to me once and the buyer claim he sent me the money that I should release crypto but i was in no rush so i had to wait to receive the payment and to my surprise it was lesser than the amount I should receive and so i call him and he claimed it was a mistake so he sent the balance before I released the crypto.

So no matter what always confirm you have received payment before releasing crypto.

No be small my broda. Na just which day wen me and one of my padi been dey discuss on how him lose some coins for Binance and as him talk binance the thing just trip me because I grade binance as one of the best CEX with tight p2p functions and when I come am the reasons he come tell me say him trade the coins with third party account nai the vendor die him cash just like you talk am "otilor"

Man gats shine eye when he dey package for p2p, e get some trades way the other party go dey ginger you to release say them don pay whereas chi chi never drop. Some go even call your number sef, this na why I feel say Binance and some other exchanges don remove phone numbers for p2p because the wahala too much. Some people just like to take advantage of others, Wetin I Dey do be say I nor dey trade with you if you dey pay from third party account…if the name on the account nor match the name I dey see for your profile…otilor

Op.. You don talk am finish, we need to dey wise and we no need to give in to pressure wen we dey carry out P2P trade for Binance or any oda platform. Scammers dey everywhere and dem dey come up with different different tricks everyday. Dem fit show you screenshot of fake transaction, come mount pressure wey go make you loose guard release di cryptocurrency.

Anoda of their tricks be say dem fit send you the incomplete money for di transaction, i.e dem go deliberately omit di last zero of di total amount wey dem suppose send you. If you no look am well before you release di cryptocurrency, your coin don go be dat and you go explain tire.

Before I go start to dey talk make you just know say using Binance for P2P no be the real P2P wey you dey do so because Binance is a centralized platforms and if a problem like this come up and the fault na from you just as you explain, if the other party fit provide a valid proof dem go release the coin give am. I dun receive dis type of complain before from people wey no dey dis forum sha but dem get similar problem and the fault wasn't from them or the  buyers yet they got cleared because they uploaded proof that they sent the money successful but due to bank issue or I no know wetin happen, the people wey come complain give me no recieve the money until today. Real P2P is the one you do without any centralized platforms. Also I hope you apologies after finding out na you cause everything so the person mind no go spoil for future deals with others.


No be only because of that but to avoid any direct transaction with your local banks because government go easily get to those people before dem hold microfinance banks. When you receive the money for your microfinance banks den you fit come transfer am to your main account. Because when dem go start mass blocking again, e go better make those microfinance banks wey no hold plenty money take the blocking while you fit move your money to safe places before dem go reach the local banks as news go dun dey spread around by that time. Again we no know who dey the other end of the transaction and hackers with scammers wey dey work with some evil people for bank dey monitor people wey get plenty money for account so avoid dey use main bank account for anything wey concern Bitcoin trading.

You have spoken really well, as a Nigerian, understanding how P2P work and the rudiment to it is very important, infact, I personally see it as the most important aspect of our being in crypto because, it makes no sense that after gathering wealth in crypto, you don't know how to withdraw to your bank account so that you can withdraw the cash and enjoy the fruit of your labor, or that in the process of trying to withdraw, you end up falling in the hands of scammers who cater away with your hand earned money due to you not understand the perfect way to use p2p exchanges .

There are several scammers locking around in p2p exchanges, we should always have that consciousness when ever we plan to use a p2p platform, and make sure to activate our personally guide, what I usually do is, once the buyer notifies that he or she has sent the payment for my coins to my bank account, and in one minute or 30 seconds most of the time, I check my mobile banking app and it's still empty, I quickly go ahead to put the trade in dispute, this will allow the buyer to send proof of payment, and even after having seem the proof of payment, I let the buyer know that I have not received the payment and assure him or her that immediately I do, I will release the trade, after this, I relax and not mind whatever he or she is saying, until I receive the payment, and have it added in my balance in my mobile banking app, this is when I release the trade .

Always better to be safe, than hurry and lose your money to scammer through fake alert.

E get as e be wen you dey use P2P exchanges, patience na key. I recently see one post for forum https://bitcointalksearch.org/topic/m.62876913 wey talk say no release your money until you confirm the transaction when you dey use P2P exchanges. I reason am say this matter go help our newbies wey dey hux, so I come decide say I go share am for our local board. As we all Sabi watin p2p be say na the kind exchange we buyers and sellers dey tay exchange coin for money and vise versa.

I recently get one experience with Binance when I be dey try exchange some coins to Naira. I don follow all the normal steps before we dey to sell coins to  buyer for Binance. I sidon dey wait for the transaction to finish, but after small time, the buyer say e don send money, and I suppose confirm and release my coins. I check my Opay app, but I no see any money . I con decide to wait for like 20 minutes, still no alert. After some time, I come receive one message from Binance wey talk say make I confirm the transaction if I don collect money. I still just relax because I never see any money for my account.

Later, I come notice say the problem dey come from my side because I use one new Opay account wey I never upgrade, and normally e get some amount wey you suppose upgrade before you fit transact am. After I upgrade am, I come collect my money and release the coins.

The thing wey I dey yan be say sometimes, you fit find yourself for this kind situation. If you dey doubt, no release your money until you sure say you don collect the payment. No dey rush or panic, because e fit make you lose your coins. Sometimes dem go tell you make you ask the person wey wan buy from you make e send screenshot of the payment, but sef that one fit dey edited to make you think say you don receive your money, or your bank fit dey give network issue. As long as you dey patient and dey careful, your money go dey safe for Binance.

I dey always recommend say make people use banks like Opay, Kuda, or any other virtual microfinance bank for P2P transactions because them dey quick for payments. Some other banks fit get wahala with their network. also if you wan select buyer, try dey check the wan wey gat verification, many persons for all these exchange fit be scam so check the ones wey get verification and better review before you start your transaction. Make we dey act smart and get patience when dealing with p2p.