We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?
The "Not You Key, Not Your Coin" warning is good and so popular in the decentralized world of cryptocurrency, but at times, it might be taken too far, especially if you are such that really want to maximize business potential in cryptocurrency. Nevertheless, work with a reputable company/exchange and you will be just fine. You might also want to limit the amount you hold therein so that it would not be tempting or suspicious to them as exchanges could lock your account for you to provide additional information...lol.But what are your most dangerous risks of P2P trade?
And how can we avoid it?
However, P2P will not be an issue if you are dealing with decentralized exchanges and when you follow the right rules. But for centralized exchanges, the additional risks are that the exchange knows your transactions, so it's not private, and there are more scams there as well. Aside from the fact that I read from people how they were scammed through P2P (I don't know how they could be that daft though), and some claimed they were almost scammed. I witnessed at least two potential scams through Binance P2P myself this year alone, who knows how much more millions of people who are trading it daily would witness.
We just have to be smart and careful and all will be fine.
