Topic: first time using P2P on exchanges you may learn from this (Read 171 times)

The p2p exchange transaction is easily to used on Binance exchange, which has been worn to any body, if the money has not dropped into your bank account dont release your digital asset, may be Bitcoin, Ethereum, Binance, USDT, so on, until the money credited into your local bank, before you can confirm the transaction, the same application to Buyer, don't send money outside the system provided account. which every transaction is transparent and also on escrow for both partner conformation.   

This is a point often made by people who have never actually even tried to trade peer to peer before, and are just mindlessly repeating the nonsense they read online. Maybe conducting the actual trade on a CEX is somewhat easier than a DEX, but with a CEX you also have to factor in opening an account, completing KYC, sharing all your information, waiting days to be approved, the risk of data leaks/hacks/sales, identity theft, linking your fiat bank account, having your fiat bank decide you aren't allowed to spend your money on bitcoin, linking a different payment method, waiting more days for this to be approved, and then giving away your fiat or bitcoin to a complete stranger who, as we have just seen repeatedly over the last several months, will take your money and simply gamble it on whatever they like. Doesn't sound particularly easy to me. It also isn't easy to go through lengthy court processes when your identity is stole or you lose all your coins because the centralized exchange was one of many many scams.

With a good DEX you literally just select a trade, send the bitcoin to escrow, transfer the fiat, and release the bitcoin. Now that's easy.

Actually, P2P has many categories that you should know, it doesn't mean you're using P2P then you're safe.

Here are their categories,

• DEXs P2P
• CEXs P2P
• Broker-to-broker p2p

It totally has a difference between custodial p2p and decentralized p2p.
For further explanation just read this thread by @Ratimov.

I support you on this point, especially with regard to Binance. The peer-to-peer feature may not be the best option, especially if it is possible to find a seller or buyer from social media platforms or forums. Everyone who resorts to Binance is either experienced traders who sell at fantastic prices and offer very cheap purchases, or people who do not bother to search when they want to perform a single operation. More importantly, any member can leave a negative evaluation on your account, and this will require time and disruption until you prove that his evaluation is wrong. Your account may be suspended based on any suspicion, no matter how simple .

Binance has nothing to do with peer to peer exchange. It's centralized and custodial

Binance is actually more like the c2c exchange, since the third party is Binance. They even had c2c in their link at the beginning, but removed it and replaced it with p2p. They can block your funds if they want. Obviously they won't admit that they are a c2c since p2p is more selling.

Following the recents events that have happened with CEX, I would expect users to be more repulsive to the idea of using third party services. It would seem Theymos recent topic which has 54356 views btw alongside with some other good topics spread across meta and B&H that have been posted recently warning users of the disadvantages of using centralized exchanges have fallen on deaf ears. Some people still find it hard to stop using centralized exchanges because it is “easy”, I wonder how many newbies and bitcointalk visitors still believe they can trust third parties when it comes to bitcoin and cryptocurrencies.

The minute you don't have full control over your funds, it basically means that coin isn't yours. P2P is meant to be a transaction between one individual to another, provided you have to trust some centralized platform to store your coin for you while you search for a buyer than you aren't actually trading P2P. It quite unfortunate that the centralized exchange has made it seem like trading with them through their so called P2P service is actually the right way to trade P2P. Many newbies coming into the industry has been misinform by this but thankfully we still have a forum like this that'll correct those wrong information.

Here are some simple things to note yourself; the moment a platform required you to deposit on their exchange then you aren't actually trading P2P, usually this platforms will require you to complete some verification process which includes giving them some private information through KYC procedures which contradict the whole point of trading decentralized. You see platforms like Binance, Okex, Kucoin etc they aren't ideal platform for carrying out P2P transaction, use the platforms suggested by the user @o_e_l_e_o.

Yes, use a well known exchange, but not Binance. Binance is centralized. Peer to peer on Binance is not peer to peer at all. It is peer to Binance and Binance to peer. They act as a "trusted" third party, they can spy on everything you do, they can seize your coins, they can reverse your transaction, they can censor you, and they report your activities to blockchain analysis. You lose literally all the benefits of trading peer to peer if you trade via Binance. Might as well just use Binance normally - you have the same amount of privacy and security with both methods. Namely, zero.

If you actually want to trade peer to peer properly, then use an exchange such as Bisq. No centralized website, ran via Tor, escrow is a multi-sig between buyer and seller which Bisq has no control over, never need to deposit your coins to a centralized wallet or give up control, no possibility to be spied on, censored, or have your coins stolen/seized/frozen.

Other good peer to peer exchanges are listed here: https://kycnot.me/

I have a very bad experience on BinanceP2P. I’m regular of it before because I do buy and sell there on daily basis to benefit on crypto volatility but sadly some of the user I made transaction use a money coming from hack bank account and already flag to the bank security. My account got freeze and they like to return the money on the bank account that sent it to me. The problem was I already spent most of my fiat account on the bank and they only freeze part of my money.

I battle with the bank over the years by providing proof that I trade my crypto in exchange to the fiat money so I’m not connected to the hacker that wash money in Binance. I suggest to use a decentralized P2P rather than CEX. I remember again my painful experience after the FTX saga.

You can judge what I quoted, p2p on exchanges is not pure p2p.

Binance escrow sometimes fails to resolve trader disputes especially over small amounts of money as they have to deal with a lot of customers. Basically, their role is just to help you spend some other unnecessary costs.

Why using Binance as an example when you do not have to depend on any centralized exchange before you can trade your coin? You can even look for someone from your country on this forum for p2p, you can make use of a decentralized exchange for p2p. You can even make an offer on a forum like this for p2p. Using a centralized exchange can be convenient, but no privacy and does not add any value to the warning that you are passing to newbies.

   P2P is an abbreviation for peer to peer, it's a form of transactions between two people where comes to make mainly a Fiat to Cryptocurrency exchange or exchange of different Cryptocurrency.

P2P on exchanges has become popular especially in Cryptocurrency regulated countries. but there are risk in P2P more so if it's your first time.


         Simple things to note for first timers P2P on exchanges

1. take enough of your time: when a transactions is made it becomes difficult to seek for medicine after death. avoid wrong transfers or transactions due to haste by taking your time to the fullest. check again multiple times

2. Use a renowned Exchange: there are many exchanges around but the one I am using is Binance I have performed P2P transactions with them and they all went through, verify the exchange you are using and making sure it's the official exchange you downloaded.

3. As a seller confirm your Credit alert properly: how it works on binance is that Binance act as an escrow and your coin you intend selling is with them and then they buyer makes a transfer. binance won't send your coin to the buyer unless you confirm to have received payment. fake credit alert exist so properly check the credit, I check my bank app rather than a text message alert.

4. don't keep your coin on the exchange when you not ready for transactions: don't procrastinate or be ignorant of sending your coin not in use to your personal wallet. you not the owner of the exchange so funds in it aren't completely yours.

I have lost in cryptocurrency and I am learning. lets (inexperienced ones) be willing to learn