Topic: How to detect two different prices on P2P trade (Read 206 times)

It took me a while to understand what you were trying to say so I’m going to respond to this part of the post. It’s normal for rates and prices to change, in this case the user Peter-Obi may have opened a buying order at a certain rate, but as you know Bitcoin is a volatile asset and is susceptible to rapid changes, when this happens, the price on the ad changes and Binance gives a warning message to indicated that the price is unstable and the ad has been refreshed. It’s not possible for a trader to cheat the system.

I've also thought about the possibilities for these to happen, when we are trading, we can get different price offer from using a different exchange platform because they all cannot have thesame exact amount of exchange rate for btc to local currency in usd calculations as a standard rate, but the difference are small anyway, but when we make use of higher amount of money, the rate increase and the little difference amount to something in our local currencies, experienced traders could understand more better on this.

I believe binance has made every instructions clear when using the P2P service, dont release funds or assets when payment is not confirmed, and this i think affects those who trade just bitcoin as for me i trade USDT to my country fait when i wanna purchase things at the store or make use of money handy.

Hmm, OP that is not called duplicate orders to scam people, actually this happens due to the volatility in the market price at that time, So whenever you click on the ad after analyzing the price of Buyer/Seller to proceed with the order and on next page it gets updated because it gets auto-refreshed with the latest market price by the Buyer/Seller.

Secondly dear please don't mind but these SS are too weird when it comes to reading mode size make sure to edit them with a custom size. i.e

These are not things to consider worth discussing while P2P making P2P trade point is your identity, sometimes they process the lower amount by taking a transection fee cut which is wrong. Also, I'm not sure why to buy Bitcoins from Binance P2P hehe as Binance P2P requires KYC verification of level 2 with some documents and selfie recoding. You can directly buy using your credit/Debit card. If your concern is Identity so better prefer other mode for processing P2P trade.

That's exactly what OP meant, but to be honest I did not face this issue till now or maybe I have not noticed it, well anyway I will try to keep this in mind in the future but I don't think it is possible to scam like that because in my opinion the price at the top left corner is updated by the exchange like an integrated API so and the price written on the ads at the home screen is set by the seller.

And most of the time the price automatically refreshes as I have faced it while making p2p trade as it automatically updates the price.

I don't use Binance P2P trading but do they allow one Binance P2P user account create more than one offer for selling or buying at the same time with a same fiat currency?

Logically, they can allow multiple selling offers for Bitcoin to different fiat currencies per one user account. But it does not make sense if they allow one user account can have many selling offers for a same fiat currency (one fiat currency) because it is like allowing user to manipulate the P2P market price.

Honestly, I tried to search to find this term to against this type of manipulation from Binance but I could not find it.

Anyone can confirm that they allow it, please?

With OP question, I don't consider this is scam if a buyer opens a trade with the seller and say the seller has another offer that is better than this opened one. Buyer is free to read offers on the marketplace and pick what he sees fit.

Op, what you said is real and it is not new on Binance P2P,  these scammers have been in existence and using this format since 2021 to my notice. I reported one of them to the Binance support team that handles financial transactions with screenshot proof, because I had almost fallen victim to this scam trick, and they did it in such a way that the figures would almost look the same, Just that there is only a change in one number, a twist of numbers either the beginning, the mid numbers or towards the last numbers.

Take you, for instance, $34,960 to $34,690, in this case, a change of 960 to 690 with varying numbers and you barely notice it.

I've observed something similar to what the op is trying to say, though I didn't see it as an attempt to scam, and I've a different thought. There was a time I wanted to trade on Binance via P2P and when I clicked on a particular buyer's profile, I noticed he had two buying prices. My thoughts was this, maybe he set a new buying price since the price is constantly fluctuating and forgot to delete the old one, or he has deleted it but Binance was having technical challenges and the old price was still displaying.

If they FOMO but don't sell their bitcoins when Bitcoin has a correction, they will have not get any loss. If they can hold their bitcoin till halving in April 2024 or some months after April 2024, they will get profit, not loss. They only get loss if they sell their bitcoins because of panic with Bitcoin corrections.

To enlighten them, they can research about Bitcoin historic corrections.
The Bitcoin Crash of 2021 Compared to Past Sell-Offs

Bad advice.

If you want to check price of Bitcoin, use big exchanges to check because they have very high trading volume for Bitcoin and don't have abnormal spikes or weak down prices because of slippery price by low trading volume like on small exchange.

You can use Coinmarketcap or Coingecko to check Bitcoin price because those sites use average prices from some exchanges.

On a P2P trading platform, buyers or sellers are free to set their orders with buying or selling price. Depends on each P2P trading platform, they can have Terms of Service on max or min price to avoid scammers. You will waste time to check orders of others user on a same P2P trading platform if you do it manually.

As I understand from the OP, in P2P trading there are so many manipulative or deceptive tactics on P2P trading that everyone might be careful with this.  IMO, try to look for the account that you wanted to trade on p2p, because most likely, when a trader frequently uses this technique will face negative consequences, legal issues, and damage to his reputation.  We should always pay attention to the review ratings before we proceed with making a transaction.

I think if you're fully aware of the actual price and how to use p2p trading, you won't be deceived by anyone.
This isn't a scam to me, it sounds like deceiving innocent people which is an old tactic in p2p trading.

OP took a very long means to explain himself which might prove difficult for so many people to understand. But I think that I understood the Op very well and I will try to explain what he meant.

The Op is saying that some P2P traders will place an ad which is higher than what they actually want to buy. They do so to be able to defraud some innocent fellow traders. For instance, Someone may place an ad to buy a coin at a higher rate and you accept to sell thinking it is the same price in the advert that will be in the deal. But in the deal, the person will now go with a lower price. If you do not verify by refreshing the page, you will end up selling very low compared to what you see on the ad.
Even if you report the person, they might claim that it is due to price volatility and get away with it. So it is always nice to cross check the prices before initiating a p2p transaction.

The valuation to a Satoshi is independently determined by those who are available for trades on the exchange. It might be high or low but at every point, it references the price at which a party to the transaction is willing to buy or sell Bitcoins at the displayed value.
While, the exchange value might reference what is the actual value of an offered coin for sale, you could always get ideas from there of a price is good enough or your being reaped in a deal.

Where it becomes of an issue is, situations where you have a party in the p2p transaction tying to negotiate for a discount after trade have been matched. In situations as these, it’s entirely up to you to decide but, you also need to act fast as, disputed case might be handled by support in ways that, the absent party might not be given much advantage due to delays.

I see that you have included images in your post to explain what you meant earlier… But I think you’re wrong here, when you decide to open a trade with someone that has placed a sales ads and then the price changes Binance always make sure they notify the seller (which is you in this case) if the price change and if you’re okay with the new price you can continue with the trade but if you feel you’ll get a better rate from a different person then you can just go back and look for another trader. So the only time you can lose money is when you’re in a rush and then just decide to click “agree” on every notification that pops up without having to read through them thoroughly.

So in the case of Peter-Obi you should have been notified that the price has changed.

You have taken it wrong, it's not a scam as far as I know because the price set by the seller at the front is when they had opened their status for p2p trades, and when you have clicked on the offer to buy or sell the BTC with fiat the price at the top left corner is the up to date price which has been changed due to the volatility of the BTC. We all know that BTC is so volatile and it can easily go from 41,080 to 41,043. I hope you understand what I meant here.

If you are afraid so much then the best way is to not refresh the page instead do not make p2p trades in BTC, convert your BTC into some stablecoin at the rate of 41,080 so that the stablecoin you will not get the difference of price that you was getting in BTC. Because most of the stablecoins are pegged such as usdt.

After converting the BTC to usdt, use these stable coins for p2p trades but still use the refresh button to get the up-to-date price of the token in which you are trading. Again, the top left price is automatically updated by the API, not by the seller or buyer of that

I believe exchanges using peer to peer do have a reference Price, and you are at the liberty to decline any Transaction if it doesn't meet your expectations, I really don't see any topic in all this. It's peer to peer being over seen by the exchange you are on I don't see how you can get scammed in all this if you very shroud and observant.

Don't fail to cancel a transaction that you are not comfortable with early and you can also report any user that has any shady motives or intentions.

Usually there’s a red warning on Binance about the fluctuations of prices between the seller price and the current market price. Also you have the option to cancel any trades in case you didn’t check the price when you place an order.

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I thought this thread is about a market aggregator for all the P2P exchange out there that’s why I became interested yet you are just stating the obvious since the P2P price is visible the moment you go to P2P section of the exchange. It will be good someone will develop a site that list all the available order open on all the P2P exchange of CEX.

I also find it difficult to understand what @OP wants to convey, but if I think that the seller lists Bitcoin prices in his profile, and let's say one Bitcoin is worth $37,000, but when you click on start exchange, order price is at a completely different exchange rate. Therefore, you started the transaction at an exchange rate of $32,000 per Bitcoin, and it is appear 37k at his profile thus you were scammed of the price difference.

In general, if this is what he meant, you should give a negative rating to the seller, and always be sure to read negative reviews carefully.

I don't understand your point, OP. Can traders really manipulate prices on Binance without Binance knowing? I've used Binance P2P for a while and never noticed such situations. The prices on the trading page match the ones on each trader's profile. Have you experienced this or is it just a glitch? Just as @cantsay mentioned the price range reflects the Bitcoin amount you are willing to trader.

It is still advisable for newbies stay alert on P2P exchanges, as traders may use various tricks to scam them.

I don’t get your post, do you mean two entirely different selling orders? Or one order that reflects a different price when you decide to trade with them? Because the only thing I have been able to observe is that when you apply filters you’ll get different prices depending on the amount of coins you want to trade so you might have the price of bitcoin @37,000 when you want to trade up to $5,000 but when the filter is set to $300 you might have the price @36,500 or even lower price. And I’m my opinion I won’t consider it a scam just a normal trader trying to make profit but assuming the price was concealed that’s when I’ll consider it as a fraud.

As bitcoin is on the rise FOMO will make people who sell their Bitcoin at a loss buy another bitcoin in other not to miss out on the next market bull run, and scammers will use this opportunity that buying and selling of Bitcoin has increased to scam people of their money who are not careful when selling their bitcoin on P2P trading. There is a scam in P2P trading that most newbies don't notice when selling their Bitcoin and they will end up losing some of their money in the trade. Some scammers set up two different buying orders in P2P trading and when you click on their orders to sell your Bitcoin to them, the buying order they placed on the P2P marketplace will not be the same thing as the one when you open the order to sell your Bitcoin and you will end up in selling your Bitcoin at a cheap rate without knowing.

Let me use Peter-Obi as a case study. For example, Peter-Obi set the price of one BTC for 41,084,000 Naira, and when you click to sell your Bitcoin to him there will be a different price without you knowing.

If the scammer has set such two prices differently it will not be invincible so you will not notice. I don't know how they manipulate this.

How to detect the price difference on P2P trading
When you open a buyer order when selling your Bitcoin on a P2P trading, refresh the order to be sure that the price is the same thing as the one the buyer placed on the open market of the P2P trading before you enter the quantity of Bitcoin you want to sell or after you have entered the quantity of BTC you want to sell, do your math by calculating the worth of the quantity of BTC you want to sell in dollar to your local currency to be sure if the value you have in fiat from your calculation is the same fiat value on the P2P trade before you can click on sell.