Topic: Let's be more careful with local exchanges. - page 2. (Read 207 times)
That's true mate, but if I may ask whicj exchange is an example of local exchange? Because as far as am concerned I have been using kucoin and it has been working for me but hearing local exchange severally make me think otherwise. If you don't mind you can throw more light on the local exchange. And its modus operandi. Because most people might also be wondering and wanting to know more about it. But judging from your explanation I don't think the local exchange is even advisable, Because I think it is Risky.
Since Binance removed peer-to-peer (p2p) trading, many Nigerians have switched to other exchanges that still support it. Binance has been the go-to exchange for us Nigerians for a long time. However, when exploring new p2p exchanges, some have different trading patterns and fewer traders, increasing the risk of scams.
Some people might consider using local trading, but local traders may be even riskier than those on other exchanges because there's no escrow system like with p2p. Recently, a friend of mine was scammed while trying to use a local exchange. He wanted to swap some USDT to Naira and sent money to the provided address. Even though his wallet showed the transaction as confirmed, the exchange kept claiming they hadn't received the funds. Later, they admitted to giving him the wrong address and stopped responding to him.
This situation shows that during times like these, more thieves and criminals may try to take advantage by posing as local exchanges. Even if you consider using a local exchange, make sure it's one you're familiar with. Many of these exchanges are run by individuals who are only interested in stealing, even from their own people.
Local exchanges lack the security measures and oversight of established exchanges.they may not have enough liquidity or financial stability, increasing the risk of losing funds. Dealing with local exchanges also makes resolving disputes or recovering lost funds challenging due to their lack of transparency and accountability.it's generally safer to use reputable, regulated exchanges with a proven track record of security and reliability to avoid exposing oneself to significant risks.
Some people might consider using local trading, but local traders may be even riskier than those on other exchanges because there's no escrow system like with p2p. Recently, a friend of mine was scammed while trying to use a local exchange. He wanted to swap some USDT to Naira and sent money to the provided address. Even though his wallet showed the transaction as confirmed, the exchange kept claiming they hadn't received the funds. Later, they admitted to giving him the wrong address and stopped responding to him.
This situation shows that during times like these, more thieves and criminals may try to take advantage by posing as local exchanges. Even if you consider using a local exchange, make sure it's one you're familiar with. Many of these exchanges are run by individuals who are only interested in stealing, even from their own people.
Local exchanges lack the security measures and oversight of established exchanges.they may not have enough liquidity or financial stability, increasing the risk of losing funds. Dealing with local exchanges also makes resolving disputes or recovering lost funds challenging due to their lack of transparency and accountability.it's generally safer to use reputable, regulated exchanges with a proven track record of security and reliability to avoid exposing oneself to significant risks.
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